Safety and Operational Excellence
Safety incident rates are at 5-year lows, and comparable EBITDA has increased by 8% year-over-year.
Asset Placement and Budget Efficiency
$8 billion of assets have been placed into service on schedule, tracking approximately 15% under budget.
New Growth Projects
An additional $700 million in new growth projects have been announced, with a focus on power generation and data centers.
Financial Outlook
2025 net capital expenditures are expected to be at the low end of the $5.5 billion to $6 billion range, with a long-term target of 4.75x debt-to-EBITDA.
Supportive Policy Environment
Across North America, policy environments are becoming increasingly supportive, improving regulatory processes and enabling project delivery.
Record Natural Gas Demand
14 new natural gas pipeline flow records were set in 2025, with significant growth in demand expected.
Strong Project Execution
23 out of 25 sanctioned projects were delivered on or ahead of schedule, tracking 15% under budget for the year.