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

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

Comments are closed.