Enbridge posts $756 million second quarter profits
Calgary based Enbridge [TSX:ENB] posted second quarter profits of $756 million, or $0.91 per share, easily beating analysts' estimates of $0.39/share. The company expects to grow EPS 10-12% through 2017. Enbridge has a growth capital program of $42 billion, $37 billion of which is commercially secured and expected to be put into service by 2017.
The federal government recently approved the Northern Gateway Project which would see crude from the Alberta oil sands reach the pacific coast of BC. The approval is subject to 209 conditions and has met with much opposition from BC communities and aboriginal groups. Enbridge also announced the recent appointment of Marcel Coutu as a company director. Coutu is the former chairman of Syncrude Canada and former CEO of Canadian Oil Sands.
Enbridge is a large, diversified energy infrastructure company with numerous oil and gas pipelines, storage facilities and rail loading terminals located throughout Canada and the United States. The company has also invested billions into renewables, such as wind, solar and geothermal.
Enbridge Inc. owns a 67.3% interest in Enbridge Income Fund [ENF] and a 21.1% interest in Houston-based Enbridge Energy Partners [EEP].