We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Enbridge (ENB) Divests Plaza/Wabek Pipeline to MHA Nation
Read MoreHide Full Article
Enbridge Inc. (ENB - Free Report) has entered into an agreement to divest its Plaza/Wabek Pipeline to a native America tribe for $5 million.
The acquisition is being made through Mandan, Hidatsa, and Arikara (“MHA”) Nation’s subsidiary Thunder Butte Petroleum Services Inc. MHA Nation operates an energy unit, which involves in the production and processing of crude oil.
Upon the closure of this deal, MHA Nation will be the first tribal shipper on Enbridge’s system. The 31-mile pipeline, with a carrying capacity of 15,000 barrels per day, is expected to support the tribe financially. Tribal officials anticipate the pipeline to be operational within a year.
The Plaza/Wabek Pipeline will connect the tribe’s crude facilities on the Fort Berthold Reservation to Enbridge’s pipeline network, which covers the United States and Canada. This will provide the tribe with better access to markets across both countries.
The Fort Berthold Reservation has more than 2,600 active oil and gas wells. In February, the wells produced an average of 144,190 barrels of oil per day. According to state regulators, there is a potential for 3,911 additional wells on reservation.
The acquisition is a significant step and profitable investment to support further development of the energy trust assets for MHA Nation. The acquisition will act as a catalyst to boost economic development in the tribe’s area of influence.
Enbridge operates the world’s longest and most complex liquids transportation system, with 17,800 miles of active pipe across North America. The pipeline system delivers more than three million barrels per day. Per Enbridge, the deal is a significant step towards connecting MHA Nation to new markets.
The agreement shows Enbridge’s active involvement in creating and stimulating tribal economic inclusion and partnerships in its business areas.
Price Performance
Shares of Enbridge have underperformed the industry in the past three months. The stock has gained 2.5% compared with the industry’s 3.1% growth.
Eni reported first-quarter adjusted earnings from continuing operations of $1.85 per American Depository Receipt, beating the Zacks Consensus Estimate of $1.39. Better-than-expected quarterly earnings resulted from an increase in refinery throughput volumes.
For 2023, Eni reiterated its total hydrocarbon production guidance of 1.63-1.67 MBoe/d, indicating an increase from 1.61 MBoe/d reported in 2022. E expects to discover exploration resources of 700 MBoe this year.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, outpacing the Zacks Consensus Estimate of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Enterprise Products reported first-quarter 2023 adjusted earnings per limited partner unit of 64 cents, which outperformed the Zacks Consensus Estimate of 62 cents. This was primarily due to higher contributions from the Natural Gas Pipelines & Services business.
In the first quarter, Enterprise Products generated an adjusted free cash flow of $1,347 million against a negative free cash flow of $1,618 million in the year-ago quarter. EPD recorded a distributable cash flow of $863 million in the same time frame.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Enbridge (ENB) Divests Plaza/Wabek Pipeline to MHA Nation
Enbridge Inc. (ENB - Free Report) has entered into an agreement to divest its Plaza/Wabek Pipeline to a native America tribe for $5 million.
The acquisition is being made through Mandan, Hidatsa, and Arikara (“MHA”) Nation’s subsidiary Thunder Butte Petroleum Services Inc. MHA Nation operates an energy unit, which involves in the production and processing of crude oil.
Upon the closure of this deal, MHA Nation will be the first tribal shipper on Enbridge’s system. The 31-mile pipeline, with a carrying capacity of 15,000 barrels per day, is expected to support the tribe financially. Tribal officials anticipate the pipeline to be operational within a year.
The Plaza/Wabek Pipeline will connect the tribe’s crude facilities on the Fort Berthold Reservation to Enbridge’s pipeline network, which covers the United States and Canada. This will provide the tribe with better access to markets across both countries.
The Fort Berthold Reservation has more than 2,600 active oil and gas wells. In February, the wells produced an average of 144,190 barrels of oil per day. According to state regulators, there is a potential for 3,911 additional wells on reservation.
The acquisition is a significant step and profitable investment to support further development of the energy trust assets for MHA Nation. The acquisition will act as a catalyst to boost economic development in the tribe’s area of influence.
Enbridge operates the world’s longest and most complex liquids transportation system, with 17,800 miles of active pipe across North America. The pipeline system delivers more than three million barrels per day. Per Enbridge, the deal is a significant step towards connecting MHA Nation to new markets.
The agreement shows Enbridge’s active involvement in creating and stimulating tribal economic inclusion and partnerships in its business areas.
Price Performance
Shares of Enbridge have underperformed the industry in the past three months. The stock has gained 2.5% compared with the industry’s 3.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Enbridge currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Eni SPA (E - Free Report) and Seadrill Limited (SDRL - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and Enterprise Products Partners LP (EPD - Free Report) , presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Eni reported first-quarter adjusted earnings from continuing operations of $1.85 per American Depository Receipt, beating the Zacks Consensus Estimate of $1.39. Better-than-expected quarterly earnings resulted from an increase in refinery throughput volumes.
For 2023, Eni reiterated its total hydrocarbon production guidance of 1.63-1.67 MBoe/d, indicating an increase from 1.61 MBoe/d reported in 2022. E expects to discover exploration resources of 700 MBoe this year.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, outpacing the Zacks Consensus Estimate of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Enterprise Products reported first-quarter 2023 adjusted earnings per limited partner unit of 64 cents, which outperformed the Zacks Consensus Estimate of 62 cents. This was primarily due to higher contributions from the Natural Gas Pipelines & Services business.
In the first quarter, Enterprise Products generated an adjusted free cash flow of $1,347 million against a negative free cash flow of $1,618 million in the year-ago quarter. EPD recorded a distributable cash flow of $863 million in the same time frame.