Canadian pipeline operator Enbridge reports higher profit as transport volumes rise

[February 11, 2022]  (Reuters) -Enbridge Inc reported a 3.7% jump in fourth-quarter profit on Friday, as a recovery in fuel demand boosted the Canadian pipeline operator's transportation volumes.

 General view of the Imperial Oil refinery, located near Enbridge's Line 5 pipeline, which Michigan Governor Gretchen Whitmer ordered shut down in May 2021, in Sarnia, Ontario, Canada March 20, 2021. Picture taken through a fence. REUTERS/Carlos Osorio/File Photo

Pipeline operators have benefited from a pick-up in volumes with energy prices trading at multi-year highs on a sustained recovery in fuel demand from the pandemic-driven lows.

Enbridge said it transported 3.01 million barrels per day (bpd) on its Mainline system in the fourth quarter, compared with 2.65 million bpd a year earlier.

The Calgary-based company's earnings rose to C$1.84 billion ($1.45 billion), or 91 Canadian cents per share, in the quarter ended Dec. 31, from C$1.78 billion, or 88 Canadian cents per share, a year earlier.

($1 = 1.2724 Canadian dollars)

(Reporting by Arunima Kumar in Bengaluru;Editing by Vinay Dwivedi)

 

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