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May 5, 2015, 8:25 AM
- The discount for heavy Western Canadian Select crude vs. West Texas Intermediate shrank to the lowest since 2012, as a new pipeline started and production sites were shut for maintenance.
- WCS strengthened as Enbridge (NYSE:ENB) said it filled a new 570K bbl/day pipeline last month and MEG Energy (OTCPK:MEGEF) was said to plan maintenance at its 210K bbl/day Christina Lake oil sands site.
- The ENB line will raise the amount of crude that can be shipped from Edmonton, in northern Alberta, to the storage terminals in Hardisty, in southern Alberta, where on the supply side, MEG’s work at Christina Lake is said to be scheduled for this quarter.
May 1, 2015, 7:20 PM
- Despite Pres. Obama's refusal to grant a permit for the northern cross-border leg of the Keystone XL pipeline (NYSE:TRP), "just as water will find its way through any crack in a foundation," Canada’s oil keeps streaming its way to Texas’ Gulf refineries, Financial Post's Claudia Cattaneo writes.
- While Keystone’s approval has sat stalled for six years, other pipelines have been built or expanded to ease bottlenecks: TRP's southern leg of Keystone XL and its Marketlink project from Cushing to Port Arthur, Enbridge (NYSE:ENB) and Enterprise Products' (NYSE:EPD) Seaway pipeline from Cushing to Freeport, and there's heavy oil coming by train and barge - it takes longer, costs more and is less efficient, but it's coming nevertheless.
- Even a prolonged slump in oil prices is not likely to stop Canada’s rush to the Texas coast: Both Imperial Oil (NYSEMKT:IMO) and Suncor (NYSE:SU) said this week their Q1 oil sands production levels are up 11% Y/Y, with IMO soon doubling production at the Kearl oil sands mine and new production beginning at its Nabiye operation.
Apr. 21, 2015, 5:58 PM
- BP is seeking buyers for as much as $2B of U.S. pipelines and storage terminals, Bloomberg reports.
- In the last two weeks, BP sent offering materials to potential buyers of two batches of assets - its interest in four pipelines and a gas plant along the Gulf of Mexico, and 15 storage terminals in the Midwest and on the East Coast - according to the report.
- BP is said to be looking to sell stakes in three Gulf of Mexico assets it co-owns with Enterprise Products Partners (NYSE:EPD) - the Wilprise and Tri-States Pipelines and the Pascagoula Gas Processing Plant - as well as stakes in the Destin and Okeanos Gas pipelines, which it co-owns with Enbridge (NYSE:ENB).
Apr. 20, 2015, 12:21 PM
- Enbridge (NYSE:ENB) wants to build the 730-mile Northern Gateway pipeline to ship Canadian oil to west coast port, but the chief of a reserve for indigenous people is promising to block the project running alongside the reserve’s territory.
- The pipeline is meant to help ship oil to Asia, but the Tl’azt’en nation and other indigenous communities have been emboldened by a recent Supreme Court of Canada decision on aboriginal land rights to fight a project they say risks damaging their environment and culture.
- Aboriginal groups and environmental protesters also have challenged an expansion of Kinder Morgan’s (NYSE:KMI) Trans Mountain pipeline outside Vancouver, as well as TransCanada's (NYSE:TRP) proposed Energy East pipeline that would ship crude from Alberta to the Atlantic.
Apr. 9, 2015, 12:43 PM
- Canada must stop inter-provincial bickering and political indecision to ensure major energy projects get done before global markets move on to other suppliers, Bank of Nova Scotia CEO Brian Porter says, calling Canada's inability to deliver energy to world markets "detrimental" to the country’s economy.
- TransCanada's (NYSE:TRP) Energy East project to transport oil to the Atlantic coast and Enbridge's (NYSE:ENB) Northern Gateway pipeline that would transport Alberta oil to the Pacific coast for shipment to Asia would create tens of thousands of jobs with economic benefits spread across Canada, Porter says.
- Meanwhile, Shell's (RDS.A, RDS.B) proposed combination with BG Group (OTCPK:BRGXF, OTCQX:BRGYY) likely will result in one fewer liquefied natural gas project being built on the British Columbia coast between Shell's LNG Canada and BG's Prince Rupert LNG.
Mar. 26, 2015, 2:36 PM
- Canada's government says it will give the National Energy Board until next year to deliver up-to-date guidelines for oil pipeline companies to improve safety and protect the environment.
- The instructions coincide with several major pipeline expansion projects proposed in Canada by companies such as Kinder Morgan (NYSE:KMI), Enbridge (NYSE:ENB) and TransCanada (NYSE:TRP).
- The Conservative government has promoted expansion of the oil and gas industry, pledging to make the country an "energy superpower."
- Meanwhile, the NEB reportedly is investigating up to a dozen new allegations of natural gas pipeline safety code violations at TRP, which would mark the second time in recent years the regulator has probed safety practices at TRP following complaints by a whistleblower.
Mar. 25, 2015, 11:36 AM
- MKM Partners chief market technician Jonathan Krinsky offers his picks and pans in the world of energy MLPs, based mostly on relative strength compared to the sector’s benchmark Alerian MLP Index, which has slumped for the past six months.
- Krinsky's Buy recommendations: ALDW, BPL, CPLP, ENB, ETE, KMI, PAGP, SEMG.
- However, he tags CNP, NRP, SDLP and TOO with Sell ratings.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, MLPJ, ZMLP, ENFR, AMZA, ATMP, MLPW, MLPC, IMLP, OSMS, YGRO, MLPO
Mar. 17, 2015, 10:58 AM
- The Keystone pipeline disappointment is hardly a death knell for TransCanada (NYSE:TRP), as the company remains one of the top holdings in Skip Aylesworth’s Hennessy Gas Utility fund, which climbed 21% last year as distribution gains trumped price drops.
- TRP is "a fine, healthy company and, yes, this is a hiccup, and they would love to see Keystone happen, but it is just a part of their business," Aylesworth tells Barron's.
- Of one Aylesworth's favorite energy investments actually is Berkshire Hathaway (BRK.A, BRK.B), which is heavily involved in the distribution of natural gas and owner of Burlington Northern, which is exploring using natural gas to fuel long-distance freight trains.
- Other favorites: ENB, WMB, LNG, NJR, KMI, SE
Mar. 6, 2015, 12:21 PM
- Enbridge (ENB +0.3%) says it plans to boost the size of two lines carrying crude from Alberta's oil sands while cutting C$400M from their original price tag.
- ENB says the two planned regional lines, the Athabasca Twin and Wood Buffalo extension projects, will now cost a combined C$2.6B, down from its prior C$3B estimate.
- The pipe diameter of the Wood Buffalo project will be boosted to 36 inches from a planned 30-inch diameter, while the Athabasca Twin will add pumping capacity to raise its throughput to 800K bbl/day from 450K.
Feb. 20, 2015, 4:58 PM
- Shale producers in Alberta’s Duvernay region are told to monitor and prevent earthquakes after provincial regulators linked a series of seismic events over the last two months to fracking.
- Producers must test for quakes and, if they detect seismic events greater than magnitude 2.0 on the Richter scale, take measures to reduce the impact of their activity; if a tremor is detected above 4.0, producers must immediately halt drilling and can’t resume until they get approval from regulators.
- Fracking is blamed for several Alberta quakes in December and January, including one with a magnitude of 4.4.
- Chevron (NYSE:CVX), Royal Dutch Shell (RDS.A, RDS.B) and Encana (NYSE:ENB) are among companies drilling for natural gas liquids in the Duvernay region.
Feb. 20, 2015, 2:56 PM
- Enbridge (ENB +0.2%) says it is considering opening a new route to bring crude oil from western Canada and North Dakota to U.S. Gulf coast refiners,as the company says U.S. Gulf is becoming more of a competitive market for Canadian oil.
- The project originally was announced in early 2013 with a planned start-up date this year; ENB was unable to secure commitments with shippers two years ago, but believes that now there may be more demand for such a pipeline due to increased interest in Gulf coast refineries.
- If ENB moves forward, the project would become the third planned pipeline to bring large amounts of Canadian and North Dakotan oil from the Midwest to the U.S. refining hub along the Gulf Coast, joining Enterprise Products' Seaway Twin pipeline, which also links to ENB’s Flanagan South, and TransCanada's Keystone XL.
Feb. 19, 2015, 7:14 PM
- Enbridge (NYSE:ENB) reported adjusted Q4 earnings that fell short of expectations, but says it remains confident it can deliver 10%-12% average annual EPS growth over the next four years.
- ENB also says its revenue increase to nearly $8.8B from $8.29B was partly the result of new income from its call for line fill on its Flanagan South and Seaway Crude pipeline projects; the completion of the two projects allowed large quantities of heavy crude oil from Alberta to the U.S. Gulf coast for the first time.
- ENB says it expects to place another C$9B of pipeline projects into service this year after completing 15 projects worth C$10B in 2014; one project that has not been completed is the reversal of the Line 9 pipeline, and ENB says earnings from its mainline system were impacted by “the absence of revenues from Line 9B."
Feb. 19, 2015, 5:30 PM
Feb. 19, 2015, 4:30 PM
- Enbridge (NYSE:ENB): Q4 EPS of C$0.49 misses by C$0.03.
- Revenue of C$8.79B (+6.0% Y/Y) beats by C$1.52B.
Feb. 9, 2015, 12:30 PM
- Alberta is in talks with Alaska about shipping oil sands crude through the state to the Pacific, as energy supporters struggle to convince opponents in Vancouver and Washington state of the merits of building new pipelines to ship crude out of the land-locked province.
- An Alaska plan that would involve constructing a pipeline along the Mackenzie River valley and then west to existing ports on the U.S. coast is "technically feasible, [but] whether it’s economically feasible has yet to be determined," Alberta Premier Jim Prentice tells Bloomberg.
- The route for a potential Alaska pipeline would cross through Canada’s Yukon and Northwest Territories, where both governments are supportive, Prentice says.
- Enbridge's (NYSE:ENB) planned Northern Gateway pipeline would terminate at B.C.'s Kitimat port, where groups oppose the project; Kitimat is ~1,000 miles southeast of the Alaskan port of Valdez.
- Alberta’s other pipeline options include TransCanada’s (NYSE:TRP) Energy East project to the Atlantic port of Saint John, New Brunswick; TRP's Keystone XL pipeline to the Gulf of Mexico; and Kinder Morgan’s (NYSE:KMI) Trans Mountain expansion to the port of Vancouver.
Feb. 9, 2015, 10:58 AM
- Enbridge (ENB +0.8%) says it is asking the National Energy Board for permission to start up its recently reversed Line 9 pipeline between Montreal and Ontario to begin service by the end of June, after addressing safety and environmental concerns raised by the regulator.
- The NEB approved the Line 9 reversal last March, but then held up the project citing deficiencies in ENB’s safety plan; it said Friday that the number and placement of emergency shut-off valves on the 300K bbl/day pipeline is now appropriate.
- The pipeline would ship crude oil from western Canada to refineries in eastern Canada.
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