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Enbridge To Spend C$120 Million On Expanding Eastward Oil Shipments

By Edward Welsch Of DOW JONES NEWSWIRES CALGARY -(Dow Jones)- Enbridge Inc. (ENB, ENB.T) said Monday it will spend C$120 million on two pipeline projects to expand the eastward flow of crude oil from producers in western Canada. The Calgary pipeline company and its Houston-based sister company, Enbridge Energy Partners L.P. (EEP), will expand a 645-mile pipline from Superior, Wisc., to Sarnia, Ontario, by 50,000 barrels a day to 540,000 barrels a day. Enbridge will also reverse the direction of part of a pipeline that takes oil westward to Sarnia from refineries in Montreal, reversing the flow eastward to Westover, Ontario, at a cost of C$20 million. The high discount of oil in the midwestern U.S. to international prices, due to an oversupply of oil at the midwestern hub in Cushing, Okla., means "there is significant value to be captured by increasing the pipeline capacity to move western Canadian and Bakken light crude supply to eastern refiners," Stephen Wuori, president of Enbridge's liquids pipelines division, said in a release. The expansion and reversal will be done on the existing pipelines, without building new lines, the company said. An oversupply of oil at the Cushing storage hub, with few ways to reach the coast, has West Texas Intermediate crude oil--the futures contract tied to Cushing--trading at $76.48 a barrel in recent trading, a hefty discount compared with $100.90 a barrel on the Brent future contract tied to the international seaborne oil market. Enbridge indirectly owns a 26% stake in Enbridge Energy Partners. Enbridge shares closed down 3.1% to $30.93 on the New York Stock Exchange, amid a broader decline in energy equities. -By Edward Welsch, Dow Jones Newswires; 403-229-9095; edward.welsch@dowjones.com

Stock News for Enbridge Energy (EEP)
DateTimeHeadline
09/17/201419:35:21Enbridge to Transfer Majority U.S. Alberta Clipper Stake to Affiliate
06/18/201422:05:40Enbridge Puts Final Cost Estimate for Pipeline Overhaul
06/18/201418:15:30Enbridge Puts Final Cost Estimate for Pipeline Overhaul at $7.5...
06/12/201309:13:14U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/12/201306:58:39U.S. Hot Stock Futures: Hot Stocks to Watch
06/11/201317:28:12Enbridge Energy Unveils Plans to Spinoff Some Natural Gas Assets...
05/08/201308:09:32Enbridge 1st-Quarter Profit Dips; Plans $1.2 Billion Investment...
09/05/201219:14:09Warner Chilcott, 4 Other Companies Unveil Stock Offerings
08/06/201214:40:08U.S. Allows Enbridge to Restart Line 14 in Wisconsin
07/31/201215:12:31Correction to Enbridge Story
07/31/201214:28:11US Government Prohibits Enbridge From Restarting Wisconsin Pipeline
07/27/201217:53:08Canada OKs Reversal of Ontario Oil Pipeline
07/02/201217:14:17U.S. Government Fines Enbridge $3.7 Million for Michigan Oil...
05/16/201219:29:19Enbridge, Enbridge Energy Partners Detail Expansion Projects
02/16/201210:10:05Enbridge Energy Discovers Pipeline Leak In Eastern Michigan
10/07/201116:09:34EPA: Enbridge Must Continue Michigan Oil Spill Cleanup Until...
10/03/201118:05:17Enbridge To Spend C$120 Million On Expanding Eastward Oil Shipments
09/22/201109:15:18US Stock Futures: HOT STOCKS TO WATCH
07/04/201109:42:28Exxon Pipeline Oil Spill Cleanup Efforts Widening
04/29/201116:30:38Enbridge To Add Additional 1 Million Bbls Oil Storage At Cushing

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