Canadian pipeline operator Enbridge Inc. (NYSE: ENB) posted a quarterly profit that beat analysts’ estimate on Feb. 16 after transporting a record number of barrels of liquids including crude oil.
The company’s U.S.-listed shares were up 4.2%t at $36 before the bell.
Enbridge, North America’s largest energy infrastructure company, said it transported 2.6 million barrels per day (MMbbl/d) of crude oil on its key Mainline system across Canada and the U.S. during the fourth-quarter, up from 2.5 MMbbl/d in the same quarter a year earlier.
“Liquids pipelines volumes reached record levels in December and the demand outlook remains robust into 2018,” Al Monaco, Enbridge’s CEO, said in a statement.
The Calgary-based company’s net income fell to CA$207 million (US$166 million), or 13 Canadian cents per share, in the fourth-quarter ended Dec. 31, from CA$365 million (US$290 million), or 39 Canadian cents per share, a year earlier.
Enbridge said it took a CA$4.55 billion (US$3.6 billion) charge in the latest reported quarter related to the write-down of some assets in the gas transmission and midstream business.
Excluding items, the company earned 61 Canadian cents per share, beating analysts’ average estimate by 5 Canadian cents, according to Thomson Reuters.
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