(Calgary) Enbridge posted higher first-quarter earnings on Friday as demand for energy, as well as prices, continued to rise.
Posted at 1:00 p.m.
The pipeline operator reported profit attributable to common shareholders of $1.927 billion for its most recent quarter, which compared with a profit of $1.900 billion for the same period a year earlier.
Earnings per share were 95 cents for the three months ended March 31, compared to 94 cents for the first three months of 2021.
The Calgary company said its cash from operating activities reached $2.94 billion last quarter, up from $2.56 billion in the same period last year.
On an adjusted basis, Enbridge says it earned 84 cents per share in the most recent quarter, while its adjusted profit was 81 cents per share a year earlier.
Growing demand for energy and underfunding in new supply are exacerbating energy shortages and driving up prices, according to Enbridge President and CEO Al Monaco.
“This global energy crisis further underscores the critical role that conventional energy will play in the decades to come,” he said in a statement.
“Now more than ever, it is clear that all forms of energy, conventional and low carbon, will be needed to meet growing demand while ensuring society has access to affordable, reliable, safe and cleaner. »