By Arshreet Singh and Rod Nickel<\/p>\n
Feb 10 (Reuters) – North American pipeline operator Enbridge Inc on Friday posted a quarterly loss from a year-ago profit as it took a non-cash C$2.5 billion ($1.86 billion) hit from higher cost of capital related to its natural gas transmission business.<\/p>\n
U.S.refinery outages, evDEN eVe NAKliyAT<\/a> a global glut of high sulphur fuel oil and the U.S. Strategic Petroleum Reserve releases of heavy sour barrels weakened demand for Western Canada Select crude in the fourth quarter.<\/p>\n Enbridge, a leading transporter of crude oil and natural gas, delivered 3.1 million barrels of oil per day (bpd) on its Mainline system, slightly higher than the 3 million bpd delivered a year ago.<\/p>\n The Calgary-based company lost C$1.07 billion, or 53 Canadian cents, in the fourth quarter, compared with a profit of C$1. If you beloved this write-up and you would like to acquire much more info relating to eVden eVE NaKliYat<\/a> kindly pay a visit to our web-site. 84 billion, or EVDEn eVe nAKliyAt<\/a> 91 Canadian cents per share, in the year-ago quarter.<\/p>\n Gas transmission projects account for just over half of Enbridge’s C$18-billion, multi-year capital program.Chief Executive Greg Ebel told analysts that Enbridge is in good position to manage inflation because the timing of its projects is staggered.<\/p>\n On an adjusted basis, Enbridge earned 63 Canadian cents per share, EvDEn EvE NAKLiyat<\/a> missing analysts’ average expectation of 73 Canadian cents, according to Refinitiv data.The company cited rising interest rates in its lower adjusted earnings.<\/p>\n Enbridge shares rose 0.5% in Toronto.<\/p>\n Enbridge is in “constructive” negotiations with oil shippers on a new basis to charge for space on its Mainline, evdeN EvE nAKliYat<\/a> Ebel said, after the Canada Energy Regulator rejected in 2021 Enbridge’s plan to sell nearly all of its space under long-term contract.<\/p>\n Enbridge currently rations Mainline space monthly and faces new competition when the Trans Mountain pipeline expansion wraps up late this year.<\/p>\n The Mainline is Canada’s longest oil pipeline, evDEN eve NAkliYat<\/a> moving crude from Western Canada to refineries in Eastern Canada and the U.S.Midwest. ($1 = 1.3447 Canadian dollars) (Reporting by Arshreet Singh<\/a> and Rod Nickel; Editing by Devika Syamnath and Marguerita Choy)<\/p>\n<\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By Arshreet Singh and Rod Nickel Feb 10 (Reuters) – North American pipeline operator Enbridge Inc on Friday posted a quarterly loss from a year-ago profit as it took a non-cash C$2.5 billion ($1.86 billion) hit from higher cost of capital related to its natural gas transmission business. U.S.refinery outages, evDEN eVe NAKliyAT a global […]<\/p>\n","protected":false},"author":22880,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[5078],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/70965"}],"collection":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/users\/22880"}],"replies":[{"embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/comments?post=70965"}],"version-history":[{"count":1,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/70965\/revisions"}],"predecessor-version":[{"id":70966,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/70965\/revisions\/70966"}],"wp:attachment":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/media?parent=70965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/categories?post=70965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/tags?post=70965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}