Pipeline builder Enbridge saw its earnings drop by $179 million from year to year in the second quarter. It posted earnings of $577 million this past quarter, falling from the $756 million profit in 2014.
“At the halfway point in the year, we’re pleased to report solid second quarter and six-month results,” said Al Monaco, President and Chief Executive Officer in a press release. “Enbridge’s strong adjusted earnings and cash flow growth reflect the strength of our core assets and the ongoing successful execution of our growth capital program.”
The company has finished eight projects totalling about $3 billion this year and has another $5 billion worth of projects to finish before the end of the year. It expects to have $26 billion in projects to be completed between 2016 and 2018.
“In the current price environment, cost effective, reliable access to key markets is even more critical for our customers. Demand for capacity on our mainline remains strong,” said Monaco. “We’ve been able to add approximately 350,000 barrels per day of capacity on our mainline from our optimization efforts at minimal cost to shippers.”
Most of that extra capacity came from a 230,000 barrel per day expansion to the Alberta Clipper line.
