Canada pipeline operator Enbridge's quarterly profit rises on strong volumes

(Reuters) Canadian pipeline operator Enbridge Inc reported a rise in second-quarter profit on Friday as delivery volumes were lifted by oil and gas companies boosting production to take advantage of steady commodity prices.

The company's U.S.-listed shares rose 1.2% to $36.41 in premarket trading.

Enbridge's Mainline system, which ships the bulk of Canadian crude to the United States, transported 3 million barrels per day (bpd) in the second quarter, compared with 2.8 million bpd a year earlier.

The Mainline system earned $1.09 billion in the quarter, up 19% from last year. 

The system saw record volumes in the quarter, Chief Executive Greg Ebel said in a statement.

The company reaffirmed its 2023 core earnings guidance, and posted adjusted earnings of 68 Canadian cents, in line with analysts' average expectations, according to data from Refinitiv.

Gains from a favorable dollar exchange rate was partially offset by higher power costs, the company said.

The Calgary, Alberta-based company reported net income of $1.35 billion, or 68 cents per share, for the quarter ended June 30, compared with $337 million, or 20 cents per share, in the same period last year.