Enbridge reports $1.93B first-quarter profit, plans low-carbon venture

Pipeline giant Enbridge Inc. will accelerate investments in low-carbon technologies as the war in Ukraine drives global concerns about energy supply and security, chief executive Al Monaco said Friday.

Monaco’s comments came the same day that Calgary-based Enbridge announced plans to partner with Denver-based Humble Midstream LLC on a lowcarbon hydrogen and ammonia production and export facility to be located at Enbridge’s Ingleside Energy Center near Corpus Christi, Tex.

While a final investment decision will be subject to obtaining sufficient customer support as well as regulatory approval, Enbridge said the goal is to produce hydrogen and ammonia — both of which have zero CO2 emissions at point of use — for both domestic and global use.

Up to 95 per cent of the CO2 generated in the production process at the facility will be sequestered in newly developed carbon capture infrastructure, Enbridge said.

On a conference call with analysts Friday, Monaco said conventional energy from North America as well as new, clean technologies are urgently needed to help ease geopolitical tensions created by Russia’s invasion of Ukraine.

“North America will be the [energy] supplier of choice,” Monaco said, pointing to this week’s news about a proposed ban on Russian oil imports by the European Union.

Monaco said he believes natural gas exports represent the largest opportunity for North America, adding Enbridge is seeing a strong pick up in commercial interest from Asia and Europe to secure export capacity.

On Friday, Enbridge reported first quarter earnings of $1.93 billion compared with $1.9 billion in the same quarter last year.

The profit amounted to 95 cents per share for the quarter ended March 31 compared with 94 cents per share a year ago.