February 16, 2018 / 12:23 PM / a month ago

Pipeline operator Enbridge's profit beats estimates

(Reuters) - Canadian pipeline operator Enbridge Inc posted a quarterly profit that beat analysts’ estimate on Friday after transporting a record number of barrels of liquids including crude oil.

FILE PHOTO: A storage tank looms over a freeway at the Enbridge Edmonton terminal in Edmonton August 4, 2012. REUTERS/Dan Riedlhuber/File Photo

The company’s U.S.-listed shares were up 4.2 percent at $36 before the bell.

Enbridge, North America’s largest energy infrastructure company, said it transported 2.6 million barrels per day (bpd) of crude oil on its key Mainline system across Canada and the United States during the fourth quarter, up from 2.5 million bpd in the same quarter a year earlier.

“Liquids pipelines volumes reached record levels in December and the demand outlook remains robust into 2018,” Chief Executive Al Monaco said in a statement.

The Calgary-based company’s net income fell to C$207 million ($166 million), or 13 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$365 million, or 39 Canadian cents per share, a year earlier.

Enbridge said it took a C$4.55 billion charge in the latest reported quarter related to the write-down of some assets in the gas transmission and midstream business.

Excluding items, the company earned 61 Canadian cents per share, beating analysts’ average estimate by 5 Canadian cents, according to Thomson Reuters I/B/E/S.

Reporting by Akshara P in Bengaluru; Editing by Shounak Dasgupta

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