May 9 (Reuters) -
Enbridge ( ENB ) surpassed market estimates for
first-quarter profit on Friday, driven by higher earnings from
its Mainline system and gas distribution unit, and said that
U.S. tariffs were not expected to materially impact its current
operations.
Canada is the leading supplier of imported oil to the
United States, delivering about 4 million barrels per day,
primarily to Midwest refineries designed to process its specific
grades.
In addition to its liquid pipeline operations, Enbridge ( ENB )
acquired three utilities from U.S.-based Dominion Energy ( D )
last year, expanding its gas distribution business. This led to
a rise in earnings from its gas distribution unit to C$1.60
billion ($1.15 billion), from C$765 million last year.
Meanwhile, the company's Mainline system, which moves nearly
half of the crude in the U.S., saw a rise in first-quarter
adjusted core profit to C$1.45 billion, from C$1.34 billion last
year.
"The Mainline was apportioned the entire quarter,
delivering a first quarter record of 3.2 million barrels per
day, and illustrating its critical role in the transportation of
oil to key demand centers," Enbridge ( ENB ) CEO Greg Ebel said in a
statement.
"The continued need for efficient, reliable service
underpins the sanctioning of up to C$2 billion of Mainline
capital investment," Ebel said.
Earlier in April, the U.S. Army Corps of Engineers
granted
national energy emergency status
for a tunnel proposed by Enbridge ( ENB ) for its Line 5 oil
pipeline, fast-tracking a key federal permitting process.
The pipeline tunnel is among the first to get an
emergency designation after U.S. President Donald Trump declared
a national energy emergency in a January executive order.
The company reported adjusted profit of C$1.03 per share for
the quarter ended March 31, beating analysts' average
expectation of 96 Canadian cents per share, according to data
compiled by LSEG.
($1 = 1.3917 Canadian dollars)