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Stock Market & Financial Investment News

News Breaks
June 25, 2014
17:30 EDTEEP, MPCEnbridge Energy approved to construct Sandpiper Pipeline Project in NDMarathon Petroleum
The North Dakota Public Service Commission issued its permit approving the North Dakota Pipeline Company LLC's Sandpiper Pipeline Project. The permit allows a subsidiary of Enbridge Energy (EEP) to begin construction of the Sandpiper Pipeline Project as early as July 1 in the state of North Dakota. North Dakota Pipeline Company LLC is a joint venture between Enbridge Energy Partners and Williston Basin Pipe Line, an indirect subsidiary of Marathon Petroleum (MPC). Marathon Petroleum is funding 37.5% of the Sandpiper Pipeline Project and will hold an approximate 27% interest in the North Dakota Pipeline Company when the Sandpiper Pipeline is anticipated to be placed into service in early 2016.
News For EEP;MPC From The Last 14 Days
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September 30, 2014
06:42 EDTEEPEnbridge Energy discloses in-service data for Sandpiper project delayed to 2017
Enbridge Energy previously stated that the estimated target in-service date for Sandpiper pipeline project would be in early 2016. The company now estimates that the in-service date for the Sandpiper pipeline project will occur during 2017. The delay is a result of a longer than expected permitting process in the State of Minnesota.
September 23, 2014
10:02 EDTMPCOn The Fly: Analyst Initiation Summary
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06:04 EDTMPCMarathon Petroleum initiated with an Overweight at JPMorgan
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September 18, 2014
12:28 EDTEEPEnbridge Energy drop down from Enbridge a net postive, says Wells Fargo
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September 17, 2014
08:12 EDTEEPEnbridge Energy receives $900M drop down proposal from Enbridge
Enbridge Energy Partners (EEP) has received a proposal initiated by Enbridge (ENB) through Enbridge Energy Company, EEP's general partner, under which Enbridge would drop down its 66.7% interest in the U.S. segment of the Alberta Clipper Pipeline to EEP for aggregate consideration of approximately $900M. The proposed consideration includes cash of approximately $300M, plus approximately $600M of a new Class E limited partner equity units to be issued to Enbridge by EEP. The proposed terms would not require EEP to issue any equity in the public market. The board of Enbridge Energy Management, the delegate of Enbridge, has appointed a special committee comprised of independent directors to review the proposal. Its acceptance is subject to the review and favorable recommendation by the special committee and final approval by the board. The drop down transaction is targeted to close by the end of 2014. The proposed contribution value corresponds to an approximate 11 times multiple of expected 2015 EBITDA. Alberta Clipper earns a stable cost of service return, which is not subject to variations in throughput or operating costs. EEP estimates that the proposed drop down is expected to be immediately accretive to distributable cash flow per unit by approximately 3%.
08:02 EDTEEPEnbridge proposes to transfer $900M asset to Enbridge Energy
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