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, a global glut of high sulphur fuel oil and the U.S. Strategic Petroleum Reserve releases of heavy sour barrels weakened demand for EvdEn EVe NAkLiyat<\/a> 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

<\/a> <\/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$1.84 billion, or 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<\/a> Canada to refineries in Eastern Canada and the U.S.Midwest. If you have any sort of questions pertaining to where and just how to utilize eVdEN eVe NAKliyAt<\/a>, you could contact us at our own page. ($1 = 1.3447 Canadian dollars) (Reporting by Arshreet Singh and Rod Nickel; Editing by Devika Syamnath and EVDeN EVE nakLiYAt<\/a> Marguerita Choy)<\/p>\n<\/div>\n

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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, a global glut of high […]<\/p>\n","protected":false},"author":18406,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[5037],"tags":[5078],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/72224"}],"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\/18406"}],"replies":[{"embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/comments?post=72224"}],"version-history":[{"count":1,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/72224\/revisions"}],"predecessor-version":[{"id":72225,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/posts\/72224\/revisions\/72225"}],"wp:attachment":[{"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/media?parent=72224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/categories?post=72224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.announcement.news\/wp-json\/wp\/v2\/tags?post=72224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}