Pipeline operator Enbridge beats profit targets on higher transport volumes
Nov 3 (Reuters) - Pipeline operator Enbridge on Friday beat third-quarter profit estimates, benefiting from transporting higher volumes of oil.
Low levels of U.S. inventory and increased exports as buyers looked for alternatives to Russian oil have boosted demand for oil, which kept pipelines running and lifting profits for transportation companies such as Enbridge.
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"In our Liquids business, we continue to see record utilization across the system, including the Mainline," Enbridge's CEO said in a statement.
The Mainline System volume of Enbridge transported 3 million barrels per day (mmbpd) in the quarter, up over 1% from a year earlier.
The company posted an adjusted profit of 62 Canadian cents per share for the quarter ended Sept. 30, compared with the average estimate of 60 Canadian cents per share, according to LSEG data. (Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)