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Global Partners LP Message Board

  • tycobb1923 tycobb1923 Jun 27, 2013 8:02 PM Flag

    GLP and Enbridge stand to Benefit from this!?

    Still trying to fully understand this, but today Enbridge Energy Partners announced they were decreasing their interests (funding) from 40 to 25% in their Mainline and Eastern Access pipeline system designed to carry oil from North Dakota to the Chicago area and then eastward. Sounds like the system has been upgraded from the Canadian Border and Bakken to Chicago, but will stop there pending additional funding. Rail take-away will remain a need for the Bakken and GLP will remain a player for some time in my opinion. EEP benefits from a payback of $100 million, decreased funding required going forward, and the increased volume which appears to be fully utilized already with expansions at Clearbrook (Northern Tier Energy), and Joliet (Exxon) refineries. These refiners, including Superior, WI will benefit vs. other refiners as they have all along. Thoughts?...Disclosure - I now have stakes in all players mentioned given the refiners listed are experiencing $16 spreads vs. $6.00 for others, redesigned balance sheet now for EEP, and strength in the rail take-away contracts and Albany facility for GLP.

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