(Calgary) Enbridge posted first-quarter profit of $1.7 billion on Friday, down from $1.9 billion in the same period last year, which it attributed to a loss of foreign exchange linked to the end of foreign currency hedging.

The pipeline operator said its earnings per share were 86 cents for the quarter ended March 31, down from 95 cents in the same quarter in 2022.

On an adjusted basis, Enbridge earned 85 cents per share, up from 84 cents per share in the first three months of last year.

The result was in line with analysts’ expectations, according to forecasts collected by financial data firm Refinitiv.

Enbridge announced on Thursday an agreement with its shippers for the system rights of its mainline, the largest pipeline system in Canada.

The company had been working on a new rights deal since its proposal for long-term fixed contracts for the pipeline was rejected by the Canada Energy Regulator in November 2021.