Strong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc NYSE ENB raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network, reported on Friday adjusted earnings of US$1.46 billion C$2.0 billion for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG.
The higher market demand for crude supply in North America was partially offset by significantly warmer weather which impacted the Gas Distribution and Storage division, and by a realized foreign exchange loss on hedge settlements compared to a gain for the same period in 2023. “In Liquids, we saw high utilization across our systems including another quarter of strong Mainline performance,” Enbridge president and chief executive officer Greg Ebel said in a statement.
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