(Reuters) -Enbridge Inc reported a better-than-expected quarterly profit on Friday, as a rebound in demand for crude oil and products from a pandemic-hit low, boosted volumes on its pipelines.
Pipeline operators have been enjoying a recovery in shipment volumes owing to oil prices touching multi-year highs on the back of strengthening global fuel demand, which lured some drillers back to the wellpad.
Enbridge said it transported 2.6 million barrels per day (bpd) on its Mainline system in the third quarter, 4.6% higher than a year ago.
The company said it expects its Mainline systems’ average throughput to be around about 2.95 million bpd for the current quarter.
Rival TC Energy also reported higher adjusted earnings in the third quarter, partly due to higher transportation rates on its Columbia gas pipeline.
TC also said it now expects full-year comparable earnings per share to be modestly higher than last year’s record results, while Enbridge maintained its forecast.
Enbridge’s adjusted earnings rose 23.2% to C$1.2 billion ($961.92 million), or 59 Canadian cents per share, in the third quarter. Analysts, on average, were expecting 57 Canadian cents, according to Refinitiv IBES.
TC Energy’s comparable earnings rose 8.8% to C$972 million, or 99 Canadian cents per share, in line with analyst estimates.
($1 = 1.2475 Canadian dollars)
(Reporting by Rithika Krishna in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber)
