Enbridge, TC Energy, Citgo Petroleum: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
U.S. Drillers Add Rigs - For the week ending May 7, U.S. energy firms added oil and natural gas rigs for a second week in a row. The oil and gas rig count rose eight to 448 in the week, its highest since April 2020, according to Baker Hughes Company (NYSE:BKR). That put the total rig count 74 rigs, or 20%, higher, than this time last year. (Reuters)

PIPELINES
Defying Michigan Order, Enbridge to Keep Great Lakes Pipeline Running - Canada's Enbridge Incorporated (NYSE:ENB) (Calgary, Alberta) will continue to operate its Line 5 despite an order from Michigan to shut down the crude oil pipeline next week, Chief Executive Al Monaco said on Friday. Enbridge has been locked in a long-running battle with Michigan over Line 5, which ships 540,0000 barrels per day (BBL/d) from Wisconsin to Sarnia, Ontario, and is a crucial link in Enbridge's crude export network. Environmental campaigners say there is a risk that a 4-mile underwater section of the 68-year-old pipeline could leak into the Great Lakes. Michigan Governor Gretchen Whitmer last year revoked the pipeline's easement and ordered it to shut down no later than May 12. (Pipeline 3506883) (Reuters)

EARNINGS
TC Energy Swings to Loss on Keystone XL Suspension - Canadian pipeline operator TC Energy (NSYE:TRP) (Calgary) on Friday swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL pipeline project. The pipeline was planned to carry 830,000 BBL/d of heavy crude from Canada's Alberta province to Nebraska. President Joe Biden revoked a key permit for the project in January. The company reported a net loss of shareholders of C$1.1 billion ($907 million) in the three months ended March 31 compared with a profit of C$1.1 billion ($907 million) a year earlier. (Reuters)

Citgo Petroleum Widens Fourth-Quarter Loss - Refiner Citgo Petroleum Corporation on Friday reported a wider $255 million fourth quarter loss as slack demand for fuel and higher costs crushed margins last year. Its year-ago loss for the fourth quarter was $24 million. Citgo reported a full year loss of $667 million, compared with a profit of $246 million in the prior year. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.