It’s been a long, lonely time since a pipeline company in this country said it’s ‘ready to rock and roll’ to build a new one.
But Enbridge CEO Greg Ebel says he’s ready and willing to build pipelines to all three of Canada’s coasts — if Prime Minister Mark Carney is serious about turning his campaign promise to make Canada an “energy superpower” into reality.
“I’m going to take the prime minister at his word,” Ebel told analysts during a post-earnings call Friday. “We’re ready to rock.”
We’re ready to rock”Enbridge CEO
Ebel’s comments mark a striking moment of cautious optimism from a key figure in Canada’s oil and gas sector, which has been at odds with federal energy policy for much of the past decade under Justin Trudeau’s Liberal leadership.
While some in the industry remain skeptical, others, like Ebel, are willing to give Carney a chance to reset relations with a sector that remains central to Canada’s economy and its trade relationship with the United States.
Calgary-based Enbridge is in a unique position to bridge the growing gap.
That’s because it operates the continent’s largest oil pipeline system and is the biggest natural gas utility in North America by volume.
On Friday, it reported blowout first-quarter results: a profit of $2.3 billion, or $1.04 per share, up from $1.4 billion and 67 cents per share a year ago. Revenue soared to $18.5 billion from $11.04 billion in Q1 2024. Adjusted earnings also beat expectations at $1.03 per share.
These results highlight Enbridge’s financial strength and its unique position to help “bridge” the widening policy divide between Canada and the United States, especially on energy. Oil remains Canada’s top export to the U.S., and Ebel emphasized that governments on both sides of the border are beginning to recognize the urgent need to fast-track energy infrastructure.
“I’m completely enthused,” he said, noting a shift in tone in Ottawa. “The fact that people are now talking about energy, energy infrastructure, getting stuff done — that’s just a marked change here in Canada.”
During the election, Carney made energy a central pillar of his platform, vowing to make Canada a global leader in both conventional and clean energy. He pledged to create a federal “major projects office” to streamline regulatory reviews and reduce delays, a move welcomed by business leaders frustrated with Canada’s notoriously complex approval process.
Enbridge’s history offers a stark example: its Northern Gateway pipeline project to BC’s northwest coast was quashed by the Trudeau government in 2016, despite years of planning and investment.
Ebel, who has previously quipped that “it’s easier to amend the Canadian Constitution than build a pipeline across the country,” was one of 38 Canadian energy executives who signed a post-election letter urging Carney to take concrete steps to revive the sector.
Their demands include eliminating the carbon tax on heavy industry, scrapping the emissions cap on oil and gas, and accelerating project approvals.
Carney’s more pragmatic tone on energy has not gone unnoticed. It stands in contrast to Trudeau-era policies, such as the West Coast tanker ban and Bill C-69, which were widely criticized for stalling development.
While many industry players are still wary, Ebel’s remarks suggest a window of opportunity, if the government is willing to act.
“The big question is, is that all campaign rhetoric or is that actually going to play out into permitting reform?” Ebel asked. “We’re going to find out.”
The stakes are high.
With increasing U.S. protectionism under President Donald Trump and global competition for energy investment intensifying, Canadian energy companies are looking for certainty — and support.
For now, Enbridge appears willing to bet that Carney might be the leader who can deliver.
Or not.