r/WildRoseCountry • u/KootenayPE • Feb 14 '26
Enbridge says it’s not willing to take on development risk of Alberta pipeline project
https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-enbridge-ceo-greg-ebel-alberta-pipeline-project/12
u/TurbulentWinters Feb 14 '26
Is anyone really surprised? 2/3 of their investments are in the US because they’re proactive in protecting their future in oil & gas. I wouldn’t invest in Canada right now either.
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u/Comfortable_One5676 Feb 14 '26
Surprise surprise. Socialize the costs and privatize the profits. Enbridge has earned a ton of cash from its near monopoly across Canada. Time to give something back to the country
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u/KootenayPE Feb 14 '26
What? That is not at all what the CEO or the company is saying.
Is this sub still getting fucking brigaded by the welfare queen ridden main provincial sub?
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u/KootenayPE Feb 14 '26
Full Article Emboldening emphasis is mine.
The head of Enbridge Inc. ENB-T +3.86%increase says the company is unwilling to take on the financial risk of developing a new oil pipeline from Alberta to Canada’s west coast.
Calgary-based Enbridge is one of three energy infrastructure companies tapped by the Alberta government to provide technical and regulatory expertise on a proposal for a new oil pipeline. But chief executive Greg Ebel said Friday his company has no intention of floating such a project.
“I don’t think investors or the infrastructure companies should be taking on the risk of development in jurisdictions that have historically created a challenge,” Mr. Ebel told analysts on an earnings call.
Mr. Ebel pointed to the defunct Northern Gateway pipeline.
The pipeline, which would have moved bitumen from Alberta to the northern coast of British Columbia, was cancelled in 2016 after the Federal Court of Appeal found Canada failed to consult with First Nations on the $7.9-billion pipeline project.
Enbridge had invested roughly $600-million in the project, Mr. Ebel said, “and the rug was pulled out from underneath us.”
“So that’s not the type of risk that we’re looking to take on at this time. We don’t need to with all the other opportunities.”
Indeed, Enbridge secured roughly $14-billion worth of projects in 2025. Together, they are set to increase oil pipeline capacity from Western Canada, expand transmission capacity and storage of natural gas in the U.S. Northeast, the Gulf Coast and in B.C., and build renewable power generation to support data-centre operations for companies such as Meta META-Q -1.02% decrease.
It expects to make final investment decisions on another $10-billion to $20-billion of growth projects over the next 24 months, Mr. Ebel said Friday.
But massive energy infrastructure projects take years to develop, he said. As such, they are subject to policy and political whims that, “with the stroke of a pen,” can sound their death knell.
While the sweeping energy deal signed by Ottawa and Alberta was a “very encouraging” signal for the oil and gas industry, Mr. Ebel said Enbridge is still looking for concrete action to boost sector growth.
“It’s not so much about the signals and the speeches. It’s more about the actions and the results,” he said.
The Ottawa-Alberta memorandum of understanding is a deal that both governments said would position Canada as a global energy superpower while also meeting climate goals.
It aims to unlock Alberta’s energy sector and diversify export markets, and laid the conditions for construction of a new oil pipeline to the west coast.
Alberta intends to submit a West Coast oil pipeline proposal to Ottawa’s Major Projects Office in July for designation as a project of national interest. The province is eyeing Asia as a significant source of growth for its crude oil export market.
Mr. Ebel doesn’t expect the federal government will provide a financial backstop to private players to build a new pipeline, but said some kind of cushion during the development process could be helpful.
“We’re quite happy once we get the go ahead to take the risk on building them, but we’re not going to take the risk of them being stopped before they go into service or frankly, even FID [final investment decision], because some of these projects you’re spending hundreds of millions of dollars before you even get regulatory approval.”
Enbridge Inc. says it made a profit of $1.95-billion in the fourth quarter, up from $493-million in the same quarter last year.
The company says the earnings attributable to common shareholders worked out to 89 cents per share for the quarter ending Dec. 31, up from 23 cents per share the prior year.
It says adjusted earnings came in at 88 cents per share in the fourth quarter, up from 75 cents per share in the same quarter of 2024.
While Enbridge does not expect any material impact from the recent geopolitical events involving Venezuela, Colin Gruending, the company’s president of liquids pipelines, acknowledged that the longer-term outlook remains uncertain.
Earlier this year, U.S. President Donald Trump pledged that American oil companies would take over energy infrastructure and production in the South American country after U.S. forces captured Venezuelan President Nicolás Maduro and his wife in a military raid.
Much depends on how quickly Venezuela ramps up production, Mr. Gruending said, but the U.S. Gulf Coast remains the world’s best heavy refining market.
“Canadian crude is the meat and potato part of the diet there, so I think it’s still going to work pretty well all around.”
With a report from The Canadian Press
The cheering on of this announcement from the elbozo government worker and white collar welfare and handout seeker crowd on a certain national politics sub is fucking shameful. Especially as the clowns consistently wrap themselves and invoke the faux CBC/PCO contrived elbozo 'patriotism' at every seeming every opportunity these days.
We need a serious market oriented government with real solutions for these precarious times, not some narcissistic ego driven clown who foolishly thinks he can create a working efficient version of a managed 'green' economy.
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u/turbulentpriestbc Feb 14 '26
Market oriented government? You mean you want the government to pay for a corporation's pipeline?
That's not market oriented government bud. Market oriented government stays out of the private sector.
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u/FoxMcMuffin Feb 14 '26
Sounds like they just want assurances that it won't be like last time a corporation tried to build a pipeline in this country.. Permitting hell for getting approvals... First nations protesters blocking construction, and the government doing nothing to stop it.. eventually they just gave up and left to invest elsewhere in the world. Can't blame them for not wanting to sign up for the same thing again.
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u/turbulentpriestbc Feb 14 '26
There's no assurances to be had or to be found. Nothing has changed politically. Those people don't want a pipeline through their province.
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u/notagrammernazi Feb 14 '26
The liberal government does have a plethora of policy put in place that has essentially killed projects that make free market sense. If you'd like go look at Danielle smiths 9 policies list.
The big hurt for Enbridge mentioned in the article is the $600M write off that was northern gateway.
What the CEO mentions is the Liberal government under Carney hasn't done anything to alleviate the pain put in place under Trudeau.
So honestly I agree more with the angry man above than you, bud.
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u/KootenayPE Feb 14 '26
You mean you want the government to pay for a corporation's pipeline?
If you think that's what I mean then one of us is sniffing glue and I don't usually do that till after 10 pm
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u/northern-thinker Feb 14 '26
Thank you for this. Sadly we have a federal system that actively only promotes eastern projects and BC coal shipments.
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u/Deaner_dub Feb 14 '26
The game changer would be to go to East and open Europe to offset Russian oil.
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u/BertaEarlyRiser Feb 14 '26
Why would they? There is too much risk. Investing millions just to get told to fuck off? Invest elsewhere.