Calgary-based Enbridge, which has a major project on the books in northern B.C., has announced a 2010 profit of $963 million, down from a profit of $1.56 billion the year before.
In 2009, the company benefited from one-time items, including the $329-million sale of a Columbian pipeline and foreign exchange gains.
"Our strong performance in 2010 builds on an exceptional year in 2009, and extends the company's performance record," said Enbridge president and CEO Pat Daniel. "Enbridge's 2010 results were driven by strong performance across all of our business units, and reflected the positive impact of cash generated from new projects coming into service," said Daniel.
In announcing the results, Daniel responded to several oil spills that garnered the company unflattering attention, including from First Nations and environmental groups in northern B.C.
"The incidents of the summer and early fall in Marshall, Michigan and Romeoville, Illinois were humbling for our company and a test of our ability to respond not only to the clean-up of the oil spilled, but also to the individuals and communities affected by the spills, and to the transportation needs of our shippers who were affected by the prolonged shutdown of certain of our pipelines," said Daniel.
Enbridge is accelerating work on sections of the pipeline in Michigan, which has lowered capacity, noted Daniel.
Enbridge said it has an additional $2.2 billion of regional oil sands projects secured during
2011.
The 1,170-kilometre Northern Gateway oil pipeline project in northern Alberta and British Columbia has just started a federal review process expected to take about two years.
