Enbridge says its earnings attributable to common shareholders dropped in its most recent quarter despite higher revenue.
Enbridge Inc. has extended its push into liquified natural gas as global demand soars, scooping up a stake in a proposed LNG project on the West Coast.
"This facility will provide global LNG markets with a safe, secure and sustainable source of B.C. natural gas through long-term transportation agreement on our T-South pipeline system" — a pipeline section that links British Columbia's Lower Mainland to production-heavy northeastern B.C. — CEO Al Monaco said in a statement.
Monaco has been vocal in recent months about his belief that natural gas exports represent the largest opportunity for North America right now, and said Enbridge is seeing a strong pick-up in commercial interest from Asia and Europe to secure export capacity. In 2017, the National Energy Board approved a 40-year export licence for the facility. The project has also received environmental green lights from the provincial and federal governments as well as the Squamish First Nation, which gave the go-ahead following a $1.1-billion benefit agreement.
On Friday, the company reported that earnings attributable to common shareholders dropped in its most recent quarter despite higher revenue. Revenue in the three months ended June 30 was $13.22 billion, compared with $10.95 billion in the prior year quarter, the company said.
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