Reuters via Rigzone is reporting:
Enbridge Inc, Canada's largest pipeline company, said on Friday it returned to profit in the fourth-quarter as new projects entered service.
The company reported net income of C$88 million ($70.5 million), or 10 Canadian cents per share, after a loss of C$271 million, or 33 Canadian cents, in the year-ago period.
Adjusted earnings, which remove most one-time items, rose 13 percent to C$409 million, or 49 Canadian cents, from C$362 million, or 44 Canadian cents, in the year-prior quarter. The result lagged the 53 Canadian-cent average analyst estimate for the measure, according to Thomson Reuters I/B/E/S.
Enbridge is restructuring its operations after late last year announcing it would pay out more of its profits in dividends. It is also pushing billions of dollars worth of pipeline and other assets into affiliated funds and partnerships to improve the cost of funding new projects.Meanwhile, MRO reports saving money; Reuters at Rigzone reports:
Marathon Oil Corp said on Thursday it has so far captured $225 million in savings, citing streamlined shale drilling and completion processes and lower prices from oilfield service providers.
While many oil and gas companies forecast cost savings, Marathon said it is already seeing savings as it squeezes well costs in fields in south Texas and elsewhere and renegotiates service contracts in response to the steep drop in crude oil prices that have upended the sector.