Enbridge Posts Quarterly Profit as Shipments Rise

Enbridge Inc , Canada's largest pipeline company, reported a quarterly profit, compared with a year ago loss, as crude shipments increased.

 

Enbridge delivered about 2.5 million barrels per day (bpd) of crude oil through its Canadian mainline system during the quarter, up from 2.2 million bpd a year earlier.

 

Deliveries through the company's Lakehead pipeline system also rose, to 2.7 million bpd from 2.3 million bpd a year earlier, the company said on Thursday.

 

Enbridge's Line 18 pipeline, which carries crude from its Cheecham terminal, was back in service on Wednesday, nearly a week after it was shut down as wildfires raged through northern Alberta.

 

The company's net earnings attributable to shareholders was C$1.21 billion ($942.4 million), or C$1.38 per share, in the first quarter ended March 31, compared with a loss of C$383 million, or 46 Canadian cents per share, a year earlier.

 

Excluding items, the company earned 76 Canadian cents per share, beating analysts' estimate of 64 Canadian cents per share, according to Thomson Reuters I/B/E/S.


($1 = C$1.28)

(Reporting by Anet Josline Pinto and Julie Gordon; Editing by Shounak Dasgupta)