February 09, 2024 [Reuters]- Pipeline operator Enbridge (ENB.TO), opens new tab missed fourth-quarter profit estimates on Friday, hurt by lower tolls related to its Mainline crude pipeline system and a decrease in earnings from the company’s gas segment.
Enbridge reached a toll agreement for Mainline with oil shippers last year, which was lower than the previous one, after scrapping earlier plans for long-term contracts.
Quarterly adjusted core profit from the company’s Mainline system was C$1.30 billion ($966.40 million), compared with C$1.34 billion a year earlier.
Enbridge posted an adjusted profit of 64 Canadian cents per share for the quarter ended Dec. 31, compared with analysts’ estimate of 68 Canadian cents per share, according to LSEG data.
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