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

Nov 3, 2023

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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 This material may not be published, broadcast, rewritten or redistributed.

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