Enbridge reported strong Q3 earnings, driven by higher tolls on its Mainline pipeline system, contributions from new acquisitions, and robust demand for energy infrastructure.
Canadian pipeline giant Enbridge Inc NYSE ENB saw its third-quarter profit more than double from a year earlier, thanks to higher tolls on the Mainline pipeline system, higher contributions from U.S. Gulf Coast natural gas storage assets, and contributions from recently acquired utilities in the U.S.
Last year, Enbridge struck a deal to buy three natural gas utilities in the United States from Dominion Energy, for a total consideration of $14 billion. The adjusted EBITDA, or core earnings, were in line with the mean estimate of analysts polled by FactSet. “Across the business, we saw strong utilization of our assets which drove another solid quarter of financial results, positioning us to achieve full-year guidance for the 19th year in a row,” said Enbridge’s president and CEO Greg Ebel.
Earnings Pipeline Natural Gas Oil Infrastructure Energy EBITDA DCF Investment
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