Canadian Pipeline Companies Enbridge, TC Energy Report Higher Profits
(Reuters) — Canada's largest pipeline companies Enbridge Inc. and TC Energy Corp. reported a rise in third quarter profits on Friday, helped by rising demand for oil and gas that boosted pipeline volumes.
Pipeline operators are benefiting from a recovery in shipping volumes as energy prices touch multi-year highs on the back of strengthening global fuel demand.
"Operationally all of our systems ran near capacity, that drove solid numbers," Enbridge Chief Executive Al Monaco told an earnings call.
Enbridge said it transported 2.6 million barrels per day (bpd) on its Mainline system in the third quarter, 4.6% higher than a year ago, and said it expects average throughput to be around about 2.95 million bpd for the current quarter.
Rival TC said its increased earnings for the quarter were partly due to higher transportation rates on its Columbia gas pipeline network.
Enbridge's adjusted earnings rose 23.2% to C$1.2 billion ($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.
Enbridge shares were last up 2% on the Toronto Stock Exchange at C$53.34, while TC Energy shares fell 1.8% to C$65.50.
Related News
Related News
- TC Energy's Columbia Gas Pipeline Explodes Near Virginia's Interstate 81
- Supreme Court Approves Completion of 303-Mile Mountain Valley Gas Pipeline
- Poland Detects Leak in Russia's Druzhba Oil Pipeline
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
- Supreme Court Approves Completion of 303-Mile Mountain Valley Gas Pipeline
- Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Criteria to Consider in Selecting Water Transfer Flow Meters
- US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Comments