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Pipeline operator Enbridge beats profit estimates on strong demand
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Pipeline operator Enbridge beats profit estimates on strong demand
May 10, 2024 4:26 AM

May 10 (Reuters) - Pipeline operator Enbridge ( ENB )

beat market estimates for first-quarter profit on Friday, as

demand remained strong amid an uptick in oil production across

North America.

Improvements in technology have driven rapid growth in U.S.

oil production over the past few years, lifting demand for

pipeline operators such as Enbridge ( ENB ).

The company's Mainline, North America's biggest oil pipeline

network, has transported strong volumes over the past few

quarters thanks to surging Canadian oil sands production and a

delay in the start-up of a rival pipeline - the Canadian

government-owned Trans Mountain - to the second quarter.

Adjusted core profit at its liquids pipelines segment rose

to C$2.46 billion ($1.80 billion) from C$2.34 billion in the

year-ago quarter.

On an adjusted basis, Enbridge ( ENB ) reported a quarterly profit

of 92 Canadian cents per share for the three months ended March

31, compared with analysts' average estimate of 81 Canadian

cents per share, according to LSEG data.

($1 = 1.3680 Canadian dollars)

(Reporting by Sourasis Bose in Bengaluru; Editing by Devika

Syamnath)

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