Canadian pipeline giant Enbridge Inc. on Friday announced a sharp decline in second-quarter profits, hurt by curtailed production following May's forest fires in the oil sands region of Fort McMurray.
Between April and June, earnings attributable to shareholders fell to $231 million, or 25 cents a share, Enbridge said.
The massive forest fires forced some 100,000 residents of Fort McMurray and surrounding areas of the oil sands hub to evacuate.
"Oil sands production from facilities in the vicinity of Fort McMurray, Alberta was curtailed longer than originally anticipated, given the severity and longevity of the wildfires, which adversely impacted Enbridge's mainline system deliveries during the quarter," the company said in a statement.
Deliveries fell by approximately 255,000 barrels per day in May and June, around 10 percent less than levels before the fire-related shutdowns.
However, "while the wildfires tempered a record start to the year, the impact was transitory and is not expected to have a lasting effect," Enbridge President and CEO Al Monaco said.
mbr/mdo/grf
ENBRIDGE INC.
