U.S. markets closed
  • S&P 500

    -18.19 (-0.48%)
  • Dow 30

    -469.64 (-1.50%)
  • Nasdaq

    +72.92 (+0.56%)
  • Russell 2000

    +0.88 (+0.04%)
  • Crude Oil

    -1.87 (-2.94%)
  • Gold

    -42.40 (-2.39%)
  • Silver

    -0.98 (-3.56%)

    -0.0099 (-0.81%)
  • 10-Yr Bond

    -0.0580 (-3.82%)

    -0.0091 (-0.65%)

    +0.3200 (+0.30%)

    +66.75 (+0.14%)
  • CMC Crypto 200

    -20.25 (-2.17%)
  • FTSE 100

    -168.53 (-2.53%)
  • Nikkei 225

    -1,202.26 (-3.99%)

Enbridge Updates Regional Oil Sands System Status

CALGARY, ALBERTA--(Marketwired - Jun 26, 2013) - Enbridge Inc. (ENB.TO) (ENB) today confirmed the return to service of the Waupisoo Pipeline (Line 18) between its Cheecham Terminal and Edmonton and provided a further update on the latest status of its Regional Oil Sands System following the release from Line 37 pipeline on June 22nd.

The release on Line 37, which connects the Long Lake Oil sands project to Enbridge's Cheecham Terminal, is believed to have resulted from ground movement on the right-of-way as a result of recent unprecedented precipitation levels which exceeded a 1 in 100 year event. Enbridge shut down all pipelines in the area as a precaution. The southern segment of the Athabasca Pipeline (Line 19) between Cheecham and Hardisty was subsequently returned to service on June 23rd and on June 25th, the Alberta Energy Regulator approved the restart of the Waupisoo Pipeline between Cheecham and Edmonton. However, the Athabasca and Wood Buffalo pipelines between Fort McMurray and Cheecham and Line 37 remain shut down as Enbridge completes data gathering and engineering analysis of the lines.

A geothechnical analysis of the pipelines in the vicinity of Line 37 will need to completed and excavation and inspections undertaken, before these lines can safely be restarted. Heavy equipment and crews have been mobilized to the site to augment resources, but extremely wet working conditions continue to pose challenges to response efforts.

With the Waupisoo Pipeline and the southern segment of the Athabasca Pipeline back in service, Enbridge will be able to continue to transport production from the Surmont, Christina Lake and Leismer oil sands projects.

"Given the unprecedented precipitation levels affecting the area, we are going to undertake further work at the Line 37 incident location to ensure we can safely restart the other lines in the right of way," said Stephen J. Wuori, President, Liquids Pipelines and Major Projects, Enbridge. "Our priorities remain the safety of our response crews and minimizing risk to the environment, while completing the required work as quickly as can be safely accomplished in order to minimize impacts to our customers."

During the period when the other lines adjacent to Line 37 remain shut down, the loss of revenue to Enbridge's Regional and Mainline systems will have an estimated earnings impact of $1 million per day. A reliable estimate of the time required will not be available until further progress with excavation and inspection has been achieved.

The cost of containing and cleaning up the light oil released from the Long Lake lateral failure has not yet been estimated. Enbridge carries liability insurance for sudden and accidental pollution events and expects to be reimbursed for its covered costs, which is subject to a $10 million deductible.

About Enbridge Inc.

Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,600 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs approximately10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.