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The Daley Note 12/9/2020

The Daley Note 12/9/2020

  • TC Energy Pushes Ahead on KXL Optimism: TC Energy (TRP) made another aspirational move in its preparation for the Keystone XL Pipeline (KXL), establishing an at-the-market equity (ATM) program to secure additional financing for KXL construction. Though the odds are long that the pipeline project will happen, the Canadian company continues to push ahead as if its permit will remain valid. (TRP) (KXL)(ATM) 
  • My Way or the Conway: Since 2018, the weighted basket price for NGLs at Conway has averaged $2.42/bbl below Mont Belvieu pricing, moving as wide as $10.95/bbl in 3Q2018. Lower Conway supply could reduce the spread, shipping demand, and volatile marketing earnings, a negative for some midstreamers.
  • NBLX Settles in at Chevron: Noble Midstream (NBLX) finished integrating into Chevron (CVX) this week following CVX’s acquisition of NBLX parent company Noble Energy (NBL) in July. NBLX, the primary midstream provider for NBL, confirmed the successful integration Monday. CVX announced its $5 billion, or $10.38/share, acquisition of NBL on July 20, 2020. (NBLX), (CVX), (NBL)
  • North American Energy Indicators and Equity Prices
  • North American Natural Gas Prices
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  • North American Natural Gas Liquids Prices