© Provided by Benzinga Enbridge Inc (NYSE: ENB) reported Q1 2023 adjusted EPS of C$0.85, higher than C$0.84 a year ago. Adjusted EBITDA rose to C$4.5 billion from C$4.1 billion in the prior year, led by higher economic interests in the Gray Oak Pipeline and the Cactus II Pipeline, increased ex-Gretna volumes on the Mainline and revenue recognition from Texas Eastern rate case settlement.  Distributable cash flow stood at C$3.2 billion vs. C$3.1 billion in the prior year. The company realized a loss of C$638 million in the quarter due to the termination of foreign exchange hedges.  Cash flow from operating activities increased to C$3.9 billion from C$2.9 billion in the prior year. In Q1, the company sanctioned the previously disclosed Enbridge Houston Oil Terminal (EHOT) for $229 million, adding 2.7 million barrels of oil storage capacity.  2023 Outlook Reiterated: ENB expects adjusted EBITDA of C$15.9 billion-C$16.5 billion and DCF per share of C$5.25-C$5.65. "We continue to grow both our conventional and lower-carbon businesses....Our Debt-to-EBITDA remains in the bottom half of our range at 4.6x this quarter, providing us the financial flexibility to continue adding to our organic growth backlog and to execute selective tuck-in M&A," said Greg Ebel, President and CEO.  Price Action: ENB shares are trading higher by 1.02% at $39.67 premarket on last check Friday.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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This article Enbridge Reports Higher Q1 Profits Despite Volatile Market, Guidance Reaffirmed originally appeared on Benzinga.com.

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