Enbridge records Q3 profit as it awaits approvals for U.S. gas utility acquisitions

Nov 3, 2023

Share
Share
Tweet

Pipeline used to carry crude oil sits at the Superior, Wis., terminal of Enbridge Energy, June 29, 2018. THE CANADIAN PRESS/AP/Jim Mone

CALGARY — Enbridge Inc. says its most recent quarter delivered a profit of $500 million as it announced the acquisition of three U.S. gas utilities.

The Calgary-based pipeline giant says its second-quarter profit compared with $1.3 billion a year earlier.

Enbridge’s third-quarter profit amounted to 26 cents per share for the quarter ended September 30 compared with 63 cents per share in the same quarter a year earlier.

On an adjusted basis, Enbridge said it earned 62 cents per share, up from an adjusted profit of 67 cents per share a year earlier.

The results cover the period when Enbridge entered into three agreements with Dominion Energy, Inc. to acquire The East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and Public Service Company of North Carolina for US$14.0 billion.

Enbridge says the acquisitions are still subject to closing conditions and regulatory approvals but are expected to close in 2024.

This report by The Canadian Press was first published Nov. 3, 2023.

Companies in this story: (TSX:ENB)

The Canadian Press

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 This material may not be published, broadcast, rewritten or redistributed.

  • 0088 WBPC_2025_30SEC_PROMO
    0088 WBPC_2025_30SEC_PROMO
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0085 Turnbull snow removal call office
    0085 Turnbull snow removal call office
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001