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Enbridge beats Q1 profit estimates on Mainline and gas distribution growth
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Enbridge beats Q1 profit estimates on Mainline and gas distribution growth
May 26, 2025 4:59 AM

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)

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