Pipeline operator Enbridge Inc. reported a 23.2% jump in third-quarter profit on Nov. 5, boosted by a recovery in crude prices and fuel demand to pre-pandemic levels.
The Calgary-based company's adjusted earnings rose to C$1.2 billion (US$961.92 million), or 59 Canadian cents per share, in the quarter ended Sept.30, from C$961 million, or 48 Canadian cents per share, a year earlier.
Additionally, Enbridge appointed Gaurdie Banister and Jane Rowe as directors of Enbridge, effective November 4, 2021.
Banister has more than 40 years of experience within the energy sector, most recently as the CEO of Aera Energy LLC. Prior thereto, he had a long and successful career at Royal Dutch Shell, including various senior leadership roles between 1980 and 2007. Banister is currently a director of Tyson Foods and Dow Inc.
Rowe is a highly experienced executive with strong strategic business and financial skills, currently serving as vice chair, investments, of the Ontario Teachers' Pension Plan Board. She has extensive banking and corporate finance experience, having spent over 20 years at Scotiabank in various senior leadership roles. Rowe currently sits on the boards of TD Bank Group and Cadillac Fairview.
"On behalf of the Board of Directors of Enbridge, we are very pleased to welcome Gaurdie and Jane to the Enbridge Board. They each have extensive business experience and will be excellent additions to our Board. We look forward to their contributions," Greg Ebel, the chair of the Board of Directors of Enbridge, said.
($1 = 1.2475 Canadian dollars)
Recommended Reading
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
Apollo Buys Out New Fortress Energy’s 20% Stake in LNG Firm Energos
2024-02-15 - New Fortress Energy will sell its 20% stake in Energos Infrastructure, created by the company and Apollo, but maintain charters with LNG vessels.
Phillips 66 Explores Sale of Pipeline Stake Worth Over $1B, Sources Say
2024-03-26 - The Rockies Express Pipeline is a 2730-km interstate natural gas pipeline stretching from Wyoming and Colorado in the West to Ohio.
Summit Midstream Sells Utica Interests to MPLX for $625MM
2024-03-22 - Summit Midstream is selling Utica assets to MPLX, which include a natural gas and condensate pipeline network and storage.