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)