By Canadian Press

$5 BILLION DROP

Enbridge Q2 earnings slip as revenues plunge 40% due to COVID aftermath

Jul 29, 2020 | 6:59 AM

CALGARY- Enbridge is reporting that its net income slipped to $1.65 billion in the second quarter on a 40% drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war.

The Calgary-based energy company says it earned 82 cents per share for the three months ended June 30, down from 86 cents per share or $1.74 billion a year earlier.

Adjusted profit came in at $1.13 billion or 56 cents per share, compared with $1.35 billion or 67 cents per share in the second quarter of 2019.

Revenues plunged to nearly $8 billion from $13.3 billion a year earlier.

Enbridge was expected to report 55 cents per share in adjusted profits on $12.5 billion in revenues, according to financial markets data firm Refinitiv.

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