DIRS.INFO The most relevant business & tech news

While over the years the pipeline's start date has been moved further back, supply has kept coming. Light synthetic crude from the oil sands, another key Canadian grade, is trading close to its deepest discount since 2020. With Canada exporting around 3.8 million bpd via pipelines, each additional dollar the discount widens amounts to millions in lost revenues for oil companies, analysts say. Conventional oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines including Trans Mountain. Rail exports hit 145,000 bpd in September, nearly doubling from May, according to latest data from the Canada Energy Regulator.

Persons: TMX, linefill, WCS, Martin King, It's, Heather Exner, Kevin Birn, Enbridge, James Davis ,, Jesse Jones, Jones, We're, John Zahary, Kent MacDougall, Nia Williams, Stephanie Kelly, Marguerita Choy, Denny Thomas, Simon Webb Organizations: Producers, Canadian, Canada, RBN Energy, Business Council of Canada, U.S ., P, ., Inc, Rail, Canada Energy Regulator, TMX, Altex Energy, Thomson Locations: Asia, British Columbia, Alberta, Canada, U.S . Canada

☆ Enbridge C$4.6 bln equity sale raises hopes for Canada market revival
▼ + stars: | 2023-09-26 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

"I think there is evidence out there that for the right transaction for the right reasons, investors will show up," said François Carrier, co-head of Desjardins Capital Markets. But not many dealmakers are expecting a rush of supply with an uncertain macroeconomic environment still keeping secondary equity markets volatile. The shares dropped well below their first-day high, potentially limiting a comeback in Canadian equity capital raisings and IPOs. "We do not have enough data to declare the IPO market open. Our own view is that we are still 12 to 18 months away from a robust IPO market," he added.

Persons: Dado Ruvic, Carrier, We're, we're, Enbridge's, Jeff Hershenfield, Stikeman Elliott, Stephen Pincus, Goodmans, John McKenzie, Neil Selfe, Maiya, Bernadette Baum Organizations: REUTERS, Rights, Dominion Energy, Desjardins Capital Markets, Arm Holdings, Capital Markets, TMX, Thomson Locations: IPOs, Canada, Unite States, Toronto, Klaviyo, raisings

The deal is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers are transitioning to a greener future by phasing out fossil fuels. But some analysts were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. Enbridge struck the deal just over a month after CEO Greg Ebel told analysts the company saw 'tuck-in' acquisition opportunities 'across the board'. By late morning, Enbridge shares were down 5.5% at C$45.50, while the benchmark Canadian share index was off 0.5%. Enbridge is selling new shares at a discount of 7.2% to its Tuesday close to part-fund the transaction.

Persons: Chris Helgren, Moody's, Morningstar, Stephen Ellis, Ellis, Enbridge, Greg Ebel, Wells, Mrinalika Roy, Denny Thomas, Anil D'Silva, Alexandra Hudson Organizations: REUTERS, Enbridge, Dominion Energy, East Ohio Gas, Public Service Co, Management, TC Energy, Alexandra Hudson Our, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, company's, Bengaluru

☆ Pipeline operator Enbridge Inc will buy three natural gas utilities from Dominion Energy for $9.4 billion
▼ + stars: | 2023-09-05 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —Canadian pipeline operator Enbridge Inc. announced Tuesday that it plans to acquire three gas distribution companies from Dominion Energy. The deal is valued at $14 billion, including $9.4 billion in cash and $4.6 billion in debt, and will create North America’s largest natural gas utility platform, according to Enbridge. Enbridge will buy three of Dominion’s gas utilities: The East Ohio Gas Company, Public Service Company of North Carolina, Incorporated, and Questar Gas Company, which serve about 3 million homes and businesses. “Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once in a generation opportunity,” Enbridge CEO Greg Ebel said in a statement. “These businesses and employees have been an integral part of the Dominion Energy team, which is why we approached this decision with careful and deliberate consideration,” Dominion Energy CEO Robert Blue said in a statement about the company’s agreement with Enbridge.

Persons: Enbridge, ”, Greg Ebel, Dominion, Warren Buffett’s, Robert Blue Organizations: CNN, Canadian, Enbridge Inc, Dominion Energy, Dominion, East Ohio Gas Company, Public Service Company, Questar Gas Company, Warren, Warren Buffett’s Berkshire Hathaway Energy, ” Dominion Energy, Enbridge Locations: Enbridge, Richmond , Virginia, Calgary, Canada, United States, North Carolina

Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma. Cushing crude inventories have declined in five of the most recent six weeks by a total of 9 million barrels (-24%) since July 14. The drawdown in U.S. crude inventories has coincided with additional production cuts by Saudi Arabia and Russia totalling around 75 million barrels during July and August. U.S. NET CRUDE IMPORTSU.S. net crude oil imports remain subdued despite the depletion of inventories with exports continuing to run at a relatively fast rate while imports stay low. Related columns:- Oil market to tighten modestly in late 2023 (August 17, 2023)- Crude oil and fuels draw funds as sentiment shifts (August 7, 2023)- U.S. oil and gas production begins to flatten (August 4, 2023)- Saudi output cut removes downside risk from oil market (July 12, 2023)John Kemp is a Reuters market analyst.

Persons: Nick Oxford, CUSHING, Cushing, Biden, John Kemp, David Evans Organizations: Enbridge Inc, REUTERS, U.S . Energy Information Administration, refiners, Traders, NET, U.S . Department of Energy, Strategic Petroleum Reserve, Thomson, Reuters Locations: Cushing , Oklahoma, Chartbook, Cushing, Oklahoma, U.S, Saudi Arabia, Russia, United States, Asia, Europe, Asia . U.S, Ukraine, Saudi

REUTERS/Dado Ruvic/IllustrationAug 4 (Reuters) - Canadian pipeline operator Enbridge Inc (ENB.TO) reported higher second-quarter profit on Friday due to increased oil volumes, and said it was not considering splitting its business. "I just don't see (a split) today for a company of our breadth, size and diversity, and frankly low risk diversification." The Mainline earned C$1.45 billion ($1.09 billion) in the quarter, up 19% from last year. The company reaffirmed its 2023 core earnings guidance and posted adjusted earnings of 68 Canadian cents, in line with analysts' average expectations, according to Refinitiv data. Enbridge reported net income of C$1.8 billion, or 91 Canadian cents per share, for the quarter, compared with C$450 million or 22 Canadian cents per share in the same period of last year.

Persons: Dado Ruvic, Greg Ebel, Ebel, Arshreet Singh, Rod Nickel, Sriraj Kalluvila, Jan Harvey Organizations: REUTERS, Enbridge, TC Energy, Thomson Locations: Calgary , Alberta, Toronto, Alberta, Enbridge's, U.S, Bengaluru, Winnipeg

☆ Canadian port workers back on strike after voting down government-brokered deal, returning supply chain to 'turmoil'
▼ + stars: | 2023-07-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

Photographer: Ben Nelms/Bloomberg via Getty ImagesThe supply chain is in turmoil again with International Longshore & Warehouse Union West Coast Canada members walking off the job after a key union caucus voted down a tentative deal that had temporarily ended the West Coast ports strike last week. Rob Ashton, president of the ILWU Canada, said in a statement that it did not believe the recommendations had the ability to protect union jobs. His group estimated that the first strike would cause an average 6-8 weeks of supply chain disruption before conditions would return to normal. The National Association of Chemical Distributors told CNBC some chemical companies are expected supply chain congestion until October as a result of the strike. Critical chemicals that go into food, cleaning, water purification, and personal care, among many others, flow through the West Coast ports of Canada and down to the United States.

Persons: Prince Rupert, of Prince Rupert in Prince, Trudeau, He's, Kinder Morgan, Ben Nelms, Rob Ashton, Seamus O'Reagan, " O'Regan, Steve Lamar, Lamar, Vancouver and Prince Rupert, Destine Ozuygur, Ozuygur, Eric Byer, Byer, HLS, Captain Adil Ashiq, Ashiq, Paul Brashier, BCMEA Organizations: Prince Rupert Grain Ltd, Canadian, Enbridge Inc, Kinder, Kinder Morgan Inc, Bloomberg, Getty, Warehouse Union, Coast Canada, British Columbia Maritime Employee Association, Canada's Labor, Canada's Transport, Canada Industrial Relations Board, Logistics, CNBC, American Apparel and Footwear Association, Railway Association of Canada, U.S, Port, HLS Shipping, Association of American Railroads, National Association of Chemical Distributors, Canadian National Railroad, Government, ., U.S ., ITS Logistics Locations: of, of Prince Rupert in Prince Rupert, British Columbia, Canada, Petroliam Nasional, West, British, Vancouver, U.S, Port of Vancouver, eeSea, United States, . West Coast, East Coast, China, U.S . West Coast, U.S . East Coast, North America, East, Asia

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

☆ ONEOK shares drop on concerns over Magellan pipeline deal
▼ + stars: | 2023-05-15 | by ( Laura Sanicola | Arathy Somasekhar | ) www.reuters.com time to read: +2 min

(Reuters) - Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File PhotoONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. “The deferral of Oneok’s corporate cash taxes seems like a major deal component,” Mizuho analysts wrote in a research note. “ONEOK and Magellan have geographical overlap among their assets, but their primary businesses are very different,” Morris said.

☆ Alberta wildfire shuts in at least 2% of Canadian energy production
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +4 min

It added that about 50,000 boepd of production has been temporarily curtailed since the evening of May 5. Crescent Point Energy Corp (CPG.TO)Crescent Point said about 45,000 boepd of production in the Kaybob Duvernay region has been temporarily shut in with a plan to restart production once safe and permitted to do so. NuVista Energy Ltd (NVA.TO)The company said it has temporarily shut in and depressured all operations proximal to the ongoing fires in the Grande Prairie region. Vermilion Energy Inc (VET.TO)Vermilion Energy said it had temporarily shut in about 30,000 boepd of production and that it was assessing the risk to its operations. Cenovus Energy Inc (CVE.TO)Cenovus said it has shut-in production and brought plants down in some areas of its conventional business.

May 4 (Reuters) - Canada's Enbridge Inc (ENB.TO) said on Thursday it has reached a 7-1/2-year toll agreement with oil shippers for its Mainline crude pipeline system, one of North America's biggest, after scrapping earlier plans for long-term contracts. The agreement means that, if approved, Enbridge would continue to ration space on a monthly basis. Enbridge spent years trying to convince shippers and then the Canada Energy Regulator (CER) to sell space on the Mainline under long-term contracts. Some Canadian oil producers objected, while companies with refineries were in favor of contracts. The new agreement covers 70% of Mainline deliveries, with the remaining 30% covered by a pre-existing agreement.

☆ Energy stocks push TSX higher, Dollarama climbs
▼ + stars: | 2023-03-29 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Enbridge gains on rating upgradeDollarama climbs on quarterly sales beatTSX up 0.8%March 29 (Reuters) - Canada's main stock index extended gains on Wednesday, helped by energy stocks, while discount store chain Dollarama advanced after posting quarterly revenue above estimates. Dollarama Inc (DOL.TO) rose 1.2% and hit a two-month high after the discount store chain also reported a surge in same-store sales. The consumer discretionary sector index (.GSPTTCD), housing the stock, added 0.9%. Archibald added that renewable names like Northland Power (NPI.TO) and Ballard Power Systems (BLDP.TO) would stand to benefit from the credits provided to encourage more investment in green technology. Northland Power (NPI.TO) was down 0.2%, while Ballard Power Systems (BLDP.TO) surged 2.6%.

☆ Pipeline operator Enbridge to invest $2.4 bln in infrastructure, renewable energy
▼ + stars: | 2023-03-01 | by ( Sourasis Bose | ) www.reuters.com time to read: +2 min

The Calgary, Alberta-based pipeline operator said it would buy a gas storage facility in Tres Palacios in the U.S. Gulf of Mexico coast region for $335 million to strengthen its liquefied natural gas (LNG) export business. The Tres Palacios gas storage facility currently has a capacity of about 35 billion cubic feet and serves gas-fired power generation in Texas and Mexico. The pipeline operator has also decided to proceed with the construction of the Enbridge Houston Oil Terminal for an initial capital cost of $240 million. The company expects its renewable portfolio to grow over 400% by 2028. The company had earlier said it expects to deploy about C$6 billion of capital in 2023, inclusive of maintenance capital.

☆ Keystone pipeline break spilled diluted bitumen, complicating cleanup
▼ + stars: | 2022-12-15 | by ( Rod Nickel | Mrinalika Roy | ) www.reuters.com time to read: +3 min

(Reuters) -The oil spilled from TC Energy Corp’s ruptured Keystone pipeline was diluted bitumen, the U.S. Environmental Protection Agency (EPA) said on Thursday, adding complications to the cleanup. REUTERS/Drone Base/File PhotoThe 622,000 barrels per day (bpd) pipeline was shut last week after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. The parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened on Wednesday at reduced capacity. The Sierra Club, another environmental advocacy group, questioned why parts of the pipeline reopened before TC Energy had identified the leak’s cause. Pipeline and Hazardous Materials Safety Administration, state and local agencies, TC Energy and TC Energy contractors, the agency said.

[1/3] Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File PhotoDec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) is resuming operations in a section of its Keystone pipeline a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown. "This restart facilitates safe transportation of the energy that customers and North Americans rely on and extends from Hardisty, Alberta, to Wood River/Patoka, Illinois," TC Energy said. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. Market players had speculated that TC Energy might first restart the leg of the pipeline that delivers to Patoka, Illinois.

REUTERS/Drone Base/File PhotoDec 14 (Reuters) - One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. The timeline for the full restart of the pipeline remained uncertain, and neither a root cause failure analysis nor a restart plan had been submitted, the U.S. The spill occurred in Washington County, Kansas, about 20 miles (32 km) south of a junction in Steele City, Nebraska, where Keystone splits into two. "We don't have a confirmation of a timeline and anticipate an update on restart today," TC said in an email.

Dec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) said it expects to give an update on the Keystone pipeline restart later on Wednesday, a week after the 622,000 barrel-per-day pipeline was shut after leaking oil into a creek in Kansas. Keystone is a crucial artery shipping Canadian crude south to U.S. refineries and traders have been awaiting news of when it may restart operations. Market players have speculated TC may first restart the leg of the pipeline that delivers to Patoka, Illinois, which did not leak. "We don't have a confirmation of a timeline and anticipate an update on re-start today," TC said in an email. The Mainline moves 3.1 million bpd of Canadian crude to refineries in the U.S. Midwest and eastern Canada.

"I remember reading a book once called, 'Sacred Cows Make the Best Burgers,'" Poirier said at the company's investor day. Calgary, Alberta-based TC is widely known for its Keystone oil pipeline, a critical artery for moving Canadian oil to U.S. refiners that dominated headlines over the past decade for an expansion that ultimately failed. Keystone could fetch TC C$12.8 billion, said CIBC analyst Robert Catellier in a note. He added that reducing TC's oil exposure would help it reach its emissions-reduction goals. TC's stake in the Millennium natural gas pipeline in New York state is another logical sale candidate and could fetch $1 billion, said Scotiabank analyst Robert Hope.

☆ Pipeline operator TC Energy's quarterly profit rises on robust energy demand
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - TC Energy Corp (TRP.TO) reported an 8% rise in quarterly profit on Wednesday, as surging energy demand boosted the Canadian pipeline operator's earnings from its businesses transporting natural gas. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia's invasion of Ukraine. Earnings from TC's Canadian natural gas pipelines rose to C$409 million ($304.32 million) for the July-September quarter, from C$343 million from last year. Rival Enbridge Inc (ENB.TO) also reported higher third-quarter adjusted profit on Friday. ($1 = 1.3440 Canadian dollars)Reporting by Arunima Kumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Nov 9 (Reuters) - North American oil and gas pipeline company TC Energy Corp (TRP.TO) said on Wednesday it was looking to sell C$5 billion ($3.7 billion) worth of assets to repay debt and fund new projects, and reported an 8% rise in quarterly profit. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization following Russia's invasion of Ukraine, which has strained global oil and natural gas supplies. TC Energy Chief Executive Francois Poirier said the company planned to raise more than C$5 billion through 2023 from selling assets and minority interests. He said the company also intended to approve C$5 billion worth of projects annually throughout the decade. Earnings from TC's Canadian natural gas pipelines rose to C$409 million for the July-September quarter, from C$343 million a year earlier.

Companies Enbridge Inc FollowNov 4 (Reuters) - Canadian energy infrastructure firm Enbridge Inc (ENB.TO) on Friday announced a C$3.6 billion ($2.65 billion) expansion of the southern segment of its British Columbia (B.C.) Gas production in Western Canada this year neared record levels of 18 billion cubic feet a day. Enbridge said the expansion of the southern part of its system, known as T-South, will add 300 million cubic feet per day (cfpd) of capacity. It will serve customers in the Pacific Northwest and southern B.C., as well as the Woodfibre LNG project that Enbridge bought a C$1.5 billion stake in earlier this year. Enbridge shares were trading 1.6% higher at C$54.51 on the Toronto Stock Exchange on Friday after the company reported a higher third-quarter adjusted profit.

Eastern Canada, with its strong electricity-generating winds and short shipping distance, is a prime potential source for green hydrogen. Most hydrogen output uses natural gas or coal, called gray hydrogen, but companies want to produce green hydrogen without emissions by separating hydrogen from oxygen in water using wind-powered electrolyzers. Green hydrogen is typically more expensive, but soaring natural gas prices have elevated gray hydrogen production costs above those of green hydrogen, according to an October report. GERMANY-CANADA HYDROGEN PARTNERSHIPGermany and Canada signed a non-binding agreement in August to ship clean Canadian hydrogen to Germany by 2025. "We believe in green energy, but we don’t believe in destroying nature for a profit or supplying Germany," Rowe said.

☆ Enbridge says it agreed to pay $11 mln on Line 3 pipeline penalties
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Companies Enbridge Inc FollowOct 17 (Reuters) - Enbridge Inc (ENB.TO) said on Monday it has reached an agreement on penalties over its Line 3 oil pipeline replacement project and that it will pay $11 million to various Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. The Canadian company said $7.5 million of the total will be used to provide financial assurances and fund multiple environmental and resource enhancement projects, as part of the agreements with the Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. Line 3, built in the 1960s, carries oil from Edmonton, Alberta, to refineries in the U.S. Midwest, but for years was transporting less than its capacity because of age and corrosion. The replacement project, announced in 2014 and amounting to roughly $8.2 billion, was opposed by environmental and Native American groups, particularly in the last stage of the expansion in Minnesota. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Seher Dareen and Swati Verma in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

The coming end of SPR releases could shift market dynamics again in a year of high volatility following Russia's invasion of Ukraine in February. In March the White House announced it would release 180 million barrels from the U.S. strategic reserve to help quell high prices. Foreign buyers have turned to discounted Russian barrels, tempering Canadian crude exports. "When the SPR releases finish, these refiners will look to lean harder again on Canadian barrels or seaborne imports." That system ships the bulk of Canadian crude exports to the United States.

Search resuls for: "Enbridge Inc"

24 mentions found