Dec. 4, 2014, 12:40 AM| Dec. 4, 2014, 12:40 AM | Comment!
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."
Nov. 28, 2014, 10:20 AM| Nov. 28, 2014, 10:20 AM | 17 Comments
Nov. 28, 2014, 8:43 AM
Nov. 21, 2014, 3:43 PM
- Enbridge Energy Partners (EEP +0.2%) says it may build a 120K bbl/day rail terminal at the Cushing, Okla., oil storage hub, another sign that rail is being integrated into key oil infrastructure.
- The terminal, which would be complete by the end of 2016, would handle two inbound and two outbound unit trains a day; the crude oil probably would come from Canada, and final destinations would depend on consumer interest.
- Enbridge (ENB +0.3%) has a terminal in Cushing with 20M barrels of storage.
Nov. 12, 2014, 6:57 PM
- Utility stocks tumbled today amid Pres. Obama's plan with China to curb greenhouse gas emissions, and will renew a push by environmental activists to deny government approval of pipeline projects such as Keystone XL (NYSE:TRP) and Alberta Clipper (NYSE:ENB) that would carry Canadian oil sands crude to U.S. refineries.
- “Achieving these goals will almost certainly require changes to the implementation of the EPA power plant regulations,” Council on Foreign Relations analyst Michael Levi says, referring to draft rules issued by the EPA in June that already have sparked pushback.
- Congressional Republicans, soon to have a majority in the Senate in addition to the House, promise to do everything possible to stop Obama’s emissions targets for power plants; the administration believes GOP gains mean Obama will not get legislative help in achieving his goals but that Republicans are unlikely to be able to stop executive orders and environmental regulations.
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Nov. 5, 2014, 9:49 AM
- In its Q3 earnings report, Enbridge (ENB -0.1%) warned that its $400M plan to reverse the flow of the Line 9B pipeline running between southern Ontario and Montreal has been delayed.
- ENB says Canada’s National Energy Board has requested additional information on the project, and that it has provided the information but does not have an estimate for the length of the delay; Canada's main energy regulator approved the company’s plan in March, subject to a list of 30 conditions.
- ENB had said earlier that it expected to begin shipments of crude oil on the 300K bbl/day pipeline on Nov. 1.
- Q3 total revenues were $8.3B, down from $9B in the same quarter last year, and the company said full-year adjusted EPS is on track to meet its guidance for $1.84-$2.04, in line with analyst consensus of $1.92.
Nov. 5, 2014, 7:18 AM
Nov. 4, 2014, 5:30 PM
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Oct. 22, 2014, 5:47 PM
Oct. 21, 2014, 10:18 AM
- TransCanada (TRP +1.3%) has delayed seeking regulatory approval of the C$12B Energy East pipeline project as it negotiates with Quebec’s Gaz Metro and Ontario units of Spectra Energy (SE +1.7%) and Enbridge (ENB +0.6%), Bloomberg reports.
- The feud centers on TRP’s plan to convert a 3K km stretch of its mainline gas conduit to carry oil; gas distributors claim that converting the mainline in eastern Ontario would lead to fuel shortages and higher prices, and they want TRP to build a standalone oil conduit or a gas line the same size as the existing one - which TRP would cost $1B more than planned and jeopardize the project.
- Energy East shippers probably would incur costs of $7.40-$10.20/bbl to move oil across Canada on the pipeline and then by tanker to the U.S. Gulf coast, the most likely market, Morningstar's David McColl says; currently, the costs are less than rail alternatives.
Oct. 10, 2014, 11:57 AM
- Enbridge (ENB -1.6%) must take more safety measures to protect major waterways before it gets permission to start up its Line 9B oil pipeline, according to a ruling from the National Energy Board that will delay plans to start up the pipeline project by at least three months and perhaps longer.
- ENB received permission in March to reverse a 639 km section of Line 9B from North Westover, Ont., to Montreal, provided various conditions were fulfilled; the NEB now says ENB has installed safety valves that met proper standards at only six of 104 identified major water crossings.
Sep. 30, 2014, 6:07 PM
- Enbridge (NYSE:ENB) says it does not expect U.S. approval for expansion of the cross-border Alberta Clipper pipeline until mid-2015, a year later than it previously planned.
- ENB's project to nearly double capacity of the pipeline to 800K bbl/day is awaiting a decision from the U.S. State Department, which is reviewing the application.
- Separately, Enbridge Energy Partners (NYSE:EEP) discloses that its Sandpiper pipeline project faces a delay in shipping crude from North Dakota's Bakken Shale until 2017 due to a longer than expected permitting process in Minnesota.
- Earlier: Enbridge planning to spend C$44B on pipeline and power projects.
Sep. 30, 2014, 2:28 PM
- Enbridge (ENB -1.1%) plans to spend C$44B ($39.4B) through 2018 on new pipelines and power projects that will help boost EPS by 10%-12%, CEO Al Monaco says at today's investor meeting.
- ENB sees North American crude supply growing by 7M bbl/day through 2025, fueling the company’s pipeline expansions.
- Monaco says he has considered the downside risk complicating major projects, but that “how we add value is through the major projects capability.”
Sep. 23, 2014, 5:14 PM
- Suncor Energy (NYSE:SU) says it is shipping its first-ever tanker of western Canadian heavy crude from Canada's east coast to Europe.
- SU confirms Reuters shipping data that shows the aframax tanker Minerva Gloria was set to pick up a cargo of crude oil from the port of Sorel-Tracy on the St. Lawrence River in Quebec, but the company does not say where in Europe the crude cargo is going.
- The shipment shows how Canada's heavy crude could begin to compete with crude from producers such as Russia and Saudi Arabia for customers in Europe; Enbridge (NYSE:ENB) shipped a first cargo of re-exported Canadian crude from the U.S. Gulf coast to Europe earlier this year.
Sep. 23, 2014, 8:47 AM
- Enbridge (NYSE:ENB) agrees to transfer a package of pipelines that carry natural gas and bitumen-thinning diluent to Enbridge Income Fund for $1.76B.
- The deal includes ENB's 50% interest in the U.S. segment of the Alliance pipeline, which carries gas from British Columbia and Alberta to the Chicago area, as well as the Southern Lights diluent pipeline, which transports the oil sands thinning agent from the Chicago area to Edmonton.
- ENB CFO Richard Bird says the drop-down deal will provide a significant source of low-cost funding for ENB's capital program.
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