Canada’s top pipeline operator Enbridge Inc. (NYSE: ENB) beat analysts’ estimates for quarterly profit by reining in costs, and said it completed 40% of its Line 3 pipeline replacement work.
In June, a Minnesota regulator approved Enbridge’s plan to rebuild its aging, corroded Line 3 oil pipeline that runs from Alberta in western Canada to Wisconsin in the U.S.
The company’s U.S.-listed shares rose nearly 1% to $35.80 in premarket trading.
Enbridge has embarked on an aggressive assets sale program to reduce its debt, which ballooned following its $28-billion acquisition of Spectra Energy last year.
The company has announced agreements to sell $7.5 billion of non-core assets, significantly above its original target of $3 billion for 2018.
Enbridge said it transported 2.64 million barrels per day (MMbpd) of crude oil on its Mainline system across Canada and the U.S. during the quarter, up from 2.45 MMbbl/d in the same quarter last year.
Net income attributable to common shareholders rose to C$1.07 billion (US$822.4 million), or 63 Canadian cents per share, in the second quarter ended June 30, from C$919 million, or 56 Canadian cents per share.
On an adjusted basis, the Calgary, Alberta-based company earned 65 Canadian cents per share. Analysts had expected earnings of 53 Canadian cents per share, according to Thomson Reuters.
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