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    CNQ   CA1363851017

CANADIAN NATURAL RESOURCES LIMITED

(CNQ)
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Canadian regulator rejects Enbridge plan to sell oil pipeline space under contract

11/29/2021 | 03:10pm EST
Petrochemical storage tanks are seen at the Enbridge Edmonton Terminal near Edmonton

(This Nov. 27 story has been corrected to remove reference to Marathon Oil Corp in paragraph 9)

By Rod Nickel

WINNIPEG, Manitoba (Reuters) - The Canada Energy Regulator on Friday rejected Enbridge Inc's plan to sell nearly all space on its Mainline oil pipeline under long-term contracts, rather than rationing it on a monthly basis.

The regulator (CER) said in a written ruling that the change would have dramatically changed how shippers gain access to the 70-year-old Mainline, benefiting some with contracts while hurting others who lack them.

"Overall, Western Canadian oil producers could suffer too many negative consequences," the CER said.

A new proposed framework for setting tolls to move oil would also "excessively favor" those with contracts, the regulator said.

Enbridge planned to sell 90% of space under long-term contracts on the 3 million barrel per day Mainline, Canada's longest oil pipeline system, which moves oil from Western Canada to refineries in Eastern Canada and the U.S. Midwest.

Enbridge applied for the change in 2019 when demand for the Mainline greatly exceeded its capacity. That congestion has since eased.

Enbridge said it was reviewing the decision and would comment further after completing the review.

A party can appeal the decision to the Federal Court of Appeal within 30 days, if it demonstrates that the CER erred, said CER spokesperson Ruth Anne Beck.

Fourteen shippers, representing 75% of the Mainline's volume and primarily companies with refineries, expressed support for Enbridge, including Canadian producers Cenovus Energy and Imperial Oil. BP Plc, which has a U.S. refinery, was also an Enbridge supporter.

Canada's biggest oil producer, Canadian Natural Resources Ltd, was among the plan's opponents, and said it was pleased with the decision.

Contracts would have allowed Enbridge to secure more of Western Canada's long-term oil production even as rival Trans Mountain completes its mostly contracted pipeline expansion late next year. TC Energy Corp cancelled its Keystone XL project this year, freeing up more potential shipper demand for the Mainline.

The current toll system will remain in place on an interim basis.

(Reporting by Rod Nickel in Winnipeg and Ismail Shakil in Bengaluru; Editing by Matthew Lewis and Christina Fincher)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.54% 394.7 Delayed Quote.17.61%
CANADIAN NATURAL RESOURCES LIMITED 1.64% 66.25 Delayed Quote.21.95%
CENOVUS ENERGY INC. 1.66% 18.955 Delayed Quote.20.18%
ENBRIDGE INC. 0.52% 52.57 Delayed Quote.5.85%
IMPERIAL OIL LIMITED 1.77% 51.82 Delayed Quote.11.75%
LONDON BRENT OIL -0.02% 86.5 Delayed Quote.7.95%
MARATHON OIL CORPORATION 4.85% 19.47 Delayed Quote.18.57%
TC ENERGY CORPORATION 0.94% 63.4 Delayed Quote.6.75%
WTI -0.15% 84.318 Delayed Quote.8.53%
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Financials
Sales 2021 28 727 M 22 935 M 22 935 M
Net income 2021 7 530 M 6 012 M 6 012 M
Net Debt 2021 14 859 M 11 863 M 11 863 M
P/E ratio 2021 10,2x
Yield 2021 2,93%
Capitalization 76 725 M 61 299 M 61 257 M
EV / Sales 2021 3,19x
EV / Sales 2022 3,06x
Nbr of Employees 10 180
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Number of Analysts 23
Last Close Price 65,18 CAD
Average target price 66,76 CAD
Spread / Average Target 2,43%
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Managers and Directors
Tim Shawn McKay President, Chief Operating Officer & Director
Mark A. Stainthorpe Chief Financial Officer & Senior VP-Finance
Norman Murray Edwards Executive Chairman
Stephen C. Suche Vice President-Information & Corporate Services
Joy P. Romero Vice President-Technology & Innovation
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