Enbridge CEO 'completely enthused' by conversation around energy in Canada, U.S.

Lauren Krugel · The Canadian Press

· Posted: May 09, 2025 10:53 AM EDT | Last Updated: 3 minutes ago

The main enforcement of pipeline builder Enbridge Inc. says he's encouraged by however governments successful some Canada and the United States are recognizing the request to physique lipid and state projects much quickly.

"I'm wholly enthused astir it," Greg Ebel told analysts connected a league telephone Friday to sermon the company's latest fiscal results.

Energy infrastructure was a large taxable during the Canadian national predetermination campaign, which delivered the Liberals a number authorities connected April 28.

Tariffs and annexation threats from U.S. President Donald Trump person brought the contented of Canadian economical sovereignty to the fore, spurring calls for pipelines enabling vigor exports beyond the United States.

During the campaign, Liberal Leader Mark Carney promised to marque Canada an "energy superpower" for some accepted and cleanable sources and to acceptable up a national large projects bureau that would guarantee each task lone has to acquisition 1 review, with shorter timelines.

But large points of contention betwixt Ottawa and the manufacture — the concern c levy, emissions cap, West Coast tanker prohibition and biology reappraisal authorities — linger.

The Conservatives promised to fulfil each point connected the lipid and state industry's privation list, acceptable retired successful an unfastened missive from 14 firm leaders up of the run that urged the scrapping of contentious biology policies.

"The information that radical are present talking astir energy, vigor infrastructure, getting worldly done — that's conscionable a marked alteration present successful Canada," said Ebel.

"I deliberation the large question is, is that each run rhetoric oregon is that really going to play retired into really permitting reform?," helium questioned, adding that he's going to instrumentality Carney "at his connection that he's committed to gathering vigor infrastructure successful Canada."

The Trump administration, meanwhile, has been pushing aggressively connected lipid and state development, aiming to velocity up permits for liquefied earthy state terminals and pipelines and opening up caller areas for exploration.

Ebel said helium and chap manufacture leaders person not had the accidental to beryllium down with the caller premier curate yet, but erstwhile they do, the astir urgent issues volition beryllium the legislative issues they've flagged, arsenic good arsenic efforts to see Indigenous communities successful projects.

"Those things tin beryllium done precise rapidly with either a changeable of the pen oregon immoderate legislation," said Ebel.

1st 4th profits surge

Earlier Friday, Enbridge reported a first-quarter nett of $2.3 billion, up from $1.4 cardinal successful the aforesaid 4th past year. That amounted to $1.04 per stock for the 4th ended March 31 compared with a nett of 67 cents per stock a twelvemonth earlier.

On an adjusted basis, Enbridge says it earned $1.03 per stock successful its latest quarter, up from an adjusted nett of 92 cents per stock successful the archetypal 4th of 2024.

Total operating gross was $18.5 billion, up from $11.04 cardinal during the aforesaid play a twelvemonth earlier.

Enbridge is continuing to turn its beingness successful the Permian basin successful Texas. It said it precocious inked a woody to bargain a 10 per cent involvement successful the Matterhorn Express earthy state pipeline for $300 cardinal US.

The caller weakness successful commodity prices has been tougher connected U.S. producers successful the Permian than connected companies operating northbound of the border, but Enbridge's concern is comparatively insulated successful that region.

"The Permian is simply a large basin and ever volition be. It's a captious basin and we've got our receptor to the ground," said Colin Gruending, enforcement vice-president and president of liquids pipelines.

He said successful caller weeks it's been a "mixed container from producers — immoderate holding firm, immoderate dropping a rig oregon 2 oregon three. So we'll proceed to travel that.

"The bully quality is, is that our concern is built to beryllium comparatively insensitive to that terms and to that indirect hazard of measurement risk. We person a contracted concern successful the Permian."