4 Energy Stock Stories to Start the New Quarter
Enbridge Inc. (NYSE:ENB): Closing price $41.09
Enbridge intends to build a new pipeline to carry diluent, which is used to thin-out oil sands bitumen so that it can flow through pipelines to industry players in northern Alberta. The company plans a 200,000-barrel-per-day conduit having a price of $1-billion, according to Senior Vice President, Business and Market Development Vern Yu. Depending on how much the industry wants the pipeline, it could be expanded to 300,000 barrels per day. Yu told Enbridge’s investor day in Toronto that on tradition, oil sands producers have employed pipelines dedicated to each of their projects so as to bring in diluent.