(Reuters) – Enbridge Inc, beat Wall Road estimates for quarterly revenue on Friday, as the most important pipeline operator in Canada moved extra oil.
The corporate mentioned it expects a number of of its development initiatives to be operational in 2019, together with the $700-million Grey Oak pipeline – the largest of three new pipelines connecting the U.S. Permian basin to the Texas Gulf Coast.
Canada’s oil producers are determined for brand spanking new export pipelines as rising manufacturing and tight capability on current pipelines and rail have led to the Alberta authorities curbing output.
“Execution of our $19 billion secured development capital program stays on observe. This consists of our US$zero.7 billion funding within the Grey Oak pipeline, stretching from the Permian and Eagle Ford to the Texas Gulf Coast,” the corporate mentioned.
Enbridge transported 2.71 million barrels per day (bpd) of crude oil on its key Mainline system throughout Canada and the US throughout the third quarter ended Sept. 30, up from 2.58 million bpd in the identical quarter a yr earlier.
Web earnings attributable to frequent shareholders was C$949 million ($719.43 million), or 47 Canadian cents per share, in contrast with a lack of C$90 million, or 5 Canadian cents per share, a yr earlier.
The corporate incurred a loss final yr because it took some fees, together with a non-cash expense of C$1.02 billion.
On an adjusted foundation, the corporate earned 56 Canadian cents per share. Analysts had anticipated 52 Canadian cents, in response to IBES knowledge from Refinitiv.
($1 = 1.3191 Canadian )
(Reporting By Shradha Singh in Bengaluru; Enhancing by Shinjini Ganguli)