Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Canada’s biggest energy transport company Enbridge (NYSE:ENB) reported steady adjusted earnings in its third-quarter results on Wednesday. Earnings per share were just one cent short of Thomson Reuters analyst estimates of 35 cents.
Compared with the same period last year, the company’s adjusted earnings rose by four percent. In terms of net income, the $421 million for this Q3 are more than double last year’s figure – attributed to Enbridge’s hedging program and an insurance payment.
Although this quarter marks a $210 million earnings drop on the first reporting period of the year, supply increases from western Canada in the first quarter resulted in strong earnings for the nine months ending September 30.
In a conference call with investors on Wednesday, CEO Al Monaco addressed the recent developments in BC and Alberta’s energy partnership. On Tuesday, the premiers of the two provinces agreed on a framework for energy transportation – a major push forward for Enbridge’s proposed Northern Gateway pipeline.
“It’s a good pathway here,” said Monaco, as reported by the Globe and Mail. “We’re working on ways to help to move the project forward to yes rather than not being able to come to agreement. If you think about where we were just a few months ago, I think it’s clear there’s momentum.”
During the three months leading up to October, the company announced $4 billion worth of new oil sands infrastructure investment. These include the proposed Norlite Pipeline and the Wood Buffalo pipeline extension.
“Our strategic position and scale in the Alberta oil sands continues to present great growth opportunities for Enbridge,” CEO Al Monaco noted in a statement. “The projects we have recently announced will add significant incremental capacity from the region, allowing us to provide cost-effective transportation solutions for producers.”
The company also continued to expand its renewable energy portfolio, spending $100 million on a 50% stake in the Saint Robert Bellarmin Wind Project – an 80-megawatt windfarm in Quebec.
“Renewable energy is a growing part of our business,” said Monaco. “We are the number one producer of solar energy in Canada, the second largest producer of wind power and currently have an interest in over 1,700 MW of renewable power generation capacity.”
The energy giant was up nearly 2% on the New York Stock Exchange on Wednesday, trading at $44.43 per share.
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I don’t know about Enbridge? The people of BC detest Enbridge, Harper, Redford, Christy Clark and Communist China. Enbridge has used every dirty tactic in the book, to get into BC. From what I can gather? The Citizens of BC are supporting the F.N. people, in their battle against the Enbridge pipeline. It is said, Enbridge has had more pipe bursts, than all of the other pipelines put together.
The tar sands pollution is horrendous. The Chinese have no clue about destroying eco-systems. The mess China is creating at the tar sands, is inexcusable. China has polluted much of their farmland and, 40%$ of their water. Dead pigs come floating down China’s rivers. Harper is also giving our Canadian farmland to Red China. China will take our food crops, to feed themselves for 31 years. That’s how long it will take China, to clean out Canada’s resources. Harper is bringing China for a massive resource project in our High Arctic. Harper also gave Red China, 200 BC mining jobs. So I guess China isn’t welcome in BC either. BC people want the Chinese removed.