Canadian pipeline operator Enbridge reports higher profits as transportation volumes rise
Feb 11 (Reuters) – Enbridge Inc (ENB.TO) reported a 3.7% rise in fourth-quarter profit on Friday as a recovery in fuel demand boosted the operator’s transportation volumes Canadian pipeline company.
Pipeline operators benefited from a recovery in volumes, with energy prices trading at multi-year highs thanks to a sustained recovery in fuel demand from pandemic-induced lows.
Enbridge said it moved 3.01 million barrels per day (bpd) on its mainline in the fourth quarter, up from 2.65 million bpd a year earlier.
Earnings for the Calgary-based company hit C$1.84 billion ($1.45 billion), or 91 cents Cdn per share, in the quarter ended Dec. 31, from C$1.78 billion. , or 88 cents Canadian per share, a year earlier.
($1 = 1.2724 Canadian dollars)
Reporting by Arunima Kumar in Bengaluru; Editing by Vinay Dwivedi
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