Enbridge taps into shale oil

Article Excerpt

ENBRIDGE INC. $39.81 (Toronto symbol ENB; Shares outstanding: 796.9 million; Market cap: $31.7 billion; TSINetwork Rating: Above A v e r a g e ; D i v i d e n d y i e l d : 2 . 8 % ; www.enbridge.com) has formed a new joint venture with Pennsylvania-based Canopy Prospecting Inc. This new firm, called Eddystone Rail, will build and operate a $68-million railway and pipeline system. These new joint-venture assets will ship crude from Canopy’s shale oil property in North Dakota’s Bakken region to refineries near Philadelphia. Enbridge will own 75% of this joint venture, and will operate it. The project is forecast to begin operating in the third quarter of 2013. Enbridge is a buy. buy…