Enbridge beats second-quarter profit estimates on higher Mainline volumes

CEO Greg Ebel said the company was well positioned to capitalize on a favorable growth environment and would continue to provide more visibility on its 5% growth outlook and extend it further into the future.

Peer TC Energy TRP.TO also topped quarterly profit estimates on Thursday and approved natural gas pipeline expansion projects worth about C$700 million across North America.

The company reported adjusted profit of 63 Canadian cents per share for the quarter ended June 30, beating analysts' average expectation of 59 Canadian cents, according to data compiled by LSEG.

($1 = 1.4021 Canadian dollars)

Enbridge reported adjusted core profit of C$1.42 billion from its gas transmission unit, up from C$1.38 billion a year earlier, helped by increased revenues from the East Tennessee rate case settlement and a previously approved rate increase on Texas Eastern.

It added more than C$1 billion of projects to its secured growth backlog this quarter with the sanctioning of the Line 5 Relocation project in Wisconsin, bringing the total backlog to about C$41 billion.

Enbridge expects the project to cost $1 billion and enter service in early 2027.

July 31 (Reuters) - Enbridge ENB.TO beat estimates for second-quarter adjusted profit on Friday, as the Canadian pipeline operator benefited from higher volumes of liquids transported on its Mainline system.

Pipeline operators are benefiting from increasing demand for natural gas, utility infrastructure and power supply for data centers, which has helped Enbridge generate steady growth even amid geopolitical tensions and commodity price volatility.