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Enbridge reports $1.29B third-quarter profit, up from $532M a year ago

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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)

The Canadian Press. All rights reserved.



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Imperial Oil reports $1.24B third-quarter profit, down from $1.60B a year ago

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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)

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Exxon Mobil profit tops Street in 3rd quarter, helped by Pioneer Natural acquisition

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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.



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Canada’s youngest dangerous offender, who sexually assaulted baby, seeks prison leave

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A convict who became Canada ‘s youngest designated dangerous offender after sexually assaulting a three-month-old baby is seeking escorted leave from prison to attend Indigenous cultural ceremonies in Vancouver.

Tara Desousa, now 43, has applied to Federal Court to overturn a decision by B.C.’s Fraser Valley Institution to deny her “escorted temporary absences” from the federal women’s prison.

Desousa, then named Adam Laboucan, was 15 years old in 1997 when she sexually assaulted an infant she was babysitting in Quesnel, B.C. The baby required surgery to repair the injuries.

Desousa, who underwent gender-affirming operations while serving an indefinite sentence, also admitted to drowning a three-year-old boy when she was 11 years old, which the judge in the sexual assault case said was below the age of criminal responsibility.

B.C. Supreme Court Judge Victor Curtis imposed an indefinite sentence and a dangerous-offender designation in 1999 because there was no foreseeable “time span in which Adam Laboucan may be cured.”

“In doing so, I do not intend that Mr. Laboucan be kept in prison for many years with no hope for release,” the judge wrote of the then-17-year-old.

“What is intended, and what must happen is that Mr. Laboucan be kept only so long as it is necessitated by the risk he poses.”

The B.C. Court of Appeal upheld the dangerous offender designation in 2002.

Desousa’s application filed in Federal Court in Vancouver in October says she first applied for escorted leave to attend ceremonies at the Anderson Lodge “healing centre for women” in August 2023.

The lodge is run by the Circle of Eagles Lodge Society, an Indigenous-led organization headed by CEO Merv Thomas.

Thomas said in an interview that he couldn’t comment on individual offenders, but a lot of people “coming into our facilities are dealing with a lot of historical trauma.”

He said the society takes a “holistic” approach to helping people heal through ceremonies held at the lodge, and “those that are involved in culture and ceremony have a greater chance at reintegrating positively into the community.”

“We leave the final judgments to the creator,” he said. “We don’t judge anybody that comes to us.”

He said there are “strict” conditions and protocols for offenders that come to the society’s facilities, and “community safety” is paramount.

In his decades working with the organization, Thomas said even he has trouble reading the files of the “brothers and sisters” who seek help from the society, reading about some of the “horrific things” they’ve done.

“But I also started reading and started to understand where they came from and some of the atrocities and the damage that was done to them,” he said.

“I understand and I see both sides and it’s very difficult a lot of times to put our judgments aside. But at the same time, we work with them and we believe that everybody has an opportunity for change.”

Desousa’s Vancouver-based lawyer Caroline North declined to comment on the Federal Court application.

Desousa has had several attempts for parole denied, most recently in June 2024.

The Parole Board of Canada decision said the assault victim and their “family have suffered pain, anxiety and anguish and long-term emotional impacts resulting from your offending.”

“Each time you come up for parole, they are haunted by your offending and the damage you inflicted on their defenceless son/grandson,” the decision said.

The board decision said Desousa was the victim of “extreme” abuse as a child, bullied at school, diagnosed with “several disorders,” and exhibited “violent and sexual behaviour” around other children.

It said Desousa’s case management team believed that escorted temporary absences were “the next logical step in reintegration and gradual release.”

However, the board ruled that Desousa presented “an undue risk to society,” if she was paroled.

A profile in Desousa’s name is listed on Canadian Inmates Connect, which connects convicts with potential pen pals.

“I’ve been incarcerated since I was 15 years old. I was abused extensively as a child and did not know that this was not normal behaviour,” says the profile, which includes photos. “I know now and I am remorseful. I have never been given a chance to have proper interaction with the world growing up.”

Thomas said inmates approved for escorted absences to attend the lodge have to go through a “rigorous” process, but those who participate in ceremonies and access other supports from elders and counsellors see the greatest chance of reform and rehabilitation.

“When people embrace their culture, that’s where we have seen the most change in people,” he said. “They have to do the work themselves because if they don’t do the work, then we can’t change them.”

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



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