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Canadian pipeline operator Enbridge reports higher profit as transport volumes rise -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A general view of the Imperial Oil refinery near Enbridge’s Line 5 pipeline in Sarnia (Ontario, Canada), March 20, 2021. Photo taken through fence. REUTERS/Carl

(Reuters) –Enbridge Inc announced a 3.7% increase in its fourth quarter profit Friday. This was due to a rebound in fuel demand, which boosted Canada’s pipeline operator’s transport volumes.

The rise in volume has been a boon for pipeline operators, with oil prices reaching multi-year records on sustained fuel demand recovery from pandemic lows.

Enbridge (NYSE 🙂 reported that it moved 3.01 million barrels per hour (bpd), on its Mainline network in the fourth quarter compared to 2.65 million BPD a year ago.

Calgary-based firm’s earnings increased to C$1.84billion ($1.45billion), or 91 Canadian pennies per share in the period ended December 31, from C$1.78billion, or 88 Canadian pennies per share a year ago.

($1 = 1.2724 Canadian dollars)

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