ENBRIGE & SPECTRA: $127 BLN
OGJ wrote, Enbridge Inc. and Spectra Energy Corp. have entered into a definitive merger agreement under which the two companies will combine in a stock-for-stock merger transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, the companies said, based on a pro-forma enterprise value of roughly $127 billion.
The merger, which valued Spectra Energy common stock at $28 billion, is expected to close first-quarter 2017, subject to shareholder and regulatory approvals and other customary conditions.
Spectra shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own. The consideration to be received by Spectra Energy shareholders is valued at $40.33/share of Spectra Energy, based on the Sept. 2 closing price of Enbridge common shares, representing an 11.5% premium to the closing price of Spectra Energy common stock. On completion of the merger, Enbridge shareholders are expected to own about 57% of the combined company and Spectra Energy shareholders about 43%. The combined company will be called Enbridge Inc.
Enbridge has a number of expansion projects currently under way, including a share of the Bakken Pipeline crude project. The company also recently resolved federal charges regarding 2010 leaks from its crude oil pipelines in Illinois and Michigan.
Spectra's current projects include its 2.5-bcfd Infraestructura Marina del Golfo natural gas pipeline joint venture with TransCanada to ship gas into Mexico.
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Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent.
New data suggests that in 2Q17 global stocks fell by 0.5 mb/d and preliminary data for July, particularly in the United States where stocks fell by 790 kb/d, is supportive. Even so, we must not forget that they are falling from a very great height in volume terms. At the end of 2Q17, OECD commercial stocks, which are the component of the global total for which we have the most visibility, stood at 3 021 million barrels, still more than 219 mb above the five-year average although they have now fallen below 2016 levels. As an exercise, if OECD stocks fell by 0.5 mb/d until the end of 1Q18 when the current output agreements expire they would still be about 60 mb above the five-year average.
Средняя цена нефти марки Urals по итогам января - июля 2017 года составила $ 49,94 за баррель.
OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.