Cranking it: Enbridge
Enbridge pumps in tripled profits
Houston-based Enbridge Energy Partners saw annual net income leap to $293.4 million in 2006 from $89.2 million in 2005 as it pumped record volumes of oil and gas through its pipeline systems.
Earnings per share rose to $3.74 from $1.06 previously.
Revenues for 2006 edged to $6.51 billion from $6.48 billion in 2005.
The company delivered an average of 1.9 million barrels of crude and 2.452 trillion cubic feet of natural gas per day in 2006, compared with 1.6 million bpd of oil and 2.172 trillion cubic feet of natural gas per day in 2005.
For the fourth quarter of 2006 Enbridge reported net income of $59.7 million, or 67 cents per share, compared with $49.7 million, or 68 cents per share, in the fourth quarter of 2005.
Revenue for the quarter declined to $1.66 billion from $2.08 billion in the same quarter in 2005.
Production in the quarter rose to 1.96 bpd of oil and 2.467 trillion cubic feet of natural gas per day from 1.76 bpd of oil and 2.131 trillion cubic feet of natural gas per day in the fourth quarter of 2005.