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June 19, 2014
06:02 EDTMEP, EEPEnbridge Energy announces Purchase and Sale Agreement with Midcoast Energy
Enbridge Energy (EEP) announced that it has entered into a Purchase and Sale Agreement with Midcoast Energy (MEP) to sell an additional 12.6% interest in its subsidiary, Midcoast Operating, for $350M in cash proceeds. This transaction is expected to close on or about July 1. At closing, Enbridge Partners will own a remaining 48.4% non-controlling limited partner interest in Midcoast Operating.
News For EEP;MEP From The Last 14 Days
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July 30, 2015
16:48 EDTEEPEnbridge Energy reports Q2 adjusted EPS 18c, consensus 24c
Reports Q2 revenue $1.31B, consensus $1.63B.
11:48 EDTMEPMidcoast Energy upgraded to Neutral from Sell at UBS
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July 29, 2015
19:36 EDTMEPMidcoast Energy raises quarterly dividend 1.4% to 35.3c per unit
Midcoast Energy Partners announced that the board of directors of its general partner has declared a quarterly cash distribution of 35.25c per unit, or $1.41 per unit on an annualized basis, on all of its outstanding common and subordinated units for Q2. The distribution represents an increase of 1.4% over the previous quarter's distribution and an 8.5% increase compared to the second quarter of 2014. The distribution is payable on August 14 to unitholders of record at the close of business on August 7.
19:33 EDTMEPMidcoast Energy reports Q2 adjusted EPS (6c), consensus (10c)
Reports Q2 operating revenue $780.1M, consensus $1.05B. Reports $50M cost reduction plan progressing "ahead of schedule." Says has "taken steps to further streamline our organization with the divestiture of certain non-core assets. Additionally, we have entered into an agreement with an industry-leading natural gas marketer to enhance market access for our system's natural gas production... we expect the effects of previously announced reduced drilling programs of our producer customers to materialize in 2H and affect our natural gas and NGL system volumes."
19:15 EDTEEP, MEPEnbridge Partners says may increase cash distributions to Midcoast Partners
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