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.
Enbridge said it transported 2.6 million barrels per day (MMbbl/d) on its Mainline system in the third quarter, 4.6% higher than a year ago.
The company said it expects its Mainline systems' average throughput to be around about 2.95 MMbbl/d for the current quarter.
Rival TC Energy also reported higher adjusted earnings in the third quarter, partly due to higher transportation rates on its Columbia gas pipeline.
TC also said it now expects full-year comparable earnings per share to be modestly higher than last year's record results, while Enbridge maintained its forecast.
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.
TC Energy's comparable earnings rose 8.8% to C$972 million, or 99 Canadian cents per share, in line with analyst estimates.
($1 = 1.2475 Canadian dollars)
Recommended Reading
Stena Evolution Upgrade Planned for Sparta Ops
2024-03-27 - The seventh-gen drillship will be upgraded with a 20,000-psi equipment package starting in 2026.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.
Shell Brings Deepwater Rydberg Subsea Tieback Onstream
2024-02-23 - The two-well Gulf of Mexico development will send 16,000 boe/d at peak rates to the Appomattox production semisubmersible.
Shell Taps TechnipFMC for 20K System for Sparta
2024-02-19 - The deepwater greenfield project in the Gulf of Mexico targets reserves in the high-pressure Paleogene reservoir.
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.