In the third quarter of 2021, Canadian pipeline companies Enbridge Inc. and TC Energy Corp. reported surging results on account of the increased oil and gas demand.
Enbridge’s adjusted earnings jumped by 23.2% to CAD1.2 billion (USD961.92 million) or 59 Canadian cents/share. The result was higher than Refinitiv IBES’ prediction for 57 Canadian cents.
In the period, the company transported a higher annual percentage of 4.6% or 2.6 million bpd of oil on its Mainline system.
In the fourth quarter, Enbridge estimated its average throughput to be around 2.95 million bpd.
TC’s comparable earnings climbed by 88% to CAD972 million (USD780.65 million) or 99 Canadian cents/share. It went along the line of the analysts’ predictions. The company attributed a part of the rise in earnings to the higher transportation rates on its Columbia gas pipeline network.
