Executive’s Message
Customer Focused
The past few years have seen unprecedented growth in the oil and gas industry, and Enbridge has worked closely with our shippers to meet their transportation requirements for Canadian and Bakken crude oil production in a manner which maximizes value for our customers. With recent turmoil in the financial markets and the rapid decline in oil and gas prices, we find ourselves in a new and challenging environment where working collaboratively with our customers takes on an even greater priority.
Enbridge is mindful of the impact of the current economic conditions on our customers, our business partners and on the communities in which we do business. Realignment of the oil industry cost structure is a critical requirement in the current commodity price environment. As a part of that cost structure, Enbridge is committed to find the optimal balance between cost and service provided to our customers across all aspects of our energy delivery business. We have a long track record of successfully managing our costs, improving productivity and sharing the savings with our customers, and we have recently embarked on a major initiative to further improve our productivity.
We’re not losing sight of growth opportunities. Over the longer term, we remain optimistic that the oil sands resource will continue to be developed. It’s the second largest reserve of crude oil in the world and is connected by Enbridge’s mainline pipeline system to the largest market in the world. Ultimately, we expect that crude oil prices and oil sands costs will re-establish an equilibrium which will support steady, sustained growth well beyond 2012, though at a more modest pace than we would have envisioned a year ago.
In the near term, we need to be responsive to the impact of the current environment and anticipated supply, demand and pricing dynamics. With our existing regional and mainline infrastructure, Enbridge has the ability to offer shippers a range of creative and flexible options to meet their transportation needs.
Strong customer relationships have always been a priority for Enbridge and a key ingredient in the long-term success of the company. In today’s uncertain economy, communication with our customers takes on even greater significance, and we hope that this customer-focused website will help to fulfill that need. We remain committed to providing competitive, safe and reliable pipeline transportation when and where it is needed, with the ultimate objective of adding value for our customers.
Steve Wuori
Executive Vice President
Liquids Pipelines