Nov. 8, 2013, 10:56 AM
- Canada’s biggest energy companies including Suncor Energy (SU) and Imperial Oil (IMO) are trailing global peers in reporting environmental performance, according to data compiled by Bloomberg.
- Scores for the largest Canadian oil and natural gas producers lagged behind those of many U.S. and European competitors, including Exxon Mobil (XOM), Shell (RDS.A, RDS.B) and even BP.
- Increased environmental scrutiny is slowing proposals for pipeline developments such as TransCanada's (TRP) Keystone XL and Enbridge's (ENB) Northern Gateway.
- Hess (HES) and Repsol (REPYF, REPYY) scored highest in Bloomberg's research.
Nov. 6, 2013, 4:47 PM
- Enbridge (ENB) says it is moving ahead with plans to build its Sandpiper pipeline to move 225K bbl/day of oil from North Dakota's Bakken shale to refineries in Wisconsin and Illinois, despite regulatory hurdles and local opposition.
- Talks with shippers who might use the pipeline have been promising enough that ENB filed a permit request with North Dakota regulators last week, and "we want to get a head start on this because we are confident that it will go forward," CEO Al Monaco said in the earnings call.
- Shares had gained 2.5% in regular trading as Q3 earnings more than doubled, and the company said it’s on track to achieve full-year adjusted EPS within its guidance range of $1.74-$1.90.
Nov. 6, 2013, 9:47 AM
Nov. 5, 2013, 5:18 PM
- The premiers of British Columbia and Alberta say they can work through some of the differences standing in the way of the proposed Enbridge (ENB; EEP) Northern Gateway pipeline, but they’ve effectively agreed to drop the most contentious issue: B.C.’s demand for a share of the revenue associated with the project.
- B.C. Premier Christy Clark has long insisted her support for Alberta's plans depends on the project meeting various conditions including a "fair share" of the economic benefit, but B.C. is now agreeing to take demands for financial compensation directly to the oil and gas industry.
- Alberta's Alison Redford suggests the understanding brings the provinces closer to an ultimate agreement on the pipeline.
- In addition to the Enbridge project, Kinder Morgan's (KMP; KMI) proposed Trans Mountain project would expand an existing pipeline from Alberta to the Vancouver area.
Nov. 5, 2013, 4:49 PM
- Enbridge (ENB; EEP) applies to build the largest oil pipeline yet from North Dakota and will begin courting oil producers to reserve space, in a $2.6B project that would move millions of gallons of oil to Minnesota and Wisconsin.
- The proposed 612-mile Sandpiper pipeline would carry 225K bbl/day of oil to a hub in northern Minnesota and 375K bbl/day to one in northwestern Wisconsin.
- North Dakota oil production is closing in on 1M bbl/day, but due to the lack of pipeline capacity in the state, ~61% of the daily oil production is being shipped by rail; ENB’s application to regulators argues the project is “needed and in the public interest.”
Oct. 31, 2013, 10:47 AM
- Enbridge (ENB +0.2%) says it will develop a new C$1.6B pipeline for the Fort Hills partners - Suncor (SU), Total (TOT) and Teck Resources (TCK) - to transport crude oil under long-term transportation commitments to its mainline hub at Hardisty, Alberta.
- The Wood Buffalo Extension pipeline will transport as much as 490K bbl/day of diluted bitumen produced at the Fort Hills project in northeastern Alberta and SU's growing oil sands production in the Athabasca region.
- ENB also says it will develop a new C$1.4B industry diluent pipeline to meet the needs of multiple producers in the Athabasca oil sands region.
Oct. 25, 2013, 4:47 PM
- Enbridge (ENB) says it is rationing November oil pipeline deliveries on its Canada-to-U.S. mainline network because of higher than normal maintenance associated with new capacity additions.
- For example, Line 6A running from Superior, Wisc., to Griffiths-Hartsdale. Ind., with capacity for 666K bbl/day of heavy crude, and Line 62 from Griffiths-Hartsdale to Flanagan, Ill., with capacity of 130K bbl/day, are each apportioned 30%.
- Pipelines are apportioned when capacity lags orders to move crude; shippers are required to cut their orders to transport oil by the apportionment ratio.
Oct. 25, 2013, 10:49 AM
- Enbridge’s (ENB -1%) Northern Gateway stands the least chance of being approved among all of Canada's proposed pipelines, analysts tell a Financial Post panel discussion.
- TransCanada's (TRP) Energy East and Kinder Morgan’s (KMI, KMP) Trans Mountain are most likely, with the latter benefiting from having built the loop through Jasper before pipeline opposition escalated, one participant says.
- Another believes that a rejection of the Keystone XL pipeline would not slow down Canadian oil production, given the other pipeline options and growing crude-by-rail shipments, but rejection would mean rising transportation costs.
Oct. 11, 2013, 9:48 AM
- While the Keystone pipeline remains mired in uncertainty, Enbridge (ENB) is working to open a major new pathway to the U.S. Gulf coast for Alberta bitumen, solidifying a commercial link between the world’s No. 3 crude deposit and the Texas refining corridor that has eluded industry planners.
- ENB is spending $2.8B to twin its Spearhead pipeline from Flanagan, Ill., to Cushing, Okla., and another $1.1B to nearly triple capacity on its Seaway system between the Midwest storage hub and the Houston area.
- By mid-2014, the two pipelines will be able to transport 775K barrels of Alberta oil for processing at coastal refineries, according to the head of ENB's liquids pipeline unit.
Oct. 7, 2013, 12:14 PM
- Enbridge's (ENB +1%) Line 9 has run through one of Canada’s most populous corridors for nearly four decades, quietly pumping oil between southern Ontario and Montreal, but the pipeline is thrust into controversy as ENB seeks approval to reverse its flow and increase its capacity.
- Opponents of the reversal worry that ENB plans to run a heavier and possibly more corrosive kind of oil through the line that will stress the aging infrastructure and increase the chance of a leak.
- ENB plans to move 300K bbl/day of crude oil through the line, up from the current 240K, with no increase in pressure.
Oct. 2, 2013, 9:05 AM
- Enbridge (ENB) is in the preliminary stages of talking to producers about a pipeline to carry natural gas to Canada’s west coast for export as a liquid fuel, CEO Al Monaco says while cautioning that the idea remains conceptual.
- The move could potentially add another project to an increasingly crowded slate of pipelines proposed to shuttle gas to British Columbia, where major energy companies such as Chevron, Shell and Petronas have proposed multi-billion-dollar export terminals.
- ENB says it is also angling for a bigger share of the natural gas processing and gathering business as export designs firm up.
Oct. 1, 2013, 3:59 PM
- Enbridge (ENB -1.5%) plans to build a new ~$1B, 200K bbl/day pipeline to bring diluent - used to thin out oil sands bitumen so it can flow through pipelines - to industry players in Alberta.
- ENB is the dominant Alberta crude shipper, transporting more than 1M bbl/day from the Fort McMurray area to market hubs in Edmonton and Hardisty along its Athabasca and Waupisoo pipelines, and ENB expects eventually to have enough commercial support to build another pipeline to Edmonton and another one to Hardisty by latter part of this decade.
Sep. 27, 2013, 9:40 AM
- Enbridge (ENB -0.3%) announces plans to construct a 50-km pipeline to serve the Hangingstone oil sands project, which would connect Hangingstone to ENB’s regional system in Alberta; financial terms are not disclosed.
- The pipeline will have the capacity to transport 40K bbl/day of diluted bitumen produced at Hangingstone to the ENB terminal in Cheecham.
- Cnooc's (CEO) Nexen and Japan Canada Oil Sands Ltd. are partners in the project, which is expected to produce first oil in early 2016.
Sep. 24, 2013, 12:26 PM
- Goldman Sachs is bullish on Bakken after it came away from a trip to North Dakota with greater confidence in its outlook that activity in the shale play should exceed expectations, citing producers and drillers who were "uniformly confident" in resource expansion, efficiency gains and potential for improving well performance in coming years.
- The firm sees production growth of 130K bbl/day to 210K bbl/day through 2016, above the average of 110K bbl/day for the six months up to this July.
- Buy-rated Oasis Petroleum (OAS +3.4%) and Continental Resources (CLR +3.3%) (earlier) are Goldman's favorites among Bakken-exposed oil E&P companies; also listed as ready to reap Bakken benefits are Northern Tier Energy (NTI +4%), Halliburton (HAL +0.7%), Enbridge (ENB +0.2%) and Canadian Pacific Railway (CP +0.6%).
Sep. 23, 2013, 3:43 PM
- Canadian National Railway (CNI), at the urging of Chinese-owned Nexen (CEO), is considering shipping Alberta bitumen to Prince Rupert, B.C., by rail in quantities matching the controversial Northern Gateway pipeline, documents show.
- CN denies it has made a specific proposal for Prince Rupert but says it will consider any such project as it comes up.
- Enbridge's (ENB) proposed Northern Gateway pipeline, which would carry crude oil to Kitimat, B.C., has met fierce opposition from First Nations and environmentalists.
Sep. 16, 2013, 5:36 PM
- A Federal Energy Regulatory Commission rules that rates on the Seaway pipeline are too high, an initial victory for crude oil shippers in a long-running legal battle.
- According to the ruling filed late Friday, Seaway had proposed tariffs of $3.82/bbl for light crude and $4.32 for heavy crude, after reversing the line in 2012 to flow north-to south in an attempt to allow shippers to drain a glut of crude oil at the Cushing, Okla., storage hub.
- The 400K bbl/day pipeline, jointly owned by Enterprise Product Partners (EPD) and Enbridge (ENB), is one of few major arteries carrying crude oil from Cushing to the Gulf Coast refining hub.
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