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MADISON, Wis. (AP) — Indigenous tribes in Michigan, Minnesota and Wisconsin have asked federal officials to deny a utility's request for a loan to help build a natural gas-fired power plant on the shores of Lake Superior, calling the project unthinkable in the face of climate change. Chippewa tribes located across the northern third of the three states sent a letter to U.S. Department of Agriculture officials on Sunday asking them to deny Dairyland Power Cooperative's request for a $350 million public loan. The request is intended to cover the utility's share of the cost of building the Nemadji Trail Energy Center power plant. Dairyland Power Cooperative, Minnesota Power and Basin Electric Cooperative have been working to gain permission to build the $700 million power plant for more than three years. The tribes also noted that the new plant would be situated near a cemetery where about 180 Fond du Lac tribal members are buried in a mass grave.

Persons: Red Cliff, Wisconsin —, didn't, Dairyland, Katie Thomson Organizations: U.S . Department of Agriculture, Sunday, Energy, Power Cooperative, Cooperative, Minnesota Power, Basin Electric, Bands of Michigan, USDA, Associated Press Locations: MADISON, Wis, Michigan , Minnesota, Wisconsin, Lake Superior, Chippewa, Superior , Wisconsin, Lac, Minnesota

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

☆ Dominion Sells Natural Gas Utilities to Enbridge for $9.4 Billion
▼ + stars: | 2023-09-06 | by ( Katherine Blunt | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Enbridge CEO on Dominion deal: This will create largest natural gas platform in North America
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnbridge CEO on Dominion deal: This will create largest natural gas platform in North AmericaGreg Ebel, Enbridge president and CEO, joins 'Squawk Box' to discuss the company's decision to become the largest natural gas provider in North America, if the company got a better price due to regulatory concern, and where the company will operate.

Persons: North America Greg Ebel Organizations: Dominion Locations: North America

☆ Stocks making the biggest moves midday: Roku, Tesla, AMC, AeroVironment and more
▼ + stars: | 2023-09-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Roku also boosted its third-quarter revenue guidance to between $835 million and $875 million, versus prior guidance of $815 million. AMC Entertainment — Shares tumbled 36.8% after AMC said it plans to sell up to 40 million new shares to raise cash. The issuance of additional shares was expected after it converted preferred APE shares into AMC common stock in August. Revenue also beat expectations, coming in at $152 million, versus the $129 million expected. Harley-Davidson — The motorcycle maker gained 3.16% after it authorized the repurchase of up to an additional 10 million shares.

Persons: Roku, Tesla, Elon Musk, Apple, AeroVironment, Thoma Bravo, Davidson, Zscaler, LSEG, Wall, Dexcom, —, Macheel, Alex Harring, Michael Bloom Organizations: Street, SpaceX, Twitter, AMC, Journal, Bank of America, LSEG, Revenue, Healthcare, Dominion Energy, Dominion, Southwest Airlines —, Southwest Airlines Locations: Virginia, China, Enbridge, Southwest

☆ Stocks making the biggest moves premarket: Enbridge, Roku, GitLab and more
▼ + stars: | 2023-09-06 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Roku also lifted its third-quarter revenue guidance, saying it now expects revenue to range between $835 million and $875 million, versus prior guidance of $815 million. Along with the workforce reductions, Roku said it plans to consolidate office space and review its content slate to trim expenses. Zscaler posted adjusted earnings of 64 cents per share while analysts polled by LSEG, formerly known as Refinitiv, expected 49 cents. Additionally, the cybersecurity company said earnings and revenue should come in ahead of what analysts anticipate in the current quarter. GitLab — Shares of the technology platform jumped 6.5% in premarket trading following a strong second-quarter report postmarket Tuesday.

Persons: Roku, Zscaler, Needham, GitLab, LSEG, Asana, AeroVironment, Sam Subin, Michelle Fox Theobald, Jesse Pound Organizations: LSEG, Revenue, Dominion Energy, Dominion, UBS, Southwest Airlines —, Southwest, Novo Nordisk — Locations: Hastings, Hudson , New York, Enbridge, Dallas, Danish, Europe

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. Analysts, however, were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. "I don't see how you can keep piling more issuance - debt and equity - on this company at these rates. Enbridge shares provisionally closed down 5.9% at C$45.31, while the benchmark Canadian share index was off 0.9%. "While Enbridge paid a reasonable price, high leverage and funding gap could act as overhang," Wells Fargo analysts said in a note.

Persons: Chris Helgren, Ryan Bushell, Enbridge, Greg Ebel, Morningstar, Stephen Ellis, Ellis, Wells, Alan Armstrong, Mrinalika Roy, Nia Williams, Denny Thomas, Anil D'Silva, Alexandra Hudson, Devika, Marguerita Choy Organizations: REUTERS, Dominion Energy, Ohio Gas, Public Service Co, Newhaven Asset Management, Management, TC Energy, Williams Companies, Barclays CEO Energy, Power Conference, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, Newhaven, Enbridge, New York, Bengaluru

☆ Enbridge buying three utility companies for $14 billion
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnbridge buying three utility companies for $14 billionCNBC's Pippa Stevens talks news that Enbridge is buying three utility companies for $14 billion.

Persons: Pippa Stevens

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Acquire Licensing RightsSept 5 (Reuters) - Enbridge (ENB.TO) will buy three utilities from Dominion Energy (D.N) for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business. The deals for East Ohio Gas, Questar Gas, and Public Service Co of North Carolina will consist of $9.4 billion in cash and $4.6 billion of assumed debt. U.S.-listed shares of Enbridge fell 6.5% to $33.01 in extended trading after the company also announced a C$4 billion ($2.9 billion) bought-share sale to fund a portion of the deal. The modest improvement in Enbridge's business risk profile is not enough to "offset ongoing pressure on the company's financial profile," said Gavin MacFarlane, vice president and senior credit officer at Moody's, in a statement.

Persons: Chris Helgren, Berkshire Hathaway, Greg Ebel, Enbridge, Patrick Murray, Moody's, Gavin MacFarlane, Morgan Stanley, Sullivan, Cromwell, McCarthy Tétrault, Arunima Kumar, David French, Denny Thomas, Shailesh Kuber, Sriraj Kalluvila, Richard Chang Organizations: REUTERS, Dominion Energy, East Ohio Gas, Public Service Co, Dominion, Federal Trade Commission, Foreign Investment, Co LLC, RBC Capital Markets, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, Canadian, North Carolina, Enbridge, Point, United States, Ohio , North Carolina , Utah , Idaho, Wyoming, North America, Bengaluru, New York

☆ 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

☆ Outperforming analysts reveal 2 new oil and gas stock picks — with one expected to rise by 35%
▼ + stars: | 2023-08-09 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Analysts at RBC Capital Markets have revealed two new top stock picks in the oil and gas sector. The bank's energy and utilities equity team is behind a basket of stock picks called the Global Energy Best Ideas List. RBC said the basket rose 7.8% in July, compared to a 6.2% rise in the iShares S & P Global Energy ETF . ALA-CA YTD mountain Callon RBC analysts also favor Callon Petroleum . As well as adding the above two stocks to their Best Ideas List, RBC analysts removed several others this month.

Persons: Vern Yu, Yu, Vern Yu's Organizations: RBC Capital Markets, Global, RBC, P Global Energy, ALA, Callon Petroleum, Shell PLC, California Resources Corp Locations: Canada, United States, Enbridge, North America

☆ Cramer's Lightning Round: Oracle is a buy
▼ + stars: | 2023-08-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Medtronic's year-to-date stock portfolio. Stock Chart Icon Stock chart icon Fisker's year-to-date stock portfolio. Stock Chart Icon Stock chart icon Adtran's year-to-date stock performance. Stock Chart Icon Stock chart icon Marvell's year-to-date stock performance. Stock Chart Icon Stock chart icon Oracle's year-to-date stock performance.

Persons: It's, Con, Con Edison, We've, Jeff Organizations: GE Healthcare, Enterprise, Public Service Enterprise, Marvell, Oracle

☆ Enbridge CEO Greg Ebel talks Q2 earnings
▼ + stars: | 2023-08-07 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Enbridge CEO Greg Ebel joins 'Mad Money' host Jim Cramer to talk quarterly earnings. Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email

Persons: Greg Ebel, Jim Cramer

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

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ 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

☆ Judge orders Enbridge to shut down portions of Wisconsin pipeline within three years
▼ + stars: | 2023-06-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

The pipeline carries 540,000 barrels of oil per day from Canada through the Great Lakes region. An Enbridge spokesperson said on Saturday the company plans to appeal the judge's order. Enbridge said in court filings ahead of the judge's action that a hasty shutdown of the pipeline was unnecessary and would cause "extreme market turmoil." The company has proposed re-routing the pipeline around the tribal reservation, but has not received federal approvals to do so. The judge in November said significant erosion that could cause a rupture was unlikely, but told the parties to develop a shutdown plan anyway.

Persons: William Conley, Conley, Enbridge, Clark Mindock, Will Dunham Organizations: Thomson Locations: U.S, Canadian, Wisconsin, Madison, Canada, United States, New York

Reducing fuel's carbon intensity is critical to Canada's efforts to curb greenhouse gas emissions by at least 40% from 2005 levels by 2030. But Canada's location bordering the United States makes it especially vulnerable to a possible future flood of cheaper U.S. biofuels, said Ian Thomson, president of Advanced Biofuels Canada. The lobby group estimates there are some C$10 billion worth of Canadian projects at early stages of development, not counting more advanced ones by Imperial Oil (IMO.TO) and others. Canada offers nothing similar, but unlike the United States, has negative incentives such as a carbon tax. The companies considering investment in the United States include Arbios Biotech, a joint venture of forestry company Canfor (CFP.TO) and Licella Holdings.

Persons: Justin Trudeau's, Joe Biden, Ian Thomson, Thomson, Don Roberts, Roberts, feedstocks, Keean Nembhard, Frank Almaraz, Almaraz, Pete Sheffield, Rob Colcleugh, Colcleugh, Rod Nickel, Steve Scherer, Denny Thomas, Matthew Lewis Organizations: Tidewater Renewables, REUTERS, U.S, Advanced Biofuels, Imperial Oil, Arbios Biotech, Licella Holdings, OTTAWA Biofuels, Ottawa, Reuters, Canada, Fortis, Thomson Locations: Tidewater, Prince George, British Columbia, Canada, REUTERS WINNIPEG , Manitoba, United States, Columbia, U.S, Ottawa, Newfoundland, Labrador, Canadian, Alberta, Winnipeg , Manitoba

☆ 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.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

☆ Swiss central bank promises regulation review after collapse of Credit Suisse
▼ + stars: | 2023-04-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Bloomberg | Bloomberg | Getty ImagesThe Swiss National Bank on Friday pledged to review banking regulations during its annual general meeting in Bern, following recent turmoil involving Credit Suisse. The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse. The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds. He added that this would mean his central bank could would be able to provide the necessary liquidity, in times of stress, without the need for emergency law.

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