The Enbridge logo is shown at the company's annual meeting in Calgary on May 9, 2018. THE CANADIAN PRESS/Jeff McIntosh
CALGARY – Enbridge Inc. reported a first-quarter profit of $1.7 billion, down from $1.9 billion a year ago as it was hit by a realized loss due to the termination of foreign exchange hedges.
The pipeline company says the profit amounted to 86 cents per share for the quarter ended March 31, down from 95 cents per share in the same quarter a year earlier.
On an adjusted basis, Enbridge says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share a year earlier.
The result matched the average analyst estimate for adjusted profit per share, according to estimates compiled by financial markets data firm Refinitiv.
On Thursday, Enbridge announced a deal with shippers for tolling on its Mainline pipeline system, Canada’s largest oil pipeline network.
The company had been working on a new tolling agreement ever since its proposal to fill the pipeline through long-term contracts was rejected by the Canada Energy Regulator in November 2021.
This report by The Canadian Press was first published May 5, 2023.
Companies in this story: (TSX:ENB)
