Enbridge earnings drop in Q2

Calgary-based Enbridge Inc. posted lower earnings on Wednesday, revealing $138 million in profits, well under the $393 million it earned during the second quarter a year ago.

Revenue for the gas and pipeline operator was more than $3.5 billion for the quarter, up from almost $2.9 billion a year ago.

The company also declared its regular dividend of $0.425 per common share, to be paid Sept 1., 2010, to shareholders of record on Aug. 13, 2010.

The results were overshadowed by news this week that an Enbridge-owned pipeline in Michigan ruptured and poured more than three million litres of oil into the Kalamazoo River.

"The cause of the release has not been determined and is being investigated," the company said in its earnings release. "Enbridge is placing priority on the cleanup efforts; financial impacts have not yet been assessed."