Canada’s Enbridge sees earnings gains in Q1
Canadian midstream infrastructure company Enbridge said May 6 it had adjusted earnings in Q1 2022 of C$1.7bn (US$1.3bn), a slight increase from C$1.6bn in the same period last year. Adjusted EBITDA rose to C$4.1bn from C$3.7bn.
Cash provided by operating activities rose to C$2.9bn from C$2.6bn, while distributable cash flow increased to C$3.1bn from C$2.8bn.
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During the quarter, Enbridge advanced many of its conventional and low-carbon opportunities in Canada and the US, including sanctioning a C$300mn expansion of its Panhandle regional transmission system to meet growing gas demand in southern Ontario and placing into service a $200mn electricity transmission line in northern Ontario.
In BC, it launched an open season for an incremental 400mn ft3/day of capacity on its Westcoast Energy T-North system. The C$1bn expansion would consist of pipeline looping, compressor additions and other modifications, with service to begin in 2026 to meet growing supply growth in northeast BC and increasing LNG export demand.
In Alberta, Enbridge was awarded provincial rights to pursue development of its Open Access Wabamun Carbon Hub to capture 4mn mt/yr of CO2, while in Texas, it announced alongside Q1 results a collaboration with Humble Midstream to develop blue hydrogen, ammonia and associated carbon capture and storage (CCS) at its newly-acquired Ingleside Energy Center near Corpus Christi, Texas.
“The current environment reinforces that our two-pronged strategy to advance both conventional and low-carbon energy investments is a prudent approach to ensure delivery of the energy that people need and want in their daily lives,” Enbridge CEO Al Monaco said. “We’re working closely with our customers to accelerate new infrastructure investments to meet growing demand, increase connections to export markets, and enable cleaner energies.”