Enbridge Inc., Canada's largest pipeline operator, beat analysts' estimates for quarterly profit on May 10, as it benefited from transporting more oil and gas across its pipelines.
The company said it transported 2.7 million barrels per day (bbl/d) of crude oil on its key Mainline system across Canada and the U.S. during the first quarter, up from 2.6 million bbl/d in the year-ago quarter.
Enbridge has been working on replacement works on its Line 3 pipeline project that would run from Alberta to Wisconsin and connect to pipelines carrying crude to refineries in the United States.
Construction costs for the project were tracking below budget in Canada and above budget in the U.S. due to permitting delays in Minnesota, the company said.
Adjusted earnings rose to C$1.64 billion (US$1.22 billion) in the first quarter ended March 31, from C$1.38 billion in the year-ago quarter.
On an adjusted per share basis, the company earned 81 Canadian cents, while analysts' on average had expected 72 Canadian cents, according to IBES data from Refinitiv.
Enbridge has an extensive network of crude oil, liquids and natural gas pipelines plus regulated natural gas distribution utilities and renewable power generation throughout North America. The company's Mainline and Express Pipeline accounts for roughly 62% of U.S.-bound Canadian crude oil exports and moves about 20% of all natural gas consumed in the U.S. (US$1 = C$1.3463)
Recommended Reading
Japan's Inpex Submits Revised Development Plan for Abadi LNG Project
2023-04-04 - Japan's biggest oil and natural gas explorer, Inpex, submitted the revised plan of development on behalf of its joint venture with Shell after amending it to include plans to neutralize all CO2 emitted from natural gas production at the Abadi gas field through CCS.
Osaka Gas sees profit jump in FY23/24 after Freeport LNG restarts
2023-05-08 - The shutdown of Freeport LNG caused a 147.7 billion yen loss for Osaka Gas.
Japan's JERA Sees More LNG Going to Asia as Domestic Demand Shrinks
2023-05-01 - The deal could result in a boost to JERA's 2023/24 net profit to 300 billion yen.
Cheniere Exports Record LNG Cargos in Q1
2023-05-05 - Cheniere Energy exported 167 LNG cargoes from its plant in Corpus Christi, Texas, in the first quarter of 2023, surpassing the previous record of 166 cargoes just set in the prior quarter.
Australian LNG Producers Rise After Favorable Petroleum Tax Change
2023-05-08 - Shares of Australian LNG producers rose on May 8 after the government adopted changes to petroleum tax to ensure growth projects were not impacted.