$ENB - 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.
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