Enbridge First-Quarter Profit Rises on Higher Shipment Volumes
(Reuters) — Canada's Enbridge Inc. reported a 4.34% rise in first-quarter profit on Friday, as a surge in demand for oil and gas boosted the pipeline operator's shipment volumes.
Canada, the world's fourth-largest crude producer, is looking for ways to boost pipeline utilization amid surging U.S LNG export volumes to Europe, as it seeks to slash its dependence on Russian energy, following its invasion of Ukraine.
This has helped Enbridge, which moves about 20% of all gas consumed in the U.S and most of Canada's crude exports to the country.
Enbridge said it transported 3 million barrels per day on its Mainline system in the first quarter, higher than 2.75 million a year earlier.
Separately, the company said it would jointly develop a low-carbon hydrogen and ammonia production and export facility with energy portfolio company Humble Midstream, at its Ingleside Energy Center (EIEC) in Texas.
The Calgary-based company's adjusted earnings rose to C$1.7 billion ($1.33 billion), or 84 Canadian cents per share, in the three months to March 31, from C$1.63 billion, or 81 Canadian cents per share, a year earlier.
($1 = 1.2827 Canadian dollars)
Related News
Related News
![](/media/2035/pgj-enews-graphic-300x1404.jpg)
- Mexican President: Billionaire Slim Interested in Pemex Natural Gas Project
- Freeport LNG Sues Three Contractors Over Defects at Texas Plant
- Energy Transfer Adds 6,000 Miles of Pipeline with $3.25 Billion WTG Midstream Acquisition
- FERC Approves Transco's Texas to Louisiana Gas Pipeline Project
- Williams Says Court Rules in Its Favor in Pipeline Dispute with Energy Transfer
- U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve
- Kurdish Oil Smuggling to Iran Flourishes
- U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
Comments