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News Date
MI - EPA streamlines permitting process under Clean Water Act - June 2020
The Environmental Protection Agency announced June 1 new rules to accelerate Clean Water Act permits. The agency set a one-year deadline for states that are authorized under the act to take final action on a permit request and narrows the range of reasons a state might reject one to only water-quality issues. EPA administrator Andrew Wheeler said the change of rules is a “return of the Clean Water Act certification process under Section 401 to its original purpose.” The move may seem...
Jun 17, 2020
MI - People & Companies - June 17, 2020
Enbridge Inc. elected Stephen S. Poloz director. He was governor of the Bank of Canada from 2013 until June 2, as well as chairman of the bank. He had previously been president and CEO of Export Development Canada from 2011 to 2013. Trade Association GPA Midstream announced new officers elected to one-year terms. Its new board chairman is Bill Ward, SVP of commercial activity at Superior Pipeline. The chair-elect is John Poarch, president of ARM Energy Midstream/Salt Creek Midstream....
Jun 17, 2020
MI - Atlantic Coast can cross Appalachian Trail, Supreme Court says - June 2020
The Atlantic Coast Pipeline can tunnel underneath the Appalachian Trail, per a US Supreme Court decision on June 15. By a 7 to 2 margin, the court reversed a lower court’s decision that the US Forest Service wasn’t authorized grant a special-use permit to run a segment of the pipeline under the trail in Virginia. The Supreme Court took the case after developer Dominion Energy appealed the Fourth Circuit Court of Appeals ruling last year. The lower court upheld that the National Park...
Jun 17, 2020
MI - Analyst Notes - June 17, 2020
Enterprise Products Partners, LP (NYSE: EPD; $21.78-June 10; Buy; PT-$21) Updated capital budget of $2.5-3.0B came in ~$1.0B below prior guide, earning generally favorable feedback from investors. Reduced cash outlay combined with management commentary that FY marketing contribution may be similar to 2019’s $500-600mm on the back of contango benefits has seen EPD outperform in recent weeks as market looks to balance need for upside leverage with a general mistrust of the continued beta...
Jun 17, 2020
MI - Enbridge looks to diversify with more gas, some wind & sun - June 2020
North America’s largest midstream company, Enbridge, Inc., plans to gradually transition its asset mix toward more natural gas and renewables, investing larger portions of its capital in those areas. The company currently earns 55% of its income from liquids pipelines and about 40% from gas and storage, with 4% from renewables. “If you look at the energy supply/demand balance globally, we as a company kind of mirror that,” CEO Al Monaco told Canada’s Financial Post. Enbridge has just...
Jun 17, 2020
MI - Oneok’s $832MM common sale is sector’s biggest in 2.5 years - June 2020
In what’s become a rare event in the midstream sector—a public common stock offering—Oneok, Inc. sold 26 million shares at $32 each to gross $832 million on June 11. Oneok also granted underwriters a 30-day option for 3.9 million additional common shares, which if exercised in full will deliver $124.8 million in additional gross proceeds. The offering is the midstream sector’s largest public common equity sale since January 2018 when, coincidentally, Oneok sold 19 million shares for $55.02 each...
Jun 17, 2020
MI - Williams is putting its NYC-area gas pipeline plans on hold - June 2020
Williams Cos. announced it would not refile applications “at this time” for a proposed 23-mile, 26-inch underwater gas pipeline across Raritan Bay and New York Harbor after state agencies in New York and New Jersey denied clean water permits for the third time. The $1 billion pipeline, in dispute for three years, was to bring gas into New York City and Long Island. The New York State Department of Environmental Conservation said it denied the permit because Williams subsidiary Transco...
Jun 17, 2020
MI - Moody’s downgrades sector for first time on expected EBITDA - June 2020
E&P shut-ins, demand and supply shocks and erosion of customer credit quality have all contributed to conditions under which 2020 aggregate EBITDA for midstream companies is expected to drop more than 5%, according to ratings agency Moody’s Investor Services. Accordingly, Moody’s downgraded the sector for the first time ever to negative from stable. VP and senior credit officer Andrew Brooks said the decision “reflects the rapid pace and magnitude of production declines that have now spilled...
Jun 17, 2020
MI - Taproot gains dedicated DJ acreage from Mallard Exploration - June 2020
Taproot Energy Partners will provide gathering and transportation for Mallard Exploration in the northeast extension of the DJ Basin, the partnership announced June 1. The agreement centers around a long-term dedication of about 60,000 acres for crude oil and produced water gathering and transport, bringing Taproot’s total dedicated acreage to over 200,000 gross acres. Mallard’s acreage position is located near existing Bison Oil & Gas, Verdad Resources and Bonanza Creek dedicated...
Jun 17, 2020
MI - Pipelines & Projects Briefs - June 17, 2020
A segment of Magellan Midstream Partners’ 12-inch pipeline originating near Magellan’s west Tulsa terminal was inadvertently struck by mechanized equipment working to install a new replacement section of pipeline, releasing diesel fuel in the immediate area on June 8. This segment of Magellan’s pipeline system, inactive at the time of the incident, transports gasoline, diesel and jet fuel from Tulsa to destinations in Kansas and other Midwestern locations. No injuries or residential evacuations...
Jun 17, 2020

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