Canadian pipeline operator Enbridge Inc. (ENB,ENB.TO), Friday reported a lower fourth-quarter profit, hurt by a decline in revenues as well as impairment charges related to certain offshore assets.
Nevertheless, adjusted earnings which excludes items increased from the prior year, helped by strong volumes on its liquids pipelines assets in Canada and the U.S., including contributions from new assets such as the Seaway Pipeline.
Enbridge reported fourth-quarter net income to common shares of C$146 million or C$0.18 per share, a decline from C$159 million or C$0.21 per share last year.
Results for the quarter included, among other items, an impairment charge of $105 million, net of tax. The prior year had write-offs of $262 million, after tax, reflecting the discontinuance of rate-regulated accounting at EGNB.
Excluding items, adjusted earnings for the quarter totaled C$327 million or C$0.42 per share, compared with C$273 million or C$0.36 per share.
On average, 12 analysts polled by Thomson Reuters expected earnings of C$0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were lower at C$7.17 billion, compared with C$7.31 billion a year earlier.
Total expenses for the quarter increased to C$6.8 billion from C$6.33 billion a year ago.
For fiscal year 2013, Enbridge expects adjusted earnings in the range of C$1.74 to C$1.90 per share.
Enbridge announced a deal with Energy Transfer Partners L.P. (ETP) for joint development of the first pipeline transportation option for transportation of crude oil to the eastern Gulf Coast from the U.S. midwest.
Subject to FERC approval, the project will involve the conversion from natural gas service of certain segments of pipeline that are currently in operation as part of the natural gas system of Trunkline Gas Company LLC, a unit of Energy Transfer and Energy Transfer Equity, L.P. (ETE).
The converted pipeline is expected to have a capacity of up to 420,000 to 660,000 barrels per day (bpd), and is expected to be in service by early 2015. Enbridge and Energy Transfer would each own a 50% interest in the venture. Depending on the level of commitments and finalization of scope and capital cost estimates, Enbridge expects to invest approximately US$1.2 billion to US$1.7 billion in the venture.
ENB is trading at $44.29, up 0.32%, on the NYSE. In Canada, the stock is trading at C$44.50, up 0.84%.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.