Enbridge tops, plans expansion

Investor's Business Daily

Canada's 2nd-largest pipeline company reported a Q3 profit as losses on financial derivatives fell and it carried more oil and natural gas in its pipelines. Enbridge (ENB), which is seeking to expand its massive oil export network to both the Pacific and Atlantic coasts, said EPS rose 10% to 34 cents, 1 cent below estimates. Revenue rose 36% to $5.8 bil. Analysts expected $4.86 bil. The company said its main pipeline for Canadian oil exports to the U.S. transported 1.62 mil barrels per day, up 3% from the prior year. Shares fell 2.3% to 39.52.

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