2025 key takeaways


White pipes at dusk

Maintaining our low-risk, ‘utility-like’ business model

  • Compelling value proposition underpinned by predictable, contracted cash flows, attractive risk-adjusted returns, and reliable growth
  • Resiliency driven by our diversified portfolio, disciplined capital allocation, and focus on core businesses
  • Longevity in all four of our core businesses based on growing and evolving energy demand
Woman in safety gear in front of solar panels

Providing reliable, affordable and lower-emission energy

  • Businesses strategically positioned with connections to key low-cost supply basins, demand-pull markets, and premier export assets
  • Provide access to affordable and reliable energy for 7.1 million utility customers across North America
  • Developed, executed and placed into service multiple wind and solar projects to grow our large and diversified renewable platform

White tanks at dusk

Capturing increasing domestic and global demand

  • Growth driven by focused capital allocation, increasing returns on our existing assets, capital efficient expansions, and strategic partnerships
  • Continue expanding and optimizing our conventional infrastructure—pipelines, storage and terminals—supported by increasing domestic and global demand, policy tailwinds, and customers’ need for affordable, secure, and reliable energy
  • Leveraged our capabilities across business units to provide integrated and differentiated solutions that help meet increasing North American energy demand (e.g. data centers and AI)

Woman being wrapped in a robe with Haida art

Advancing our values

  • Continued to drive improvements towards our goal of zero safety incidents and injuries, and progressed implementation of robust cyberdefense programs
  • Reaffirmed commitment to reconciliation via updated Indigenous Reconciliation Action Plan, and announced the Stonlasec8 Indigenous Alliance Limited Partnership acquiring a 12.5% interest in the Westcoast natural gas pipeline system
  • Released our 24th Sustainability Report, representing our ongoing focus on transparency and commitment to sustainability-related activities