Enbridge Inc. reported a first-quarter loss of over one billion, in a May 7, 2020 story. (Photo by THE CANADIAN PRESS)

Enbridge reports $1.43B Q1 loss, moves to cut costs, delay some spending

CALGARY — Enbridge Inc. reported a first-quarter loss of nearly $1.43 billion as it was hit by one-time non-cash charges in the quarter including a writedown of its investment in DCP Midstream, a joint venture in the U.S.

Chief executive Al Monaco says the company plans to reduce its 2020 operating costs by about $300 million and will defer about $1 billion of 2020 secured growth capital spending due to the pandemic.

The pipeline company says its loss amounted to 71 cents per share for the quarter which included a nearly $1.74-billion non-cash impairment charge related to DCP Midstream and nearly $1.96 billion in non-cash unrealized derivative fair value losses.

The result for the quarter compared with a profit of $1.89 billion or 94 cents per share in the first quarter of 2019.

On an adjusted basis, Enbridge said it earned nearly $1.67 billion or 83 cents per share for the quarter compared with an adjusted profit of $1.64 billion or 81 cents per share in the same quarter last year.

Analysts on average had expected an adjusted profit of 74 cents per share for the quarter, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 7, 2020.

Businessoil and gas

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Every Albertan eligible for COVID-19 testing

22 new cases confirmed on Friday

Alberta-registered truck elicits a note of kindness in British Columbia

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Red Deer’s small fitness facilities limbering up for reopening

Al Parada has done everything in his power to stay busy. But… Continue reading

COVID-19 leaving its mark on office designs

Office designs encouraging more physical distancing could become the norm

WATCH: Central Albertans applaud efforts of Golden Circle staff, volunteers

Central Albertans thanked the Golden Circle Senior Resource Centre’s staff and volunteers… Continue reading

Police need more than an unverified tip to avoid drug-case entrapment: top court

Police need more than an unverified tip to avoid drug-case entrapment: top court

N.S. police received warnings in 2011 about man who would become mass killer

N.S. police received warnings in 2011 about man who would become mass killer

Want a mask with your Big Mac? Alberta handing out masks at drive-thrus

Want a mask with your Big Mac? Alberta handing out masks at drive-thrus

Another $650M in COVID-19 aid bound for Indigenous communities, Miller says

Another $650M in COVID-19 aid bound for Indigenous communities, Miller says

Large cruise ships barred from Canadian waters until end of October: Garneau

Large cruise ships barred from Canadian waters until end of October: Garneau

Canada exploring ways to reunite families divided by COVID-19 border closure

Canada exploring ways to reunite families divided by COVID-19 border closure

More COVID-19 tests, masks announced in some provinces as economy flails

More COVID-19 tests, masks announced in some provinces as economy flails

Students decry tuition hikes as COVID-19 pandemic increases financial strain

Students decry tuition hikes as COVID-19 pandemic increases financial strain

Most Read