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. For more in regards to eVdeN eVE NAKliyAT<\/a> stop by the website. 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 EVden eVe NAKLiYAT<\/a> 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> a year ago.<\/p>\n

The Calgary-based company lost C$1.07 billion, or EvdEN Eve nAkLiyat<\/a> 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<\/a> because the timing of its projects is staggered.<\/p>\n

On an adjusted basis, Enbridge earned 63 Canadian cents per share, missing analysts’ average expectation of 73 Canadian cents, evdeN eVe NAKliyAT<\/a> 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, 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, moving crude from Western Canada to refineries in Eastern Canada and the U.S.Midwest. ($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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