Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Pipeline operator Enbridge beats profit estimates as oil volumes rebound

07/30/2021 | 11:14am EDT
Al Monaco, President and CEO, Enbridge in Toronto

(Reuters) -Canadian pipeline operator Enbridge Inc reported second-quarter profit which beat expectations on Friday, as oil volumes transported on its Mainline system rose from a year ago due to a rebound in fuel demand.

The performance reflects a steady recovery in Canada's oil and gas industry as rising oil prices encourage companies to restore production that they shut earlier in the pandemic.

Enbridge transported 2.6 million barrels per day (bpd) on Mainline in the second quarter, 7.5% higher than a year ago.

However, it moved less oil than it did in the first three months of the year, when it transported 2.75 million bpd.

The company had warned that scheduled maintenance for oil sands upgraders and refineries would be more concentrated between April and June than previously anticipated.

For the full year, Enbridge expects to transport 2.8 million bpd on average.

The Calgary-based company said it had formed an agreement with technology company Svante Inc and other firms to explore carbon capture opportunities.

Enbridge is talking with oil sands producers and other heavy industries about potential involvement, but needs clarity from the Canadian government on the tax credit it is developing, Executive Vice-President of Liquids Pipelines Vern Yu said on a call with analysts.

Enbridge expects full-year 2021 EBITDA and distributable cash flow to remain within its previously provided outlook of between C$13.9 billion ($11.1 billion) and C$14.3 billion and $4.70 to $5.00 per share, respectively.

Enbridge reported adjusted earnings of C$1.36 billion, or 67 Canadian cents per share, in the second quarter. That beat the average analysts' estimate of 57 Canadian cents, according to Refinitiv IBES.

Rival company TC Energy also beat estimates for quarterly profit on Thursday, as demand for its transport services returned with recovery in fuel prices.

($1 = 1.2438 Canadian dollars)

(Reporting by Arunima Kumar in Bengaluru and Rod Nickel in Winnipeg; Editing by Shailesh Kuber and Mike Harrison)


ę Reuters 2021
Latest news "Economy & Forex"
02:32pUNECA UNITED NATIONS ECONOMIC COMMISSION FOR AFR : CR4D top organs converge in Dakar to endorse five-year Strategic Plan
PU
01:31pCanada foreign minister says eyes wide open when it comes to normalizing China ties
RE
01:07pEU says U.S. trade, tech council to boost its clout, set rules for 21st century
RE
12:57pGoogle to slash amount it keeps from sales on its cloud marketplace- CNBC
RE
12:27pNew York may tap National Guard to replace unvaccinated healthcare workers
RE
12:23pEgypt's central bank approves contactless payments through mobile phones
RE
12:01pGerman CDU/CSU and SPD tied in national election - exit poll
RE
11:55aBP says nearly a third of its UK fuel stations running on empty
RE
11:32aBOX OFFICE : 'Dear Evan Hansen' Hits Wrong Notes as 'Shang-Chi' Stays No. 1
RE
10:22aU.K.'s Wise to join the New Payments Platform in Australia
RE
Latest news "Economy & Forex"