Enbridge reports upbeat Q1 on higher transportation volumes

While global oil prices have declined considerably from peaks hit last year after Russia launched a full-scale invasion of Ukraine, prices are still high enough for companies to produce profitably, boosting demand for pipelines.

Enbridge’s Mainline system, which ships the bulk of Canadian crude to the United States, transported 3.1 million barrels per day (bpd) in the first quarter, compared with 3.0 million bpd a year earlier.

On an adjusted basis, Enbridge reported a profit of C$1.73 billion ($1.28 billion), or 85 Canadian cents per share, for the three months ended March 31, compared with C$1.71 billion, or 84 cents per share, last year.

This was at par with analysts’ expectations, according to Refinitiv data.