Summary
Enbridge Inc. (ENB) reported solid financial results for the first quarter of 2022. Total operating revenues increased to C$15.1 billion, up from C$12.1 billion in the prior year's quarter, primarily driven by higher commodity sales and transportation revenues. Earnings attributable to common shareholders saw a modest increase to C$1.927 billion, or C$0.95 per share, compared to C$1.900 billion, or C$0.94 per share, in the first quarter of 2021. The company highlighted strong performance across its Liquids Pipelines and Gas Transmission and Midstream segments, benefiting from increased throughput, higher commodity prices, and the successful integration of recent acquisitions and expansions. The Gas Distribution and Storage segment also showed improvement, aided by colder weather conditions. Enbridge continues to advance its growth projects, including the Alberta Carbon Hub, and maintains a robust liquidity position with substantial credit facilities available.
Key Highlights
- 1Total operating revenues increased by 24.4% to C$15.1 billion in Q1 2022 compared to C$12.1 billion in Q1 2021.
- 2Earnings attributable to common shareholders increased to C$1.927 billion (C$0.95/share) in Q1 2022 from C$1.900 billion (C$0.94/share) in Q1 2021.
- 3Liquids Pipelines segment EBITDA increased due to higher throughput, the full L3R surcharge, and contributions from new export assets.
- 4Gas Transmission and Midstream segment EBITDA benefited from higher commodity prices and contributions from newly commissioned projects.
- 5Gas Distribution and Storage segment EBITDA saw an increase driven by colder weather and higher distribution charges.
- 6Enbridge secured the right to develop the Alberta Carbon Hub, a significant carbon capture and sequestration project.
- 7The company maintained a strong liquidity position with C$4.9 billion in available committed credit facilities and C$413 million in unrestricted cash and cash equivalents as of March 31, 2022.