Canada’s Enbridge beats quarterly profit estimates on robust natgas demand
BNN Bloomberg
Canadian pipeline operator Enbridge beat expectations for fourth-quarter profit on Friday, as robust power demand helped lift volumes of gas and liquids transported through its systems.
The company operates the Mainline system, which moves nearly half of the crude in the United States, including light and heavy crude oil, natural gas liquids and refined products from Alberta, to various markets in Canada and the U.S. Midwest.
Pipeline operators are benefiting from an increase in demand for natural gas, primarily driven by liquefied natural gas exports, and soaring power generation tied to increased use of artificial intelligence, cryptocurrency mining and data centers.
Earlier in the day, peer TC Energy also beat market expectations for quarterly profit on the back of rising natural gas demand.
U.S.-listed shares of Enbridge rose nearly one per cent before the bell.
Enbridge said it had roughly $39 billion in project backlog and expects about $8 billion of that to come into service this year.
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