Enbridge Reports Record Quarterly Results and Reaffirms 2025 Financial Guidance, Illustrating Its Industry Leading, Resilient Business Model

Core Viewpoint - Enbridge Inc. reported strong first quarter 2025 financial results, reaffirming its financial guidance for the year, driven by solid asset utilization and strategic investments in infrastructure [2][5][18]. Financial Performance - GAAP earnings for Q1 2025 were $2.3 billion or$1.04 per share, up from $1.4 billion or$0.67 per share in Q1 2024, marking a significant increase [5][11]. - Adjusted earnings for Q1 2025 were $2.2 billion or$1.03 per share, compared to $2.0 billion or$0.92 per share in the same period last year [5][58]. - Adjusted EBITDA increased by 18% to $5.8 billion in Q1 2025 from$5.0 billion in Q1 2024 [5][14]. - Distributable cash flow (DCF) rose by 9% to $3.8 billion in Q1 2025, compared to$3.5 billion in Q1 2024 [5][53]. Business Updates - In Liquids, the Mainline achieved a record throughput of 3.2 million barrels per day, leading to a sanctioned capital investment of up to $2 billion for further enhancements [3][23]. - In Gas Transmission, Enbridge sanctioned the 1.75 bcf/d Traverse Pipeline and acquired a 10$0.3 billion, enhancing its natural gas infrastructure [4][27]. - The company launched a binding open season for the Flanagan South Pipeline, adding 150 kbpd of capacity to support Mainline Optimization [25][26]. Strategic Outlook - Enbridge reaffirmed its 2025 financial guidance, projecting adjusted EBITDA between $19.4 billion and$20.0 billion and DCF per share between $5.50 and$5.90 [18][21]. - The company has secured approximately $3 billion in capital for growth projects, increasing its secured backlog to$28 billion, focusing on low-risk projects [8][20]. - Enbridge's disciplined capital allocation strategy aims to support a strong balance sheet and sustainable returns to shareholders, with an annual investment capacity of $9 to$10 billion [9][19]. Renewable Energy Initiatives - The 130 MW Orange Grove solar project was completed on time and on budget, with plans for the first phase of the Sequoia project to be operational by year-end [7][22].