Nov. 5, 2014, 7:18 AM
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Oct. 22, 2014, 5:47 PM
Oct. 21, 2014, 10:18 AM
- TransCanada (TRP +1.3%) has delayed seeking regulatory approval of the C$12B Energy East pipeline project as it negotiates with Quebec’s Gaz Metro and Ontario units of Spectra Energy (SE +1.7%) and Enbridge (ENB +0.6%), Bloomberg reports.
- The feud centers on TRP’s plan to convert a 3K km stretch of its mainline gas conduit to carry oil; gas distributors claim that converting the mainline in eastern Ontario would lead to fuel shortages and higher prices, and they want TRP to build a standalone oil conduit or a gas line the same size as the existing one - which TRP would cost $1B more than planned and jeopardize the project.
- Energy East shippers probably would incur costs of $7.40-$10.20/bbl to move oil across Canada on the pipeline and then by tanker to the U.S. Gulf coast, the most likely market, Morningstar's David McColl says; currently, the costs are less than rail alternatives.
Oct. 10, 2014, 11:57 AM
- Enbridge (ENB -1.6%) must take more safety measures to protect major waterways before it gets permission to start up its Line 9B oil pipeline, according to a ruling from the National Energy Board that will delay plans to start up the pipeline project by at least three months and perhaps longer.
- ENB received permission in March to reverse a 639 km section of Line 9B from North Westover, Ont., to Montreal, provided various conditions were fulfilled; the NEB now says ENB has installed safety valves that met proper standards at only six of 104 identified major water crossings.
Sep. 30, 2014, 6:07 PM
- Enbridge (NYSE:ENB) says it does not expect U.S. approval for expansion of the cross-border Alberta Clipper pipeline until mid-2015, a year later than it previously planned.
- ENB's project to nearly double capacity of the pipeline to 800K bbl/day is awaiting a decision from the U.S. State Department, which is reviewing the application.
- Separately, Enbridge Energy Partners (NYSE:EEP) discloses that its Sandpiper pipeline project faces a delay in shipping crude from North Dakota's Bakken Shale until 2017 due to a longer than expected permitting process in Minnesota.
- Earlier: Enbridge planning to spend C$44B on pipeline and power projects.
Sep. 30, 2014, 2:28 PM
- Enbridge (ENB -1.1%) plans to spend C$44B ($39.4B) through 2018 on new pipelines and power projects that will help boost EPS by 10%-12%, CEO Al Monaco says at today's investor meeting.
- ENB sees North American crude supply growing by 7M bbl/day through 2025, fueling the company’s pipeline expansions.
- Monaco says he has considered the downside risk complicating major projects, but that “how we add value is through the major projects capability.”
Sep. 23, 2014, 5:14 PM
- Suncor Energy (NYSE:SU) says it is shipping its first-ever tanker of western Canadian heavy crude from Canada's east coast to Europe.
- SU confirms Reuters shipping data that shows the aframax tanker Minerva Gloria was set to pick up a cargo of crude oil from the port of Sorel-Tracy on the St. Lawrence River in Quebec, but the company does not say where in Europe the crude cargo is going.
- The shipment shows how Canada's heavy crude could begin to compete with crude from producers such as Russia and Saudi Arabia for customers in Europe; Enbridge (NYSE:ENB) shipped a first cargo of re-exported Canadian crude from the U.S. Gulf coast to Europe earlier this year.
Sep. 23, 2014, 8:47 AM
- Enbridge (NYSE:ENB) agrees to transfer a package of pipelines that carry natural gas and bitumen-thinning diluent to Enbridge Income Fund for $1.76B.
- The deal includes ENB's 50% interest in the U.S. segment of the Alliance pipeline, which carries gas from British Columbia and Alberta to the Chicago area, as well as the Southern Lights diluent pipeline, which transports the oil sands thinning agent from the Chicago area to Edmonton.
- ENB CFO Richard Bird says the drop-down deal will provide a significant source of low-cost funding for ENB's capital program.
Sep. 17, 2014, 8:25 AM
- Enbridge (NYSE:ENB) proposes to transfer its 66.7% interest in the U.S. segment of the Alberta Clipper Pipeline to its Enbridge Energy Partners (NYSE:EEP) affiliate for ~$900M in cash and units; EEP owns the other 33.3% interest.
- ENB says EEP's valuation has improved to the point where a drop down is now accretive to both EEP's distributable cash flow and to ENB's earnings.
- ENB says the proposed transfer would not require any equity issuance by EEP, and is expected to be immediately accretive to distributable cash flow per unit by ~3%.
Sep. 4, 2014, 6:15 PM
- The president of the Northern Gateway pipeline says the possibility of a 2018 start-up date is “quickly evaporating," since Enbridge (NYSE:ENB) - the company building the project - is focused on getting support from First Nations groups along the pipeline’s route through British Columbia.
- Northern Gateway, which has been in the works for six years, received regulatory approval in June, but ENB clearly is in no hurry to put shovels in the ground.
- If built, Northern Gateway would ship 525K bbl/day of diluted oil sands crude from the Edmonton area to Kitimat, B.C., where the oil would be loaded onto tankers and shipped to Asia.
Aug. 25, 2014, 12:46 PM
- Enbridge (NYSE:ENB) finds a way to ship more Alberta oil to the U.S. that does not require a review similar to the one faced by the Keystone XL pipeline - switching crude from one pipeline to another before it crosses the border - as the State Department OKs the company to move ahead with its cross-border Alberta Clipper project under authority granted by previously issued permits.
- ENB plans to construct a link between the Alberta Clipper and the adjacent Line 3 pipeline; by transferring oil from the Clipper to Line 3 before it crosses the border and then back again after the oil is in the U.S., ENB does not need the U.S. presidential permit required for new lines.
- The plan is drawing criticism from environmental groups opposed to new imports from Canada’s oil sands because mining and processing the fuel releases more climate-warming carbon than other types of crude.
Aug. 19, 2014, 11:37 AM
- Enbridge's (ENB +0.4%) pipeline to carry tar sands oil between Oklahoma and Illinois can proceed, a federal judge ruled yesterday after rejecting arguments by the Sierra Club and the National Wildlife Federation that the failure to conduct an environmental impact review of the pipeline violated the National Environmental Protection Act.
- “Plaintiffs are wrong to insist that any federal agency had an obligation under NEPA or any other statute to conduct an environmental review” of the pipeline’s impact, the judge said.
- The pipeline will carry crude oil from Pontiac, Ill., to Cushing, Okla.
Aug. 11, 2014, 6:14 PM
- Enbridge (NYSE:ENB) says it has no interest in imitating rival Kinder Morgan's plan to consolidate its publicly traded units into a single company and cannot see a competitive advantage coming from such a move.
- ENB says it already has a highly competitive cost of capital, and is well positioned to deliver double-digit dividend per share and earnings per share growth through 2017.
Aug. 1, 2014, 12:19 PM
- Enbridge (ENB -0.2%) says it is planning to build a new rail loading facility adjacent at the south point of its Flanagan South pipeline near Oklahoma to help move some of its heavy crude product down the U.S. Gulf coast.
- In this morning's earnings conference call, ENB's president of liquids pipelines projected the cost of the facility at ~$150M, and said it should be able to handle 140K bbl/day of heavy crude a day and come online by early 2016.
- ENB already operates three rail terminals in the U.S. and Canada that can handle a total of ~190K bbl/day of crude, and has one more terminal under construction in Manitoba that is expected to begin service in early 2015.
- Earlier: Enbridge posts Q2 earnings beat on higher pipeline demand.
Aug. 1, 2014, 8:58 AM
- Enbridge (NYSE:ENB) reported slightly better than expected Q2 earnings, helped by higher shipment volumes on the Canadian Mainline and regional oil sands systems.
- ENB benefited from a 23% Y/Y rise in average deliveries on the Canadian Mainline to 1.96M bbl/day, while deliveries on the regional oil sands system, comprising the Athabasca mainline and Waupisoo pipeline, soared nearly 72% to 690K bbl/day.
- Says strong supply from western Canada and increased downstream refinery demand led to higher throughput on the Canadian Mainline system, while higher volumes were also achieved on the Athabasca mainline due to new projects coming into service.
- Says construction of the Seaway Twin expansion is now mechanically complete, and expects to complete the Flanagan South project this fall.
- Reaffirms FY 2014 earnings guidance, seeing EPS of C$1.84-C$2.04 vs. C$1.96 analyst consensus estimate.
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