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TransCanada Corporation (TRP)

  • Fri, May. 1, 7:20 PM
    • Despite Pres. Obama's refusal to grant a permit for the northern cross-border leg of the Keystone XL pipeline (NYSE:TRP), "just as water will find its way through any crack in a foundation," Canada’s oil keeps streaming its way to Texas’ Gulf refineries, Financial Post's Claudia Cattaneo writes.
    • While Keystone’s approval has sat stalled for six years, other pipelines have been built or expanded to ease bottlenecks: TRP's southern leg of Keystone XL and its Marketlink project from Cushing to Port Arthur, Enbridge (NYSE:ENB) and Enterprise Products' (NYSE:EPD) Seaway pipeline from Cushing to Freeport, and there's heavy oil coming by train and barge - it takes longer, costs more and is less efficient, but it's coming nevertheless.
    • Even a prolonged slump in oil prices is not likely to stop Canada’s rush to the Texas coast: Both Imperial Oil (NYSEMKT:IMO) and Suncor (NYSE:SU) said this week their Q1 oil sands production levels are up 11% Y/Y, with IMO soon doubling production at the Kearl oil sands mine and new production beginning at its Nabiye operation.
  • Fri, May. 1, 8:14 AM
    • TransCanada (NYSE:TRP) declares C$0.52/share quarterly dividend, in line with previous.
    • Forward yield 3.7%
    • Payable July 31; for shareholders of record June 30; ex-div June 26.
    | Comment!
  • Fri, May. 1, 8:13 AM
    • TransCanada (NYSE:TRP): Q1 EPS of $0.66 beats by $0.02.
    • Revenue of $2.87B (-0.3% Y/Y) misses by $210M.
    • Press Release
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  • Thu, Apr. 30, 5:30 PM
  • Mon, Apr. 27, 5:57 PM
    • South Dakota's Public Utilities Commission votes to delay a key hearing discussing construction of the long-delayed Keystone XL pipeline through the state, agreeing with Keystone opponents who asked for the postponement because they said the original schedule was too tight.
    • The hearing, which had been planned to begin next week, now likely will be held later this summer.
    • The state initially authorized TransCanada (NYSE:TRP) to construct the project in 2010, but state rules dictate permits must be re-authorized if the construction of the project does not start within four years of their issuance.
    | 1 Comment
  • Fri, Apr. 24, 12:58 PM
    • TransCanada (TRP -0.1%) - still twisting in the wind over delays involving its Keystone XL project - is asking the U.S. government to permit a new and different pipeline project, filing an application to receive a presidential permit that will let it construct a 200-mile pipeline across the U.S.-Canadian border.
    • TRP's proposed $600M Upland pipeline project aims to transport up to 300K bbl/day of North Dakota crude to a connection in Saskatchewan, where ~70K barrels would flow on TRP’s planned Energy East pipeline, which aims to ship up to 1.1M bbl/day nearly 3K miles across Canada to refineries and ports along the country’s east coast.
    • The move indicates TRP is not giving up on its oil shipping plans despite being embroiled in the political battle over Keystone since 2008.
  • Tue, Apr. 21, 5:18 PM
    • TransCanada (NYSE:TRP) is considering ways to get Canadian crude to Louisiana refineries now that it has forged a deal to increase its reach to southeast Texas Gulf coast plants, the company's head of liquids pipelines says.
    • Paul Miller tells the IHS CERAWeek energy conference that Louisiana's 3M bbl/day refining market could be TRP's next target for Canadian crude deliveries, possibly via an extension of its 700K bbl/day Oklahoma-to-Texas MarketLink pipeline which could connect to a new TRP terminal or to a partner's operation, much like existing plans to connect its new Houston terminal to Magellan Midstream Partners' terminal and distribution network.
    • On Keystone XL - the northern leg from Canada to Oklahoma - Miller says the company remains committed, since TRP has the "full backing of our shippers."
    | 1 Comment
  • Mon, Apr. 20, 12:21 PM
    • Enbridge (NYSE:ENB) wants to build the 730-mile Northern Gateway pipeline to ship Canadian oil to west coast port, but the chief of a reserve for indigenous people is promising to block the project running alongside the reserve’s territory.
    • The pipeline is meant to help ship oil to Asia, but the Tl’azt’en nation and other indigenous communities have been emboldened by a recent Supreme Court of Canada decision on aboriginal land rights to fight a project they say risks damaging their environment and culture.
    • Aboriginal groups and environmental protesters also have challenged an expansion of Kinder Morgan’s (NYSE:KMI) Trans Mountain pipeline outside Vancouver, as well as TransCanada's (NYSE:TRP) proposed Energy East pipeline that would ship crude from Alberta to the Atlantic.
  • Fri, Apr. 17, 10:59 AM
    • Quebec needs more evidence from TransCanada (TRP +0.1%) that its Energy East pipeline will benefit the province after a marine terminal was scrapped from the plan, says Energy and Natural Resources Minister Pierre Arcand.
    • While the company argues the proposed C$12B line crossing Quebec to reach the Atlantic would create jobs and boost the local economy, Arcand is not convinced, saying "Are you going to open an office in Montreal? What are you going to bring to us? And we have yet to get those answers."
    • CEO Russ Girling says the project’s benefits to Quebec include jobs tied to C$5B of spending in the province on building the pipeline and at least 10 pumping stations, maintenance on the infrastructure and taxes paid to Quebec municipalities along the route amounting to C$2B over 20 years.
  • Thu, Apr. 16, 12:45 PM
    • TransCanada (TRP -0.1%) says Canada's National Energy Board issues a report recommending the federal government approve its proposed $1.7B North Montney Mainline project.
    • TRP says the initial capacity of North Montney Mainline will allow the shipment of ~2.4B cf/day of natural gas, and that Petronas subsidiary Progress Energy Canada has contracted for 2.1B cf/day of firm delivery service.
    | 1 Comment
  • Tue, Apr. 14, 7:40 PM
    • Canada is seeking new customers for its crude oil as a U.S. review of the Keystone XL (NYSE:TRP) pipeline drags on and oil prices languish near $50/bbl, says Natural Resources Minister Greg Rickford.
    • Canada sells 99% of its oil and 98% of its natural gas to the U.S., a partnership that amounts to $140B/year, but Rickford says future oil sales to the U.S. may depend in part on Keystone, which would "ensure that U.S. refineries have access to a secure supply."
    • The minister also says Canada is eager to expand cooperation with the U.S. on environmental standards for oil and natural gas and to work toward a global climate agreement.
  • Tue, Apr. 14, 4:37 PM
    • Magellan Midstream Partners (NYSE:MMP) and TransCanada (NYSE:TRP) entered into a joint agreement to develop a project to connect TRP's Houston tank terminal to MMP's East Houston terminal.
    • The project would give TRP's Keystone and Marketlink shippers access to MMP's Houston and Texas City crude oil distribution system.
    • The $50M project would include the construction of a nine-mile pipeline in which MMP and TRP would have 50/50 ownership interests; MMP will be construction manager and operator of the pipeline.
  • Thu, Apr. 9, 12:43 PM
    • Canada must stop inter-provincial bickering and political indecision to ensure major energy projects get done before global markets move on to other suppliers, Bank of Nova Scotia CEO Brian Porter says, calling Canada's inability to deliver energy to world markets "detrimental" to the country’s economy.
    • TransCanada's (NYSE:TRP) Energy East project to transport oil to the Atlantic coast and Enbridge's (NYSE:ENB) Northern Gateway pipeline that would transport Alberta oil to the Pacific coast for shipment to Asia would create tens of thousands of jobs with economic benefits spread across Canada, Porter says.
    • Meanwhile, Shell's (RDS.A, RDS.B) proposed combination with BG Group (OTCPK:BRGXF, OTCQX:BRGYY) likely will result in one fewer liquefied natural gas project being built on the British Columbia coast between Shell's LNG Canada and BG's Prince Rupert LNG.
  • Tue, Apr. 7, 10:59 AM
    • If it were up to Lawrence Summers, the former U.S. treasury secretary who also served as chief economist at the World Bank, the U.S. would approve the Keystone XL pipeline (NYSE:TRP) - and should have already done so.
    • The U.S. should OK the pipeline based on considerations such as the country’s energy needs, the importance of Canada as an ally, and the danger of shipping oil by rail, Summers told a crowd at the University of Toronto, noting the potential for accidents and environmental damage.
    • Summers has not been holding back recently on criticism of the U.S., chastising the U.S. in a recent Financial Times column for allowing political pressure from all sides to render the country “increasingly dysfunctional” as a global powerhouse.
    | 1 Comment
  • Thu, Apr. 2, 5:55 PM
    • TransCanada’s (NYSE:TRP) decision not to build a crude oil export terminal near a beluga whale habitat on the St. Lawrence River may delay its $12B Energy East pipeline project by two years and run up costs, Financial Post reports.
    • The company is not yet forecasting an increase in the project cost, but some analysts aren't so sure; CIBC's Paul Lechem says "it is possible the cost and/or schedule could change when the amended application is filed" with the National Energy Board.
    • Recall that, as of November, the anticipated cost of TRP's Keystone XL pipeline jumped to $8B from $5.4B as a result of six years of regulatory delays.
    • Conversely, BMO analyst sees some potential upside to the latest cancellation: "On the positive side, we think being responsive/sensitive to the Quebec environmental challenge will help generate a smoother regulatory process and this in turn should increase the odds of the project."
  • Thu, Apr. 2, 10:12 AM
    • TransCanada (TRP +1%) confirms it has scrapped plans to build a marine oil export terminal at Cacouna in Quebec as part of its proposed Energy East pipeline project, and will consider alternate terminal options in Quebec.
    • "This decision is the result of the recommended change in status of the Beluga whales to endangered,” TRP CEO Russ Girling says.
    • Some businesses in New Brunswick are hoping TRP finds no acceptable Quebec alternative, and that their province could be the only export point for crude oil transported through Energy East.
    • Earlier: Report: TransCanada will not build Quebec oil export terminal
    | 1 Comment
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Company Description
TransCanada Corporation is an energy infrastructure company. The Company operates in three business segments: Natural Gas Pipelines, Liquid Pipelines and Energy.
Sector: Utilities
Industry: Gas Utilities
Country: Canada