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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
04/08/201511:45:00Spectra Energy and Spectra Energy Partners Schedule First Quarter...
03/25/201509:30:43Current Report Filing (8-k)
03/25/201509:28:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
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03/12/201516:25:18Current Report Filing (8-k)
03/11/201506:04:33Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/09/201517:07:02Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
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02/27/201514:54:06Annual Report (10-k)
02/23/201509:55:00Spectra Energy CEO Greg Ebel to Speak at Credit Suisse 20th Annual...
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02/17/201515:56:34Annual Statement of Changes in Beneficial Ownership (5)
02/09/201509:30:00PennEast Pipeline Expected to Drive $1.6 Billion Economic Impact...
02/05/201505:00:00Spectra Energy Corp and Spectra Energy Partners Announce 2015...
02/04/201515:15:34Current Report Filing (8-k)
02/04/201506:35:00Spectra Energy Partners Reports Fourth Quarter and Year-End 2014...
02/04/201506:30:00Spectra Energy Reports Fourth Quarter and Year-End 2014 Results
02/04/201506:25:00Spectra Energy Partners Announces 29th Consecutive Quarterly...
02/03/201506:01:02Notice of Effectiveness (effect)
01/22/201516:05:00Spectra Energy to Acquire Brazoria Interconnector Gas Pipeline

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