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Enbridge (New York Stock Exchange:ENB) +1.1% in trading Friday after reporting better-than-expected first-quarter adjusted earnings in Strong demand for oil transportation..
First-quarter net income fell to C$1.42 billion (~$1.04 billion), or C$0.67 per share, from C$1.73 billion, or C$0. 86 Canadian dollars per share, in the prior-year quarter, but distributable cash flow increased 9% year over year to 3.46 billion Canadian dollars, as adjusted EBITDA increased to C$4.95 billion from C$4.47 billion in the same period last year.
Enbridge (ENB) said volumes on its Mainline pipeline network rose slightly from a year ago to 3.13 million barrels/day, helped by additional Canadian oil sands production and a delay in completing the Trans expansion Mountain until the second quarter.
Enbridge (ENB) is considering a Mainline expansion that could increase capacity by 100,000 barrels/day in the next two years, executive vice president of liquids Colin Gruending said on the earnings conference call, adding that the company “really “haven't seen a problem in our system here until April or May” from startup Trans Mountain.
The company said it too. plans to increase capacity on its Gray Oak pipeline and expand docking operations in the Corpus Christi, Texas, area as part of its efforts to boost Permian Basin liquids exports.
Enbridge (ENB) said its plans to add 120,000 barrels/day of capacity to the 900,000 barrels/day pipeline are intended to “support growing international demand for North American energy exports,” CEO Greg Ebel said. In the call.
