Enbridge's profit more than doubles to $1.3 billion

Pipeline giant says it now operates the largest natural gas utility business in North America

Higher tolls on the Mainline pipeline system helped pipeline giant Enbridge Inc. earn a profit of almost $1.3 billion in the third quarter, more than twice the $532 million it posted in the same period a year ago.

Enbridge said volumes averaged 2.96 million barrels per day in the third quarter on the Mainline system, the largest crude oil pipeline network in North America.

The Calgary-based company said adjusted earnings from its crude oil and liquids pipelines (before interest, taxes, depreciation and amortization) increased by $44 million from a year ago.

Enbridge’s third-quarter profit amounted to 59 cents per common share, compared to 26 cents per share in the same period in 2023. On an adjusted basis, it earned 55 cents per common share, compared with 62 per share on a year-over-year basis.

The company said it now operates the largest natural gas utility business in North America after closing three previously announced acquisitions of natural gas utility companies in the United States during the third quarter.

Enbridge also announced it has sanctioned its US$1.1-billion Sequoia Solar project and will proceed in two phases to build an 815-megawatt solar farm west of Dallas. Upon completion, the company said Sequoia will be one of the largest solar projects in North America.

• Email: mpotkins@postmedia.com

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