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Enbridge says Line 9 pipeline delay will weigh on 2015 earnings

Nov. 05, 2015 10:49 AM ETEnbridge Inc. (ENB) Stock, ENB:CA StockENBBy: Carl Surran, SA News Editor
  • Enbridge (ENB -2.1%) is lower in early trading after Q3 earnings fall slightly short of expectations and saying a delay in starting up the Line 9 pipeline project that will move crude from Ontario to Quebec will hold down earnings for the year.
  • ENB says the 400-mile Line 9 will start deliveries in December but initially was expected to be in service in early 2015; partly as a result, ENB says it now expects full-year 2015 EPS to fall within the lower half of the estimated range of C$2.05-C$2.35.
  • ENB says Q3 results in its base business were strong and that its C$38B five-year growth plan is expected to generate average annual adjusted earnings growth of 11%-13%.
  • ENB also says its Mainline system, which moves the bulk of Canadian crude exports to the U.S., shipped an average of 2.2M bbl/day in Q3 vs. ~2M bbl/day a year earlier.

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