Canada's Enbridge swings to loss on $1.86 billion charge

Feb 10 (Reuters) - Canadian pipeline operator Enbridge Inc (ENB.TO) on Friday posted a quarterly loss from a year-ago profit as it took a C$2.5 billion ($1.86 billion) hit from higher cost of capital related to its gas transmission reporting unit.

U.S. refinery outages, a global glut of high-sulphur fuel oil and the U.S. Strategic Petroleum Reserve releases that flooded the market with heavy sour barrels weakened demand for Western Canada Select crude.

Enbridge, a leading transporter of crude oil and natural gas in North America, 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.

The Calgary-based firm posted a loss of C$1.07 billion, or 53 Canadian cents, in the quarter ended Dec. 31, compared with a profit of C$1.84 billion, or 91 Canadian cents per share, in the year-ago quarter.

On an adjusted basis, the company earned 63 Canadian cents per share, missing analysts' average expectation of 73 Canadian cents, according to Refinitiv data.

($1 = 1.3447 Canadian dollars)

Reporting by Arshreet Singh; Editing by Devika Syamnath

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Canada's Enbridge swings to loss on $1.86 billion charge

By Reuters

Reuters

Reuters

Bank of America sees nearly $1 trillion market cap potential for gold miners

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

The Federal Reserve has an opportunity to cut rates by 50 basis points and send gold well above $3,700 - abrdn’s Minter

Gold could take over the dollar’s store-of-value role as fiscal dominance overwhelms the Fed – Sprott’s Paul Wong

Fed cuts and rising inflation could see gold above $4,000, silver above $50, platinum and palladium above $1,800/oz this year – RJO Futures’ Pavilonis