Enbridge reports earnings of $949M in Q3, up from loss last year
Enbridge's Line 3 project has been held up in court challenges as environmental and Indigenous groups try and block the project
CALGARY—Enbridge Inc. says it earned $949 million in the third quarter, up from a loss of $90 million in the same quarter last year caused by a number of one-time charges.
The Calgary-based company says adjusted earnings worked out to $1.12 billion, or 56 cents per share, for the quarter ending Sept. 30, up from $933 million, or 55 cents per share last year.
Analysts had expected adjusted earnings of $1.09 billion, or 53 cents per share according to financial markets data firm Refinitiv.
The company says it expects to achieve its financial guidance for the year, despite delays for its Line 3 pipeline replacement project.
Enbridge’s Line 3 project has been held up in court challenges as environmental and Indigenous groups try and block the project, which would add 370,000 barrels per day of export capacity of Canadian crude by replacing the old pipeline.
In October, state utility regulators in Minnesota ordered further study on the potential effects of oil spills in the Lake Superior watershed, while Enbridge says it has agreements in place with shippers to put the Canadian portion of the line into service later this year.