Enbridge pipelines to resume oilsands shipments as Fort Mac fire risk eases
Enbridge Inc. says its regional pipeline system for the Alberta oilsands will likely be back to full capacity within a matter of days, given the diminished risk from wildfires that have devastated the Fort McMurray area.
The Calgary-based company says it reduced the pipeline system's capacity as a precaution by about 900,000 barrels per day on May 4.
Enbridge says it can't accurately estimate the short-term impact of the disruption on its financial performance but it isn't expected to have a significant effect on its 2016 full-year results.
The comment was included with Enbridge's first quarter report, ahead of the company's annual shareholders meeting today.
In the first quarter ended March 31, Enbridge had a $1.2 billion profit for common shareholders or $1.38 per share — including the positive impact of currency fluctuations.
Its adjusted earnings rose to $663 million or 76 cents per share.
In the 2015 first quarter, Enbridge had a $383 million loss or 46 cents per share including currency fluctuations, and $468 million or 56 cents per share of adjusted earnings.