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Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 929,227,712
Close 2016-07-29 C$ 53.71
Market Cap C$ 49,908,820,412
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Globe says crude demand exceeds Enbridge's output

2016-08-02 05:04 ET - In the News

The Globe and Mail reports in its Saturday, July 30, edition that the flow of crude through Enbridge pipelines in May and June dropped thanks to wildfires at Fort McMurray which resulted in production shutdowns. The Globe's Kelly Cryrderman writes that demand, however, for heavy oil has not halted. Production growth at projects including Fort Hills, Christina Lake, Sunrise, Kearl and Surmont will increase pipeline demand by 700,000 barrels a day by 2020. Chief executive officer Al Monico says, "If there ever was a case where additional capacity was needed, it's certainly today, on the heavy side." Enbridge says there is demand to move 200,000 barrels a day more than it is able to accommodate. Enbridge is working to add 60,000 to 80,000 barrels a day of new heavy-crude capacity through optimization measures, including using pipelines that previously shipped light oil, before the end of September. Any last near-term hope for the proposed Northern Gateway pipeline was kiboshed in June. On Friday, Mr. Monaco said Enbridge is still committed to the project, which has already cost $600-million in preparatory expenditures, of which about half is being paid for by potential shippers.

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