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
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
- 208-Mile Mississippi-to-Alabama Gas Pipeline Moves Into FERC Review
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
Comments