Enbridge Inc. raised its dividend as it released its latest financial guidance.

The Calgary-based pipeline giant says it will increase its quarterly payment to shareholders to 83.5 cents per share, up from 81 cents per share.

The first payment at the new rate will be payable on March 1, 2021, to shareholders of record on Feb. 12, 2021.

The increase came as Enbridge hosts its virtual investor day Tuesday.

It says it expects its distributable cash flow per share for this year to be near the mid-point of its $4.50 to $4.80 guidance range.

Next year, the company says it expects between $4.70 and $5 in distributable cash flow per share. Earnings before interest, taxes, depreciation and amortization next year are forecast between $13.9 billion and $14.3 billion.

It also says expects to see volume on its Liquids Mainline System improve next year.

Enbridge is North America's largest pipeline company and its Liquids Mainline System is the largest export option for western Canadian producers.

A COVID-19-led plunge in demand for crude oil and related products had forced companies to shut-in production this year.

However, with fuel demand having rebounded and prices hovering at about $50 U.S. a barrel, producers have started restoring their shut-in drilling.

The company expects rates for gas transportation to rise and a growing customer base for gas distribution and storage.