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The Seaway pipeline yesterday started to transport crude oil from Cushing in Oklahoma to...

The Seaway pipeline yesterday started to transport crude oil from Cushing in Oklahoma to refineries in Houston following the completion of a reversal project. The new direction of the pipeline, which is owned by Enterprise (EPD) and Enbridge (ENB), should help ease the glut of crude at Cushing and reduce the spread between WTI and Brent prices.
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Comments (8)
  • saulyablo
    , contributor
    Comments (8) | Send Message
     
    Am an 89 year old investor.

     

    Pleased with Enbridge's progress.
    20 May 2012, 07:51 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    And this was all done without the government's supervision or direction. Gee, you would think the Department of Energy would have stuck their nose in it someway.
    20 May 2012, 12:57 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4108) | Send Message
     
    Should be great news for Bakken oil drillers. KOG and NOG etc
    20 May 2012, 02:26 PM Reply Like
  • Agbug
    , contributor
    Comments (1164) | Send Message
     
    I hope it does, NOG hasn't been anything to write home about lately.
    20 May 2012, 03:09 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4108) | Send Message
     
    You noticed that all oil companies are way down?
    20 May 2012, 04:19 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2732) | Send Message
     
    I think that because of all the attention about CHK and its need to sell assets, the takeover premium in most of the small and midsized names has evaporated. Its an opportunity to get into the names that are mostly liquids focused, and can fund themselves going forward.
    20 May 2012, 08:32 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4108) | Send Message
     
    Interesting thought. What assets is CHK offering? Liquid assets or nat gas?
    20 May 2012, 08:39 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2732) | Send Message
     
    Forbes reported that Occidental had offered $3.5 billion for CHK's Permian Basin acreage, although Occidental came out and denied the report. CHK has reported that it was looking to get about $5 billion for that. They've also singled out their Mississippi Lime assets as being on the block. Permian is oily, it depends on where the acreage is. Mississippi Lime is oil and NGLs.

     

    For the North Dakota producers, the pipeline reversal will lead to higher prices, as the WTI price moves closer to the Brent price. Another big milestone will be the completion of natural gas gathering systems by ONEok early in 2013, which will allow companies the ability to start selling gas, allowing them to increase their reserves. MHR is a name I like, although it has been hit very hard over the last 6 weeks.
    20 May 2012, 09:37 PM Reply Like
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