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Today, 3:11 PM
- Canada’s government will make a decision by the end of this year on Kinder Morgan’s (KMI -1.3%) Trans Mountain oil pipeline expansion after additional consultations and considering the country’s national interest, Natural Resources Minister Jim Carr says.
- The government has added four months to the National Energy Board regulatory process in order to provide more assessment of the project, Carr says; TransCanada’s (TRP -1.3%) Energy East also will face a longer review period, while Enbridge’s (ENB -2.7%) Northern Gateway was approved by the previous government but the company has not yet made a final investment decision.
- "When we’re done, we want Canadians to be heard, that it was a responsible and thorough process which we hope will lead to a better result... We are not asking the proponents of these prjects to go back to square one," Carr says.
Yesterday, 12:22 PM
- Royal Dutch Shell (RDS.A, RDS.B) says it is postponing an investment decision on the proposed LNG Canada project to the end of 2016, as lower global oil prices restrict its ability to spend.
- "This is to manage affordability and get better value from the supply chain in this downturn," CEO Ben Van Beurden says on Shell's earnings conference call.
- Shell has been one of the front-runners among nearly two dozen liquefied natural gas export proposals along Canada’s Pacific coast.
- Shell, whose partners in the project include Korea Gas, Mitsubishi and PetroChina (NYSE:PTR), had talked about making a final investment decision this year but had not set a firm date.
- FirstEnergy Capital analyst says the move particularly hurts TransCanada (NYSE:TRP), which the Shell-led group had hired to build their pipeline.
Wed, Feb. 3, 6:22 PM
- Canada's National Energy Board asks TransCanada (NYSE:TRP) to file an updated, consolidated application for the Energy East pipeline that is easier to read and understand.
- TRP’s original application was 30K pages in length, and the company has since filed supplemental reports and an amended project description; TRP says the NEB’s latest request probably will not result in a delayed in-service date for the project, currently planned for 2020.
- The NEB request comes on the same day TRP announced a deal with ABB to build housing for electric power stations in Quebec to be used to distribute power to pumping stations along the Energy East route.
Mon, Feb. 1, 3:15 PM
- Alberta's government says it will provide up to C$500M (US$357M) in subsidies to support new petrochemical plants, part of a plan to help diversify the province’s economy by creating higher value products from its resources.
- The subsidies are designed to attract two or three new petrochemical projects, each of which would be eligible for up to C$200M in credits for purchasing ethane or propane; the credits would be provided only once a facility is built and starts operating to reduce the financial risk to the province.
- The program follows Alberta’s review of oil and gas royalty charges, which was unveiled Friday and said there was an opportunity to encourage more petrochemical processing in the province.
- Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
Fri, Jan. 29, 2:15 PM
- Alberta's new government unveils its new oil and gas royalty framework that left rates unchanged on existing oil wells and oil sands projects, easing fears that it could lead to higher costs and job losses at a time when Canada's energy heartland is already staggering from collapsing oil prices.
- The highly anticipated royalty review keeps the current commodity price-based system, but will levy rates once the cost of a well has been recouped based on industry averages for drilling costs in Alberta, will apply only to new wells from 2017 onward; existing royalty rates will remain in place for 10 years on wells drilled before 2017.
- Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
Wed, Jan. 27, 5:41 PM
- Canada's government says it will take extra time to weigh approvals for TransCanada's (NYSE:TRP) Energy East and Kinder Morgan's (NYSE:KMI) Trans Mountain pipeline projects, a move that will push back in-service dates for both projects.
- The Canadian Environmental Assessment Agency will study the upstream emissions from both pipeline projects, and the emissions of all future projects it would consider, Natural Resources Minister Carr and Environment Minister McKenna announce.
- The federal government also will seek more consultation with First Nations affected by the projects, as well as liquefied natural gas projects currently under regulatory review.
- Carr reportedly will ask for an extra four months to make a decision on the approval of the Trans Mountain pipeline expansion, meaning the government will make a decision in December, as well as an extension to the National Energy Board’s legislated review time limit of the Energy East project by six months and an extension of the government’s decision-making deadline by three months.
Tue, Jan. 26, 10:58 AM
- Canada’s new pipeline rules will consider the impact of greenhouse gas emissions, including upstream emissions, and will be unveiled soon, Prime Minister Trudeau says, adding that projects need to win public trust to move forward.
- Trudeau spoke in Montreal today alongside Mayor Coderre, who announced his opposition last week to TransCanada’s (TRP +3.7%) Energy East proposal, sparking criticism from other Canadian political leaders.
- Coderre says he is leaving the door open to Energy East by suggesting it was still possible to strike the right balance.
- Trudeau’s government is preparing "transition plans” for existing proposals, such as Energy East and Kinder Morgan’s (KMI +1.2%) Trans Mountain pipeline expansion, allowing them to adhere to a new, higher environmental review standard without restarting the lengthy application process.
Fri, Jan. 22, 2:27 PM
- Kinder Morgan’s (KMI +10.6%) proposed Trans Mountain pipeline expansion is set to face another regulatory hurdle when Prime Minister Trudeau's government moves to strengthen environmental review laws and give new marching orders to the National Energy Board in the coming weeks.
- The regulatory overhaul leaves timelines for the $5.4B project in limbo; hearings resumed for the project this week and an NEB decision is due in May under the old review system, and no one quite knows the meaning of the review process when changes are in the offing.
- The plans effectively would add regulatory requirements on proposed projects already under review in Canada, such as Trans Mountain and TransCanada's (TRP +5%) Energy East pipeline, to meet an unannounced higher standard favored by Trudeau without restarting the process entirely.
- An extended regulatory process would be another setback for KMI, which first proposed its pipeline expansion in 2013 and already has faced two delays.
Fri, Jan. 22, 2:12 PM
- Ontario Premier Wynne gives tentative backing of TransCanada's (TRP +4.8%) $15.7B Energy East pipeline, offering Alberta Premier Notley some support a day after Montreal-area mayors expressed opposition to Energy East and the Alberta government’s pipeline strategy.
- In a joint news conference in Toronto, Wynne praised Notley for Alberta’s climate change plan, and "appreciate(s) that there is a need for a way to get Canadian oil, that is allowed under Alberta’s new emission cap, to overseas markets."
- At the news conference, Notley criticized Montreal Mayor Coderre as short-sighted and touted the pan-Canadian economic benefits of Energy East, adding that "a pipeline is the safest way, the most efficient way" to ship oil.
Fri, Jan. 22, 12:46 PM
- With its Keystone XL project rejected by the U.S., TransCanada (TRP +4.7%) is pursuing more modest developments in the U.S. Gulf coast to make inroads in the oil refinery complex.
- TRP’s US$600M Houston Lateral pipeline and tank terminal connecting the existing Keystone pipeline system to refineries in Houston is set to come on stream by Q2, liquids pipeline president Paul Miller tells Financial Post.
- To bolster the Houston Lateral’s connection to Gulf coast markets, TRP and Magellan Midstream Partners are building a US$50M pipeline to ship 200K bbl/day between TRP's under-construction Houston terminal and MMP’s East Houston terminal.
- "It’s small from a dollar perspective, but it’s hugely significant from a connectivity perspective, providing connectivity to both the Houston and the Texas City refineries,” Miller says, adding that TRP is planning similar smaller projects either through acquisitions or greenfield developments around the Gulf coast.
Thu, Jan. 21, 12:54 PM
- Mayors from the greater Montreal area have come out against TransCanada's (TRP +5.6%) proposed Energy East pipeline, deciding the environmental risks far outweigh any economic benefits for the region, Financial Post reports.
- Montreal Mayor Coderre, current president of the Montreal Metropolitan Community, which represents 82 jurisdictions, says the pipeline would be worth ~$2M/year in economic benefits to the area, while a major oil spill cleanup could cost $1B-$10B.
- TRP’s planned $15.7B pipeline would transport crude from the Alberta oil sands to a terminal in New Brunswick before exporting it to overseas customers.
Wed, Jan. 13, 3:27 PM
- TransCanada (TRP -2.1%) affirms plans to link the terminus of its 2,000 mile, cross-country crude oil pipeline system to Magellan Midstream Partners' (MMP -3.3%) network of pipelines that serve Texas Gulf Coast refineries.
- TRP is working toward a Q2 completion in building the Houston lateral, which will add a second terminus and ~700K barrels of storage in Houston to the southernmost part of its Keystone system; MMP will build and operate the HoustonLink pipeline, which will connect to TRP’s Houston Lateral and is expected to be completed in H1 2017.
- Most important to TRP, MMP owns an East Houston terminal that is connected to its 100-mile Houston-area distribution system that serves Houston’s refineries and others in Texas City; MMP also has an outlet to the Gulf of Mexico and connections to a third-party line that runs east to refineries in Louisiana, which could appeal to shippers moving oil on TRP’s network.
Mon, Jan. 11, 11:43 AM
- After rejecting the Keystone XL pipeline for the U.S., the Obama administration is now encouraging construction of an oil pipeline in Kenya, according to a WSJ editorial.
- U.S. Ambassador Robert Godec reportedly told Kenya’s energy minister last week that the administration would help the African country raise $18B to finance its PowerAfrika pipeline project.
- Meanwhile, TransCanada (TRP +0.4%) is bringing an international arbitration case against the U.S. for not treating the Canadian company the way it would a U.S. company as it is seeks to recover $15B in costs and damages.
Thu, Jan. 7, 5:49 PM
- Moody’s gives TransCanada (NYSE:TRP) a slight boost following yesterday's announcement of the pipeline company’s $15B claim against the U.S. government over the Keystone XL pipeline rejection.
- The rating agency's best-case scenario of a quick victory and $15B payout would provide a powerful short-term boost to TRP shareholders, but it cautions that it would bring only modest improvement to the company’s long-term financial strength.
- A more likely event of a lengthy and expensive court proceeding also is not likely to have much impact either, as TRP is large enough to absorb the cost without faltering, Moody’s says.
- TRP plans to book a C$2.5B-C$2.9B Q4 after-tax writedown related to the investment it made in the line preparing for construction, but Moody’s say it had expected the writeoff.
- Meanwhile, The White House said today that it is confident that the Obama administration acted lawfully when rejecting the pipeline.
Wed, Jan. 6, 5:12 PM
- TransCanada (NYSE:TRP) says it has filed suit against the U.S government in U.S. federal court, alleging Pres. Obama's rejection of the Keystone XL pipeline exceeded his power under the Constitution.
- TRP also intends to file a claim with NAFTA authorities saying the pipeline permit denial was "arbitrary and unjustified"; through the NAFTA claim, TRP says it seeks to recover more than $15B in costs and damages it says it has suffered as a result of the denial.
- TRP says it will take an estimated C$2.5B-C$2.9B (US$1.78B-$2.06B) after-tax writedown in its Q4 results.
- The company also says it invested ~$4.3B (US$3.1B) in the project before Obama denied the pipeline’s application on Nov. 6.
Dec. 17, 2015, 11:23 AM
- TransCanada (TRP -2.1%) says it filed an amended application for its Energy East pipeline project, a move that would increase the project’s cost to C$15.7B (US$11.4B) from C$12B.
- TRP says the filing with Canada’s National Energy Board includes nearly 700 route changes aimed at satisfying environmental and community concerns about the project.
- TRP says it still expects Energy East to start up in 2020; it initially had said the project could be in service by late 2018, but earlier this year pushed the date back to 2020 following its decision not to build a marine terminal in Quebec because of concerns about Beluga whales.
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