Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war.
The Calgary-based energy company says it earned 82 cents per share for the three months ended June 30, down from 86 cents per share or $1.74 billion a year earlier.
Adjusted profit came in at $1.13 billion or 56 cents per share, compared with $1.35 billion or 67 cents per share in the second quarter of 2019.
Get weekly money news
Revenues plunged to nearly $8 billion from $13.3 billion a year earlier.
Enbridge was expected to report 55 cents per share in adjusted profits on $12.5 billion in revenues, according to financial markets data firm Refinitiv.
The pipeline company reaffirmed its cash flow guidance for 2020 and anticipates a gradual recovery in demand as travel and border restrictions are lifted and mobility returns to North America.
- Quebec police ethics commissioner opens file into Montréal-Nord racism allegations
- ‘It was horrible’: Ontario man warns of tick-borne illness after 10-day hospital stay
- Quebec rail bypass approved 13 years after deadly Lac-Mégantic derailment
- As Ontario wildfires rage, Canadian Forces on ‘standby’ to help: minister
“In the face of the worst energy downturn our industry has ever experienced, the strength and resilience of our assets was demonstrated once again in the second quarter, with solid financial results,” said CEO Al Monaco.
Comments
Want to discuss? Please read our Commenting Policy first.