Enbridge quarterly profit beats estimates on higher crude shipments

 

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(Reuters) – Enbridge Inc, Canada’s largest pipeline operator, topped analysts’ estimates for quarterly profit on Friday, as it moved more crude oil and refined products along its pipelines.

The Calgary, Alberta-based company said it transported 2.7 million barrels per day (bpd) of crude oil on its Mainline system across Canada and the United States during the quarter, up from 2.6 million bpd in the year-ago quarter.

Enbridge has been working on replacement works on its massive Line 3 pipeline, running from Alberta to Wisconsin, to restore its capacity to 760,000 barrels per day.

With timely approvals from regulators, the company expects the pipeline to be operational before the end of this year, Enbridge said in a statement.

Net income attributable to common shareholders rose to C$1.09 billion ($820.35 million), or 60 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$207 million, or 13 Canadian cents per share.

On an adjusted basis, the company earned 65 Canadian cents per share. Analysts had expected 62 Canadian cents per share, according to IBES data from Refinitiv.

($1 = 1.3287 Canadian dollars)

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