Calgary-based Enbridge Inc. (TSX:ENB) reported net earnings attributable to shareholders of $577 million in the second quarter of 2015, down from $756 million in the same period last year.
The oil and gas company, which has been hit by the slide in oil prices that began in July 2014, said the profit amounts to 68 cents per common share in the quarter ending June 30, down from 92 cents per share in the same period last year.
The company's pipeline business, which takes in some revenue in American dollars, was buoyed by the slide in the value of the Canadian dollar to take in $409 million in the quarter, down from $431 million last year.
Enbridge cautioned that its quarter-to-quarter earnings growth can be volatile because of its complex hedging program, which is designed to mitigate the effect of interest rates, foreign exchange and commodity price fluctuations.
The company said its natural gas business took a $440 million goodwill impairment charge because of a prolonged downturn in commodity prices that has reduced the activity of natural gas producers.
Enbridge said its adjusted earnings for the quarter were $505 million, up from $328 million last year.
In June, the National Energy Board approved Enbridge's plan to expand its Line 9B pipeline between Ontario and Quebec on the condition that the company completes safety testing on the line.
After the pipe is flushed with water at high-pressure to prove it is free of leaks, the company would be allowed to reverse the flow of the crude-oil pipeline to supply Quebec refineries with domestic oil.
The company was originally planning to bring the line into use last fall before the energy regulator raised concerns.
During the quarter, the company took full control of the pipeline and renewable energy holdings of the publicly traded Enbridge Income Fund. Enbridge said the move would support the company's previously announced dividend increase of 33 per cent, which took effect March 1, and its projected dividend per share growth of 14 to 16 per cent through 2018.
Meanwhile, TransCanada Corp. (TSX:TRP) says it earned $429 million in its latest quarter, up from $416 million a year ago.
The company says the profit amounted to 60 cents per share for the quarter ended June 30 compared with a profit of 59 cents per share a year ago.
Revenue improved to $2.63 billion compared with $2.23 billion a year ago.
TransCanada says its comparable earnings for second quarter totalled $397 million or 56 cents per share compared with $332 million or 47 per share for the same period last year.
The company says the improvement was due to higher earnings from the Canadian Mainline, NGTL System, Keystone, Bruce Power and Eastern Power.
They were partially offset by lower contributions from its U.S. Power and Western Power operations.