Enbridge Inc (TSX:ENB) on Friday announced third-quarter 2023 adjusted earnings per share (EPS) of C$0.62, surpassing the consensus forecast of C$0.60, according to data from LSEG, as the pipeline operator benefitted from transporting higher volumes of oil and other liquids.
The company’s net sales for the period, meanwhile, fell to C$9.84 billion from C$11.57 billion a year ago, missing expectations of C$11.33 billion.
"In our Liquids business, we continue to see record utilization across the system, including the Mainline," Enbridge CEO Gregory Ebel said in a statement.
Enbridge transports about 30% of the crude oil produced in North America, and nearly 20% of the natural gas consumed in the United States, according to Reuters.
Its Mainline system transports light and heavy crude oil, natural gas liquids, and refined products from Alberta to various markets in Canada and the US Midwest.
In September, the company announced a $14 billion deal to buy Dominion Energy's three utility assets, to create North America's largest gas utility platform.
Shares of Enbridge rose 1.1% to C$46.58 in early Friday trading but have fallen 13% year to date.
Contact Sean at sean@proactiveinvestors.com