Feb. 14, 2014, 3:59 PM
- Enbridge's (ENB +0.8%) plan to expand the capacity of its Canada-to-U.S. Alberta Clipper pipeline by 120K bbl/day has hit a snag, CEO Al Monaco said in today's earnings call, since getting a U.S. presidential permit for the project is taking longer than expected.
- ENB, which reported lower than expected Q4 earnings today, says it no longer expects to get the permit amendment for the expansion in time to start pumping more oil at midyear, but it can tweak its mainline system, which delivers most of Canada's oil exports to the U.S., to handle additional shipments until it has the permit in hand.
- ENB seeks to expand Alberta Clipper to be able to handle up 800K bbl/day to move rising volumes of crude from the Alberta oil sands; it had expected the first phase of the expansion to be complete at midyear, while a second 230K bbl/day phase had been scheduled to be wrapped up next year.
Feb. 14, 2014, 10:38 AM
- Enbridge (ENB +0.2%) shares fluctuate in early trading after the largest transporter of Canadian crude to the U.S. posted lower than expected Q4 earnings, hurt by losses on hedging contracts.
- ENB's unadjusted C$276M loss was mainly driven by a C$337M loss at its energy services business due to a decline in the fair value of its unrealized derivatives.
- Sales climbed more than 18% to C$8.29B, beating expectations, as higher volumes were pumped through ENB's Canadian Mainline and other new pipeline systems.
- Issues in-line guidance for FY 2014, seeing EPS of C$1.84-C$2.04 vs. C$1.95 analyst consensus estimate.
Feb. 14, 2014, 7:03 AM
Feb. 14, 2014, 12:05 AM
Feb. 13, 2014, 5:30 PM
Jan. 30, 2014, 6:13 PM
- Opponents of the Keystone XL pipeline now want to block its construction by showing that two oil pipelines from Canada to the U.S. are worse than one.
- The Sierra Club says in a new petition asking the State Department to revise its review that TransCanada's (TRP) Keystone and the proposed expansion of Enbridge’s (ENB) Alberta Clipper should be reviewed together to account for how the combination would contribute to climate change; if the rejection of one pipeline would lead to greater use of the other, then the projects should be considered together, the group says.
- The Alberta Clipper expansion is a different project from Keystone, ENB says, involving increasing the horsepower on an existing pipeline within an established right of way, with no new pipeline construction or ground disturbance.
Jan. 29, 2014, 10:29 AM
- Enbridge (ENB -0.3%) says it will invest ~C$200M to expand its Sunday Creek Terminal near the Christina Lake oil sands project in northern Alberta.
- The expansion includes development of a new site adjacent to the existing terminal and construction of a new 350K-barrel tank with associated piping, pumps and measurement equipment; the existing terminal was put into service in 2011.
- Completion of the expansion, which will support production growth from Christina Lake, is estimated for Q3 2015.
Jan. 7, 2014, 6:44 PM
- The district of Kitimat, a key hub for Enbridge's (ENB) proposed Northern Gateway oil pipeline, will hold a plebiscite to gauge support for the development.
- The district council's decision follows release of a panel decision that approved the pipeline and tanker project that would carry bitumen from Alberta's oil sands across British Columbia for shipment to Asia.
- The district council and staff will determine the specific plebiscite question for voters and the date for the non-binding vote in the coming weeks; the Canadian federal government has final say on the pipeline, and must reveal its decision within the next six months.
Jan. 6, 2014, 5:11 PM
- Enbridge (ENB) says it will invest ~$200M in the 110 MW Keechi wind power project in Texas; construction began last month and is expected to finish in early 2015.
- Keechi brings the total generating capacity of the green power projects in which ENB has interests to more than 1,800 MW; ENB says the project also contributes to its "neutral footprint" commitment to generate a KW of renewable energy for every additional KW of conventional electricity the company's liquids pipelines operations consume.
Jan. 6, 2014, 2:58 PM
- Canadian PM Harper says he remains confident TransCanada's (TRP) Keystone XL pipeline eventually will be built even as Pres. Obama delays making a decision on the project; although Obama has "punted," which makes it impossible to put a timeline on a decision, Harper says believes “the project will one way or another proceed."
- On Enbridge's (ENB) proposed Northern Gateway pipeline, Harper sounds a bit like Obama; he won’t permit projects on Canadian soil “unless they’re not only in our economic interests, but also they meet the highest standards of environmental protection.”
Dec. 21, 2013, 8:25 AM
- Canadian regulatory approval of the Northern Gateway pipeline doesn't feel like much of a victory for Enbridge (ENB), which now faces higher costs and more opposition from aboriginal and environmental groups.
- ENB contested the National Energy Board’s C$7.9B cost estimate but conceded its current C$6.5B projection likely will increase when it updates costs in Q1.
- Among the regulator’s 209 conditions imposed on ENB: liability coverage of C$950M, compensation for aboriginal hunters and fishermen, building extra oil storage in the event of disruptions, research on heavy-oil spills, establishing an emergency response plan.
- One condition not imposed: the sort of carbon emissions test Pres. Obama says will guide the U.S. decision whether to allow TransCanada's (TRP) Keystone XL pipeline to proceed - Keystone backers say the proliferation of projects such as Northern Gateway show the oil will get to market, one way or another.
Dec. 19, 2013, 5:20 PM
- Enbridge's (ENB) proposed $6.5B Northern Gateway oil sands pipeline project is approved with conditions by Canada's National Energy Board.
- Among the 209 conditions attached to the recommendation is for ENB to develop a marine mammal protection plan and conduct emergency response exercises.
- ENB must now seek approval from the federal government, which has 180 days to review the project that would deliver crude from Alberta to the Pacific Coast.
- The endorsement could set the tone for other strategic pipelines in Canada's regulatory queue, including ENB's Line 9 reversal, Kinder Morgan’s (KMI, KMP) expansion of its TransMountain line, and TransCanada’s (TRP) Energy East project.
Dec. 4, 2013, 4:47 PM
- Enbridge (ENB) increases its quarterly dividend by 11% to C$0.35/share, and announces a 2014 EPS guidance range of C$1.84-C$2.04 vs. C$1.79 analyst consensus estimate.
- ENB is positioned to deliver 10%-12% average annual EPS growth through 2017, and stands at $29B of commercially secured growth capital to be in service by 2017 out of a $36B total growth capital plan, CEO Al Monaco says.
Dec. 4, 2013, 4:44 PM
Dec. 2, 2013, 6:35 PM
- Hedge fund billionaire and big Democratic donor Tom Steyer has been pushing the importance of greener, cleaner energy and has said that stopping the Keystone XL pipeline (TRP) is a way to prevent climate change disasters, but today his message was that the pipeline is a bad business deal for the U.S.
- "It’s a great deal for China" but not for the U.S., which Steyer says won’t see the profits since Keystone “runs through America, not to America,” and because the Canadian tar sands crude will prove so profitable that there will be little incentive to replace oil with other energy sources, which he says is necessary to lower global carbon emissions.
- Canada’s bid to become an energy superpower is at risk as approval delays for new pipelines threaten an industry already hurt by high costs and rival production, according to a Bloomberg analysis, as regulators take their time reviewing Enbridge's (ENB) Northern Gateway, Kinder Morgan's (KMI, KMP) Trans Mountain as well as the Keystone pipeline.
Nov. 26, 2013, 9:17 AM
- Enbridge (EEP, ENB) announces Marathon Petroleum (MPC) has agreed to be the main shipper on its $2.6B Sandpiper pipeline project set to carry crude from North Dakota's Bakken field to U.S. refiners. Marathon will fund 37.5% of the project's cost in exchange for a 27% equity interest in the North Dakota system.
- Press release
- Subsequently, Enbridge also announces an open season to provide other shippers with an opportunity to enter into capacity commitments on the project.
- Press release
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