Enbridge transporting more oil on Mainline system, but also reports third quarter losses
Enbridge Inc topped analysts’ estimates for quarterly profit on Friday, as the company transported more oil on its Mainline system that runs from western Canada to the United States.
The company told Reuters it moved 2.58 million barrels per day (bpd) of crude oil on its Mainline system during the quarter, up from 2.49 million bpd a year earlier.
Canada’s oil producers are desperate for new export pipelines, as rising production and tight capacity on existing pipelines has led to Canadian crude trading at a wide discount to the West Texas Intermediate benchmark.
However, it also reported a third-quarter loss on Friday as it recorded several charges.
The company said net loss attributable to common shareholders was $90 million, or five cents per share, in the quarter ended Sept. 30 – compared with a profit of $765 million, or 47 cents per share, a year ago.
The company said it is suspending its dividend reinvestment and share purchase plan immediately until further notice.