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  • Mon, Oct. 24, 2:43 PM
    • The head of the Standing Rock Sioux tribe is urging the Justice Department to investigate tactics used by police in North Dakota against protesters of the Dakota Access oil pipeline, after a weekend in which local authorities arrested 127 people for charges that included reckless endangerment, criminal trespass, engaging in a riot and assault on a police officer.
    • The tribe and environmental activists have been protesting construction of the 1,100-mile pipeline, being built by a group of companies led by Energy Transfer Partners (ETP -0.6%), saying it threatens the water supply and sacred sites.
    • Tensions have shown no sign of easing since the Justice Department, Interior Department and U.S. Army Corps of Engineers intervened last month to stop construction of the pipeline at a river crossing and begin a review of the approval process for infrastructure projects that traverse traditional tribal lands.
    • Other relevant tickers: SXL, PSX, MPC, ENB, EEP
    | Mon, Oct. 24, 2:43 PM | 117 Comments
  • Mon, Oct. 17, 5:18 PM
    • Construction equipment for the Dakota Access oil pipeline sustained ~$2M in damage in an intentionally set fire over the weekend in Iowa.
    • The Jasper County Sheriff's office said the fire occurred late Saturday near the town of Reasnor, Iowa, near the site of an equipment fire in August along the 1,100-mile pipeline route, which is planned to carry oil from North Dakota to the U.S. Gulf coast.
    • Opposition to the $3.7B pipeline has been increasing, and construction of one section in North Dakota has been halted in response to protests by the Standing Rock Sioux tribe and environmental activists and is under federal review.
    • Relevant tickers: ETP, SXL, PSX, MPC, ENB, EEP
    | Mon, Oct. 17, 5:18 PM | 77 Comments
  • Thu, Oct. 13, 12:44 PM
    • Bernie Sanders is one of five U.S. senators calling on Pres. Obama to order a comprehensive environmental review of the Dakota Access pipeline project that has stoked increasingly fierce opposition from Native Americans and environmental activists; experts say such a review could take several months.
    • "The project’s current permits should be suspended and all construction stopped until a complete environmental and cultural review has been completed for the entire project," says the letter from Sens. Sanders, Feinstein, Markey, Leahy and Cardin.
    • The $3.7B project is being built by the Dakota Access subsidiary of Energy Transfer Partners (ETP -0.2%), which has vowed to complete construction; other relevant tickers are SXL, PSX, MPC, ENB, EEP.
    | Thu, Oct. 13, 12:44 PM | 157 Comments
  • Wed, Oct. 12, 2:48 PM
    • Five oil pipelines that carry millions of barrels of crude to the U.S. from Canada have restarted after being shut down by environmental protesters yesterday, although at least one of the lines was operating at reduced rates.
    • Company reps for TransCanada (NYSE:TRP) and Spectra Energy (SE, SEP) say their respective Keystone and Express pipelines both restarted yesterday afternoon, and Kinder Morgan (NYSE:KMI) says the spur of the pipeline impacted by the protesters is not operating but it has since restarted the rest of the pipeline.
    • Enbridge (ENB, EEP) has not disclosed the situation at its Mainline pipeline, but Genscape says the pipeline has resumed normal flows.
    | Wed, Oct. 12, 2:48 PM | 31 Comments
  • Tue, Oct. 11, 2:19 PM
    • Energy Transfer Partners (ETP -1.5%) says it expects to receive federal approval soon to complete the Dakota Access oil pipeline following Sunday's federal appeals court ruling that reaffirmed a lower court decision in September denying an injunction sought by the Standing Rock Sioux tribe.
    • The lead company building the controversial project says it is confident that the only remaining approval it needs - a permit to allow the pipeline to cross the Missouri River - will be granted soon by the Army Corp of Engineers.
    • ETP says the latest ruling frees it to continue building the pipeline in an area extending 20 miles on either side of the Missouri River.
    • Other relevant tickers: SXL, PSX, MPC, ENB, EEP
    | Tue, Oct. 11, 2:19 PM | 50 Comments
  • Mon, Oct. 10, 5:28 PM
    • The U.S. Army Corps of Engineers says is not yet authorizing construction of the Dakota Access pipeline on federal land in southern North Dakota, and is reiterating its earlier request for pipeline owner Energy Transfer Partners (NYSE:ETP) to voluntarily stop work on private land in the area.
    • The Corps' statement follows yesterday's federal appeals court ruling that allowed construction to resume on the pipeline within 20 miles of Lake Oahe, which set off large protests today at two construction sites in North Dakota.
    • The U.S. Justice Department, Interior Department and the Corps also say they are still reviewing the need to reforms in the way tribal views are considered for such projects.
    • Other relevant tickers: SXL, PSX, MPC, ENB, EEP
    | Mon, Oct. 10, 5:28 PM | 85 Comments
  • Mon, Oct. 10, 10:39 AM
    • The D.C. Circuit Court of Appeals Sunday night rejected a Native American tribe's attempt to block construction of the Dakota Access pipeline, denying an injunction because it said the tribe did not meet the legal standards for such a maneuver.
    • Although work may resume within a 20-mile radius of Lake Oahe, the Department of Justice and other U.S. agencies continue to halt construction on federal and adjacent to Lake Oahe and has requested a voluntary halt on private lands.
    • The Standing Rock Sioux tribe sought the injunction under the National Historic Preservation Act, arguing that places of cultural and religious significance to the tribe would be harmed by construction.
    • Relevant tickers: ETP, SXL, PSX, MPC, ENB, EEP
    | Mon, Oct. 10, 10:39 AM | 45 Comments
  • Mon, Sep. 19, 3:28 PM
    • Goldman Sachs upgrades its coverage on energy midstream partnerships to Attractive from Neutral, expecting a return of volume growth in 2017 and further growth in natural gas liquids, oil and natural gas helping to generate better margins.
    • The firm foresees few risks of any additional dividend cuts, as leverage and coverage should show improvements in 2017 and 2018, and believes financial risks from capital markets have begun to recede.
    • Goldman upgrades two names - Targa Resources (TRGP +3%) and Buckeye Partners (BPL +1.8%) - to Buy from Neutral, and lifts two more - Enable Midstream Partners (ENBL +3%) and Enbridge Energy Partners (EEP +0.9%) - to Neutral from Sell; however, EnLink Midstream (ENLC -0.5%) is downgraded to Sell.
    | Mon, Sep. 19, 3:28 PM | 14 Comments
  • Tue, Sep. 13, 1:37 PM
    • Enbridge (ENB -4.2%) has indicated that the MLPs it amasses from its $28B takeover of Spectra Energy (SE -4.4%) will continue to be operated separately, but analysts say they are headed for some sort of consolidation in the long run.
    • While ENB and SE rallied following their merger news, results have been mixed for Spectra Energy Partners (SEP -1.6%), Enbridge Energy Partners (EEP -3.2%), Midcoast Energy Partners (MEP -1.3%) and DCP Midstream Partners (DPM -5.4%) - the MLP jointly owned by SE and Phillips 66 - highlighting investor concerns about the post-merger fate of the units.
    • ENB may take 2-3 years to decide the structure of its MLPs after closing on SE, says Hennessey Gas Utility Fund's Skip Aylesworth, adding that when it finally happens, “you might end up with two of the four” units.
    | Tue, Sep. 13, 1:37 PM | 7 Comments
  • Sat, Sep. 10, 8:25 AM
    | Sat, Sep. 10, 8:25 AM | 35 Comments
  • Tue, Sep. 6, 7:45 PM
    • Spectra Energy (NYSE:SE) surged +13.4% in today's trade for its biggest gain in more than three years, even staying above the original $40.33/share value of Enbridge's (NYSE:ENB) $28B all-stock offer, as traders clearly believe that antitrust and financing concerns are minimal and that the premium paid for SE was modest considering potential synergies.
    • The deal has no serious antitrust problems, as the companies' networks have "limited overlap," according to Jones Day antitrust expert Bruce McDonald.
    • Bloomberg's Liam Denning says combining the two companies "should entrench their advantage when it comes to raising money. Reassuring the capital markets is the no. 1 skill any pipeline executive requires in the aftermath of the crash."
    • While ENB closed +5% and the Enbridge Energy Partners (NYSE:EEP) MLP ended +2.5%, Spectra Energy Partners (NYSE:SEP) was -1.3% as investors believed that the MLPs would be merged, even though the parent companies said it was not part of their current plans.
    • SEP, which operates natural gas pipelines, has the lowest cost of capital in the group and would be diluted if it combines with EEP, which is more in crude pipelines, says Rob Thummel of Tortoise Capital, adding that he does not believe the MLPs will be combined.
    | Tue, Sep. 6, 7:45 PM | 11 Comments
  • Tue, Sep. 6, 7:17 AM
    • Enbridge (NYSE:ENB) agrees to acquire Spectra Energy (NYSE:SE) in an all-stock deal valued at ~C$37B ($28B) that will create North America's largest energy infrastructure company.
    • SE shareholders will receive 0.984 shares of the combined company for each SE share they own, the equivalent of $40.33/share, representing a ~11.5% premium to SE's closing price on Friday.
    • After the deal, ENB shareholders will own ~57% of the combined company, while SE shareholders will own ~43%.
    • The combined company will be called Enbridge Inc. and upon closing will be the largest energy infrastructure company in North America with a US$127B enterprise value.
    • The companies’ MLP,s Spectra Energy Partners (NYSE:SEP) and Enbridge Energy Partners (NYSE:EEP), will continue to be separate publicly traded companies; SE also owns a 50% stake in DCP Midstream Partners (NYSE:DPM).
    • SE +5.8% premarket.
    | Tue, Sep. 6, 7:17 AM | 97 Comments
  • Thu, Sep. 1, 7:08 PM
    • Enbridge Energy (ENB +0.1%, EEP +0.5%) has officially scrapped current plans for its heavily delayed $2.6B Sandpiper crude pipeline.
    • Citing market conditions and other factors, the company withdrew regulatory applications with the Minnesota Public Utilities Commission, which had ordered environmental reviews that delayed the project into 2017 and then to 2019.
    • Meanwhile, the company had been shifting investment to the Bakken Pipeline System. It's not listed anticipated joint funding terms: 25% of funding coming from EEP and 75% from general partner Enbridge Energy Co. Inc.
    • Officially, the company is deferring the implementation of the Sandpiper project, which would have carried North Dakota light crude oil across Minnesota to its Wisconsin terminal, "beyond EEP's current five-year planning horizon." The Bakken line can carry the crude south to Texas.
    | Thu, Sep. 1, 7:08 PM | 2 Comments
  • Tue, Aug. 23, 12:37 PM
    • Construction will remain halted on the 1,154-mile Dakota Access pipeline at a site near the Missouri River after a federal judge postpones a hearing to determine whether protesters should be prevented from accessing the site.
    • The judge delayed a hearing until Sept. 8 to decide whether to grant a preliminary injunction sought to block the protesters from the site, while agreeing to extend a temporary restraining order against several of the protesters; the Standing Rock Sioux tribe argues that the pipeline threatens sacred sites and poses a risk to its drinking-water supply.
    • The $3.7B pipeline is being built by Energy Transfer Partners (ETP +0.5%) and its Sunoco Logistics Partners (SXL -0.1%) affiliate; refiner Phillips 66 (PSX +1.1%) owns a 25% stake, and Enbridge Energy Partners (EEP +0.1%) and Marathon Petroleum (MPC +1.4%) bought a stake for $2B earlier this month.
    | Tue, Aug. 23, 12:37 PM | 33 Comments
  • Thu, Aug. 4, 9:58 AM
    • The long-planned and often-delayed Sandpiper pipeline through the U.S. Midwest seems a likely casualty of plans by Enbridge (ENB, EEP) and Marathon Petroleum (NYSE:MPC) to acquire a portion of the rival Dakota Access Pipeline while scrapping their joint venture agreements and transportation services for the 450K bbl/day Sandpiper project.
    • Current outgoing pipeline capacity from the Bakken is ~641K bbl/day, but will surge to 1.21M bbl/day once Dakota Access becomes operational; with global oil futures down by 70% in the last two years, traders and analysts say there just is not enough crude in production in the U.S. Midwest for both pipelines.
    • For ENB, investing in another project could be the best move forward: The $2.6B Sandpiper project originally was planned for startup this year, but Minnesota regulators ordered environmental reviews that pushed the timetable out to 2017 and then to 2019.
    | Thu, Aug. 4, 9:58 AM | 8 Comments
  • Wed, Aug. 3, 8:17 AM
    • Enbridge Energy Partners (ENB, EEP) and Marathon Petroleum (NYSE:MPC) agree to pay a combined $2B for a 49% stake in the Bakken pipeline system from an affiliate of Energy Transfer Partners (NYSE:ETP) and Sunoco Logistics Partners (NYSE:SXL).
    • EEP says it is paying $1.5B for its share in the deal, while MPC says it is contributing $500M in the joint venture project to acquire the stake in the holding company that owns 75% of the pipeline network.
    • The deal follows the startup earlier this year of the Southern Access Extension, linking Enbridge’s mainline terminals near Chicago to the storage hub in Patoka, Ill.
    • The deal gives EEP the ability to move shale oil from the Bakken to refineries along the U.S. Gulf Coast, through connections to its mainline; EEP will seek to set joint tolls to the Gulf.
    • ETP and SXL will receive a respective $1.2B and $800M in the sale.
    | Wed, Aug. 3, 8:17 AM | 40 Comments