Indigenous group says no one consulted them on Seabridge’s KSM project
The Tsetsaut Skii km Lax Ha Nation wants the province to declare that it failed to fulfill its duty to consult with them.
Enbridge Inc. (TSX:ENB), the largest transporter of Canadian oil to the U.S., posted improved third-quarter results on Wednesday compared to the same period last year. Driven by recovered earnings from its liquids pipelines, the upswing also resulted from a reduced loss from derivatives contracts.
However, the Calgary-based company’s adjusted earnings fell just short of analyst estimates.
Net profit was $189 million or 24 cents per share, compared with a small net loss of $5 million or one cent a share last year. Enbridge’s adjusted earnings rose to $269 million or 34 cents per share — up 13% from last year but a penny below analyst estimates.
Total revenue for the company reached $5.79 billion, down from $6.28 billion in 2011. Revenue from commodity sales was $4.65 billion, down from $5.16 billion.
The company also announced it would build, own and operate a deepwater crude oil pipeline in the Gulf of Mexico, but did not provide a price tag for the project.
Enbridge owns and operates Canada’s largest oil pipeline network spanning 24,738 kilometers, which transports 2.3 million barrels of liquid a day.
The firm has $18 billion worth of secured projects and an additional $17 billion of unsecured projects will help boost earnings growth as much as 12 percent through 2016.
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