Canadian pipeline giant Enbridge reported record-high core earnings for 2025 and consensus-beating earnings for the fourth quarter amid growing demand for oil and gas egress from production centers to consumption and export hubs.
Enbridge on Friday reported full-year adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA) of US$14.7 billion (C$20.0 billion) for 2025, up by 7% from 2024.
Full-year adjusted earnings also rose, by 9%, compared to 2024.
For the fourth quarter, adjusted earnings per common share of US$0.65 (C$0.88), higher than the average analyst estimate of US$0.56 (C$0.77).
“Despite tariffs and geopolitical tension, 2025 showcased our low-risk commercial framework delivering predictable results amid macroeconomic uncertainty,” Enbridge’s president and CEO Greg Ebel said.
“We’re proud to announce that Enbridge has once again achieved record EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding financial guidance.”
In recent months, Enbridge has advanced with enhancing pipeline takeaway capacity in the Western Canada Sedimentary Basin (WCSB), expand natural gas transmission capacity in the U.S. Northeast, boost natural gas storage businesses on the Gulf Coast and in British Columbia, and building on its partnership with Meta in the power space.
This quarter, Enbridge sanctioned the Mainline Optimization Phase 1 project, which will add 150,000 barrels per day of additional WCSB takeaway capacity and is expected to enter service in 2027. The project includes a 100,000-bpd expansion of the Flanagan South Pipeline system, adding critical full-path service to the U.S. Gulf Coast, Ebel said.
In the natural gas transmission business, the company upsized the Eiger Express Pipeline in November, driven by growing demand for Permian natural gas egress capacity.
“We continue to advance over 50 data center opportunities across North America, requiring up to 10 Bcf/d of new takeaway capacity in close proximity to our existing Gas Transmission assets and expect to sanction additional projects supporting power generation and data centers in 2026 and the years ahead,” Ebel said.
By Michael Kern for Oilprice.com
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