CALGARY – Enbridge Inc. says its regional pipeline system for the Alberta oilsands will likely be back to full capacity within a matter of days, given the diminished risk from wildfires that have devastated the Fort McMurray area.
The Calgary-based company says it reduced the pipeline system’s capacity as a precaution by about 900,000 barrels per day on May 4.
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Enbridge says it can’t accurately estimate the short-term impact of the disruption on its financial performance but it isn’t expected to have a significant effect on its 2016 full-year results.
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The comment was included with Enbridge’s first quarter report, ahead of the company’s annual shareholders meeting Thursday.
In the first quarter ended March 31, Enbridge had a $1.2-billion profit for common shareholders or $1.38 per share – including the positive impact of currency fluctuations.
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Its adjusted earnings rose to $663 million or 76 cents per share.
In the 2015 first quarter, Enbridge had a $383 million loss or 46 cents per share including currency fluctuations, and $468 million or 56 cents per share of adjusted earnings.