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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.
Nov. 2, 2015, 5:30 PM
- ADM, AFSI, ALE, AMAG, AMSC, ANAC, ANIP, ARIA, AUDC, AXLL, AYR, BLMN, CBM, CDK, CEQP, CIE, CIT, DISCA, DNOW, EMR, EXPD, FI, FIS, FLWS, FSS, FTR, GCAP, GEL, GLDD, GLT, GTN, H, HCP, HRS, HTH, HW, HYH, IART, INCY, K, KMT, LPX, MBLY, MDCO, MHFI, MLM, MMP, MOS, NCLH, NGLS, NI, NMM, NNN, NRZ, NS, [[NTi]], NWN, NXST, NXTM, ODP, OZM, PERI, RDC, RHP, RRGB, SALE, SGNT, SMG, SRE, SSH, SUP, TASR, TGH, TRP, TWI, TZOO, UAM, UNT, VMC, VSH, WLK, WNR, WPC, WPG, ZTS
Nov. 2, 2015, 4:57 PM
- Canada's National Energy Board has found that six of 16 safety allegations against TransCanada (NYSE:TRP) were "partially substantiated" but the regulator said there was no reason to issue any enforcement action in response to the complaints that were raised by a whistleblower.
- TRP had taken the appropriate steps to fix the problems, and the environment and public safety were not at risk, the NEB added.
- Meanwhile, a key committee of Alaska's state senate advances legislation authorizing funding for a state buyout of TRP's stake in a major proposed gas project; the governor has proposed a timeline for completing the buyout of TRP's interest by Dec. 1.
Oct. 27, 2015, 7:37 PM
- Energy-dependent Alberta today unveiled its 2015 budget, the first under the new NDP government, projecting a record deficit on falling revenue linked to the sharp slump in crude oil prices.
- It's a spend and borrow budget that will see the province borrowing for operating for the first time in two decades, promising to spend an additional C$4.5B above previous commitments over the next five years for infrastructure such as new transportation projects and hospitals.
- As for the oil sector, which is pleading for a three-year lag before royalties are changed, Finance Minister Ceci indicated no letup from the NDP's promise of royalty increases and tougher climate change regulations once reviews now underway are completed over the next few months.
- Relevant tickers: SU, ENB, TRP, KMI, IMO, CVE, CNQ, OTCPK:HUSKF, OTCQX:COSWF.
Oct. 27, 2015, 2:19 PM
- TransCanada (TRP -1.8%) says it received final regulatory clearance needed to begin construction of the C$5B Prince Rupert Gas Transmission pipeline project designed to serve a proposed natural gas export facility in British Columbia.
- The permits cover the entire 560-mile route from near Hudson's Hope, B.C., to Lelu Island, off the coast of Port Edward, near Prince Rupert; the project will connect the natural gas production in the Montney fields of northeastern B.C. with the proposed PNW LNG liquefaction facility on Lelu Island.
- TRP says it was cleared to start construction on compressors and meter stations, with work on the full pipeline subject to federal approval of the LNG export facility.
Oct. 21, 2015, 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.
Oct. 20, 2015, 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)
Oct. 16, 2015, 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)
Oct. 14, 2015, 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).
Oct. 8, 2015, 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
Oct. 1, 2015, 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.
Sep. 30, 2015, 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.
Sep. 29, 2015, 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.
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