Exclusive: Carney knew of South Bow's Keystone XL plans before White House meeting, source says | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 Canada's Prime Minister Mark Carney speaks to the media after touring auto parts manufacturer Martinrea Industries in Woodbridge, Ontario, Canada, February 5, 2026. REUTERS/Carlos Osorio[1/2]Canada's Prime Minister Mark Carney speaks to the media after touring auto parts manufac ...

Core Insights - ONEOK reported a decline in fourth-quarter profit per share, primarily due to a significant drop in earnings from its natural gas transportation segment linked to the divestiture of an interstate pipeline network in 2024 [1][3]. Financial Performance - The company's earnings per share fell to $1.55 in the fourth quarter, down from $1.57 a year earlier [3]. - Adjusted quarterly core profit for the natural gas pipelines unit decreased to $261 million from $417 million year-over-year, with the pipeline divestiture accounting for a $264 million decline [3]. - Quarterly adjusted core profit for the refined products and crude segment dropped approximately 6% to $567 million [4]. - The natural gas liquids business saw a 4% increase in quarterly core profit compared to the previous year, while the natural gas gathering and processing segment recorded a 10% increase [4]. Market Conditions - The company faced challenges from low oil prices during the quarter, with benchmark Brent crude averaging $63.13 per barrel, down 11.3% from the previous year [2]. - Falling oil prices have pressured midstream service providers like ONEOK, leading to reduced pipeline transportation volumes as upstream drilling activity declines [2]. Future Outlook - ONEOK anticipates net income for the current year to be between $3.19 billion and $3.71 billion, with the midpoint falling below analysts' average estimate of $3.65 billion [4]. - The company has been diversifying its portfolio through acquisitions over the past two years, including a Gulf Coast NGL pipeline system and other midstream companies [5].

Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile while growing investment capacity [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio achieved its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [8] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with significant opportunities in data centers and LNG exports [18][79] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][81] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and confidence in meeting the 5% growth target is based on a strong backlog of projects [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will continue to be in demand, and the company is focused on expanding its Mainline to meet this demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in the ability to exceed the CAD 10-$11 billion annual investment capacity, emphasizing the importance of capital recycling and strong project returns [50][51] Question: What are the growth prospects for the gas transmission segment? - Management highlighted a significant demand for natural gas driven by affordability and reliability, with numerous expansion opportunities across the country [76][79]

Financial Data and Key Metrics Changes - The company reported record financial results for Q4 2025, with adjusted EBITDA up CAD 83 million compared to Q4 2024, DCF up CAD 0.06, and EPS increased CAD 0.13 [23][24] - The debt to adjusted EBITDA ratio stands at 4.8, maintaining the leverage range of 4.5-5 times, which supports a strong investment-grade credit profile [26][27] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases in earnings [23] - The gas transmission business experienced a strong fourth quarter, with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [24] - The gas distribution segment saw growth driven by rate escalations, customer growth, and favorable weather conditions [24] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [13][23] - The Texas Eastern pipeline hit new peak records, transporting over 15 BCF per day in January, indicating strong demand for gas transmission [7][23] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog that has increased by 35% since the last Investor Day [5][11] - Future growth is expected to be driven by CAD 10-20 billion of growth projects over the next 24 months, enhancing energy security and affordability [11][30] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [36][37] - The company is optimistic about the demand for natural gas and the potential for further expansions in gas transmission and renewable power projects [12][19] Other Important Information - The company has increased its dividend for 31 consecutive years, highlighting its commitment to returning capital to shareholders [5][26] - The current backlog of projects is valued at CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [27] Q&A Session Summary Question: Investment capacity increase and growth trajectory - The investment capacity increased by CAD 1 billion, and management is confident in achieving the 5% growth target, reconciling capacity growth with EBITDA growth [33][34] Question: Venezuelan geopolitical impact on projects - Management indicated that while Venezuelan production may impact the market, Canadian crude will continue to find demand, supporting ongoing projects like MLO 2 and MLO 3 [39][40] Question: Project backlog and funding sources - Management expressed confidence in managing the CAD 10-20 billion project backlog, noting that capacity will grow as EBITDA increases [45][46] Question: Expansion capabilities and tariffs - Management confirmed that existing infrastructure allows for significant expansion capabilities at Ingleside, and tariffs for expansions are expected to remain competitive [56][61] Question: Gas transmission growth sustainability - The gas transmission segment is expected to continue growing due to high demand for natural gas and ongoing projects, with a strong pipeline capacity across the country [70][75]

February 13th, 2026 Greg Ebel President & CEO Pat Murray EVP & CFO Reconciliations of forward-looking non-GAAP and other financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, reconciliations of forward-looking non-GAAP and other financial measures are ...

Core Insights - Enbridge Inc. reported record financial results for 2025, reaffirming its financial guidance for 2026 and growing its secured backlog to $39 billion, a 35% increase since the last Enbridge Day [1][2][3] Financial Performance - Full-year distributable cash flow (DCF) reached $12.5 billion, up 4% from $12.0 billion in 2024 [1][2] - Adjusted EBITDA for 2025 was $20.0 billion, a 7% increase from $18.6 billion in 2024 [1][2] - GAAP earnings attributable to common shareholders for 2025 were $7.1 billion, or $3.23 per share, compared to $5.1 billion, or $2.34 per share in 2024 [1][2] Growth Projects - Enbridge sanctioned $14 billion of organic growth projects in 2025, including significant investments in renewable energy and gas transmission [1][2][3] - The company placed $5 billion of organic growth capital into service in 2025 [1][2] - Key projects include the Cowboy Phase 1 solar facility and the Easter wind project, both secured by long-term power purchase agreements [1][2][3] Dividend and Financial Guidance - The quarterly dividend for 2026 was increased by 3% to $0.97 per share, marking the 31st consecutive annual increase [1][2][3] - Enbridge reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10 [1][2][3] Debt and Financing - The company exited 2025 with a Debt-to-EBITDA ratio of 4.8x, providing significant financial flexibility [1][2] - In November 2025, Enbridge issued $1.5 billion in senior notes to pay down existing debt and finance capital expenditures [1][2][3] Business Segment Performance - Liquids Pipelines segment adjusted EBITDA for 2025 was $9.7 billion, reflecting increased demand and operational efficiencies [4][5] - Gas Transmission segment adjusted EBITDA increased to $5.4 billion, driven by favorable contracting and successful rate case settlements [4][5] - Gas Distribution and Storage segment adjusted EBITDA rose to $4.1 billion, supported by higher rates and customer growth [4][5]

Market Overview - Japanese Prime Minister Sanae Takaichi's Liberal Democratic Party secured a supermajority in lower house elections, leading to a surge in Japanese stocks, with the Nikkei surpassing 58,000 for the first time [1] - The yen and Japanese government bonds (JGBs) strengthened, with the yen on track for its largest weekly gain in over a year, reflecting investor optimism about Takaichi's fiscal policies [1] - U.S. economic data showed mixed signals, with weaker-than-expected December retail sales raising expectations for Federal Reserve interest rate cuts, but January jobs numbers surprised positively, indicating a stabilizing labor market [1] Technology Sector - Tech stocks faced declines, with the Nasdaq Composite dropping 2% following disappointing earnings from Cisco Systems, and Apple experiencing a 5% drop, its largest since April [1] - The ongoing AI disruption trade has negatively impacted transportation stocks, highlighting the volatility in the tech sector [1] Energy Market - Oil prices remained rangebound, influenced by U.S.-Iran negotiations, with the International Energy Agency forecasting slower global oil demand growth than previously expected, suggesting a potential supply glut [1] - Brent crude prices remained near $70 a barrel, raising questions about the accuracy of market prices reflecting physical fundamentals [1] Investment Trends - Major tech companies are planning significant capital expenditures, with a combined $650 billion earmarked for 2026 among four leading firms, indicating a bullish outlook despite concerns over rising interest rates [1] - Global governments are expected to increase spending this year, which may counteract the pressures of high debt burdens and could impact bond markets negatively [1]

Core Insights - Loews Corporation reported a significant increase in net income for the fourth quarter of 2025, reaching $402 million or $1.94 per share, compared to $187 million or $0.86 per share in the same quarter of 2024, largely due to the absence of a pension settlement charge that impacted the previous year's results [2][5][8]. Consolidated Financial Highlights - For the fourth quarter of 2025, consolidated revenues totaled $4.734 billion, an increase from $4.546 billion in the fourth quarter of 2024 [19]. - The company’s net income attributable to Loews Corporation for the year ended December 31, 2025, was $1.667 billion, or $7.97 per share, compared to $1.414 billion, or $6.41 per share, in 2024 [8][19]. - Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024 [4][19]. Segment Performance - CNA Financial's net income attributable to Loews Corporation was $276 million in Q4 2025, a significant increase from $19 million in Q4 2024, excluding the prior year's pension charge [4][5]. - Boardwalk Pipelines reported a decrease in net income to $110 million in Q4 2025 from $145 million in Q4 2024, primarily due to the non-recurrence of a $36 million income tax benefit recorded in the previous year [4][19]. - Loews Hotels & Co experienced a decline in net income to $6 million in Q4 2025 from $27 million in Q4 2024, mainly due to a $20 million asset impairment charge related to hotel renovations [4][19]. Share Repurchase Activity - In 2025, Loews Corporation repurchased a total of 8.9 million shares of its common stock for $782 million, with 1.0 million shares repurchased in Q4 2025 for $98 million [1][17]. Cash and Debt Position - As of December 31, 2025, Loews Corporation held $3.9 billion in cash and investments against $1.8 billion in debt, indicating a strong liquidity position [4].

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, which was in the middle of the earnings per share guidance range [3] - Compared to 2024, earnings decreased from $281.1 million, or $1.37 per share [15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024 [15] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility reported earnings of $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million, slightly up from $68 million in the previous year, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load coming online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised 2026 through 2030 capital investment plan totaling $3.1 billion [4] - The acquisition of Badger Wind Farm is a key strategic move, enhancing the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized operational focus and financial discipline [13] - The company is initiating earnings per share guidance for 2026 in the range of $0.93-$1.00 per share, reflecting strong performance across segments [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the Badger Wind Farm acquisition [19] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects a range of 6%-8% EPS growth, with some headwinds expected from rate case activities and equity issuance [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is ongoing until mid-March, and discussions with customers are progressing, with plans to finalize project design and customer agreements before making a final investment decision [27][28]

Group 1 - The article emphasizes that investors can achieve safe dividend income without sacrificing high yields, highlighting three ultra-high-yield stocks for 2026 and beyond [1] Group 2 - Enbridge is characterized as a "low-risk" and "utility-like" business, with a total shareholder return CAGR over the last 20 years exceeding that of the S&P 500, despite its stock volatility being comparable to utility stocks [3][4] - Enbridge operates the longest network of pipelines globally, transporting a significant portion of North American crude oil and natural gas, and is the largest natural gas utility in North America by volume due to recent acquisitions [4] - Enbridge offers a forward dividend yield exceeding 5.8% and has declared its 31st consecutive annual dividend increase, with expectations of a 5% annual growth in dividends post-2026 [5] Group 3 - Realty Income has a notable track record of 29 consecutive years of positive total operational returns, which includes periods of economic downturns such as the Great Recession and the COVID-19 pandemic [6] - The stability of Realty Income is attributed to its extensive real estate portfolio, ranking as the sixth-largest global REIT, with ownership of 15,542 properties leased to 1,647 clients across 92 industries [8] - Realty Income has been operational for 56 years and holds solid credit ratings of A3 and A- from Moody's and S&P Global, respectively, with promising growth prospects driven by increasing demand for data centers and opportunities in Europe [9]