Enbridge's Profit Beats Estimates

Friday, November 2, 2018

Enbridge Inc, Canada's largest pipeline operator, topped analysts' estimates for quarterly profit on Friday, as the company transported more oil on its Mainline system that runs from western Canada to the United States.

The company said it moved 2.58 million barrels per day (bpd) of crude oil on its Mainline system during the quarter, up from 2.49 million bpd a year earlier.

Canada's oil producers are desperate for new export pipelines, as rising production and tight capacity on existing pipelines has led to Canadian crude trading at a wide discount to the West Texas Intermediate benchmark.

Enbridge has aggressively sold assets this year, exceeding an announced target to reduce its high debt load following its $28-billion acquisition of Spectra Energy Corp.

However, the company reported a net loss attributable to common shareholders of C$90 million, or 5 Canadian cents per share, in the quarter ended Sept. 30, compared with a profit of C$765 million, or 47 Canadian cents per share, a year ago.

The loss was due to some charges, including a non-cash charge of C$1.02 billion, Enbridge said in a statement.

On an adjusted basis, the company earned 55 Canadian Cents per share. Analysts, on average, had expected earnings of 51 Canadian cents per share, according to IBES data from Refinitiv.


($1 = 1.3054 Canadian dollars)

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Bernard Orr and Shailesh Kuber)

Categories: Pipelines Finance

Related Stories

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

CNOOC Finds Oil and Gas in South China Sea

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Current News

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Woodside Finds South Korean Partners to Advance LNG Value Chain

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com