Enbridge sees $1.8 billion profit in Q2 as Mainline pipeline settlement reached

The Enbridge logo is shown at the company’s annual meeting in Calgary on May 9, 2018. THE CANADIAN PRESS/Jeff McIntosh

Enbridge Inc. says its most recent quarter delivered a profit of $1.8 billion as it reached a settlement with shippers for tolls on its Mainline pipeline system and moved toward proceeding with its Rio Bravo pipeline project.

The Calgary-based pipeline giant says its second-quarter profit compared with $450 million a year earlier.

Enbridge’s first-quarter profit amounted to 91 cents per share for the quarter ended June 30 compared with 22 cents per share in the same quarter a year earlier.

On an adjusted basis, Enbridge said it earned 68 cents per share, up from an adjusted profit of 67 cents per share a year earlier.

The result matched the average analyst estimate for adjusted profit per share, according to estimates compiled by financial markets data firm Refinitiv.

The company says its financial results come as it reached a seven-and-a-half-year agreement in principle on its Mainline pipeline that is subject to regulatory approvals.

This report by The Canadian Press was first published Aug. 4, 2023.

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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