Enbridge reports $1.93B first-quarter profit as energy demand and prices grow

The Enbridge logo is shown at the company's annual meeting in Calgary, Alta., Wednesday, May 9, 2018. THE CANADIAN PRESS/Jeff McIntosh

Enbridge Inc. says its profits rose in the first quarter as energy demand and prices continue to grow.

The pipeline company reported earnings attributable to common shareholders of $1.927 billion compared with $1.9 billion in the same quarter last year.

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

The Calgary-based company said cash provided by operating activities hit $2.94 billion in the first three months of the year, compared with $2.56 billion in the same period of 2021.

On an adjusted basis, Enbridge says it earned 84 cents per share for the quarter, up from an adjusted profit of 81 cents per share in the same quarter last year.

Enbridge president and CEO Al Monaco says growing energy demand and an underinvestment in new supply is driving energy shortages and higher prices.

"This global energy crisis further heightens the essential role that conventional energy will play for decades to come," he said in a statement.

"Now, more than ever, it's evident that all forms of energy, conventional and low carbon, are needed to meet the growing demand while ensuring society has access to affordable, reliable, secure and cleaner energy."

This report by The Canadian Press was first published May 6, 2022.