Pipeline Operators Enbridge, TC Energy Profit Up on Crude Price Rebound

Enbridge's adjusted earnings rose 23.2% to C$1.2 billion (US$961.92 million), or 59 Canadian cents per share, in the third quarter. Analysts, on average, were expecting 57 Canadian cents, according to Refinitiv IBES.

Rithika Krishna, Reuters

Enbridge Inc. reported a better-than-expected quarterly profit on Nov. 5, as a rebound in demand for crude oil and products from a pandemic-hit low, boosted volumes on its pipelines.

Pipeline operators have been enjoying a recovery in shipment volumes owing to oil prices touching multiyear highs on the back of strengthening global fuel demand, which lured some drillers back to the wellpad.

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