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TransCanada Corporation (TRP)

  • Wed, Oct. 21, 11:59 AM
    • Canadian Prime Minister-elect Justin Trudeau says he wants to work with the U.S. on TransCanada's (TRP +0.1%) Keystone XL oil pipeline and climate change talks after speaking with Pres. Obama following his party's big victory in the federal election, WSJ reports.
    • Trudeau says the relationship between Canada and the U.S. has been "focused on a single point of disagreement," referring to Keystone XL. “Canada could have taken a different tack towards issues on energy and environment over the past 10 years, and that’s what I’m focused on now.”
    • The new government’s more aggressive stance on clean energy could weigh on Canadian oil stocks, but yesterday's market reaction to the Liberal victory was hopeful.
    | Wed, Oct. 21, 11:59 AM | 11 Comments
  • Tue, Oct. 20, 2:30 PM
    • Canada's oil patch may have lost a major energy opportunity with the defeat of the Conservative government, but Canadian energy stocks are mostly higher despite the surprise mandate won by Justin Trudeau's Liberals that promises less favorable energy policies and increased environmental stewardship.
    • The Liberal majority at least removes the uncertainty of a widely speculated minority government and gives the changing industry political stability in Ottawa, the president of the Canadian Association of Petroleum Producers says.
    • Energy proponents in Alberta may be relieved that last May’s provincial NDP victory did not translate into a federal win by Tom Mulcair’s NDP, which would have brought far tougher anti-oil policies that the winning Liberals.
    • Trudeau is opposed to Enbridge's (ENB +1.1%) Northern Gateway pipeline, but has expressed qualified support for TransCanada's (TRP +1.4%)Keystone XL and Energy East and Kinder Morgan’s (KMI +0.5%) TransMountain projects, though he would also bring in tougher environmental review processes and a national plan to tackle greenhouse gases.
    • Some say an Obama administration veto for Keystone XL would make the job easier for the new Prime Minister in an effort to reset a relationship with the U.S. he says was damaged by the outgoing Stephen Harper.
    • Also: SU +1.3%, IMO +1.1%, CVE +1.1%, CNQ +3%, OTCPK:HUSKF +0.6%, CNI +1.9%, CP +3.8%.
    • Earlier: Canadian energy stocks to turn red if Harper fails to win upcoming election (Oct. 14)
    | Tue, Oct. 20, 2:30 PM | 40 Comments
  • Fri, Oct. 16, 10:49 AM
    • TransCanada (TRP -0.7%), criticized for seeking lobbying advice from the co-chair of Justin Trudeau’s Liberal election campaign in Canada, says many companies are making similar preparations for life after the Oct. 19 election.
    • TRP also confirms that Dan Gagnier, who stepped down as co-chair of the Liberal election campaign earlier this week, worked as a contractor for the company since the spring.
    • TRP, seeking approval to build the $12B Energy East pipeline, says it asked Gagnier for advice in preparing for a range of possible scenarios after the election.
    • Gagnier and Trudeau both say Gagnier’s relationship with TRP did not break any laws or violate any rules, but Trudeau says the actions were inappropriate.
    • Earlier: Canadian energy stocks to turn red if Harper fails to win upcoming election (Oct. 14)
    | Fri, Oct. 16, 10:49 AM | 3 Comments
  • Wed, Oct. 14, 7:37 PM
    • Canadian energy companies grow increasingly nervous as Canada’s Liberal Party appears to be moving ahead of the incumbent Conservative government in the final days of a tight race ahead of Monday’s national election.
    • "A non-Conservative federal government would likely be viewed in a negative light given the NDP and Liberal parties’ policies on environmental legislation, regulatory oversight and export pipelines,” Canaccord analysts write.
    • Among potential winners and losers, analysts say stricter emissions rules favored by the Liberals and NDP could hurt shares of companies such as Suncor (NYSE:SU) and Imperial Oil (NYSEMKT:IMO), while those that produce greener energy and could sell credits or avoid new taxes may benefit, such as Brookfield Renewable Energy Partners (NYSE:BEP).
    • Harper is the only candidate to favor all four pending major pipelines - TransCanada’s (NYSE:TRP) Keystone XL and Energy East, Enbridge’s (NYSE:ENB) Northern Gateway and Kinder Morgan’s (NYSE:KMI) Trans Mountain - and further delays could hit share prices.
    • But more delays likely would mean higher crude-by-rail shipments, a potential benefit to Canadian National Railway (NYSE:CNI) and Canadian Pacific Railway (NYSE:CP).
    | Wed, Oct. 14, 7:37 PM | 108 Comments
  • Thu, Oct. 8, 7:15 AM
    • Talen Energy (NYSE:TLN) has agreed to sell three Pennsylvania power plants with a total combined generating capacity of 996 MW for $1.51B.
    • The company's 704 MW Ironwood plant is being sold to a subsidiary of TransCanada (NYSE:TRP) for $654M, while its Holtwood and Lake Wallenpaupack hydroelectric projects (with a combined generating capacity of 292 MW) are being sold to a subsidiary of Brookfield Renewable Energy Partners (NYSE:BEP) for $860M.
    • TLN +0.8% ; TRP -2.3% premarket
    | Thu, Oct. 8, 7:15 AM | 4 Comments
  • Thu, Oct. 1, 12:58 PM
    • Alaska's government reaches a tentative agreement with the North Slope’s three major producers - Exxon Mobil (XOM -1.1%), ConocoPhillips (COP -0.3%) and BP (BP +0.9%) - over payments for impacts on communities during the construction of a proposed major gas project and property taxes once gas starts to flow.
    • The deal calls for $800M in payments for impacts occurring during construction, with an expected payout over five years, which could include additional police, teachers and wage inflation; the agreement also has a targeted amount of $15.7B for a flow-related property tax paid out over 25 years.
    • An XOM spokesperson says the tentative agreement is an important step toward advancing the project.
    • Gov. Walker has called a special session for late October to consider buying out TransCanada’s (TRP +0.2%) position in the project, as well as a reserve tax on undeveloped North Slope gas; no decision has been made yet on whether to build the project, which oil-dependent Alaska sees as critical to its economic future.
    | Thu, Oct. 1, 12:58 PM | 19 Comments
  • Wed, Sep. 30, 2:39 PM
    • Alberta premier Notley says she sees no long-term future in fossil fuels, and vows to fight climate change by cleaning up the tar sands, shutting down coal-fired power plants, and converting to wind and solar power.
    • The leader of the province that sits atop the world’s third-biggest known carbon reserves in the tar sands and has ramped up production to ~2M bbl/day of crude is expected to unveil new targets for reducing greenhouse gas emissions later this fall.
    • At the same time, Notley says she is not opposed to most of Alberta's proposed pipeline projects; she supports TransCanada's (TRP +1.5%) Energy East because she says it helps create value from Alberta crude, but she opposes Keystone XL because it would keep Alberta too focused on the U.S. market.
    • She says Kinder Morgan (KMI +3.5%) should consider shifting its Trans Mountain pipeline to a different port in British Columbia to win over opponents to the line’s expansion.
    | Wed, Sep. 30, 2:39 PM | 103 Comments
  • Tue, Sep. 29, 5:07 PM
    • TransCanada (NYSE:TRP) says it is revamping its strategy in Nebraska, the U.S. state at the heart of opposition to the Keystone XL pipeline, in an attempt to delay the review process and push it past the Obama presidency into 2017 in hopes the debate over the pipeline would become less heated.
    • TRP plans to drop state legal challenges and efforts to seize land in Nebraska for the pipeline, and will instead go through a state review process the company had been fighting.
    • TRP's decision is largely driven by an effort to keep the pipeline proposal alive if Pres. Obama rejects the U.S. permit it needs to continue with the project; legal challenges over the proposed route through Nebraska dating back several years have been one of the biggest factors delaying the State Department’s review, which has been in its final stages since February.
    | Tue, Sep. 29, 5:07 PM | 28 Comments
  • Tue, Sep. 29, 10:56 AM
    • As major oil sands pipeline options drop away, Kinder Morgan’s (KMI -0.4%) Trans Mountain pipeline expansion has become the last big hope to open a new market for western Canadian oil in this decade, Financial Post's Claudia Cattaneo writes.
    • With Enbridge’s (ENB -1%) proposed Northern Gateway stuck trying to increase aboriginal support in British Columbia, TransCanada’s (TRP +1.1%) Keystone XL expected to be rejected soon by the U.S., the start date for TRP’s Energy East proposal pushed back to 2020 at the earliest and a marine terminal at Cacouna, Que., cancelled, only the $5.4B Trans Mountain expansion remains on track for completion in 2018.
    • The project is far from a slam dunk, embroiled in controversy due to worries about a spill and increased oil tanker traffic, and has become a big flashpoint in the upcoming federal election; reflecting the tension, the National Energy Board's review is taking longer than the legislated 15-month time limit.
    • "People worried about Canada’s supposedly tarnished environmental reputation should consider the huge damage done to Canada as an investment destination due to endless and unpredictable regulatory reviews," Cattaneo writes.
    | Tue, Sep. 29, 10:56 AM | 32 Comments
  • Mon, Sep. 28, 7:19 PM
    • Alaska wants to pivot towards liquefied natural gas as oil production slowly declines, and is trying to tackle a massive natural gas pipeline and LNG project that is stuck on the drawing board, but Exxon Mobil (NYSE:XOM) CEO Rex Tillerson says the state has been its "own worst enemy" in handling the project.
    • "Every governor that comes in decides they’ve got a different way of doing this, which is why it never happens," Tillerson says. "You can’t take a project that is going to take 5, 6, 7 years to execute and require $50B-$60B of capital and decide every two years you’ve got a different way to do it."
    • Alaska's Gov. Walker, soon after he was elected last year, first proposed a competing project to the one currently under consideration; after abandoning that idea, he wants the state to pick up TransCanada’s (NYSE:TRP) stake and finance it with state resources, an option that apparently does not sit well with Tillerson.
    • With a large and growing budget deficit, the project "has gone from a wish-list item to a must-have,” says Walker, who has summoned a special session of the legislature to begin Oct. 24; the state's serious fiscal woes will put pressure on lawmakers when they meet to discuss the project.
    • BP and ConocoPhillips {COP} also are partners in the project.
    | Mon, Sep. 28, 7:19 PM | 9 Comments
  • Thu, Sep. 24, 12:31 PM
    • TransCanada (TRP -0.7%) says it plans to eliminate 20% of its senior leadership positions, as it seeks to lower costs.
    • The reduction in management positions, partly achieved by not replacing retiring workers, follows 185 job cuts announced by the company in June.
    • TRP is trying to reduce costs to deliver on C$46B of major projects by 2020, including the Keystone XL pipeline.
    | Thu, Sep. 24, 12:31 PM | 1 Comment
  • Tue, Sep. 22, 5:24 PM
    • Democratic presidential candidate Hillary Clinton comes out against the Keystone XL oil pipeline, making the announcement after years of pressure from environmentalists opposed to TransCanada's (NYSE:TRP) controversial project.
    • The former secretary of state in Pres. Obama's first team says the project had become an impediment to efforts to fight climate change.
    • Clinton's announcement is sparking fresh calls from green groups for Obama to reject the proposal.
    | Tue, Sep. 22, 5:24 PM | 32 Comments
  • Fri, Sep. 11, 12:44 PM
    • While Goldman Sachs sees crude oil prices staying roughly flat at $45/bbl a year from now and warning of a potential collapse to $20, the firm also downgrades a wide swath of MLP and pipeline companies as it forecasts heightened risk to capital spending leading to lower distribution growth.
    • The firm downgrades Plains All American (NYSE:PAA), ONEOK Partners (NYSE:OKS), Memorial Production Partners (NASDAQ:MEMP), Enable Midstream Partners (NYSE:ENBL) and Dominion Midstream (NYSE:DM) to Sell from Neutral; it cuts Emerge Energy (NYSE:EMES), Rose Rock Midstream (NYSE:RRMS), Concho Resources (NYSE:CXO) and RSP Permian (NYSE:RSPP) to Neutral from Buy.
    • However, Goldman sees some opportunities despite the challenging outlook, preferring "stocks with assets leveraged to demand-pull (vs. supply-push)" such as Kinder Morgan (NYSE:KMI); the firm also upgrades Spectra Energy (NYSE:SE), Whiting Petroleum (NYSE:WLL) and Encaca (NYSE:ECA) to Buy from Neutral, and BP, TransCanada (NYSE:TRP) and Gran Tierra Energy (NYSEMKT:GTE) to Neutral from Sell.
    | Fri, Sep. 11, 12:44 PM | 90 Comments
  • Thu, Sep. 10, 7:03 PM
    • The mayor of Laval, Quebec’s third-largest city, takes a strong stance against TransCanada’s (NYSE:TRP) Energy East pipeline, saying the city formally opposes the project in its entirety.
    • The mayor says Laval authorities met with company representatives in August but the city's concerns have not been alleviated.
    • Dozens of other smaller municipalities in Quebec also have expressed reservations or outright opposition to the project.
    | Thu, Sep. 10, 7:03 PM | 12 Comments
  • Fri, Aug. 28, 2:28 PM
    • Alberta's new government launches its royalty review panel, and says it will not raise oil and gas royalty rates until the end of 2016.
    • The specter of a higher government take is spooking the industry, especially with oil prices recently hitting more than six-year lows; some have argued the royalty review should be deferred until the outlook improves, while others would prefer to just get it over with.
    | Fri, Aug. 28, 2:28 PM | 34 Comments
  • Thu, Aug. 27, 12:58 PM
    • TransCanada (TRP +5.5%) is bracing for Pres. Obama to deny a permit for the proposed Keystone XL pipeline next Thursday or Friday, when most lawmakers are away from D.C. ahead of the Labor Day weekend, Financial Post's Claudia Cattaneo writes.
    • Obama is expected to say that approving Keystone would facilitate oil sands growth, make it more difficult for him to rally countries for a greenhouse gas reduction deal in Paris in December, and that the U.S. already has plenty of oil of its own, according to Cattaneo.
    • The White House says the project is still under review by the State Department, and no decision has been made.
    | Thu, Aug. 27, 12:58 PM | 16 Comments
Company Description
TransCanada Corporation is an energy infrastructure company. The Company operates in three business segments: Natural Gas Pipelines, Liquid Pipelines and Energy.
Sector: Utilities
Industry: Gas Utilities
Country: Canada