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 (NYSE:ENB) 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 (NYSE:TRP) 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)
Source: Economy - investing.com
