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TransCanada Corporation (TRP)

  • Nov. 14, 2014, 1:11 PM
    • The Republican-led House passes the Keystone pipeline bill (TRP +0.2%), as expected, with a Tuesday vote upcoming in the Senate, which is still controlled by Democrats until January; if approved there, the bill would go to Pres. Obama, who says more time is needed to study the project.
    • A Bloomberg report says the long delays to the pipeline are providing little obstacle to western Canadian oil producers - such as Suncor Energy (NYSE:SU), Imperial Oil (NYSEMKT:IMO) and Canadian Natural Resources (NYSE:CNQ) - in getting their crude to the U.S. Gulf coast, with shipments set to more than double next year.
    • “Keystone is kind of old news,” says the director of energy analytics at RBN Energy. “Producers have moved on and are looking for new capacity from other pipelines.”
  • Nov. 14, 2014, 10:49 AM
    • Pres. Obama offered his most pointed comments about the proposed Keystone XL pipeline (TRP -0.8%), signaling a coming confrontation with Republicans as they try to force approval of the pipeline.
    • “Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land down to the Gulf where it will be sold everywhere else. It doesn't have an impact on U.S. gas prices,” Obama said today during a visit to Myanmar.
    • “I have to constantly push back against this idea that somehow the Keystone pipeline is either this massive jobs bill for the United States or is somehow lowering gas prices," the president added.
  • Nov. 13, 2014, 2:38 PM
    • The House of Representatives appears set to vote tomorrow on a bill to approve the Keystone XL (TRP -1.5%) oil pipeline, and the Senate could take up a bill as soon as next Tuesday, but questions around the economic viability of the project are mounting as oil prices move lower.
    • "Anything not under construction [is] at risk of being delayed or canceled altogether," says research Canadian Energy Research Institute VP Dinara Millington; the Alberta oil sands, which the proposed pipeline would carry to Nebraska en route to refineries on the Gulf coast, would cost $85-$110 to produce, depending on which drilling technology is used.
    • The situation is somewhat similar to one faced in 2007 when a proposed natural gas pipeline from Alaska to the Midwest was never built because newly discovered gas supplies in the lower 48 states pushed prices down by two-thirds.
  • Nov. 12, 2014, 6:57 PM
    • Utility stocks tumbled today amid Pres. Obama's plan with China to curb greenhouse gas emissions, and will renew a push by environmental activists to deny government approval of pipeline projects such as Keystone XL (NYSE:TRP) and Alberta Clipper (NYSE:ENB) that would carry Canadian oil sands crude to U.S. refineries.
    • “Achieving these goals will almost certainly require changes to the implementation of the EPA power plant regulations,” Council on Foreign Relations analyst Michael Levi says, referring to draft rules issued by the EPA in June that already have sparked pushback.
    • Congressional Republicans, soon to have a majority in the Senate in addition to the House, promise to do everything possible to stop Obama’s emissions targets for power plants; the administration believes GOP gains mean Obama will not get legislative help in achieving his goals but that Republicans are unlikely to be able to stop executive orders and environmental regulations.
  • Nov. 12, 2014, 5:47 PM
    • TransCanada (NYSE:TRP) pushed higher near today's close following reports that the Keystone XL pipeline bill will be brought up in the U.S. House tomorrow.
    • While Louisiana Sen. Landrieu argued on the Senate floor today for a vote to approve the pipeline, the House says it will forward a Keystone bill sponsored by Rep. Cassidy, Landrieu’s opponent in a Dec. 6 runoff election.
    • The House is likely to approve the pipeline, while prospects in the Senate - where 60 votes are needed to pass the legislation, and Democrats are still in the majority until January - are less certain.
  • Nov. 11, 2014, 4:37 PM
    • Senate Democrats are considering voting in the lame-duck session to force approval of the Keystone XL pipeline (NYSE:TRP), Bloomberg reports, citing a Democratic aide.
    • The report said specific language has not been discussed but the vote would be held to help Sen. Mary Landrieu, who faces a runoff against Rep. Bill Cassidy in a Dec. 6 runoff election.
  • Nov. 7, 2014, 11:29 AM
    • Republicans say their takeover of the Senate all but assures the building of the Keystone XL (TRP +1.2%) pipeline, but the math behind building it may no longer work, MarketWatch's Darrell Delamaide writes as he explains that "oil prices are falling below the price at which the high cost of extraction of this heavy crude oil can be profitable."
    • New mines behind Canadian oil sands projects require oil near $105/bbl to make a "reasonable return," Delamaide points out, meaning Keystone is no longer an attractive investment.
    • Sluggish economies in Europe and many emerging markets are lowering oil demand and creating downward pressure on prices, according to Delamaide.
  • Nov. 5, 2014, 10:43 AM
    • TransCanada (TRP +2.8%) is up sharply as the new Republican-led U.S. Senate is expected to send Pres. Obama a bill to authorize the Keystone XL pipeline and dare him to veto it.
    • Under a Democrat majority, a binding vote on Keystone has not been held since 2012, even though some of its members campaigned in favor of the pipeline ahead of yesterday's elections; the Republican-controlled House repeatedly has voted for the pipeline's construction.
    • The larger question is whether TRP will build the pipeline at all, even if it gets through Congress and Pres. Obama; the proposed 1.1M bbl/day Energy East pipeline running from Alberta to Canada’s east coast would send Canadian crude to Europe, Asia and the U.S. Gulf coast, and rail transportation has cut the need for Keystone, whose costs have exploded to nearly $8B.
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  • Nov. 4, 2014, 12:05 PM
    • TransCanada (TRP -1.6%) reveals plans to spend as much as C$2.7B to expand its Nova natural gas pipeline system in western Canada to meet surging growth in unconventional natural gas supplies, and another C$475M to expand a gas pipeline project in southern Ontario.
    • The news comes even as the company, in its Q3 earnings report, says estimated costs for its long-delayed Keystone XL oil pipeline have ballooned to ~$8B from $5.4B, and followed its filing last week of plans for a new, C$12B cross-Canada pipeline.
    • TRP says the Nova Gas system will meet firm commitments for volumes of ~4B cf/day; subject to approvals from Canada’s National Energy Board as well as local regulators, TRP expects construction to start in 2016 and be completed by Q2 2017.
    • The Ontario spending will be for additional natural gas infrastructure for its Canadian Mainline system to bring gas from the Marcellus Shale formation in the U.S. to eastern Canadian markets.
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  • Nov. 4, 2014, 9:18 AM
    • TransCanada (NYSE:TRP) declares $0.48/share quarterly dividend, in line with previous.
    • Forward yield 3.96%
    • Payable Jan 30; for shareholders of record Dec. 31; ex-div Dec. 29.
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  • Nov. 4, 2014, 8:25 AM
    • TransCanada (NYSE:TRP): Q3 EPS of $0.63 in-line.
    • Revenue of $2.45B (+11.4% Y/Y) misses by $80M.
    • Press Release
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  • Oct. 31, 2014, 10:48 AM
    • It was "pipeline theater at its finest" when TransCanada (NYSE:TRP) officially filed its Energy East application to the National Energy Board yesterday - 30K pages in 68 binders in 11 boxes, with panels of top executives in Toronto and Quebec City to explain the benefits - Financial Post's Claudia Cattaneo writes.
    • The company pulled out all the stops "but that’s what it takes these days to get a pipeline approved [in] a social license obsessed world."
    • The 4,600 km pipeline would carry 1.1M bbl/day of crude from Alberta and Saskatchewan to refineries in Quebec and New Brunswick, and reduce Canada’s dependence on the U.S. oil market by enabling exports to Europe and the Far East.
  • Oct. 29, 2014, 2:39 PM
    • TransCanada (TRP -0.6%) says it will file an application tomorrow with Canada’s National Energy Board for approval of its proposed Energy East pipeline that would ship landlocked western Canadian crude to refineries in eastern Canada as well as on the Gulf coast.
    • The filing is the official start of the regulatory process for the project, which will be subject to an environmental review, hearings and a recommendation from the board to the federal cabinet, which has the final say on approval.
    • Energy East would convert an existing natural gas pipeline to carry 1.1M bbl/day of crude as far as eastern Ontario, then add new pipe to Quebec and New Brunswick.
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  • Oct. 29, 2014, 10:43 AM
    • TransCanada's (TRP -0.5%) proposed 1.1M bbl/day Energy East pipeline designed to ship crude from western Canada to refineries in the east also could be used to access the Gulf coast, creating an end-run around U.S. permitting delays for the Keystone XL pipeline, CEO Russ Girling says.
    • The project has been positioned in Canada as a nation-building project, but Girling says it also would open up a new route to ship heavy crude by tanker to Gulf of Mexico refineries without requiring U.S. approval: “Once we’re on the water, we’ll show up just like any other crude oil in the world in the Houston ship channel.”
    • The CEO says he has no plans to abandon Keystone amid increased demand for pipeline capacity from Canadian oil sands producers; oil sands output is up 71% since 2007 and is forecast by research firm IHS to double to 3.8M bbl/day by 2025.
  • Oct. 28, 2014, 4:58 PM
    • A decision on TransCanada's (NYSE:TRP) long-delayed Keystone XL pipeline may come soon, U.S. Sec. of State John Kerry indicated today in Ottawa during a press conference with Canadian Foreign Minister John Baird.
    • “I certainly want to do it sooner rather than later, but I can’t tell you a precise date,” Kerry said.
  • Oct. 27, 2014, 6:58 PM
    • Three times more individuals and groups than four years ago want to have a say in South Dakota's decision whether to re-approve part of the Keystone XL (NYSE:TRP) pipeline that would run through the state if it is ever built, according to filings with the state.
    • Nearly 45 applications have been submitted to the South Dakota Public Utilities Commission, up from 15 during the original approval process, and most contain reservations about the project.
    • In the state, party status allows a city, county, government agency, non-profit organization or individual to cross-examine witnesses and take part in the discovery process; the Commission is expected to rule tomorrow on whether to grant the status to those who have applied.
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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