Enbridge Inc. says it delivered a profit of $500 million in its most recent quarter as it remains on track to close a previously announced deal to purchase three U.S. gas utilities by the end of the year.

The Calgary-based pipeline giant says its third-quarter profit compared with $1.3 billion a year earlier.

Enbridge's third-quarter profit amounted to 26 cents per share for the quarter ended Sept. 30 compared with 63 cents per share in the same quarter a year earlier.

On an adjusted basis, Enbridge said it earned 62 cents per share, down from an adjusted profit of 67 cents per share a year earlier.

The results cover the period when Enbridge entered into three agreements with Dominion Energy, Inc. to acquire The East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and Public Service Company of North Carolina for US$14.0 billion.

Enbridge says the acquisitions are still subject to closing conditions and regulatory approvals but are expected to close in 2024.

This report by The Canadian Press was first published Nov. 3, 2023.

Companies in this story: (TSX:ENB)

This is a corrected story. A previous version erroneously suggested the U.S. utilities purchase was announced Nov. 3. In fact, it had been announced previously and was signed during the third quarter. It incorrectly referred to the second quarter rather than the third in a sentence comparing profit to last year's profit. It also incorrectly stated the year-earlier comparison for adjusted profit per share as being up, when in fact it was lower.

This report by The Canadian Press was first published Nov. 3, 2023.