Brighter days: with boost in earnings for Enbridge
Enbridge posts 19% profit rise
Canadina pipeline player Enbridge said today that second-quarter operating profit rose 19%, driven by growth in both its natural gas delivery and oil pipeline businesses.
The company also said it would acquire natural gas gathering and processing facilities in the US from Atlas Pipeline Partners for $682 million.
The deal, expected to close late in the third quarter or early in the fourth, covers 800 miles of natural gas gathering pipelines, along with processing facilities in southwestern Oklahoma and the Texas Panhandle, reported Reuters.
Enbridge, whose lines carry the bulk of Canada's oil exports to the US, posted net income of C$138 million (US$134 million), or 37 Canadian cents per share, down from C$393 million, or C$1.08 per share, a year earlier.
Excluding special items, profit rose to C$232 million, or 63 Canadian cents per share, from C$195 million, or 54 Canadian cents per share.
Enbridge has been expanding its network of pipelines into the US, including the 450,000 barrel per day Alberta Clipper expansion project.
It has also been boosting its regional network in the oil sands, with several new projects committing to ship oil on the company's lines.
