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Enbridge (ENB) Secures Approval for Mainline Tolling Until 2028
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Enbridge Inc. (ENB - Free Report) ) announced on Monday that the Canada Energy Regulator has granted approval for the Mainline toll settlement, marking a significant development in the determination of tolls for shippers until the end of 2028.
The settlement, a result of negotiations involving Enbridge, producers, refiners, integrated shippers, government entities and industry associations, establishes tariffs for the transportation of crude oil liquids. These shipments originate in western Canada and traverse across the nation into North America.
According to the company, the tolls came into effect on an interim basis on Jul 1, 2023, and the overall agreement became retroactively effective from Jul 1, 2021. The Mainline network, operated by Enbridge, is Canada's largest oil pipeline system, contributing approximately 70% to the total oil pipeline transportation capacity out of Western Canada.
Colin Gruending, Enbridge's president of Liquids Pipelines, conveyed contentment regarding the regulatory approval. He said that the approval of the settlement by the CER is gratifying and will bring value to all stakeholders. Gruending highlighted the ongoing commitment to providing customers with competitive and responsive service, ensuring attractive risk-adjusted returns for Enbridge and retaining the Mainline's role in supplying North America and global markets with a secure, safe and affordable long-term energy source.
Despite the recent challenges with the Mainline operating beyond capacity due to increased demand for shipping, Enbridge remains optimistic about the future. As the Mainline continues to play a crucial role in the transportation of oil, the approved toll settlement is expected to bring stability and predictability to the industry, benefiting both Enbridge and its diverse range of stakeholders.
Zacks Rank & Key Picks
Currently, Enbridge carries a Zack Rank #3 (Hold).
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.
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Enbridge (ENB) Secures Approval for Mainline Tolling Until 2028
Enbridge Inc. (ENB - Free Report) ) announced on Monday that the Canada Energy Regulator has granted approval for the Mainline toll settlement, marking a significant development in the determination of tolls for shippers until the end of 2028.
The settlement, a result of negotiations involving Enbridge, producers, refiners, integrated shippers, government entities and industry associations, establishes tariffs for the transportation of crude oil liquids. These shipments originate in western Canada and traverse across the nation into North America.
According to the company, the tolls came into effect on an interim basis on Jul 1, 2023, and the overall agreement became retroactively effective from Jul 1, 2021. The Mainline network, operated by Enbridge, is Canada's largest oil pipeline system, contributing approximately 70% to the total oil pipeline transportation capacity out of Western Canada.
Colin Gruending, Enbridge's president of Liquids Pipelines, conveyed contentment regarding the regulatory approval. He said that the approval of the settlement by the CER is gratifying and will bring value to all stakeholders. Gruending highlighted the ongoing commitment to providing customers with competitive and responsive service, ensuring attractive risk-adjusted returns for Enbridge and retaining the Mainline's role in supplying North America and global markets with a secure, safe and affordable long-term energy source.
Despite the recent challenges with the Mainline operating beyond capacity due to increased demand for shipping, Enbridge remains optimistic about the future. As the Mainline continues to play a crucial role in the transportation of oil, the approved toll settlement is expected to bring stability and predictability to the industry, benefiting both Enbridge and its diverse range of stakeholders.
Zacks Rank & Key Picks
Currently, Enbridge carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Energy Transfer (ET - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.