Enbridge Inc. reported adjusted earnings were $1.1 billion or 65 cents per common share for the second quarter, compared with $662 million or 41 cents per common share in the second quarter of 2017.
"We're very pleased with our strong financial results this quarter and the year is shaping up well," Al Monaco, president and CEO, said in the second quarter report. "The results reflect strong operational performance across all of our core businesses, including the Liquids Mainline System where we moved record average volumes. We're also seeing increasing cash flow from the more than $12 billion of new projects brought into service over the past year. The solid financial performance and diversity of growth from our recently acquired natural gas transmission and utility businesses, together with the continued realization of cost synergies, is clearly proving out the value of the Spectra Energy acquisition completed last year.”
A key development during the quarter was a vote by the Minnesota Public Utilities Commission (MPUC) to issue a certificate of need and route permit for the Line 3 replacement project, the company said.
“… we reached a critical milestone for Enbridge and our customers, and we remain on track with cost and schedule,” Monoco said.