Enbridge (NYSE: ENB) +2.3% before market on Friday after announcing an increase in profits in the first quarter and reaffirming its orientations for the year.
Enbridge (ENB) said it moved 3 million bbl/day on its mainline in the first quarter, up from 2.75 million bbl/day sent in the year-ago quarter.
Net earnings for the first quarter totaled C$1.93 billion, or C$0.95/share, compared to C$1.9 billion, or C$0.94/share, a year ago, and Adjusted EBITDA increased from C$3.74 billion to C$4.14 billion, mainly due to contributions from the United States. part of the Line 3 replacement project and the acquisition of the Enbridge Ingleside Energy Centre.
First-quarter distributable cash flow increased to C$3.07 billion, or C$1.52/share, from C$2.76 billion, or C$1.37/share, a year earlier.
Enbridge (ENB) reiterated its fiscal 2022 guidance for adjusted EBITDA of C$15B to C$15.6B and distributable cash flow of C$5.20 to C$5.50 /stock.
The strong first quarter results are “in line with expectations and the company expects its business to continue to experience strong utilization and good operating results throughout the year with normal seasonality.”
The company announced a $300 million expansion of the Panhandle transmission system, which delivers natural gas from the Dawn hub to customers in Ontario, with phased in-service dates of late 2023 and late 2024.
Enbridge’s (ENB) price performance is up 14% year-to-date and up 11% over the past year.