Enbridge Energy Partners suffers $406.4M US loss in wake of Sandpiper pipeline deferral
The Canadian Press | Posted: October 31, 2016 1:46 PM | Last Updated: October 31, 2016
Texas affiliate of Calgary-based company reports income down $1.127B from last year
Enbridge Energy Partners LP says it had a $406.4-million US loss in the third quarter, primarily due to the long-term deferral of the proposed Sandpiper pipeline in the U.S. Midwest.
Houston-based EEP and its general partner, Calgary-based Enbridge Inc., announced in September that plans for the Sandpiper project would be put on hold indefinitely.
That followed Enbridge's formation of a joint venture to buy a stake the alternative Bakken Pipeline project, to transport oil from North Dakota across the Midwest to Texas.
EEP's loss for the three months ended Sept. 30 amounted to $1.31 per EEP unit, which contrasted with $82.1 million US or seven cents per unit in the third quarter of 2015.
After adjustments that exclude the asset impairment related to Sandpiper and other items, EEP's net income was $89.3 million US or nine cents per share, down from $137.4 million US or 23 cents per share in the third quarter of 2015.
EEP's revenue was $1.12 billion US, down from $1.127 billion a year earlier.
- MORE BUSINESS NEWS | Tougher Alberta rules convince oil and gas producers to accelerate well cleanups
- MORE BUSINESS NEWS | The economy is lousy: Time to start a business