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Enbridge, Inc. (ENB)

  • 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.
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  • 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.
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  • 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.
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  • Dec. 4, 2013, 4:44 PM
    • Enbridge, Inc. (ENB) declares $0.35/share quarterly dividend, 16.6% Increase from prior dividend of $0.30.
    • Forward yield 3.46%
    • Payable March 1; for shareholders of record Feb. 14; ex-div Feb. 12.
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  • 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
  • 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.
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  • Nov. 6, 2013, 9:47 AM
    • Enbridge (ENB): Q3 EPS of $0.34 misses by $0.02.(PR)
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  • 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.”
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  • 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.
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Company Description
Enbridge Inc transports and distributes crude oil and natural gas. It is also engaged in natural gas gathering, transmission and midstream businesses and power transmission.
Country: Canada