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Enbridge CFO: Cushing Oil To Gulf Coast Project 'Under Discussion'

HOUSTON -(Dow Jones)- Enbridge Inc. (ENB) is discussing with customers the viability of shipping crude oil from the over-supplied storage hub of Cushing, Okla., to refiners along the Gulf Coast, a company executive said Wednesday. Increasing oil production in the U.S. midcontinent region has caused a supply glut in Cushing, forcing U.S. benchmark crude prices to fall well below those for European crude oil. Relieving supply pressure in Cushing has become a mantra for pipeline operators such as Enbridge. "We have projects under discussion with shippers on ideas for linking Cushing to the Gulf Coast," Enbridge Chief Financial Officer Richard Bird said during an analysts meeting. The light, sweet crude coming out of the so-called mid-continent region will eventually head to eastern refiners who now currently depend on oil priced off European benchmark Brent, which is more prevalent along the east coast, Bird said. That will create more need for pipelines that flow east, Bird said. Meanwhile, El Paso Corp. (EP) will make a decision this year whether to build a pipeline to take ethane from the Marcellus shale in Pennsylvania to chemical refiners in Louisiana, said Mark Leland, president of El Paso's pipeline division. The decision has been complicated by Shell Chemical's announcement earlier this month that it will build a world-scale chemical production facility in the Marcellus region, which could keep much of the ethane produced in the shale at home, Leland said. Shell Chemical is a subsidiary of Royal Dutch Shell (RDSA). "The Shell announcement does throw a bit of a wrinkle" into the decision process, Leland said at the analysts meeting. -By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com

Stock News for Spectra Energy Uts (SEP)
DateTimeHeadline
05/04/201617:25:30Current Report Filing (8-k)
05/04/201608:05:00Spectra Energy Posts Revenue and Profit Declines
05/04/201606:35:00Spectra Energy Partners Reports First Quarter 2016 Results
05/04/201606:30:00Spectra Energy Reports First Quarter 2016 Results
05/04/201606:25:00Spectra Energy Partners Announces 34th Consecutive Quarterly...
05/02/201617:23:36Current Report Filing (8-k)
04/26/201608:30:00Spectra Energy Announces Quarterly Dividend of $0.405 per Share
04/18/201617:20:53Statement of Changes in Beneficial Ownership (4)
04/12/201617:22:23Statement of Changes in Beneficial Ownership (4)
04/08/201606:10:10Current Report Filing (8-k)
04/06/201612:30:00Spectra Energy and Spectra Energy Partners Schedule First Quarter...
04/04/201623:10:00Spectra Energy and Spectra Energy Partners Announce Purchase...
04/04/201623:10:00Spectra Energy and Spectra Energy Partners Announce Purchase...
04/04/201623:03:00Spectra Energy Announces Pricing of Public Offering of Common...
04/04/201623:03:00Spectra Energy Announces Pricing of Public Offering of Common...
04/04/201616:39:00Spectra Energy Announces Public Offering of Common Stock
04/04/201616:39:00Spectra Energy Announces Public Offering of Common Stock
03/21/201612:52:00Alerian Announces Real-Time Launch of the Alerian Size Indices
02/25/201615:45:00Spectra Energy Partners Files 2015 Annual Report on Form 10-K
02/19/201610:30:00Spectra Energy CEO Greg Ebel to Speak at Credit Suisse 21st Annual...

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