enbridge union gas merger Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.The above actions have positioned the Company to fund all of our capital projects and any debt maturities through 2021 in the event capital markets are inaccessible."All of our business units performed well and contributed to the strong second quarter results.
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This trend reflects the strong competitive position of the Midwest and Gulf Coast refineries that take Canadian heavy barrels off of our system.Gas Distribution and Storage adjusted EBITDA will typically follow a seasonal profile. On February 27, 2017, Enbridge Inc. and Spectra Energy Corp closed their merger transaction.
Most notably, Gas Transmission along with Gas Distribution and Storage both saw high utilization and favorable decisions on rates. It is generally highest in the first and fourth quarters of the year reflecting greater volumetric demand during the heating season. This transaction has created a global energy infrastructure leader—with an enterprise value of approximately US$126 billion (C$166 billion)—that brings together the best liquids and natural gas franchises in North America. Tables incorporating these adjustments follow below. Army Corps of Engineers (USACE) and the Minnesota Department of Natural Resources (DNR) permitting processes are ongoing and continue to progress in parallel.This news release contains references to adjusted EBITDA, adjusted earnings, adjusted earnings per common share, and DCF. We are now Enbridge! Enbridge Gas’ corporate parent, Enbridge Inc., merged with Union Gas’ corporate parent, Spectra Energy Corp. Completion of the transaction is subject to customary regulatory approvals and is anticipated to close in the fourth quarter of 2020.At this time, Enbridge cannot determine when all necessary permits to commence construction will be issued and as such has not provided an update to the in-service date for Line 3.More news releases in similar topicsDuring the second quarter, Enbridge responded to its first round of information requests from the CER. Union Gas has been a subsidiary of Enbridge since February 2017, when former parent Spectra Energy merged into Enbridge. We remain focused on executing our secured capital program, which combined with growth embedded within our business, is expected to deliver 5 to 7% annual DCF per share growth through 2022."The Company continued to secure additional debt financing at attractive rates and proceeds from these offerings were primarily used to reduce existing indebtedness and partially fund capital projects.