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Pipeline operators Enbridge, TC Energy profit up on crude price rebound -Breaking

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(Reuters) –Enbridge Inc announced a higher-than-expected quarter-end profit Friday. This was due to a recovery in demand and products after a pandemic low. It also increased volumes at its pipelines.

Due to an increase in global fuel demand and oil prices reaching multi-year highs, pipeline operators are seeing a rebound in their shipment volumes. Some drillers have returned to the wellpad to enjoy this recovery.

Enbridge (NYSE 🙂 reported that it moved 2.6 million barrels per hour (bpd), on its Mainline network in the third quarter. This figure is 4.6% more than last year.

According to the company’s estimates, Mainline Systems will average 2.95 Million bpd during this quarter.

Rival TC Energy, (NYSE:), also reported higher adjusted earnings during the third quarter. This was partly due to higher transport rates for its Columbia gas pipeline.

TC stated that it expects its full-year equivalent earnings per share will be slightly higher than the record year, while Enbridge kept its forecast.

Enbridge’s adjusted earnings increased 23.2% to C$1.2 million ($961.92million), which is a rise of 59 Canadian cents per shilling in the third quarter. According to Refinitiv, analysts were anticipating 57 Canadian cents.

TC Energy’s equivalent earnings rose 8.8%, to C$972 millions, or 99 Canadian Cents per share. This is in line the analyst forecasts.

($1 = 1.2475 Canadian dollars)

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