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Share Name | Share Symbol | Market | Type |
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Enbridge Energy, L.P. Class A Common Units (delisted) | NYSE:EEP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 10.43 | 0 | 01:00:00 |
By Maria Armental
Canadian pipeline operator Enbridge Inc.'s Enbridge Energy Partners LP is calling off for now plans for a 616-mile pipeline that was intended to carry crude oil from North Dakota to Wisconsin, citing the recent drop in oil prices.
Houston-based Enbridge Energy Partners said it had determined it doesn't need the additional pipeline capacity and, therefore, was putting the $2.6 billion Sandpiper project on hold until oil production in North Dakota "recovers sufficiently to support development of new pipeline capacity," which, it said, won't happen within its current five-year plan based on current projections.
Separately, Enbridge Energy Partners said it had reached a tentative agreement under which its general partner, Enbridge Energy Co., would pay for three-quarters of its $1.5 billion investment in the Bakken Pipeline System with Enbridge Energy Partners financing the remaining $375 million through a combination of debt and a new class of limited-partner units.
The system includes the Dakota Access Pipeline and the Energy Transfer Crude Oil Pipeline.
MarEn, a joint venture with Marathon Petroleum Corp., would own a 49% interest in an affiliate of Energy Transfer Partners and Sunoco Logistics Partners LP, which in turn owns 75% of the Bakken Pipeline, according to regulatory filings.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 01, 2016 20:00 ET (00:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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