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Stock Market & Financial Investment News

News Breaks
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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September 22, 2014
17:13 EDTENBEnbridge to transfer $1.76B of assets to Enbridge Income Fund
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September 18, 2014
12:28 EDTENBEnbridge Energy drop down from Enbridge a net postive, says Wells Fargo
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September 17, 2014
08:12 EDTENBEnbridge 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 EDTENBEnbridge proposes to transfer $900M asset to Enbridge Energy
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