HollyFrontier Corp.’s (HFC) aim is simple: get higher values at the bottom of the barrel.
A pair of deals is the latest step in incrementally upping the company’s take home pay.
Affiliate Holly Energy Partners LP (HEP) said Sept. 3 it has acquired a 50% interest in Frontier Pipeline Co., owner of the Frontier Pipeline of Wyoming, from an affiliate of Enbridge Inc. (ENB).
HollyFrontier also executed a dropdown to Holly Energy that gives it a stake in a refinery locked in with Cushing, Okla.
The Frontier Pipeline Co. will continue to be operated by an affiliate of MLP Plains All American Pipeline LP (PAA), which owns the remaining 50% interest.
The 296-mile crude oil line runs from Casper, Wyo., to Frontier Station, Utah. It has a 72,000 barrel per day (bbl/d) capacity. The line supplies Canadian and Rocky Mountain crudes to Salt Lake City area refiners through a connection
Virginia Southside Expansion provides 270,000 dekatherms per day of incremental transportation capacity. About 100 miles of pipeline run from Transco mainline in Pittsylvania County, Va., and end in Brunswick County, Va.
Expansion of Peace and Northern Phase II pipeline is underpinned by 5-to-10 year take-or-pay commitment contracts from about 40 customers. Conventional pipelines business’ total capacity will increase to about 830Mbbl/d.
A.J. (Jim) Teague, COO of Enterprise’s general partner, said Aegis’ route will serve about 20 petrochemical facilities representing more than 90% of the nation’s ethylene capacity by 2020.
Enbridge Pipelines Inc. and Enbridge Pipelines Athabasca Inc. comprised the business. An indirect subsidiary of the fund acquired the business for CA$30.4 billion and incentive/performance rights.
As vice president of major pipelines, Richard Hill will manage operational development plans, client development programs, labor and talent management initiatives, operations communications, and safety leadership for the division.
Nexen estimates the shutdown process could take two weeks as it suspends pipeline operations and attempts to demonstrate to the Alberta Energy Regulator that its pipelines are safe, Reuters said.
Canexus Corp.’s North American Terminal Operations crude-by-rail transloading facility has connections to Cold Lake and Access crude oil pipeline systems, and links to Canadian Pacific and Canadian National rail lines.
Pipeline’s initial capacity will be about 600,000 dekatherms per day of residue gas to the Waha Hub area, and could increase to 1.6 million dekatherms per day with added compression.
Lawsuit was filed in United States District Court for the Central District of California and the Southern District of Texas. Line 901 ruptured on May 19 off the coast of Santa Barbara, Calif.
The new and upgraded facilities could create up to 800,000 dekatherms per day of additional natural gas takeaway capacity from the Appalachian Basin to Midwestern and other gas markets.
President expected to announce denial of TransCanada project before Labor Day holiday, sources say.