(Calgary) Enbridge posted fourth-quarter earnings on Friday up 3% from the same period a year earlier.
Posted at 12:59 p.m.
The pipeline operator said its profit attributable to common shareholders was $1.84 billion, or 91 cents per share, for the quarter ended Dec. 31. By comparison, it had made a profit of 1.78 billion, or 88 cents per share, a year earlier.
On an adjusted basis, Enbridge reported profit of 68 cents for the quarter, compared to 56 cents in the last three months of 2020.
Analysts on average had expected an adjusted profit of 76 cents per share, according to forecasts compiled by financial data firm Refinitiv.
Enbridge said it was moving forward with its compression equipment upgrade project in Texas. The $400 million investment is expected to increase system safety and reliability and reduce greenhouse gas emissions, the company argued.
It will also spend US$100 million to expand its East Texas system to provide additional capacity to meet Northeastern US demand for natural gas.