TransCanada Corporation

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  • Sep. 29, 2015, 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.
    | Sep. 29, 2015, 10:56 AM | 32 Comments
  • Sep. 28, 2015, 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.
    | Sep. 28, 2015, 7:19 PM | 9 Comments
  • Sep. 24, 2015, 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.
    | Sep. 24, 2015, 12:31 PM | 1 Comment
  • Sep. 22, 2015, 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.
    | Sep. 22, 2015, 5:24 PM | 32 Comments
  • Sep. 11, 2015, 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.
    | Sep. 11, 2015, 12:44 PM | 90 Comments
  • Sep. 10, 2015, 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.
    | Sep. 10, 2015, 7:03 PM | 12 Comments
  • Aug. 28, 2015, 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.
    | Aug. 28, 2015, 2:28 PM | 34 Comments
  • Aug. 27, 2015, 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.
    | Aug. 27, 2015, 12:58 PM | 16 Comments
  • Aug. 25, 2015, 10:20 AM
    • Alaska Gov. Walker says he plans to recommend that the state buy out TransCanada's (TRP +2.3%) position in the major liquefied natural gas project Alaska is pursuing.
    • Walker estimates buyout costs would total ~$100M.
    • The other partners in the project are Exxon Mobil (NYSE:XOM), BP, ConocoPhillips (NYSE:COP) and the Alaska Gasline Development Corp., which would hold the state's interest in liquefaction facilities.
    • No decision has been made yet on whether to build the project, which is in a phase of preliminary engineering and design.
    | Aug. 25, 2015, 10:20 AM | 20 Comments
  • Aug. 24, 2015, 12:58 PM
    • TransCanada (NYSE:TRP) says it has resolved a dispute with three major Canadian natural gas distributors over its proposed $12B Energy East pipeline project it says will ensure that natural gas consumers in eastern Canada will have sufficient capacity and reduced natural gas transmission costs if the project proceeds.
    • TRP says it will size the Eastern Mainline Project to fulfill all natural gas contracts, including new ones for 2016 and 2017, and add 50M cf/day of additional capacity.
    • The agreement in principle is with Gaz Metro, Quebec’s largest natural gas distributor, and Union Gas and Enbridge Gas Distribution, which have major systems in Ontario.
    | Aug. 24, 2015, 12:58 PM
  • Aug. 14, 2015, 11:41 AM
    • Moving oil and gas by pipeline was 4.5x safer than moving the same volume the same distance by rail in the decade ended in 2013 in Canada, according to a new study by the Fraser Institute.
    • “I hope it becomes better understood that saying ‘No’ to a pipeline is saying ‘Yes’ to rail, and that is to increase the risk to the environment and human health and not decrease it,” says the study's lead author.
    • Crude-by-rail shipments in North America have skyrocketed in recent years as rising volumes from Alberta oil sands and U.S. shale oil plays outstrip the capacity of current pipelines.
    • Canadian producers have waited seven years for the approval of the Keystone XL pipeline (NYSE:TRP), but the author says the safety study has just as much application in considering the Trans Mountain (NYSE:KMI) and Northern Gateway (NYSE:ENB) projects to the Canadian west coast and the Energy East pipeline to access Canada's east coast.
    | Aug. 14, 2015, 11:41 AM | 54 Comments
  • Aug. 13, 2015, 12:45 PM
    • A key pipeline for delivering Canadian oil to the U.S. remains shut for a third day, leaving heavy crude stranded in Alberta and keeping its price in the cash market at ~$20 below the WTI benchmark.
    • A small leak near Shelbina, Mo., coming from Enbridge’s (ENB -1.1%) Spearhead pipeline, which runs from Flanagan, Ill., to the Cushing, Okla., crude hub forced the shutdown Tuesday of the 193.3K bbl/day pipeline as well as a closing of the parallel Flanagan South pipeline, an even larger 585K bbl/day line that runs from Pontiac, Ill., to Cushing.
    • ENB expects operations at Flanagan South to resume today, but does not know when Spearhead may return to service, as it continues to investigate the cause of the spill in Missouri.
    • Operational problems at BP's (BP -1.5%) Whiting, Ind., refinery also keep the pressure on prices for Canada’s heavy crude as barrels continue to get backed up.
    • Other related tickers: SU, IMO, TRP, CNQ, CVE, TCK, CEO, OTCPK:HUSKF, OTCQX:COSWF
    • Earlier: Canadian oil sands price nears $20/bbl, cut in half since July 1
    | Aug. 13, 2015, 12:45 PM | 9 Comments
  • Aug. 13, 2015, 11:59 AM
    • Even though nearly half of TransCanada's (TRP -1.7%) proposed $12B Energy East crude oil pipeline runs through Ontario, the Ontario Energy Board says the project would result in only "modest" economic benefits for the province.
    • "Ontario consumers need to be assured that enough pipeline capacity and natural gas supply will be available to meet Ontario’s medium- and long-term needs, particularly in eastern Ontario," the OEB says in a new report.
    | Aug. 13, 2015, 11:59 AM | 7 Comments
  • Aug. 12, 2015, 6:44 PM
    • Canada’s October election has become the latest event shaping the seven-year saga of TransCanada's (NYSE:TRP) Keystone XL pipeline, and may lead to yet another delay in the Obama administration's decision to approve or reject the controversial project.
    • Keystone XL is “something that all of our political candidates are talking about... so a decision from the U.S. at a key moment in the election would have very big reverberations," says Erin Flanagan, an analyst at the Toronto branch of the Pembina Institute.
    • Prime Minister Harper of the Conservative Party is a Keystone champion, the New Democratic Party's Mulcair has spoken out against the pipeline, and the Liberal Party's Trudeau supports the project but criticizes Harper for letting the issue damage relations with the U.S.
    • Meanwhile, as TRP has been waiting on a Keystone XL decision for nearly seven years, an Associated Press review of every cross-border pipeline application since 2004 shows the U.S. government has taken an average of 478 days to give a yes or no to all other applications - meaning the Keystone decision so far has dragged on for more than 5x the average.
    | Aug. 12, 2015, 6:44 PM | 7 Comments
  • Aug. 12, 2015, 12:27 PM
    • Crude oil from Canada’s tar sands has slumped to $23/bbl, chopped in half since July 1 and widening its discount to West Texas Intermediate to nearly $20/bbl, due to a combination of steadily rising production, pipeline constraints and an unexpected outage at a U.S. refinery.
    • The price plunge has done little to curb output because oil sands projects require years to plan, construct and pay back; Imperial Oil (NYSEMKT:IMO) recently doubled production capacity at its Kearl oil sands project to 220K bbl/day, and Canadian Natural Resources (NYSE:CNQ) last week said it was built to withstand low commodity prices even as it lost C$405M in Q2.
    • At current oil prices, typical oil sands producers are just covering their operating costs, while companies with higher operating costs are “losing money with each barrel they’re producing," says the VP of energy research at ARC Financial in Calgary.
    • The results have spilled beyond the oil market into Canada’s economy, forcing the central bank to twice cut interest rates, driving the Canadian dollar to a decade low and impacting the debate ahead of October's federal election.
    • Other related tickers: TRP, ENB, SU, CVE, TCK, CEO, OTCPK:HUSKF
    | Aug. 12, 2015, 12:27 PM | 36 Comments
  • Jul. 31, 2015, 7:13 AM
    • TransCanada (NYSE:TRP) declares C$0.52/share quarterly dividend, in line with previous.
    • Forward yield 4.12%
    • Payable Oct. 30; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Jul. 31, 2015, 7:13 AM
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