Company completed 14 projects worth $8 billion throughout 2015
CALGARY—Enbridge beat expectations with a $378 million profit and $494 million in adjusted earnings in the fourth quarter, a period when it completed several pipeline projects including the reversal and expansion of Line 9B in southern Ontario.
It also acquired the New Creek Wind Project in West Virginia and a quarter interest in a U.K. offshore wind project as part of the Calgary-based company’s investments in renewable power sources.
Enbridge CEO Al Monaco said Friday the company brought a total of 14 development projects worth $8 billion into service in 2015—most of them on time and on budget.
“Executing projects well in today’s environment is no small feat so we are very pleased with this result,” Monaco said in a statement.
The company made little mention of its Northern Gateway oil pipeline project in British Columbia, which has faced opposition and court challenges from some First Nations groups.
Enbridge said two U.S. projects may be delayed because the Minnesota Public Utilities Commission has ordered final environmental impact statements to be completed before it builds portions of the Sandpiper and Line 3 projects.
It said if the commission’s orders are upheld, construction on those projects could be delayed and $5 billion of spending planned for 2016 and 2017 would be deferred, mostly to 2018.
In its financial report, Enbridge said its adjusted earnings for the quarter rose to 58 cents per share after excluding certain items, up $85 million or nearly 21 per cent from the fourth quarter of 2014.
Analysts had estimated 52 cents per share of adjusted earnings, according to Thomson Reuters.
The fourth quarter net income was worth 44 cents per share, up from 11 cents per share or $88 million in the 2014 fourth quarter.
For the full year, Enbridge had a $37 million net loss and $1.87 billion of adjusted earnings.
The net loss included a previously announced writedown of goodwill assets in the second quarter as well as taxes incurred as a result of transferring some of Enbridge’s pipeline and power-generation assets to an affiliated business.