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Nov. 11, 2015, 10:57 AM
- TransCanada (TRP -2.2%) says it has been awarded a contract to build, own and operate the Tuxpan-Tula pipeline in Mexico.
- TRP says it expects to invest ~$500M in the pipeline and anticipates an in-service date in Q4 2017.
- The pipeline’s construction is backed by a 25-year natural gas transportation service contract with Mexico’s state-owned power company.
Nov. 7, 2015, 8:25 AM
- With Keystone XL nixed by Pres. Obama, the Canadian energy industry - and its opponents - are turning their attention to the three pipelines proposed to carry oil sands volumes from Alberta to Canada’s Pacific and Atlantic coasts and avoid crossing into the U.S.
- Alberta believes Kinder Morgan’s (NYSE:KMI) Trans Mountain expansion to the Pacific and TransCanada’s (NYSE:TRP) Energy East line to the Atlantic have the best chances for success, while Enbridge’s (NYSE:ENB) Northern Gateway is seen as less likely because of strident local opposition.
- ENB also has been waiting since 2012 for a U.S. decision on a permit to nearly double the capacity of its Alberta Clipper cross-border pipeline, but the company notes the existing line is already fully operating and was permitted in 2009.
- Analysts say the Keystone denial will embolden opponents, making all pipelines more difficult to build, and is a blow not just to Canadian companies but to U.S. pipeline firms such as Plains All American (PAA, PAGP) and Energy Transfer (ETE, ETP, SXL) that already are delaying projects (I, II) in response to lower oil prices and tougher environmental reviews.
- Meanwhile, a major beneficiary could be Venezuela, who produces heavy crude similar to Canada’s oil sands and whose economy relies largely on shipping it to the same U.S. Gulf coast refineries that Keystone was meant to supply.
Nov. 6, 2015, 2:30 PM
- TransCanada (TRP -5.9%) says it will review all options, including seeking a new permit to ship crude oil from Canada to the U.S., following Pres. Obama's rejection of the proposed Keystone XL pipeline.
- The 1,179-mile pipeline would not have lowered U.S. gas prices, made long-term contribution to U.S. jobs, or made the U.S. less dependent on foreign energy, Obama said today at the White House.
- American Petroleum Institute president Jack Gerard worries that the rejection will have a chilling effect on other energy infrastructure projects, and says the decision will not stop production of crude oil from Canada’s tar sands - instead of being transported by pipeline, it will be shipped by train and barge, which would create more greenhouse gas emissions than the pipeline.
- "This is all environmental politics," says Oppenheimer energy analyst Fadel Gheit. "It doesn't make any economic sense to block a pipeline that will create an enormous amount of wealth to certain areas of the country [and] for Canada."
Nov. 6, 2015, 11:10 AM
- A press conference has been set for 11:45 this morning, in which Pres. Obama reportedly will announce the rejection of TransCanada's (TRP -5.3%) proposed Keystone XL pipeline.
- After seven years of delaying a final decision, Obama is expected to cite the urgency of climate change as a key reason behind his decision.
- Earlier this week, the U.S. State Department denied the company's request to suspend its permit application.
- Earlier: WSJ: Keystone pipeline rejection may come this week (Nov. 5)
Nov. 6, 2015, 8:15 AM
- TransCanada (NYSE:TRP) agrees to sell a 49.9% interest in Portland Natural Gas Limited Partnership its TC PipeLines (NYSE:TCP) MLP for $223M.
- PNGTS is a 295-mile interstate natural gas pipeline that connects with the TransQuebec and Maritimes Pipeline at the Canadian border near East Hereford, Quebec and delivers natural gas to customers in the U.S. northeast.
- TRP will continue to own an 11.8% interest in PNGTS.
Nov. 6, 2015, 2:57 AM
- Canada's new government backs TransCanada's (NYSE:TRP) Keystone XL pipeline, but does not want the project - opposed by environmentalists - to spoil relations with the U.S., Foreign Minister Stephane Dion said on Thursday.
- The statement comes after Washington formally denied a request to pause a review of the oil pipeline, which has so far taken more than seven years to complete.
- President Obama is widely expected to veto Keystone XL before he leaves office in early 2017.
- Previously: U.S. denies TransCanada's request for pause in Keystone permit review (Nov. 04 2015)
Nov. 5, 2015, 1:12 PM
- TransCanada (TRP -0.2%) says it will scrap plans for a marine terminal in Quebec to go with its Energy East pipeline, and will amend its application with Canadian regulators for the C$12B ($9.1B) oil pipeline before the end of the year.
- The project, which would carry 1.1M bbl/day from western Canada to a port on the Atlantic coast, still will supply Quebec refineries owned by Suncor Energy (SU -0.1%) and Valero Energy (VLO +1.4%).
- TRP had been studying alternative sites for the terminal after abandoning plans in April for a facility in the town of Cacouna because of concerns about the threat to endangered beluga whales.
Nov. 5, 2015, 10:58 AM
- The Obama administration is now expected to reject TransCanada's (TRP -0.6%) proposed Keystone XL pipeline application as soon as this week after the U.S. State Department denied the company's request to suspend its permit application, WSJ reports.
- Sources quoted in the report suggest TRP miscalculated in its U.S. push for the project by pursuing a politically naive public relations strategy over the past seven years, following a playbook that no longer works in D.C. where regulatory approvals can get caught up in ideological conflicts.
- TRP says it will respect the State Department’s decision but will continue to demonstrate that the pipeline is in the U.S. national interest.
Nov. 4, 2015, 4:09 PM
- The State Department officially rejects TransCanada’s (NYSE:TRP) request to pause the U.S. government’s evaluation of the proposed Keystone XL pipeline.
- A spokesperson says said Sec. of State Kerry wants to finish work on the review after “all that has gone into it.”
- TRP has been pursuing a cross-border permit for the project since 2008.
- Earlier: WSJ: TransCanada requests suspension of Keystone XL permit (Nov. 2)
- Also: FP: U.S. has built the equivalent of 10 Keystone pipelines over five years
Nov. 4, 2015, 11:59 AM
- While the Obama administration has kept TransCanada (TRP +0.3%) cooling its heels on its Keystone XL pipeline proposal for the past six years, the oil pipeline business in the U.S. has been building the equivalent of 10 Keystones - Financial Post's Yadullah Hussain writes.
- More than 8,000 miles of oil transmission pipelines were built in the U.S. during 2009-13, according to the Association of Oil Pipe Lines, compared to the 875 miles TRP wants to lay in Montana, South Dakota and Nebraska for its 830K bbl/day project.
- Earlier: WSJ: TransCanada requests suspension of Keystone XL permit (Nov. 2)
- Earlier: U.S. to continue Keystone review for now, despite request for pause (Nov. 3)
Nov. 4, 2015, 8:11 AM
- Alaska's Senate voted yesterday to authorize funding to buy out TransCanada's (NYSE:TRP) share in the state's proposed natural gas pipeline project.
- Alaska's governor has argued that keeping TRP as a partner does not make financial sense, and a buyout would give Alaska more control over the proposed project, which the state is developing along with Exxon Mobil, BP and ConocoPhillips.
- The state is obligated to pay TRP for costs it has put into the project on the state’s behalf, plus ~7% interest, regardless of whether the project succeeds or fails, an administration consultant has said.
Nov. 3, 2015, 4:58 PM
- The State Department says it will continue reviewing the Keystone XL pipeline project even as it considers TransCanada (NYSE:TRP) request to suspend its evaluation of the project.
- A department spokesperson today did not offer an estimate of when it would respond to TRP's request, did not know whether the department would need to consult other U.S. government agencies, and was not aware of any requirement for the U.S. to consult with Canada on the company’s request.
- The White House press secretary says the Obama administration would examine what was "motivating" TRP’s request.
Nov. 3, 2015, 10:26 AM
- TransCanada (TRP +0.4%) edges higher after reporting better than expected Q3 earnings and revenue, even as net income attributable to the company fell 12% Y/Y to C$402M.
- TRP says Q3 EBITDA from its Keystone pipeline system rose 32% to C$363M, helped by higher uncontracted volumes and a stronger U.S. dollar.
- TRP says it recently undertook a restructuring initiative to reduce costs and maximize operating efficiency, and expects the changes to occur in Q4 and into 2016 but does not offer any details.
- Q3 revenue rose 20% Y/Y to C$2.94B from C$2.45B, and cash flow rose 6% to C$1.14B; maintains its quarterly dividend at C$0.52/share and says it has the ability to continue to increase its dividend at 8%-10%/year through 2017.
- TRP yesterday asked the U.S. government to suspend review of its proposed Keystone XL pipeline, in an attempt to avert a rejection Pres. Obama and postpone a decision until after the November 2016 presidential election.
Nov. 3, 2015, 7:45 AM
- TransCanada (NYSE:TRP) declares C$0.52/share quarterly dividend, in line with previous.
- Forward yield 4.71%
- Payable Jan. 29; for shareholders of record Dec. 31; ex-div Dec. 29.
Nov. 3, 2015, 7:34 AM
- TransCanada (NYSE:TRP): Q3 EPS of $0.62 beats by $0.02.
- Revenue of $2.94B (+20.0% Y/Y) beats by $270M.
Nov. 2, 2015, 6:56 PM
- TransCanada (NYSE:TRP) has asked to suspend its U.S. permit application for the Keystone XL pipeline while it works through a state review process in Nebraska it previously had resisted, WSJ reports.
- TRP says the move "will allow a decision on the permit to be made later based on certainty with respect to the route of the pipeline" beyond the 2016 U.S. elections.
- Pres. Obama has been expected to reject the Keystone application before he leaves office, and TRP's move would appear to attempt to circumvent such a rejection.
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