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July 11, 2013
17:28 EDTENBEnbridge restarts line 37 pipeline, returns Athabasca pipeline to full service
Enbridge confirmed the return to service of its Line 37 pipeline between Long Lake and Cheecham, Alberta at reduced operating pressure, and the return to full service of the Athabasca Pipeline, Line 19, between Fort McMurray and Cheecham. Line 37 had been shut down June 22 as a result of a release of light synthetic crude oil caused by high rains which led to 1-in-100 year water levels that triggered ground movement on the right-of-way. The Athabasca Pipeline and other pipelines sharing a corridor with Line 37 had been shut down as a precaution. Following extensive engineering and geotechnical analysis, as well as excavation and inspection at several points on the pipeline, the northern segment of the Athabasca Pipeline was returned to service at reduced pressure July 1; the southern segment has been operating at normal pressure since June 23. The Wood Buffalo Pipeline, Line 75, continues to operate at reduced pressure pending completion of inspection on that line. The majority of oil released from Line 37 has now been recovered. Industry and environmental regulators have been to the site and Enbridge has been providing regular updates on status of the clean-up, repair and remediation. Based on the amount of oil recovered, Enbridge has revised its estimate of the volume of light crude oil spilled to 1,300 barrels. Enbridge has identified and implemented measures to mitigate ground forces on these lines and will continue such work so as to ensure all pipelines can be operated safely. Enbridge anticipates returning Line 37 and the Wood Buffalo pipelines to full pressure and capacity, although timing for completion cannot yet be determined. The Waupisoo Pipeline between Cheecham and Edmonton is operating at normal pressure. The Woodland Pipeline between Fort McMurray and Cheecham had been in the process of linefill at the time of the shutdown; linefill activities into Cheecham are continuing.
News For ENB From The Last 14 Days
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July 1, 2015
08:36 EDTENBEnbridge purchases equity position in Fairwood LNG
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June 19, 2015
07:35 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
Enbridge has reached agreement with Enbridge Income Fund to transfer its Canadian Liquids Pipelines Business, held by Enbridge Pipelines, or EPI, and Enbridge Pipelines Athabasca, or EPA, and certain Canadian renewable energy assets to the Fund for consideration payable at closing valued at $30.4B. The Transaction is subject to customary regulatory approvals and closing conditions, as well as a vote of the public shareholders of Enbridge Income Fund Holdings, which is expected to occur in August. The Transaction is a key component of Enbridge's Financial Strategy Optimization introduced in December of last year which included an increase in the company's targeted dividend payout. It advances the company's sponsored vehicle strategy and supports Enbridge's previously announced 33 percent dividend increase in 2015 and expected annual average dividend per share, or DPS, growth of 14%-16% from 2016 through to 2018. It also positions Enbridge to extend its industry leading DPS growth beyond 2018. The Transaction is expected to provide Enbridge with an alternate source of funding for its enterprise wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions. In conjunction with the execution of the Transaction, Enbridge will commence employing supplemental cash flow metrics as part of its normal course quarterly reporting of financial performance and in its guidance. Among other measures, management also expects to utilize available cash flow from operations, or ACFFO, as defined under Non-GAAP Measures below, to assess the performance of its base business and expected growth program as well as its dividend outlook. ACFFO is currently expected to grow at a compound average annual rate of approximately 18% from 2014-2018, inclusive of the impacts of the Transaction. Going forward, the company will express its dividend payout range as a percentage of ACFFO rather than adjusted earnings. The target dividend payout policy range will be 40%-50% of ACFFO, which is approximately equivalent to the previous payout range of 75%-85% of adjusted earnings. The Transaction will significantly increase the Fund's scale and scope and create a transparent source of long-term growth driven by the $15B low risk, commercially secured growth program embedded within the transferred business, $2B of which is already in service. ENF's dividend is expected to be increased by approximately 10% on closing and by an expected further 10% at the beginning of 2016 and each year thereafter through 2019.
07:31 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
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