Texas-based Spectra Energy Corporation
(SE - Analyst Report
) has announced an open season, which started on Jun 5, 2013 and will continue till Aug 9, 2013, for the shipment of crude oil on the Express pipeline from Hardisty, Alberta with the termination point in Wood River, Illinois.
The open season will serve at all points along the Express pipeline system, including a new planned interconnection to a rail terminal under development in Casper, Wyoming. The service is expected to commence as early as Oct 1, 2013.
The open season on the recently acquired Express pipeline will continue to meet the demands of its refinery customers as well as help in developing its customer base. With the rising oil shipment requirement in the region, the Express pipeline is advantageously positioned to secure this growth opportunity.
The Express-Platte system extends up to 1,717 mile. The system consists of the Express and Platte crude oil pipelines. It is one of the three key pipeline systems that transfer crude oil from western Canada to Rockies and Midwest refineries and markets. Spectra purchased the Express-Platte system in Mar 2013 and proposed to transfer the asset to Spectra Energy Partners – its master limited partnership.
Spectra Energy, through its subsidiaries and equity affiliates, engages in the ownership and operation of a portfolio of complementary natural gas-related energy assets. The company operates in four segments: U.S. Transmission, Distribution, Western Canada Transmission & Processing, and Field Services. The company also has 50% ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the U.S.
Spectra carries a Zacks Rank #3 (Hold). However, Zacks Ranked #1 (Strong Buy) stocks – Enerplus Corporation
(ERF - Snapshot Report
), CNOOC Ltd.
(CEO - Analyst Report
) and Gulfmark Offshore, Inc.
(GLF - Snapshot Report
) – are expected to perform impressively over the short term.