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Feb. 5, 2015, 8:27 AM
- Enbridge (NYSE:ENB) says the U.S. investigation into BP breaking anti-fraud and reporting rules on using oil pipelines is related to crude shipments on ENB's Mainline system.
- The CFTC told BP in November that it planned to recommend an enforcement action alleging violations of the Commodity Exchange Act in connection with Canadian pipeline nomination procedures and related trades.
- ENB says the CFTC has not indicated that it was under investigation.
Jan. 21, 2015, 7:11 PM
- Suncor Energy (NYSE:SU) expects Enbridge's (NYSE:ENB) Line 9B crude pipeline to start up towards the end of Q2 2015, according to Suncor CFO Alister Cowan.
- SU is a committed shipper on the pipeline, which will take crude from Sarnia, Ontario, to Montreal, Quebec.
- Line 9B originally was scheduled to start up late last year but ran into delays after Canada's National Energy Board requested data on valve placements on the revamped pipeline.
Jan. 13, 2015, 9:16 AM
- Enbridge (NYSE:ENB) says it was selected to build and operate a crude oil pipeline that will connect the planned Stampede deepwater project to an existing pipeline system.
- ENB says the new pipeline will be built in the Gulf of Mexico for ~$130M and begin operations in 2018.
- Hess (NYSE:HES), which plans to drill as many as six production wells in the Stampede area starting early this year, owns Stampede alongside partners Statoil, Nexen and Chevron.
Jan. 7, 2015, 11:48 AM
- Whether or not Pres. Obama would veto a bill approving TransCanada’s (TRP -0.8%) Keystone XL pipeline, Canada's dreams of becoming a global oil superpower are being washed away by a confluence of forces over which the country has no control, Financial Post's Terence Corcoran writes.
- When even a Republican-dominated U.S. Senate can’t muster enough support to force Obama’s hand, it means environmentalists and other Keystone foes effectively control the U.S. pipeline decision-making process, according to Corcoran.
- The economic environment looks even worse, as the promoted alternatives to Keystone - Northern Gateway (ENB -0.4%) to the west coast and Energy East through to Quebec and New Brunswick - almost certainly are rendered uneconomical if ~$50/bbl oil remains for any extended period of time.
- Instead of Canada selling oil elsewhere, the U.S. will sell its own oil elsewhere after recently lifting the 40-year-old ban on oil exports; with the surge in U.S. oil production and the new oil price level providing a boost for the U.S. dollar and U.S. consumers, Corcoran believes Obama has no reason to change his mind.
Jan. 2, 2015, 10:03 AM
- Enbridge (ENB -0.4%) says it restarted its North Dakota pipeline system after a fire at a truck-loading facility.
- The fire began yesterday at the facility that was leased to ENB's Tidal Energy Marketing unit; eight out of 12 crude storage tanks, each with a capacity of 400 barrels, caught fire at the site.
- ENB's North Dakota Pipeline Co. operates an 826-mile system from Plentywood, Mont., to Clearbrook, Minn., with a capacity to transport 210K bbl/day.
Dec. 24, 2014, 2:40 PM
Dec. 19, 2014, 6:46 AM
- Enbridge (NYSE:ENB) has restarted its largest crude-oil export pipeline to the U.S., after shutting Line 4 due to a 1,350 barrel spill at its Regina Terminal in Saskatchewan.
- The company expects the full clean up of the spilled oil to continue into next week.
- Previously: Enbridge shuts oil pipeline to U.S. after spill in Canada (Dec. 18 2014)
Dec. 18, 2014, 8:19 AM
- Enbridge (NYSE:ENB) says it safely shut down and isolated its Line 4 pipeline at the Regina Terminal in Saskatchewan overnight after ~1,350 barrels of oil were released from the line within an on-site pumping station.
- The shutdown of the 796K bbl/day pipeline has disrupted the flow of Canadian oil supplies to the U.S. Midwest; ENB does not yet know when the line will return to service, but the company has not declared force majeure.
- If Line 4 remains down, Midwest refiners may lean on pipelines bringing supply north from the Gulf Coast, including the Capline system operated by Marathon Petroleum (NYSE:MPC), analysts say.
Dec. 10, 2014, 4:58 PM
- Enbridge (NYSE:ENB) agrees to pay ~$6.8M to settle a class-action lawsuit related to a July 2010 pipeline spill in Michigan that dumped more than 20K barrels of crude oil into the Kalamazoo River and Talmadge Creek, resulting in one of the costliest onshore oil spills in U.S. history.
- The suit was brought in 2011 and covers a class including people that owned or lived on property within 1,000 feet of the Kalamazoo River in the area where the pipeline leaked.
- ENB has estimated that its cleanup costs from the incident will reach $1.2B.
Dec. 9, 2014, 5:25 PM
- Canada will not impose new carbon emission rules on its oil and gas sector in a time of falling oil prices, Prime Minister Harper tells the House of Commons as international talks begin in Peru to reach a new global agreement on curbing greenhouse gas emissions.
- Canada’s critical energy sector has been slammed by the recent collapse of world oil prices, and a number of Canadian producers recently have announced plans to cut spending and dividends.
- Harper’s government, which counts the resource-rich western provinces as its core political base, had said it was prepared to work with the U.S. on environmental rules covering the continental oil and gas sector.
- Among Canada's top energy firms: SU, ENB, EEP, EEQ, TRP, IMO, CNQ, TCK, CVE, BTE, OTCQX:COSWF, OTCQB:HUSKF
Dec. 8, 2014, 10:21 AM
- Enbridge (ENB -1.9%) is planning for much greater aboriginal participation and control - perhaps even a majority - over the Northern Gateway oil pipeline, while eventually stepping back into more of an operator role, the proposed pipeline’s top executive tells Financial Post.
- Consultation with British Columbia’s First Nations and Metis communities on the $7.9B project has increased ENB's awareness that should strive to better reflect their needs and interests, project president John Carruthers says.
- Discussions are under way about moving the project’s control from ENB to a more independent entity, such as a limited partnership, governed by a board representing the company, oil company shippers and aboriginal equity partners, he says.
Dec. 5, 2014, 3:19 PM
- Enbridge’s decision (ENB -2.5%) yesterday to transfer assets into an affiliate and boost dividends has rewarded shareholders but hurt bondholders, pushing down the price of ENB’s C$450M of notes due June 2023 and driving relative yields to 153 bps, the highest since the securities were issued in 2013.
- Equity holders “want companies to go out and spend all sorts of money," says one portfolio manager. "‘Let’s do a deal’ - that’s what driving investment right now.”
- ENB CEO Al Monaco maintains he is not ignoring bondholders, saying ENB's credit metrics stay strong after the move.
- Moody’s and S&P reduced their outlooks on the debt to negative on concern the changes will weaken ENB's finances.
Dec. 4, 2014, 3:25 PM
- Enbridge (ENB +10.8%) soars to all-time highs on heavy volume following news of its sweeping plan to raise its dividend by 33% and transfer ownership of its Canadian pipelines to affiliates in a bid to lower funding costs for future expansion and new projects.
- The dropdown allows ENB “to accelerate dividend growth immediately and for the next four-plus years,” ScotiaBank analyst Matthew Akman says.
- "It's another attempt to remove the conglomerate discount by streamlining its businesses," says Colin Cieszynski of CMC Markets.
- The move comes as rival TransCanada (TRP +1.6%) faces pressure from activist investors to overhaul its business, including accelerating dropdowns into its U.S.-based affiliate TC Pipelines (TCP +0.6%) and a spinoff of its power business.
- EEP +6.6%, EEQ +7.3%.
Dec. 4, 2014, 8:41 AM
- Enbridge (NYSE:ENB) +9.6% premarket after saying it will increase its dividend by 33% and transfer ownership of its Canadian pipelines to affiliates in an attempt to lower funding costs for future expansion and new projects.
- ENB plans to drop down its Canadian pipeline assets to its Enbridge Income Fund subsidiary and then raise up to C$800M in equity over the next three years through another affiliate, Enbridge Income Fund Holdings (OTC:EBGUF).
- The combined value of the pipeline assets involved in the transfer totals C$17B and includes the Canadian segment of the Alberta Clipper pipeline.
- ENB says it also is considering a similar move to restructure its U.S. assets by transferring them to its Enbridge Energy Partners (NYSE:EEP) affiliate.
Dec. 4, 2014, 12:40 AM
- Enbridge (NYSE:ENB) declares C$0.465/share quarterly dividend, 33.0% increase from prior dividend of $0.35.
- Forward yield 3.42%
- Payable March 1; for shareholders of record Feb. 16; ex-div Feb. 12.
- The company initiated new dividend payout policy of 75-85% of adjusted earnings.
Dec. 1, 2014, 10:11 AM
- Canadian Natural Resources (CNQ -0.9%) Chairman Murray Edwards predicted Friday that oil prices could collapse to US$30/bbl before stabilizing at $70-$75.
- Edwards says industry projects that are already underway, particularly oil sands projects with a long-term horizon and capital already invested, likely will continue, but others will be shelved until there is more clarity around future oil prices; Edwards also sees a slowdown in conventional oil projects, especially those that tend to produce a lot at the front end.
- He expects efforts to build new pipelines such as Keystone XL (TRP +0.6%) and Energy East (ENB +0.8%) to continue because they represent a 30-50 year opportunity for Canada.
- Brace for such “apocalyptically low” oil calls now, Jason Zweig writes: “Watch for the last optimists to be swept away by pessimism - at which point it will be an opportune time to add to your energy stocks or MLPs... We’re probably not there yet."
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