Enbridge vows to keep pipeline open, girds for legal fight with Michigan | Canada News Media
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Enbridge vows to keep pipeline open, girds for legal fight with Michigan

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Canadian pipeline company Enbridge Inc is squaring off for a legal battle with Michigan and courting protests from environmental groups, betting it can ignore the U.S. state‘s Wednesday deadline to shut its oil pipeline that runs under the Straits of Mackinac.

“We will not stop operating the pipeline unless we are ordered by a court or our regulator, which we view as highly unlikely,” Enbridge spokeswoman Tracie Kenyon said in a statement this week, ahead of Michigan’s deadline for shutting the line.

Line 5 is a link in Enbridge’s network to bring oil exports from western Canada to refineries and airports in Ontario, Quebec, Michigan, Ohio and Indiana. In November, Michigan Governor Gretchen Whitmer gave Enbridge six months to shut down the 540,000 barrel-per-day pipeline that runs four miles along the bottom of Lake Michigan-Huron, citing fears it could rupture and spill.

The state’s order still needs a confirmatory order from a judge to enforce it, and Enbridge and Michigan are disputing whether the issue should be heard in state or U.S. federal court.

The sides are in court-ordered mediation, with the next session scheduled for May 18.

Joe Comartin, Canada‘s consul general in Detroit who is arguing on behalf of the country’s federal government, said litigation could drag on until at least 2024.

“I don’t see a court jumping the gun and ordering it closed … until the litigation and constitutional issues are resolved,” he said in an interview.

The Canadian government has been lobbying officials in Washington to keep the pipeline open in what is likely to be an election year in Canada, but the White House has so far not weighed in on the matter.

The Ontario government estimates that the city of Sarnia, just across the border from Michigan, could lose 5,000 refinery and chemical plant jobs. Industry lobbyists say thousands of jobs are also at risk in the United States.

Environmentalists and indigenous groups opposed to Line 5 say the potential job losses are exaggerated, and are planning “Evict Enbridge” rallies in Mackinaw City, Michigan, on Wednesday and Thursday.

“Past May 12, Enbridge will be operating illegally as per state laws. We are very hopeful to hear from the governor that there will be accountability measures for operating that pipeline,” said Beth Wallace of the National Wildlife Federation.

Michigan is reviewing what remedies would be available to the state if Enbridge keeps operating past the deadline, said Lynsey Mukomel, a spokeswoman for the Michigan Attorney General.

Canadian crude market forward prices suggest most traders do not expect Line 5 to shut in coming months, but the lack of certainty is concerning, said one Calgary-based market source.

“We are looking at all our options and we will leave no stone unturned in defending Canada‘s energy security,” Natural Resources Minister Seamus O’Regan told an emergency parliamentary debate on the pipeline last Thursday.

“We will be ready to intervene strategically at precisely the right moment,” he continued, without giving details.

 

(Reporting by David Ljunggren and Nia Williams; Editing by David Gregorio)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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