Pipeline company Enbridge (ENB) reported a first-quarter profit of $1.93 billion as energy
demand in Canada and abroad continues to strengthen.
Enbridge reported first quarter earnings of $1.93 billion compared with $1.9 billion in the same
quarter last year. The Calgary-based company’s profit amounted to $0.95 per share for the
quarter ended March 31 compared with $0.94 a year earlier.
The company said cash provided by operating activities reached $2.94 billion in the first three
months of the year, compared with $2.56 billion in the same period of 2021.
Enbridge’s revenues increased 24% to $15.1 billion from $12.1 billion a year earlier. The
company was expected to earn $0.85 a share in profits on $13.65 billion of revenues, according
to Refinitiv data.
In releasing its earnings, Enbridge said that it will accelerate investments in low-carbon
technologies as the war in Ukraine drives global concerns about energy supply and security.
While a final investment decision will be subject to obtaining sufficient customer support as well
as regulatory approvals, Enbridge said the goal is to produce hydrogen and ammonia — both of
which have zero carbon dioxide emissions at point of use — for both domestic and global use.
Enbridge stock is up 18% so far this year at $58.47 per share.
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