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

Loss related to investment in DCP Midstream

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

Central Alberta naturalists fear pristine headwaters will be contaminated by coal mine

Chutes of the Ram constitute one of Earth’s ‘most beautiful’ spots

Every Albertan eligible for COVID-19 testing

22 new cases confirmed on Friday

Playgrounds, skate park, ball diamonds open in Eckville

The facilities in town re-opened the afternoon of May 28 with restrictions

Fast-food restaurants serving up free non-medical masks

Free protection will come in packages of four

Playgrounds and public washrooms facilities reopened in Lacombe County

County public washrooms are equipped with alcohol-based hand sanitizer

Facing changes together: Your community, your journalists

Eckville Echo is firmly committed to seeing you through the changes ahead, but we need your help

COVID-19 cancelled their wedding plans, so they married on a B.C. mountaintop

Ceremony was live streamed to friends and family around the world

International student worry about pandemic as decisions loom on travel to Canada

Zohra Shahbuddin is weighing whether to enrol this fall or put off coming to Canada until next year

How finding a ministerial home for CMHC caused ‘madness’ in November

The Canada Mortgage and Housing Corp. manages the national housing strategy

‘What do we do now?’ Labour dispute at Regina refinery nears 6 months

About 700 unionized workers were locked out by refinery owner, Federated Co-operatives Ltd., Dec. 5

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

Trudeau acknowledges ‘anti-black racism’ in U.S., with ‘work to do in Canada’

Trudeau acknowledges ‘anti-black racism’ in U.S., with ‘work to do in Canada’

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

Most Read