Enbridge Energy Partners, L.P. reported third quarter 2017 net income of $93.1 million. That compares with a $406.4 million loss during the same 2016 period. The increase was primarily due to the absence of an asset impairment loss of $756.7 million in 2017, as the Sandpiper Project in North Dakota was impaired when the project's regulatory application was withdrawn in the third quarter of 2016.
For the year to date, net income is $251.2 million versus a $242.7 million loss last year.
Adjusted Q3 EBIDA was $426.2 million compared with $456.8 million during Q3 of 2016. For the nine-month periods, EBIDA was $1.237 billion versus $1.412 billion during the same 2016 period.
"Our results for the quarter are right in-line with our expectations," said Mark Maki, president for the partnership. "This quarter represents the first full quarter following our restructuring to a new lower risk, pure-play business model. With the sale of the natural gas business now closed, the partnership has returned to its core business of stable liquids pipeline and storage assets. As a result, we are on track to deliver on our previously disclosed guidance."
Management said it continues to anticipate a Line 3 in-service date in the second half of 2019.