Canada’s Enbridge Inc ENB-T reported a higher third-quarter adjusted profit on Friday, delivering higher shipments on its oil and gas pipelines amid surging energy demand since Russia’s invasion of Ukraine.
Canada, the world’s fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia’s invasion of Ukraine.
Enbridge, which moves about 30 per cent of the crude oil produced in North America and nearly 20 per cent of the natural gas consumed in the United States, said it delivered nearly 3 million barrels of oil per day (bpd) on its Mainline system, compared to 2.7 million bpd a year ago.
Enbridge separately announced it received strong interest from producers bidding for capacity on its T-South section of the B.C. Pipeline system running from near Chetwynd, British Columbia (B.C.) and extending to the Canada-U.S. border at Huntingdon-Sumas.
It will also launch an open season to get bids for the T-north segment of the B.C. system.
“It’s clear that the world needs all forms of energy to meet future demand, especially in the context of the energy security, reliability, and affordability challenges,” said Enbridge Chief Executive Officer Al Monaco, who will step down from the top job in January after 11 years in charge.
The Calgary-based company’s adjusted earnings rose to C$1.4-billion ($1.03-billion), or 67 Canadian cents per share, in the three months to Sept. 30, from C$1.2-billion, or 59 Canadian cents per share, a year earlier.