Enbridge beats Q1 profit estimates on Mainline and gas distribution growth
In addition to its liquid pipeline operations, Enbridge acquired three utilities from U.S.-based Dominion Energy last year, expanding its gas distribution business. This led to a rise in earnings from its gas distribution unit to C$1.60 billion ($1.15 billion), from C$765 million last year. Meanwhile, the company's Mainline system, which moves nearly half of the crude in the U.S., saw a rise in first-quarter adjusted core profit to C$1.45 billion, from C$1.34 billion last year.