Enbridge Inc said on Monday that Marathon Petroleum Corp agreed to take a stake and become the main shipper on the company's $2.6 billion Sandpiper pipeline project, which will take crude oil from North Dakota's Bakken field to U.S. refiners. Enbridge, Canada's largest pipeline company, said in a release that Marathon will pay 37.5 percent of Sandpiper's cost in exchange for a 27 percent interest in the company's North Dakota system.Sandpiper will add a new, 225,000 barrel per day line, running from Beaver Lodge, North Dakota to Clearbrook, Minnesota, and a 375,000 bpd line from Clearbrook to Superior, Wisconsin, where it will meet Enbridge's massive mainline system, which carries the bulk of Canada's crude exports to Midwest refiners.When complete in 2016, Sandpiper will boost the capacity of Enbridge's North Dakota pipeline network to 580,000 bpd, as the company looks to accommodate rising oil production from the state."With the growth in Bakken crude oil production, the Sandpiper Project will provide needed pipeline takeaway capacity for crude oil transportation out of the region," Mike Palmer, Marathon's senior vice president, Supply, Distribution and Planning, said in a release. "This project further strengthens our ability to transport Bakken crude oil by pipelines and benefits MPC by providing additional access to this resource at a competitive cost of transportation."
Enbridge Inc. (Enbridge) transports and distributes energy across North America. Shares of ENB traded higher by 0.74% or $0.31/share to $42.46. In the past year, the shares have traded as low as $39.21 and as high as $48.41. On average, 790392 shares of ENB exchange hands on a given day and today's volume is recorded at 453619.
Enbridge Inc. (Enbridge) transports and distributes energy across North America. Shares of ENB traded higher by 1.01% or $0.45/share to $44.80. In the past year, the shares have traded as low as $38.75 and as high as $49.17. On average, 1171640 shares of ENB.TO exchange hands on a given day and today's volume is recorded at 1379128.
Marathon Petroleum Corporation (Marathon Petroleum) is engaged in refining, transporting and marketing petroleum products in the United States. Shares of MPC traded higher by 1.91% or $1.53/share to $81.78. In the past year, the shares have traded as low as $57.51 and as high as $92.73. On average, 3421100 shares of MPC exchange hands on a given day and today's volume is recorded at 4589218.
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