Enbridge first-quarter profit climbs 15%

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Calgary— The Canadian Press
Published Wednesday, May. 11, 2011 7:19AM EDT

Enbridge Inc. (ENB-T61.440.340.56%) has reported higher earnings for the first quarter, beating analyst expectations.

The Calgary-based oil and gas pipeline company says profits rose 15 per cent to $393-million in the three month period, an increase from $342-million a year ago.

On an adjusted basis, profits were up five per cent to $334-million, or 89 cents per share, which is two cents above what analysts had anticipated, according to Thomson Financial.

The stronger results came less than a day after Enbridge announced that four barrels of oil leaked from a pipeline in the Northwest Territories.

Company spokeswoman Gina Jordan said the oil has been contained, and that no moving water or wildlife have been affected.

Last summer, an Enbridge crude pipeline ruptured in southern Michigan, causing millions of litres of crude to spill into the Kalamazoo River. Shortly after, another pipeline leaked a smaller amount in the Chicago area.