Pipeline operator Enbridge’s Q3 profit more than doubles on steady oil demand

(Reuters) -Enbridge posted a more than twofold jump in its third-quarter profit on Friday, as the Canadian pipeline operator benefited from steady oil demand.

Data from the U.S. Energy Information Administration showed that total U.S. oil consumption rose in July to the highest seasonal level since 2019.

Demand for gasoline was also at the highest seasonal levels since 2019, whereas jet fuel demand the highest for any month since August 2019.

Enbridge (NYSE:ENB)’s mainline system transported 2.96 million barrels per day in the quarter, while its adjusted core profit rose 3.2% to C$1.35 billion, helped by higher tolls.

Mainline is North America’s largest crude oil pipeline network. It transports light and heavy crude oil, natural gas liquids and refined products from Edmonton, Alberta to various markets in Canada and the U.S. Midwest.

The Canadian company reported a profit of C$1.29 billion ($926.13 million) for the quarter ended Sept. 30, compared with C$532 million a year earlier.

Its adjusted profit per share of 55 Canadian cents, however, narrowly missed analysts’ average estimate of 56 Canadian cents, according to data compiled by LSEG.

($1 = 1.3929 Canadian dollars)