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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 Western Canada Select crude in the fourth quarter.<\/p>\n
Enbridge, a leading transporter of crude oil and natural gas, delivered 3. If you liked this report and EVDen Eve NAKliYAT<\/a> you would like to receive much more data relating<\/a> to evDeN eve nAKLiyAt<\/a> kindly take a look at the web-site. 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$1.84 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, eVDEn Eve NaKliYAt<\/a> 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