Enbridge said it is not willing to take on the development risk of building a new oil pipeline from Alberta to Canada’s West Coast, executives said on an earnings call https://t.co/KFsaBhGx6F ...

Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio recorded its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [7][12] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with ongoing projects to support data center operations [12][18] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][31] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat in the sector [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and as more projects are brought online, capacity will continue to grow [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will still find a market, and the company is focused on expanding its Mainline to meet demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in their ability to manage a growing backlog of projects while maintaining a strong balance sheet, emphasizing capital recycling as a strategy [50][51] Question: What are the expected returns on upcoming projects? - Management anticipates that the returns on new projects will average above the current 10%-11% levels, driven by high-quality renewable projects and optimization of existing assets [85][87]

Core Viewpoint - Enbridge Inc's shares are experiencing an upward trend following the release of fourth-quarter results that exceeded expectations in both revenue and earnings [1] Financial Performance - Adjusted EPS was reported at 63 cents, surpassing the 60 cent estimate, while revenue reached $12.32 billion, exceeding the consensus of $11.75 billion [2] - For the full year, adjusted EBITDA was $20.0 billion, reflecting a 7% increase from 2024, and distributable cash flow rose 4% to $12.5 billion [2] Consistent Performance and Dividend Increase - The company has met or exceeded its financial guidance for 20 consecutive years, attributed to its "low-risk commercial framework" [3] - Enbridge raised its quarterly dividend by 3% to 97 cents per share, marking the 31st consecutive annual increase [3] Future Outlook and Growth Initiatives - The company reaffirmed its 2026 outlook, projecting adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share of $5.70 to $6.10 [4] - Enbridge anticipates annual growth of about 5% in EBITDA, EPS, and DCF per share beyond 2026 [4] - In 2025, Enbridge placed $5 billion worth of organic projects into service and approved $14 billion in new projects, increasing its secured backlog to $39 billion, approximately 35% higher than the previous year [4] Analyst Sentiment - Analyst target prices for Enbridge have been consistently increasing, with RBC Capital raising its target from $67 to $72 while maintaining an 'Outperform' rating [5] - Argus Research also maintained a positive outlook, raising its target price from $50 to $54 [5] Stock Performance - Enbridge shares were up 1.85% at $52.80, reaching a new 52-week high [7]

Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile while growing investment capacity [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio achieved its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [8] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with significant opportunities in data centers and LNG exports [18][79] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][81] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and confidence in meeting the 5% growth target is based on a strong backlog of projects [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will continue to be in demand, and the company is focused on expanding its Mainline to meet this demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in the ability to exceed the CAD 10-$11 billion annual investment capacity, emphasizing the importance of capital recycling and strong project returns [50][51] Question: What are the growth prospects for the gas transmission segment? - Management highlighted a significant demand for natural gas driven by affordability and reliability, with numerous expansion opportunities across the country [76][79]

Financial Data and Key Metrics Changes - The company reported record financial results for Q4 2025, with adjusted EBITDA up CAD 83 million compared to Q4 2024, DCF up CAD 0.06, and EPS increased CAD 0.13 [23][24] - The debt to adjusted EBITDA ratio stands at 4.8, maintaining the leverage range of 4.5-5 times, which supports a strong investment-grade credit profile [26][27] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases in earnings [23] - The gas transmission business experienced a strong fourth quarter, with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [24] - The gas distribution segment saw growth driven by rate escalations, customer growth, and favorable weather conditions [24] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [13][23] - The Texas Eastern pipeline hit new peak records, transporting over 15 BCF per day in January, indicating strong demand for gas transmission [7][23] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog that has increased by 35% since the last Investor Day [5][11] - Future growth is expected to be driven by CAD 10-20 billion of growth projects over the next 24 months, enhancing energy security and affordability [11][30] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [36][37] - The company is optimistic about the demand for natural gas and the potential for further expansions in gas transmission and renewable power projects [12][19] Other Important Information - The company has increased its dividend for 31 consecutive years, highlighting its commitment to returning capital to shareholders [5][26] - The current backlog of projects is valued at CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [27] Q&A Session Summary Question: Investment capacity increase and growth trajectory - The investment capacity increased by CAD 1 billion, and management is confident in achieving the 5% growth target, reconciling capacity growth with EBITDA growth [33][34] Question: Venezuelan geopolitical impact on projects - Management indicated that while Venezuelan production may impact the market, Canadian crude will continue to find demand, supporting ongoing projects like MLO 2 and MLO 3 [39][40] Question: Project backlog and funding sources - Management expressed confidence in managing the CAD 10-20 billion project backlog, noting that capacity will grow as EBITDA increases [45][46] Question: Expansion capabilities and tariffs - Management confirmed that existing infrastructure allows for significant expansion capabilities at Ingleside, and tariffs for expansions are expected to remain competitive [56][61] Question: Gas transmission growth sustainability - The gas transmission segment is expected to continue growing due to high demand for natural gas and ongoing projects, with a strong pipeline capacity across the country [70][75]

分组1 - Enbridge reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.60 per share, and up from $0.53 per share a year ago [1][2] - The company achieved revenues of $12.32 billion for the quarter, surpassing the Zacks Consensus Estimate by 4.90%, compared to $11.59 billion in the same quarter last year [3] - Enbridge has outperformed the market with an 8.4% increase in share price since the beginning of the year, while the S&P 500 has declined by 0.2% [4] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $11.72 billion, and for the current fiscal year, it is $2.23 on revenues of $38.59 billion [8] - The Oil and Gas - Production and Pipelines industry is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9]

February 13th, 2026 Greg Ebel President & CEO Pat Murray EVP & CFO Reconciliations of forward-looking non-GAAP and other financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, reconciliations of forward-looking non-GAAP and other financial measures are ...

Core Viewpoint - Enbridge reported an increase in earnings for the latest quarter, driven by strong demand despite challenges from tariffs and geopolitical uncertainty [1] Group 1: Earnings Performance - The company experienced a lift in earnings for the latest quarter [1] - Strong demand contributed significantly to the earnings growth [1] Group 2: Market Environment - The earnings increase occurred against a backdrop of tariffs and geopolitical uncertainty [1]

Core Viewpoint - Enbridge Inc. has filed its Form 10-K for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission, along with its audited Consolidated Financial Statements and Management's Discussion and Analysis with Canadian regulatory authorities [1]. Group 1: Financial Reporting - Enbridge's Form 10-K and related financial documents are available electronically on the SEC and Canadian securities regulatory websites, as well as on the company's own website [1]. - Printed copies of the Consolidated Financial Statements and Management's Discussion and Analysis can be requested free of charge [1]. Group 2: Corporate Overview - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is expanding its European offshore wind portfolio [1]. - The company is investing in modern energy delivery infrastructure and advancing technologies such as hydrogen, renewable natural gas, and carbon capture and storage [1]. - Enbridge's common shares are traded under the symbol ENB on both the Toronto (TSX) and New York (NYSE) stock exchanges [1]. Group 3: Upcoming Events - Enbridge's Annual Meeting of Shareholders is scheduled to be held virtually on May 6, 2026, at 1:30 p.m. (MT) [1].