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TransCanada Corporation (TRP)

  • Dec. 9, 2013, 5:13 PM
    • TransCanada (TRP) says it has begun moving oil into the Keystone XL pipeline’s southern leg, which runs from Oklahoma to the Texas coast, and is on schedule to begin deliveries by the end of the year.
    • TRP will need to fill the new pipeline system before it can begin delivering oil to refineries along the Gulf coast, and it plans to do so with ~3M barrels of oil in the coming weeks.
    • The line will be capable of bringing up to 700K bbl/day of oil to the coast, providing more supplies of crude to refineries.
  • Dec. 6, 2013, 2:59 PM
    • Supporters and foes of TransCanada's (TRP) Keystone XL pipeline are bracing for the release of an environmental analysis from the U.S. government that could determine the $5.4B project’s fate.
    • “If that report comes out and it says Keystone is not going to have a significant climate impact, it will be hard for Obama to ignore his own agency’s finding,” says a senior campaigner for Friends of the Earth.
    • The report “will likely be the key indicator showing whether Pres. Obama approves the project or not," says a spokesman for Oil Sands Fact Check, a group supported by oil producers.
    • The U.S. State Department said this week there isn’t a timeline for releasing the analysis; the consensus is that it will come out early next year.
  • Dec. 5, 2013, 6:51 PM
    • TransCanada (TRP) tells shippers the Gulf coast portion of its Keystone pipeline won’t be in service before mid-January, three days after it had told regulators it anticipated beginning service Jan. 3.
    • Prices for West Texas crude had jumped on the initial news, narrowing WTI's discount to Brent prices,
    • Plans for the southern segment show it will be able to move 700K bbl/day of crude to Port Arthur, home to 6.1% of U.S. refining capacity; Motiva Enterprises (RDS.A, RDS.B), Valero Energy (VLO) and Total (TOT) all operate plants there.
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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. 29, 2013, 10:08 AM
    • Kinder Morgan Partners' (KMP +0.2%) application to expand its Trans Mountain pipeline carrying oil to Canada's Pacific coast could ultimately prove the death knell for the Keystone XL pipeline, 24/7's Paul Ausick writes.
    • KMP says it will file a formal application next month with Canada's federal regulators to nearly triple the pipeline's capacity to 890K bbl/day in hopes of starting construction in late 2015.
    • Combined with TransCanada's (TRP) proposed Energy East pipeline, nearly 2M bbl/day of crude from the oil sands region would get to market without crossing the border with the U.S.
    • Neither project is a sure thing, but with oil and gas production comprising 8% of Canada's GDP, Ausick believes pressure from producers in the region likely will have much more impact than pressure on the U.S. State Department to approve Keystone XL.
  • Nov. 19, 2013, 2:27 PM
    • TransCanada (TRP -1.5%), facing delays from the U.S. review of its Keystone XL pipeline, pushes the forecast startup date for the project into 2016.
    • Costs for Keystone - now estimated at $5.4B including extensions to be built to the U.S. oil storage hub in Cushing, Okla., and to gather supplies from the Bakken shale in North Dakota and Montana - will continue to rise amid the delays, CFO Don Marchand says at the company's investor day.
    • CEO Russ Girling also moves to recast the increasingly polarized debate pitting pipelines vs. crude-by-rail as a public safety issue, saying "We’ve seen an increase in rail movement, which has put the public safety at risk."
  • Nov. 11, 2013, 9:58 AM
    • Alberta Premier Alison Redford will make a full-court lobbying press for TransCanada's (TRP) proposed Keystone XL oil sands pipeline this week, as the White House decision on the project draws nearer.
    • Redford will meet in Washington with officials from the State Department, which is leading the federal review of Keystone, the EPA and the White House Council on Environmental Quality, as well as various Senate and House members.
  • 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. 5, 2013, 6:55 PM
    • Even if the controversial Keystone XL pipeline (TRP) is never built, hundreds of thousands of barrels of oil soon will be riding into the U.S. from western Canada on rail cars.
    • Canadian National (CNI) and Canadian Pacific (CP) railways both expect to ship increasing amounts of oil to the U.S., CNBC reports; CNI says it plans to double its oil carloads to 60K this year, while CP expects shipments of 85K-90K carloads/day this year vs. 65K/day in the first nine months of the year.
    • Keystone is designed to carry 830K bbl/day; trains currently carry 150K bbl/day from western Canada into the U.S., but as much as 700K bbl/day could move by rail by 2016 if the pipeline is not built.
  • Nov. 5, 2013, 8:49 AM
    • TransCanada Corporation (TRP) declares $0.46/share quarterly dividend, in line with previous.
    • Forward yield 4.09%
    • Payable Jan 31; for shareholders of record Dec. 31; ex-div Dec. 27.
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  • Nov. 5, 2013, 8:39 AM
    • TransCanada (TRP): Q3 EPS of $0.63.
    • Revenue of $2.20B beats by $0.02B. (PR)
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  • Nov. 4, 2013, 11:19 AM
    • Alberta won’t raise its levy on greenhouse gas emissions unless the U.S. acts on the issue, says Premier Alison Redford, heading to Washington soon to lobby for U.S. approval of the Keystone XL pipeline (TRP -0.3%).
    • Redford says she would discuss the existing C$15/metric ton ($14.40) the province levies on carbon from emitters that don’t meet greenhouse gas reduction targets.
    • "If Keystone XL doesn’t get approved, it will have an impact on U.S.-Canada relations," Redford adds.
  • Oct. 30, 2013, 2:34 PM
    • A frustrated TransCanada (TRP +0.2%) CEO Russ Girling says approval of the Keystone XL pipeline project has been "hijacked by activists opposed to the development of all fossil fuels," but he says the company remains committed to the project.
    • Girling, who met with State Department officials about Keystone yesterday, is irritated with the five-year review by U.S. regulators, saying TRP has done "everything that could possibly be asked," and adding that the process for evaluating cross-border energy projects must change.
    • He says the project would continue even if Pres. Obama eventually decides against approving the route, but doesn't specify exactly how that could be achieved.
  • Oct. 29, 2013, 12:47 PM
    • Brad Wall, premier of resource-rich Saskatchewan and one of Canada’s most influential politicians, says he isn’t nearly as bullish on prospects for the Keystone XL (TRP +0.2%) pipeline as he once was.
    • Wall’s initial level of optimism was based on conversations with U.S. officials following a trip in March, "but what was completely unexpected... was [for] the President to discount the economics of the pipeline," most notably in a July NYT interview.
    • "So if I was a seven or eight on the optimism scale, I probably would be half that right now,” Wall says.
  • 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. 23, 2013, 5:56 PM
    • Foes of the Keystone XL pipeline (TRP) say they will launch an America-wide sit-in should the U.S. State Department recommend Pres. Obama approve the project.
    • Activist groups say they have convinced ~76K volunteers to sign a "pledge to resistance," joining anti-nuclear protesters and others who have used sit-ins and other forms of non-violent protest over the years to bring publicity.
    • Even some pipeline supporters say the network of activists pushing Obama to block Keystone appear to be having an impact.
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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