Enbridge books US$406M Q3 loss after pausing Sandpiper pipeline
by The Canadian Press
Enbridge announced in September that plans for the Sandpiper project would be put on hold indefinitely
HOUSTON—Enbridge Energy Partners LP says it had a US$406.4-million loss in the third quarter, primarily due to the long-term deferral of the proposed Sandpiper pipeline in the U.S. Midwest.
Houston-based EEP and its general partner, Calgary-based Enbridge Inc., announced in September that plans for the Sandpiper project would be put on hold indefinitely.
That followed Enbridge’s formation of a joint venture to buy a stake the alternative Bakken Pipeline project, to transport oil from North Dakota across the Midwest to Texas.
EEP’s loss for the three months ended Sept. 30 amounted to $1.31 per EEP unit, which contrasted with US$82.1 million or seven cents per unit in the third quarter of 2015.
After adjustments that exclude the asset impairment related to Sandpiper and other items, EEP’s net income was US$89.3 million or nine cents per share, down from US$137.4 million or 23 cents per share in the third quarter of 2015.
EEP’s revenue was US$1.12 billion, down from $1.127 billion a year earlier.
