From Reuters Enbridge Inc (ENB.TO) (ENB.N) said on Friday it had completed 40 percent of replacement work on its massive Line 3 pipeline and reported a better-than-expected quarterly profit by reining in costs. Canada’s largest pipeline operator won a key approval in June to replace the 1,031-mile (1,660-km) long pipeline, which began service in 1968 and operates at half its
From Reuters SAINT PAUL, Minn. (Reuters) – A Minnesota regulator on Thursday approved a certificate of need for Enbridge Inc to rebuild its Line 3 oil pipeline, angering environmentalists but offering hope to Western Canadian oil producers that have struggled to move crude oil to refiners. The Minnesota Public Utilities Commission’s decision clears the final major hurdle, pending possible appeals,
Enbridge Inc. (ticker: ENB) said its indirect subsidiary, Enbridge (U.S.) Inc., has entered into an agreement to sell Midcoast Operating, L.P. and its subsidiaries to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion. “The sale of Midcoast is an important step in our shift towards a pure regulated pipeline
Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share. “The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of
Enbridge Inc. (ticker: ENB) and Spectra Energy Partners, LP (ticker: SEP) announced today their execution of a definitive agreement resulting in Enbridge converting all of its incentive distribution rights (IDRs) and general partner (GP) economic interests in Spectra Energy Partners into 172.5 million newly issued SEP common units. As part of the transaction, all of the IDRs have been eliminated.
Enbridge Inc. (ticker: ENB) announced today that it has closed its previously announced public offering of Cumulative Redeemable Minimum Rate Reset Preference Shares, the Series 19 Preferred Shares, through a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, and National Bank Financial. Enbridge issued 20 million Series 19 Preferred Shares, inclusive of 4 million Series 19
Enbridge Q3 results: projects are moving forward Enbridge Inc. (ENB) – ENB Q3 highlights Earnings were $765 million or $0.47 per common share for the third quarter and $2,322 million or $1.57 per common share for the nine-month period, both including the impact of a number of unusual, non-recurring or non-operating factors Adjusted earnings were $632 million or $0.39 per common
Minnesota Commerce Dept. sees no need for Enbridge’s Line 3 Replacement Pipeline Project The Line 3 Replacement Program is a multi-billion dollar private investment consisting of 1,031 miles of 36-inch diameter pipeline beginning in Hardisty, Alberta and ending in Superior, Wisconsin; it is one of North America’s largest infrastructure programs: Enbridge Calgary-based energy transportation giant Enbridge (ticker: ENB) has said
Q4 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Earnings were $365 million or $0.39 per common share for the fourth quarter and $1,776 million or $1.95 per common share for the full year, both including the impact of a number of unusual, non-recurring or non-operating factors Adjusted earnings were $522 million or $0.56 per
Canada added to the onslaught of energy news this week by approving and disapproving oil pipelines. Yesterday’s announcement of two approved pipes will make it possible for Canada to move about 1 MMBOPD to global markets from Alberta’s oilsands. The Trudeau administration approved Kinder Morgan’s (ticker: KMI) Trans Mountain pipeline and Enbridge’s (ticker: ENB) Line 3, while it rejected the Northern Gateway project.
Former Enbridge CEO Daniel sees possible re-application for Keystone XL Former Enbridge CEO Patrick Daniel told BNN today that he is believes Donald Trump’s victory will be positive for cross-border energy pipeline projects, starting with the Keystone XL pipeline, the final application for which was turned down by the Obama administration a year ago after seven years of permitting activity.
Enbridge and Spectra will combine to create company with US$127 billion enterprise value Pipeline companies Enbridge Inc. (ticker: ENB) and Spectra Energy Corp (ticker: SE) announced Tuesday that they have entered into a definitive merger agreement under which the two companies will combine in a stock-for-stock transaction which values Spectra common stock at approximately US$28 billion, based on Enbridge’s common
