trending Market Intelligence /marketintelligence/en/news-insights/trending/TD9AMdiH_2NEKG0-q5RyBg2 content esgSubNav
In This List

Spectra to sell Canadian NGL assets to Plains; Magellan, TransMontaigne planning 150,000 bbl/d line


Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap


Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


Perspectives from China: Chinese M&A in 2022

Spectra to sell Canadian NGL assets to Plains; Magellan, TransMontaigne planning 150,000 bbl/d line

Spectra to sell Canadian NGL assets to Plains for C$200M

's indirect subsidiaryWestcoast Energy Inc.has agreed to sell its ownership interests in Spectra's Canadian NGL business toPlains All American Pipeline LP'sPlains Midstream Canada ULCfor about C$200 million.

The assetsinclude the Empress NGL extractionand fractionation facility, the PTC transmission pipeline, seven NGLterminals and two NGL storage facilities in western Canada that yield 2.4 Bcf/dof NGL extraction capacity, 63,000 barrels per day of fractionation capacity atEmpress and 4.7 million bbl of NGL storage, according to an April 4 news release.

The dealis scheduled to close in the second quarter, subject to customary closing conditions.

Magellan, TransMontaigne may build 150,000 bbl/d refined products linein south Texas

andTransMontaigne Partners LPare jointly assessing the development of a new refined products pipeline in southTexas.

The potentialproject is an approximately 150-mile, 16-inch diameter pipeline that could transport150,000 barrels per day of gasoline, diesel fuel, propane, and condensate from Magellan'sCorpus Christi terminal to TransMontaigne's Brownsville terminal in Texas, accordingto an April 4 release.

The projectis targeted to meet market demand in Brownsville and other south Texas markets,or for delivery to Mexico via truck, rail or connections to pipelines owned by TransMontaigneand third parties, the release said. Upon additional demand, the pipeline capacitycould be expanded to 250,000 bbl/d.

American Midstream starts up Texas NGL, condensate rail facility

announcedthe completion and commencement of operations at the East Texas Rail Facility, allowingfor the transport of NGLs and condensate by rail to the Longview processing plantin Gregg County, Texas.

Adjacentto American Midstream's Longview operations and close to several crude oil and refined-productsterminals, the facility is capable of the receipt and delivery of up to 4,500 barrelsper day of on-spec and off-spec NGLs and can similarly handle rail-to-truck transloading,according to the partnership's April 4 news release.

Vanguard Natural Resources to sell SCOOP/STACK assets for $280M

Vanguard NaturalResources LLC on March 30 said it has agreed to sell its natural gas,oil and NGL assets in the SCOOP/STACKarea in Oklahoma to entities managed by the oil and gas investment firm TitaniumExploration Partners LLC for $280 million.

The transaction would be effective Jan. 1 upon closing, whichis expected on or before May 18, according to a news release.

Propane market eases on lower crude oil prices, weaker demand

The propane market dropped by less than a penny per gallon inthe week ended April 1, with pressure offered by lower oil prices and the prospectof weaker demand for propane amid the approach of the shoulder season for heatingdemand.

Lone Star pipeline grade propane at Mont Belvieu fell 0.70 centto trade at 44.15 cents per gallon in the week ended April 1, while non-LST propanealso dropped 0.70 cent to trade at 44.10 cents per gallon. Prices at the hub inConway, Kan., declined 0.90 cent and traded at 39.50 cents per gallon. It markedthe third consecutive week of declines across all three hubs.

The frac spread fell 1.63 cents to 20.73 cents per gallon onMarch 31 compared to 22.36 cents per gallon on March 23. Prices of natural gas rose9.2% between the two dates while the price of the average NGL barrel lost 0.4%.

Mich. officials say Enbridge gave them 'severely' limited access to pipedata

Still smarting from a major oil pipeline leak in 2010, Michiganofficials have asked Enbridge provide more accessible, up-to-date data on a pipeline that runs under the waterwayconnecting Lake Michigan and Lake Huron.

The data request acknowledged that Enbridge had already suppliedsome information on Line 5— a petroleum and natural gas liquids systemthat branches into two parallel 20-inch-diameter lines under the Straits of Mackinac— but said that a lot of that data was presented in read-only format, "severelylimiting its usefulness," the state officials said in a letter to Enbridge.

The state officials also challenged Enbridge's assertions thatsome of the documentation the state is looking for is protected from public disclosureas confidential business information, and the letter doubled down on concerns thathave been mounting since Enbridge's 2010 Marshall, Mich., oil pipeline leak thatreleased over 840,000 gallons of crude.