Enbridge Earnings Rise

Canadian Press, Globe and Mail, www.globeandmail.com, May 5, 2004

CALGARY - Enbridge Inc. reported Wednesday higher first-quarter profits on increased contributions from its crude oil pipeline system and its gas distribution arm.

The Calgary-based company, which was to hold its annual shareholders meeting in Toronto Wednesday, said it made $112.4-million, or 67 cents per share, in the quarter ended March 31. That compared with a profit of $103.8-million, or 63 cents per share, in the same quarter in 2003. Revenues rose to $1.5-billion from $1-billion.

'We are encouraged by the significant number of new opportunities available to Enbridge in both oil and gas pipelining, and are actively working to translate these opportunities into increased value for both our customers and shareholders," said Patrick Daniel, the company's president and chief executive. "We will also continue to prudently assess asset acquisitions, but remain patient and very disciplined."

Enbridge operates the major oil pipeline shipping western oil to Eastern Canada. It also owns Canada's largest natural gas distribution company, formerly known as Consumers Gas, providing natural gas distribution services in Ontario, Quebec, New Brunswick and New York.