CALGARY — Enbridge Inc. says full oil and gas pipelines and the addition of new services led to fourth-quarter earnings that beat analyst expectations.
Canada's largest pipeline operator says adjusted net income was $1.17 billion or 65 cents per share in the last three months of 2018, beating analyst estimates of $1.12 billion or 62 cents per share as noted by Thomson Reuters Eikon.
A year ago, Enbridge reported adjusted earnings of $1.01 billion or 61 cents per share for the fourth quarter of 2017.
The Calgary-based company says its results were enhanced by operating performance, optimization of deliveries on existing pipelines, synergies from the Spectra Energy acquisition and $7 billion of projects brought into service in 2018.
It says its $9-billion Line 3 export pipeline replacement project is expected to be in service before the end of 2019, as it is nearing completion on the Canadian side of the border and has moved into the permitting phase in Minnesota.
Enbridge has a $16-billion inventory of projects which are scheduled to come into service between 2019 and 2023.
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The Canadian Press