- Enbridge (NYSE:ENB) says it is looking for ways to reduce its dependence on oil sands growth, as the crude price collapse casts doubt over the future of projects in western Canada.
- Guy Jarvis, the head of ENB’s pipeline operations, said during today's earnings conference call that the company would shift its focus after the current wave of projects draws to a close near the end of the decade, adding that ENB also would look at power generation and energy services as areas for growth.
- ENB has escaped much of the impact of the market rout that has hurt its customers, helped by long-term shipping contracts, increasing volumes as current oil sands projects are completed, and little direct exposure to crude pricing.
- Q4 earnings beat expectations even as ENB said it would defer spending C$5B of a planned C$18B earmarked for new projects over the next three years.
- CEO Al Monaco said during the call that ENB is unlikely to begin construction on its proposed Northern Gateway oil pipeline to Canada’s Pacific coast by a year-end deadline, and may ask Canadian regulators for an extension in the timeline for the project.