By Arshreet Singh and Rod Nickel<\/p>\n
Feb 10 (Reuters) – North American pipeline operator Enbridge Inc on Friday posted a quarterly loss from a year-ago profit as it took a non-cash C$2.5 billion ($1.86 billion) hit from higher cost of capital related to its natural gas transmission business.<\/p>\n
U.S.refinery outages, a global glut of high sulphur fuel oil and the U.S. Strategic Petroleum Reserve releases of heavy sour barrels weakened demand for Western Canada Select crude in the fourth quarter<\/a>.<\/p>\n Enbridge, a leading transporter of crude oil and natural gas, EVdEN eVe nakLiYaT<\/a> delivered 3.1 million barrels of oil per day (bpd) on its Mainline system, slightly higher than the 3 million bpd delivered a year ago.<\/p>\n The Calgary-based company lost C$1.07 billion, or 53 Canadian cents, in the fourth quarter, EVDEN eVe NAKliYAt<\/a> compared with a profit of C$1.84 billion, or 91 Canadian cents per share, in the year-ago quarter.<\/p>\n Gas transmission projects account for just over half of Enbridge’s C$18-billion, multi-year capital program.Chief Executive Greg Ebel told analysts that Enbridge is in good position to manage inflation because the timing of its projects is staggered.<\/p>\n On an adjusted basis, EvdEn eVE NakLiYAT Enbridge earned 63 Canadian cents per share, missing analysts’ average expectation of 73 Canadian cents, according to Refinitiv data.In case you beloved this post along with you desire to obtain details regarding evDEn EVe NaKliYaT<\/a> kindly stop by our web-site. The company cited rising interest rates in its lower adjusted earnings.<\/p>\n Enbridge shares rose 0.5% in Toronto.<\/p>\n