Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report
Portfolio Pulse from Lekha Gupta
Enbridge Inc. (NYSE:ENB) plans to expand the Gray Oak oil pipeline capacity in Texas by 80,000 barrels per day in 2024 and an additional 40,000 barrels per day in 2025, revising its initial target to a total increase of 100,000-200,000 barrels per day. The expansion aims to enhance the pipeline's connection between the Permian basin and Corpus Christi. Enbridge's Ingleside Energy Center, noted as the largest crude oil storage and export terminal in the U.S., is positioned to compete effectively against SPOT. The company also reported a Q4 FY23 adjusted EPS of C$0.64 and reaffirmed its 2024 financial guidance.
March 20, 2024 | 11:25 am
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Enbridge Inc. is expanding the Gray Oak pipeline capacity, aiming for a significant increase by 2025, and reported a Q4 FY23 adjusted EPS of C$0.64. The company's strategic position with the Ingleside Energy Center supports its competitive edge.
The expansion of the Gray Oak pipeline and the strategic advantage of the Ingleside Energy Center are likely to enhance Enbridge's market position and operational efficiency, potentially leading to increased investor confidence and stock price appreciation in the short term. The positive Q4 FY23 earnings report further supports the company's financial health and growth trajectory.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100