Strong Lakehead Volumes Fuel Enbridge Energy Partners' Earnings Beat
Narrow-moat Enbridge Energy Partners reported third-quarter adjusted EBITDA of $380 million, a decrease of 5% from the year-ago quarter. Decreased performance was a result of the tax disallowance regulation established by the Federal Energy Regulatory Commission. However, adjusted EBITDA was ahead of our expectations and up 6% sequentially owing to a continued strong performance on the Lakehead system. Distributable cash flow also decreased 5% from the year-ago quarter to $184 million for the sa...Enbridge is an energy transportation and distribution companyoperating in 5 segments: Liquids Pipelines, consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals; Gas Distribution, of Co.'s natural gas utility operations; Gas Pipelines and Processi consists of investments in natural gas pipelines and processing facilities; Green Power and Transmission, consists of Co.'s investments in renewable energy assets and transmission facilities; and Energy Services, consist of physical commodity marketing activity and logistical services.
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