21 C
Fort St. John
Wednesday, August 15, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
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Enbridge reports improved second quarter earnings amid asset sales

CALGARY, A.B. – Pipeline operator Enbridge Inc. reports better-than-expected second-quarter earnings of $1.07 billion, as it worked to sell a number of non-core assets to help eliminate debt.

The Calgary-based company’s profit amounted to 63 cents per share and compared with $919 million, or 56 cents per share in the second quarter of 2017. Both quarters included the impact of a number of unusual items.

Adjusted earnings came in at 65 cents per share, up from 41 cents in the year-earlier period and beating analysts expectations for 53 cents per share, according to Thomson Reuters Eikon.

During the quarter, the company announced agreements to sell $7.5 billion worth of non-core assets, significantly above its original $3 billion target.

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Enbridge said in May it would gain nearly $3.2 billion by selling renewable power facilities and natural gas gathering and processing assets in the United States.

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It also received positive news on its Line 3 replacement project, with a Minnesota regulator approving its plan.

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The company says it is on track to achieve its 2018 guidance and expects about $7 billion worth of new projects to be introduced over the course of 2018, the majority of which will come online in the second half of the year.

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