Monday, May 20, 6:47 PM
Enbridge Energy Partners (EEP), which had threatened to close an oil rail loading terminal in North Dakota unless the content of potentially deadly sulfide gas in Bakken crude shipments was reduced below 5 ppm, now says it will accept shipments if it is notified in advance but may seek reimbursement for damages caused by any unauthorized delivery.
Comment![Energy]
Monday, May 20, 2:34 PM
Enbridge Energy Partners (ENB -0.4%) says an oil spill at its Cushing, Okla., terminal Saturday has not affected other terminal and pipeline operations. ENB says the leaking line was quickly isolated, and the oil that was released was held within the terminal's containment structures; ~2,400 barrels have been recovered as cleanup work continues.
2 Comments[Energy]
Wednesday, May 15, 10:50 AM
The oil patch may have heaved a sigh of relief when British Columbia voters opted against the NDP’s anti-pipeline stance, but the Liberals won't be an easy sell, RBC Capital predicts. Though the Liberals are seen as more friendly to business, it had hardened its stance towards pipelines in the run up to the election, and set out five conditions for deciding on the Northern Gateway project. ENB +0.3%.
Comment![Energy]
Wednesday, May 15, 8:47 AM
Christy Clark’s Liberal Party won an upset victory in British Columbia, defeating a New Democratic Party that had been leading in the polls for almost two years, suggesting stronger than expected voter approval for the Northern Gateway oil pipeline. NDP leader Adrian Dix had vowed to block plans by Enbridge (ENB) and Kinder Morgan Partners (KMP) to ship more oil across the Canadian province.
6 Comments[Energy]
Wednesday, May 8, 5:47 PM
Enbridge's (ENB) plan to almost double capacity on an Alberta-to-Wisconsin pipeline could spark a new oil sands-fueled fight, but CEO Al Monaco says this expansion is different than the Keystone controversy: "The pipe is in the ground... From an environmental point of view and from an equipment point of view, it is quite limited in what we need to do.” (call transcript)
Comment![Energy]
Wednesday, May 8, 12:31 PM
Enbridge (ENB +0.3%) agrees to invest $1.2B in Enbridge Energy Partners (EEP +3.8%) through a private placement of preferred units expected to close later today. EEP says the placement will significantly reduce the amount of third-party funding required and relieve the equity issuance overhang it believes is pressuring its valuation.
Comment![Energy, On the Move]
Wednesday, May 8, 9:03 AMEnbridge (ENB): Q1 EPS of C$0.62 beats by $0.10. Revenue of C$8.02B (+20.9% Y/Y) beats by C$1.42B. (PR)
Comment![Earnings, Energy, Breaking News]
Tuesday, May 7, 6:53 PM
Enbridge (ENB) plans to spend ~$300M on infrastructure to handle expanded production from the Surmont oil sands project owned by ConocoPhillips (COP) and Total (TOT). ENB will construct two new 450K-barrel blend tanks and convert an existing tank from blend to diluent service, install manifolds to facilitate transfers to its Waupisoo Pipeline and upgrade associated equipment.
1 Comment[Energy]
Thursday, May 2, 7:57 PM
Two of Enbridge’s (ENB) top-priority projects could be in for a rough ride. A plan to nearly double capacity on an existing pipeline from Alberta to Wisconsin to 880K bbl/day - more than the Keystone pipeline - will be subject to increased scrutiny as the U.S. State Department begins its review. And the likely takeover by a new energy-wary government in British Columbia could jeopardize its Northern Gateway oil sands pipeline.
2 Comments[Energy]
Thursday, May 2, 11:57 AM
EOG Resources (EOG +0.6%) could see 25% annual oil production growth in coming years, and its stock trades at cheaper multiples than rivals, RBC says as it adds EOG to its "energy best ideas" list. The firm also adds Oceaneering (OII +2.3%); it boots Helmerich & Payne (HP +1.9%) and Precision Drilling (PDS +1%), whose U.S. rig counts have not risen as quickly as expected, as well as Continental Resources (CLR -0.8%).
Comment![Energy, Quick Ideas, On the Move]
Friday, April 12, 5:29 PM
Canada's National Energy Board sets out 199 conditions Enbridge (ENB) must meet if the Northern Gateway project is approved, including setting aside nearly $1B to cover potential costs and liabilities associated with a potential spill from its Pacific-bound pipeline. The conditions are not tantamount to approval of the project; a decision is expected by the end of the year.
Comment![Energy]
Monday, April 8, 9:09 AM
Enbridge (ENB) and France’s EDF Energies Nouvelles agree to buy the 300 MW Blackspring Ridge wind project in Alberta for ~$600M. EDF and ENB will each own 50% of the project, which will be western Canada's largest wind project and is targeted to reach commissioning in summer 2014.
Comment![Energy]
Friday, April 5, 9:44 AM
Enbridge (ENB -3.2%) opens lower after announcing last night it had entered into an agreement with RBC and TD Securities to sell 10.85M treasury common shares, on a bought deal basis, at $46.11/share for distribution to the public. Proceeds will be used to fund recently announced projects, pay down debt, and general corporate purposes.
1 Comment[Energy, On the Move]
Wednesday, April 3, 6:10 PM
The Seaway crude oil pipeline is operating normally, operator Enterprise Products Partners (EPD) says, denying rumors in energy markets that the line had shut down. Pipeline monitor Genscape reported it had observed decreased power consumption at all pumping stations along the line's route at ~9:00 a.m. EST and later said it saw resumed flows on the line at ~11:15.
1 Comment[Energy]