Enbridge CEO Al Monaco. Image: Enbridge CALGARY — Enbridge Inc. is looking at options to help clear a glut of oil in Western Canada — including reversing a condensate import pipeline — but CEO Al Monaco counseled patience Thursday as all solutions will take time to put in place. The pipeline company reported adjusted earnings of $933 million in the third quarter, up from $632 million a year ago, in part because of increased crude volumes and revenue on its Mainline system out of Western Canada. “From what we see from our vantage point, storage levels are at a record high and while rail is providing some relief, it’s not enough to bring in the very wide discount (prices),” said Monaco on a conference call to discuss results. “All of that means our Mainline is running very full these days for both heavies and lights. It’s not news that these price dislocations…scream for new infrastructure and that’s what we’re focused on.” Several producers have announced they will reduce production in view of heavy oil spot price discounts that have ballooned to as much as US$52 per barrel compared with U.S. benchmark prices. Light oil discounts have also hit multi-year […]
