Auto parts company Magna International reports US$484M Q3 profit, lowers guidance

CALGARY – Enbridge Inc. reported a third-quarter profit attributable to common shareholders of $1.29 billion, up from $532 million a year earlier.

The company says the profit amounted to 59 cents per share for the quarter ended Sept. 30, up from 26 cents per share in the same quarter last year.

The results in the most recent quarter included a non-cash, net unrealized derivative fair value gain of $112 million, compared with a net unrealized loss of $782 million a year ago when it also took a $124-million provision adjustment related to a litigation matter.

On an adjusted basis, Enbridge says it earned 55 cents per share in its latest quarter, down from an adjusted profit of 62 cents per share a year earlier.

The average analyst estimate had been for a profit of 56 cents per share, according to LSEG Data & Analytics.

Enbridge chief executive Greg Ebel says the company saw strong utilization of its assets which drove another solid quarter of financial results.

This report by The Canadian Press was first published Nov. 1, 2024.

Companies in this story: (TSX:ENB)

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CALGARY – Imperial Oil Ltd. reported a third-quarter profit of $1.24 billion, down from $1.60 billion in the same quarter last year.

The company says the profit amounted to $2.33 per diluted share for the quarter ended Sept. 30, down from $2.76 per diluted share a year earlier.

The result came as Imperial’s total revenue and other income amounted to $13.26 billion for the quarter, down from $13.92 billion in the same quarter last year.

Imperial says upstream production in the quarter averaged 447,000 gross oil-equivalent barrels per day, the highest third-quarter production in over 30 years.

The result was up from 423,000 gross oil-equivalent barrels per day a year earlier.

Downstream throughput in the quarter averaged 389,000 barrels per day, with overall refinery capacity utilization of 90 per cent, compared with 416,000 barrels per day and 96 per cent utilization a year ago.

This report by The Canadian Press was first published Nov. 1, 2024.

Companies in this story: (TSX:IMO)

The Canadian Press. All rights reserved.

Exxon Mobil’s third-quarter profit beat analysts’ expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition.

Exxon earned $8.6 billion, or $1.92 per share, for the three months ended Sept. 30. A year earlier the Spring, Texas-based company earned $9.07 billion, or $2.25 per share.

The performance topped Wall Street’s expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.91 per share.

Shares rose nearly 2% before the market open on Friday.

Revenue totaled $90.02 billion, falling short of Wall Street’s estimate of $93.51 billion.

Exxon’s net production reached 4.6 million oil-equivalent barrels per day during the third quarter, an increase of 5% compared with the previous quarter.

Oil prices have been falling recently after a retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world’s seventh largest producer of crude. The long-term expectation is for oil prices to move lower, not higher. That’s because the balance between supply and demand has tilted toward supply, a dynamic that typically deflates oil prices.

Exxon announced in July 2023 that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy.

Three months later it said it would spend $60 billion on shale operator Pioneer Natural Resources. That deal received clearance from the Federal Trade Commission in May.

Exxon raised its quarterly dividend by 4%.

Also on Friday, Chevron Corp. reported an adjusted profit of $2.51 per share on revenue of $50.67 billion. Wall Street was looking for a profit of $2.47 per share on revenue of $49.88 billion. Similar to Exxon, Chevron does not adjust its reported results based on one-time events such as asset sales.

The Canadian Press. All rights reserved.