Enbridge CEO 'completely enthused' by conversation around energy in Canada, U.S.
The chief executive of pipeline builder Enbridge Inc. says he's encouraged by how governments in both Canada and the United States are recognizing the need to build oil and gas projects more quickly.
"I'm completely enthused about it," Greg Ebel told analysts on a conference call Friday to discuss the company's latest financial results.
Energy infrastructure was a big theme during the Canadian federal election campaign, which delivered the Liberals a minority government on April 28.
Tariffs and annexation threats from U.S. President Donald Trump have brought the issue of Canadian economic sovereignty to the fore, spurring calls for pipelines enabling energy exports beyond the United States.
During the campaign, Liberal Leader Mark Carney promised to make Canada an "energy superpower" for both conventional and clean sources and to set up a federal major projects office that would ensure each project only has to undergo one review, with shorter timelines.
But big points of contention between Ottawa and the industry — the industrial carbon levy, emissions cap, West Coast tanker ban and environmental review legislation — linger.
The Conservatives promised to fulfil every item on the oil and gas industry's wish list, set out in an open letter from 14 corporate leaders ahead of the campaign that urged the scrapping of contentious environmental policies.
"The fact that people are now talking about energy, energy infrastructure, getting stuff done — that's just a marked change here in Canada," said Ebel.
"I think the big question is, is that all campaign rhetoric or is that actually going to play out into actually permitting reform?," he questioned, adding that he's going to take Carney "at his word that he's committed to building energy infrastructure in Canada."
The Trump administration, meanwhile, has been pushing aggressively on oil and gas development, aiming to speed up permits for liquefied natural gas terminals and pipelines and opening up new areas for exploration.
Ebel said he and fellow industry leaders have not had the chance to sit down with the new prime minister yet, but when they do, the most urgent issues will be the legislative issues they've flagged, as well as efforts to include Indigenous communities in projects.
"Those things can be done very quickly with either a stroke of the pen or some legislation," said Ebel.
1st quarter profits surge
Earlier Friday, Enbridge reported a first-quarter profit of $2.3 billion, up from $1.4 billion in the same quarter last year. That amounted to $1.04 per share for the quarter ended March 31 compared with a profit of 67 cents per share a year earlier.
On an adjusted basis, Enbridge says it earned $1.03 per share in its latest quarter, up from an adjusted profit of 92 cents per share in the first quarter of 2024.
Total operating revenue was $18.5 billion, up from $11.04 billion during the same period a year earlier.
Enbridge is continuing to grow its presence in the Permian basin in Texas. It said it recently inked a deal to buy a 10 per cent stake in the Matterhorn Express natural gas pipeline for $300 million US.
The recent weakness in commodity prices has been tougher on U.S. producers in the Permian than on companies operating north of the border, but Enbridge's business is relatively insulated in that region.
"The Permian is a great basin and always will be. It's a critical basin and we've got our ear to the ground," said Colin Gruending, executive vice-president and president of liquids pipelines.
He said in recent weeks it's been a "mixed bag from producers — some holding firm, some dropping a rig or two or three. So we'll continue to follow that.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
21 minutes ago
- Winnipeg Free Press
Five things to know about Canada's plan to meet the NATO defence spending target
OTTAWA – Prime Minister Mark Carney is promising that Canada will quickly boost its defence spending to hit the NATO member target of two per cent of national GDP this year. Canada has long promised to meet the target but has never had a detailed plan to get there. The announcement comes as NATO allies prepare for talks on raising the spending target to five per cent at the annual summit this month. Here's what you need to know about the announcement. 1. What is the NATO spending target? All NATO allies, Canada included, committed to spending the equivalent of two per cent of their GDP on defence in 2006. In 2014, NATO leaders agreed formally that countries that were not meeting the target must move toward it within a decade. After Russia launched its full-scale invasion of Ukraine in 2022, allies agreed at the 2023 NATO summit to make two per cent the minimum spending target. Many European countries have rapidly scaled up their defence spending in response to Russia's war on Ukraine. As of this year, 22 of the 32 NATO member states are spending at least two per cent of their national GDP on defence. Canada is not among them. A leaked Pentagon document obtained by The Washington Post in 2023 quoted then-prime minister Justin Trudeau telling NATO officials that Canada would not meet the two per cent target. Under pressure from allies, the Trudeau government later promised to hit the two per cent benchmark by 2032. In January, then-defence minister Bill Blair told reporters he was trying to speed up that timeline to 2027. 2. Why is the target changing? At this year's NATO leaders' summit in The Hague, allies will discuss a proposal to boost the spending target to five per cent of GDP. That's expected to be broken down into two parts — 3.5 per cent for what NATO calls core defence spending and another 1.5 per cent for a broader category of defence and security-related spending. NATO Secretary-General Mark Rutte told reporters last week there was 'broad support' among allies for the change and that he had total confidence they would agree to it at the summit, which is being held June 24-26. The change is seen as a response to U.S. President Donald Trump's demands for allies to pull more weight in NATO. Among NATO members, the U.S. spends the most on its military in dollar terms. In March, Trump suggested America might not defend its allies if they don't meet the target. 'If they don't pay, I'm not going to defend them,' he said. According to NATO's most recent figures, U.S. defence spending was estimated at 3.19 per cent of GDP in 2024, down from 3.68 per cent a decade ago. It's the only NATO ally whose defence spending has dropped since 2014. 3. How much is Canada spending on defence? According to the latest NATO projections, Canada was on track to spend 1.45 per cent of GDP on defence in 2024-25. NATO allies also have agreed that 20 per cent of their spending should go toward equipment. In 2024, Canada was on track to spend 17.8 per cent of its total on equipment, making it one of only three countries to miss both parts of the target. Carney's announcement on Monday amounts to another $9.3 billion in spending in this fiscal year, 2025-26. Senior government officials told reporters at a briefing Monday morning that the country's defence spending for the fiscal year was projected to be $53.4 billion. With the announcement of this new spending, that sum is expected to rise to $62.7 billion for 2025-26 — or two per cent of Canada's national GDP, which is estimated at just over $3.1 trillion this year. While most of that — $53.4 billion — is Department of National Defence spending, about $14 billion is going to other government departments, including $370 million for the Communications Security Establishment. 3. What is the money being spent on? A large amount of the spending announced on Monday — $2.63 billion — is meant to 'empower the military to recruit and retain the personnel needed to carry out its mandate,' said a Government of Canada press release. The government says that funding will help accelerate military recruitment and expand the civilian defence workforce. It includes a pay raise for members. The Canadian Armed Forces is short more than 13,000 personnel in its regular and reserve forces. In February, Chief of the Defence Staff Gen. Jennie Carignan said the Armed Forces was on track to meet its recruitment goal of enrolling 6,496 members this fiscal year. The military said it was aiming to reach its approved strength of 71,500 regular forces members and 30,000 reserve members by April 2029. Another $2.1 billion is set aside to diversify Canada's defence partnerships and help build the domestic defence industry. Carney has said Canada wants to join ReArm Europe, an 800 billion-euro plan to beef up the defence of EU countries. Government officials said Monday that $2.1 billion could help Canada enter joint procurements or multilateral initiatives with other countries. 5. What is happening with the Coast Guard? The government is planning to include $2.5 billion it spends on the Canadian Coast Guard in its NATO spending this year — about 60 per cent of the agency's total budget. The Coast Guard will remain part of the Department of Fisheries and Oceans. It's responsible for ensuring the safety of people in Canadian waters, carrying out search-and-rescue operations and conducting research, and has a fleet of icebreakers. The Coast Guard also has a mandate to 'ensure Canada's sovereignty and security by establishing a strong federal presence in our waters,' according to the Government of Canada. Government officials said there is no plan to arm the Coast Guard or its members. They say its inclusion in Canada's overall defence and security strategy reflects its role in providing what they call maritime domain awareness. The intent, officials told reporters, is to improve inter-service communication, particularly in the Arctic region. The increased co-operation could involve sending military members on Coast Guard trips, for example. The government said it's boosting the Coast Guard budget by $100 million. — With files from Kyle Duggan and The Associated Press This report by The Canadian Press was first published June 9, 2025.
CTV News
an hour ago
- CTV News
Quebec artists demand action to regulate AI in arts and culture
Montreal Watch Members of 6 Quebec unions representing thousands of artists and technicians are demanding action to regulate artificial intelligence in arts and culture.
Globe and Mail
2 hours ago
- Globe and Mail
Ottawa police probing defacement of National Holocaust Monument as hate crime
The Ottawa Police Service confirmed an act of vandalism on the National Holocaust Monument is being investigated by its hate crime unit. The words 'FEED ME' were found scrawled in red paint across the front of the monument Monday morning. Red paint was splashed on other parts of it as well. Ottawa police said they are treating the incident with the utmost seriousness, noting the impact such crimes have on the community. 'Reporting hate-motivated incidents is an important step in stopping cycles of hatred,' the service said in a statement. There has been an increase in reports of hate crime in Canada in recent years, which police agencies across the country link explicitly to the outbreak of war between Hamas and Israel in October, 2023. Police-reported hate crimes rose 32 per cent in 2023 compared with 2022. There has also been an increase of crimes targeting Jews in Canada, with 900 crimes reported in 2023, compared with 527 the year before. A petition condemning the vandalism in Ottawa was tabled in Parliament Monday by Conservative MP Tamara Kronis, who said 'the government must enforce the law and protect Jewish Canadians from hate, violence and intimidation.' Minister of Canadian Identity and Culture Steven Guilbeault also issued a strong condemnation. 'This monument honours the courage of survivors and the memory of the six million Jews murdered during one of humanity's darkest chapters,' he said. 'Acts of antisemitism, hatred and intolerance are attacks on us all – and they will never be tolerated in Canada.' Gaps in how justice system responds to hate crimes need to be addressed, report finds Deborah Lyons, Canada's Special Envoy on Preserving Holocaust Remembrance and Combating Antisemitism, said she was 'crushed' when she saw that the monument had been vandalized. She said that this was an antisemitic hate crime targeting Jews who have no connection to the Israeli government or its policies in Gaza. 'This is not a way to address the concerns that people have, either about what's happening in the Middle East or certainly about what's happened in our own country with the high spike of antisemitism,' Ms. Lyons said. Ottawa resident Robert Harmer, who lives close to the monument, called the vandalism 'a shame.' 'These monuments help us remember history – even the painful parts. Defacing something like the Holocaust Monument isn't protest; it's going too far.' Andres Bermudez, a resident and worker from Gemma Property Services involved in the cleanup, said the act was 'disrespectful and harmful.' 'These monuments attract tourists and beautify the city,' he said. 'Vandalism isn't the way to be heard. It's costly to clean up defaced walls, and the money comes from taxpayers.' Lawrence Greenspon, co-chair of the monument committee, spoke of his own family's experience of antisemitism. 'My father is a Holocaust survivor. His sister and his mother and father were all killed. My daughter is named after his sister,' Mr. Greenspon said. 'When somebody defaces the National Holocaust Monument, it is personal and it hurts, and particularly when it is such an act of hatred and antisemitism.' With a report from The Canadian Press
