Canada’s Enbridge earnings steady in Q1 2023
Canadian midstream and infrastructure company Enridge reported Q1 2023 GAAP earnings attributable to common shareholders of C$1.7bn (US$1.26bn) on May 5, down slightly from C$1.9bn in the same period a year ago.
Adjusted earnings, however, were steady, at about C$1.73bn compared to C$1.71bn, while adjusted EBITDA rose to C$4.5bn from C$4.1bn.
Cash provided by operating activities increased to C$3.9bn from C$2.9 billion, while distributable cash flow edged slightly higher, to C$3.2bn from C$3.1bn.
“Our first quarter results were right in line with our expectations despite extreme volatility in both financial and commodity markets,” CEO Greg Ebel said. “Operationally, we continue to be a first-choice service provider to our customers and during the quarter, this resulted in high utilisation across our systems.”
Gas transmission and midstream adjusted EBITDA increased to C$1.2bn from C$1.1bn, led mainly by US gas transmission.
Adjusted EBITDA from gas distribution and storage, through Enbridge Gas in Ontario, increased to C$716mn from C$674mn, as volumes declined to 767bn ft3from 816bn ft3 on warmer weather than in Q1 2022.
Enbridge’s core liquids pipeline business reported adjusted EBITDA of C$2.35bn, up from C$2.2bn a year ago, with throughput on its Mainline system from western Canada to eastern Canada and the US Midwest averaging about 3.1mn barrels/day, up from 3mn barrels/day a year ago.