Enbridge reports $1.7B Q1 profit, down from $1.9B a year earlier

Enbridge Inc. reported a first-quarter revenue of $1.7 billion, down from $1.9 billion a yr in the past because it was hit by a realized loss as a result of termination of overseas alternate hedges.

The pipeline firm says the revenue amounted to 86 cents per share for the quarter ended March 31, down from 95 cents per share in the identical quarter a yr earlier.

On an adjusted foundation, Enbridge says it earned 85 cents per share in its newest quarter, up from an adjusted revenue of 84 cents per share a yr earlier.

The outcome matched the common analyst estimate for adjusted revenue per share, in keeping with estimates compiled by monetary markets information agency Refinitiv.

On Thursday, Enbridge introduced a cope with shippers for tolling on its Mainline pipeline system, Canada’s largest oil pipeline community.

The firm had been engaged on a brand new tolling settlement ever since its proposal to fill the pipeline via long-term contracts was rejected by the Canada Energy Regulator in November 2021.

This report by The Canadian Press was first printed May 5, 2023.