Enbridge Energy (NYSE:EEP) announced second-quarter profits after the markets closed on Friday, reporting earnings and profits significantly above analysts' estimates.
Earnings for the oil and gas pipeline operator increased to $0.85 a share, against expectations of $0.71. Revenue also surpassed projections, reaching $1.75 billion; $14 million above the $1.61 billion being looked for.
With revenue close to level, it points to the cost-cutting measures put in place by the company as to its earnings performance.
On the revenue side, the liquids unit led the way, with growth in that segment increasing 60 percent to $167.8 million, up from the $104.8 million last year in the same quarter.
The gas division on the other hand fell 27 percent to $38.8 million, down from $52.8 million in 2009. Lower gas volume was the major reason behind that, along with lower NGL as well.