Enbridge Inc. loss narrows as oil pipeline projects come online

CALGARY – Enbridge Inc. (TSX:ENB) reported a smaller third-quarter loss Thursday as it saw increased revenue from completed projects in its liquids pipeline division.

Canada’s largest pipeline operator said it lost $103 million or 11 cents a share in the quarter ending Sept. 30, compared with a loss of $609 million or 72 cents per share in the same quarter last year.

Revenue in the quarter totalled nearly $8.49 billion, up from $8.32 billion a year ago.

The Calgary-based company said adjusted earnings for the quarter were $437 million, up from $399 million in the same quarter last year, as $4-billion worth of projects had come online including an expanded mainline system, Line 9B reversal and Southern Access Extension project.

In the quarter, Enbridge announced a proposed $37-billion merger with Houston-based Spectra Energy that the company continues to push through the regulatory process with an expected closing in March 2017.

The company also announced the sale of its South Prairie Region Assets in Saskatchewan for $1.08 billion as part of a plan to sell $2 billion in non-core assets in conjunction with the Spectra deal.

In early August, Enbridge agreed to a US$1.5-billion deal to buy an equity interest in the Bakken Pipeline System, which includes the Dakota Access Pipeline that is the focus of high-profile protests in North Dakota.