Q1 2025 Enbridge Inc Earnings Call Transcript
Key Points
- Enbridge Inc (ENB) reported record first-quarter EBITDA, DCF per share, and earnings per share, driven by strong volumes and contributions from recently acquired US utilities.
- The company reaffirmed its 2025 financial guidance, indicating confidence in its ability to meet targets despite global trade tensions and tariffs.
- Enbridge Inc (ENB) continues to expand its renewable energy portfolio, with the Orange Grove solar facility entering service on time and on budget.
- The company is actively pursuing growth opportunities, securing $3 billion in low-risk projects year-to-date, including investments in the mainline and the Matterhorn Express Pipeline.
- Enbridge Inc (ENB) maintains a strong balance sheet with a debt-to-EBITDA ratio target of 4.5 to 5 times, supporting its investment-grade credit rating and financial flexibility.
- The company faces ongoing regulatory challenges and uncertainties, particularly in relation to permitting reforms in the US and Canada.
- Enbridge Inc (ENB) is exposed to commodity price volatility, which could impact future financial performance despite current resilience.
- There are concerns about the potential impact of higher US interest rates on the company's financial outlook.
- The integration of recently acquired US utilities is still ongoing, with disentanglement from Dominion yet to be fully completed.
- The dynamic policy landscape for renewables presents challenges, potentially affecting the timing and approval of future projects.
Good morning, and welcome to the Enbridge first-quarter 2025 financial results conference call. My name is Rebecca Morley, and I'm the Vice President of Investor relations. Joining me this morning are Greg Ebel, President and CEO; Pat Murray, Executive Vice President and Chief Financial Officer; and the Heads of each of our business units, Colin Gruending, Liquids Pipelines, Cynthia Hansen, Gas Distribution and Storage; and Matthew Akman, Renewable Power.
(Event Instructions) Please note that this conference is being recorded. As per usual, this call is being webcast, and I encourage those listening on the phone to follow along with the supporting slides.
We will try to keep the call to roughly 1 hour and in order to answer as many questions as possible we'll be limiting questions to 1 plus a single follow-up if necessary. We'll be prioritizing questions from the investment community.
So if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond. As
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