Enbridge, ETP to convert line

Investor's Business Daily

Oil and natural gas companies Enbridge (ENB) and Energy Transfer Partners (ETP) plan to convert parts of a gas pipeline to carry crude oil under a joint venture, helping move soaring supplies from Canada and N. Dakota to Gulf Coast refineries. The pipeline, expected to be in service by '15, will carry up to 660,000 barrels of oil a day, the companies said. Enbridge reported Q4 EPS rose 11% to 41 cents, beating by 3 cents. Sales jumped 32% to $7.17 bil, well ahead of views of $5.91 bil. Enbridge shares were unchanged, while ETP shares fell 0.6% to 46.75.

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