You know an industry is about to light up when politicians start dropping posts in Parliament to head up private companies. That’s exactly what Merv Tweed announced he was doing earlier this week, when the MP from Manitoba announced he would leave his post at the end of the month and join Omnitrax, a U.S.-based rail company with a keen interest in shipping oil. More specifically, its interest lies in shipping Western Canadian oil by rail to the Port of Churchill, where it can be exported to foreign markets.

Source: Canadian Pacific

The movement
Despite the scope of the recent Lac-Megantic tragedy, the idea that rail can be used to move a significant quantity of Canadian oil is gaining steam. For proof beyond our erstwhile MP, one need look no further than two recent announcements touting new Canadian crude-by-rail terminals.

The first announcement came from Keyera (TSX: KEY) at the end of last month. The company said it would team up with the American midstream company Kinder Morgan Energy Partners to construct a $98 million terminal in Edmonton. The facility will have an initial loading capacity of 40,000 barrels per day, which could increase to 165,000 bpd at some point, with the right customer support.

Canadian Pacific Railway (TSX: CP) and Canadian National Railway (TSX: CNR) will cart the oil south to an American refiner. Canadian National reported its revenue from oil transportation popped 150% in the second quarter, to nearly $100 million. Keep in mind this is the same company that reported 0% revenue from petroleum as recently as 2010. Oil is having a profound impact on the rail industry, and it looks like it will continue to do so for the foreseeable future.

The second terminal announcement came from another Canadian/American tag team. Gibson Energy (TSX: GEI) announced it would join forces with U.S. Development Group to build a rail terminal near Hardisty. This facility will have an initial capacity of 140,000 bpd and find its way south into the U.S. via Canadian Pacific’s North Main Line.

What investors need to think about
There are multiple takeaways here for investors. First, and most obvious, this is good news for Keyera and Gibson. The projects don’t come online until 2014 but will have a positive impact when they do. Secondly, as evidenced by Canadian National’s recent earnings, this story has the potential to affect a company’s bottom line in a meaningful way. Finally, moving Canadian crude to U.S. markets will boost oil prices, and that will likely have a positive impact on oil sands producers.

U.S. companies feature prominently in the Canadian energy story, but that doesn’t mean you should run out and by them. However, there ARE three American companies that every Canadian should have in their portfolios. The Motley Fool has outlined exactly why in its special free report “3 U.S. Stocks Every Canadian Should Own”. Just click here to receive a copy at no charge!

Fool contributor Aimee Duffy does not own shares of any companies mentioned.

The post This Train Is Bound for Oil appeared first on The Motley Fool Canada.

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Often overshadowed by its larger, headline-hogging peers Enbridge (TSX: ENB) and TransCanada (TSX: TRP), Pembina Pipeline (TSX: PPL) often slips below our investing radar. Today we’re going to catch up with Pembina, as the company has issued three major press releases over the last week.

Earnings round-up
Last week, Pembina announced excellent second-quarter results, posting year-over-year gains for several key metrics:

Revenue increased from $870.9 million in 2012 to $1.175 billion this year. Operating margin popped 40% to $207.8 million, and gross profit and adjusted EBITDA increased approximately $15 million and $59 million, respectively. These results were driven by operating margins in the midstream segment, which were up approximately $34 million over last year. Earnings per share were also up, from $0.28 in 2012 to $0.30 this year.

These results are especially impressive because this marks the first year-over-year quarterly comparison that comes post-merger. Pembina officially completed its acquisition of Provident Energy on April 2 of last year.

Though Pembina is smaller than its midstream rivals — TransCanada posted basically double the revenue of PPL in the second quarter — every single business unit reported a year-over-year increase in operating margin. Neither TransCanada nor Enbridge could claim the same in the second quarter. 

Up goes the dividend
On the strength of its excellent quarter, the company increased its dividend for the first time since May of last year when it raised payouts from $0.13 to $0.135. Investors are seeing a similar increase this time around, as the company boosts its dividend 3.7% to $0.14. Remember again that Pembina is one of the few companies that issues a monthly dividend.

At the time of this writing, Pembina is sporting a dividend yield just shy of 5%.

Forward, march
Of course, the fate of future earnings releases and dividend increases relies on the company’s continued ability to execute on growth projects. That’s why investors were happy to see Pembina’s recent announcement that it plans to construct, own, and operate a natural gas plant in Alberta.

The Musreau II plant will have a capacity of 100 million cubic feet per day, and Pembina will also operate the natural gas gathering system that will feed the plant, which is expected to be up and running by the first quarter of 2015. The best part about this deal is that 100% of the plant’s capacity is already contracted by area producers.

Pembina’s current gas processing capacity is about 570 Mmcf per day. The addition of Musreau II and three other expansion projects should bump that up significantly by the end of 2015 to a capacity of 1.2 billion cubic feet per day.

Bottom line
There is a lot to like at Pembina right now. The company has a solid dividend yield and is on track with its organic growth efforts after a major acquisition last year. If it wasn’t on your radar before, it should be now.

If you’re looking for a few more dividend stocks to put on your radar, you might want to consider the 13 high-yielders we put together. Click here for our free list of winners.

Fool contributor Aimee Duffy does not own shares of any companies mentioned.

The post This Pipeline Stock Is Overflowing With Important Investor News appeared first on The Motley Fool Canada.

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Enbridge (TSX: ENB, NYSE: ENB) reported earnings this morning, and posted solid results, unlike midstream peer TransCanada, which missed expectations on revenue and earnings last week.

Analysts were expecting earnings per share of $0.39 and revenue of $5.7 billion. Enbridge booked adjusted EPS of $0.38 and revenue of $7.85 billion. There is much more to this story than analyst expectations, so let’s take a closer look.

General rundown

Enbridge is a complicated beast with many layers, which we will examine individually in a moment, but first let’s look at the year-over-year adjusted earnings performance for each of its five segments:

For the most part, the company is either flat or showing improvement, which is great. The exaggerated losses in the corporate division are a bit disconcerting, so let’s start the review there.

Segment performance

The corporate segment is where stakes from other entities, gains and losses from derivatives, and foreign currency taxes are accounted for. It posted a gain in the first quarter of this year, and a loss of $22 million this quarter. The loss was driven by “higher preference share dividends related to preference share issuances completed to pre-fund commercially secured growth projects”.

Of note: Enbridge received about $248 million from Noverco’s secondary offering of 15 million of its shares in the company. Enbridge will use that cash to pay part of its September 1, 2013 dividend, which means part of it will not qualify for the enhanced dividend tax credit.

The liquids pipelines segment recorded $159 million in adjusted earnings, despite a drop in throughput on its Canadian Mainline pipe due to refinery turnarounds in the Midwest. The decline was offset by an increase in earnings from the company’s stake in the Seaway pipeline, and its regional oil sands system.

The gas distribution segment reported adjusted earnings of $25 million, down from $29 million last year. Enbridge expects this trend to continue as a result of higher operating and administrative costs.

Gas pipelines, processing, and energy services was far and away the best-performing segment this quarter, driving adjusted earnings up from $47 million last year, to $73 million this year. The bulk of that gain came from energy services, which popped $24 million compared to the second quarter of 2012. Unfortunately, this business makes money by exploiting commodity differentials, which are of course outside of the company’s control. Management does not expect the favorable market conditions to persist for the remainder of the year.

The sponsored investments segment showed growth, adjusted earnings rose from $60 million last year to $71 million this year, but that is a bit deceiving. Enbridge received more money from its U.S. master limited partnership, Enbridge Energy Partners.  But it wasn’t on the strength of the MLPs performance.  It was from an increased investment in the MLP and an uptick in incentive distribution rights. In May, Enbridge invested $1.2 billion in preferred units of EEP and distributions from those units pushed EEP’s contribution up this quarter.

Bottom line
This wasn’t a terrible quarter for Enbridge, but investors aren’t walking away impressed either. The company has a long list of expansion projects aimed at driving growth, so opportunity certainly remains if management can execute its vision.

Enbridge is one of 5 companies we feature in our special FREE report “5 Stocks to Replace Your Canadian Index Fund”.  Another just got taken out a huge premium.  To learn more about all 5, simply click here now to download the report at no charge.

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Fool contributor Aimee Duffy does not own any of the stocks mentioned at this time.  The Motley Fool doesn’t own shares in any of the companies mentioned.

The post A Quick Rundown on Enbridge’s Q2 Earnings appeared first on The Motley Fool Canada.

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Every quarter we get unique insight into a company that goes beyond the headline earnings results. The insight comes in the form of quarterly conference calls, specifically during the question and answer period with analysts. Here are three important takeaways from last week’s round of calls.

1. Cenovus Energy (TSX: CVE) – July 24

Cenovus Energy didn’t have a spectacular quarter, as earnings per share didn’t come close to meeting analyst estimates. But the company’s conference call did give investors insight into a growing trend: oil by rail.

Many see rail as the near-term savior for relieving Alberta’s crude bottleneck. When asked about the future of crude in light of the recent tragedy in Quebec, CEO Brian Ferguson gave us some insight on Cenovus’ plan. You can read the entire conference call transcript here.

“We continue to believe, for Cenovus, that we can safely move crude by rail. We are targeting to have 10,000 barrels per day moving by rail later this year. We have committed to some medium-term leases on additional rail cars, which will see us in a position to move up to 30,000 barrels a day by rail next year.”

If Cenovus is any indication, Canadian oil producers are ready to embrace the oil by rail movement that has exploded in the U.S.

2. Encana (TSX: ECA) – July 24
The revamp is ongoing at Encana; earnings beat expectations as the company continues to increase its liquids production. CEO Doug Suttles has been on the job all of a month and a half, but on last Wednesday’s call he made his priorities clear:

1. Target and maximize cost efficiencies

2. Practice financial discipline, with specific focus on generating strong ROI

3. Achieve a year-end exit rate of 70,000 to 75,000 bpd of liquids production

4. Put Encana’s new strategy in place by the end of 2013

These are all tangible goals that can and should be tracked by investors when Encana releases third-quarter earnings. A turnaround is certainly possible at Encana, if management proves itself capable. Achieving stated goals is step number one.

3. TransCanada (TSX: TRP) – July 26
On Wednesday, TransCanada posted improved year over year results, but still missed analyst estimates.

It’s tough for investors to remember how diversified TransCanada is, given that the great majority of information we consume about the company consists of Keystone XL commentary, or the problems with the Mainline gas pipeline. The second quarter conference call reminded us not just of the company’s business segment diversity, but also of its geographic diversity. Karl Johnson, Executive Vice President and President of Natural Gas Pipelines for the company, had some insight on TransCanada’s opportunity in Mexico. You can read the whole transcript here.

“I think our position in Mexico is excellent. I think we have a very good base position right now. We’ve got, essentially, 3 projects under construction, 2 in the very early stages and 1 in the middle of construction. And a good presence in Mexico City with all the key stakeholders. So if the reforms do pan out and some of the existing infrastructure is available, I think that TransCanada will take a very serious look at it.”

Mexico’s energy reforms could drive quite a bit of business for North American energy companies. TransCanada already has its foot in the door, which bodes well for future growth, if and when reforms materialize.

Bottom line

Don’t miss out on the direction your company is headed by getting bogged down by the bottom line. There is plenty of insight to be gleaned by reading conference call Q&A’s every quarter.

While oil and gas related entities tend to steal the spotlight, savvy investors know that the real opportunities lie off the beaten path.  Rather than sticking to mainstream energy sources, your portfolio could be best served by uranium – the key ingredient for nuclear power. And with the global nuclear market ramping up in places like China, it could be a big winner. The Motley Fool has prepared a Special FREE Report that will clue you into the two best uranium companies in Canada. It’s called “Fuel Your Portfolio With This Energetic Commodity“. Click here and you can receive a copy at no charge!

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

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Fool contributor Aimee Duffy doesn’t own shares in any company mentioned at this time.  The Motley Fool doesn’t own shares in any of the companies mentioned.

The post Cenovus, Encana, TransCanada: 3 Important Takeaways from Last Week’s Earnings appeared first on The Motley Fool Canada.

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TransCanada (TSX: TRP, NYSE: TRP) is the first of the Canadian pipeline behemoths to report earnings. It did so this morning and posted mixed results. Earnings were up year-over-year, but missed analyst expectations on earnings per share and revenue.

General rundown
Revenue came in at $2.0 billion, up from the $1.85 billion it posted a year ago, but short of the $2.14 billion analysts were expecting. Earnings per share came in at $0.51 per share, again up from $0.43 per share last year, but just shy of the $0.52 that analysts were expecting.

Naturally, there is much more to an earnings release than whether or not analysts were disappointed, but it often explains how the market reacts and is worth noting. Now, let’s take a closer look at what went down at TransCanada in the second quarter.

Q2: Digging deeper
Two out of TransCanada’s three business segments posted year over year improvements. Here is how the EBITDA picture looked this past quarter, unit by unit:

Source: TransCanada. Dollar figures in millions

Clearly, the big story here is the company’s energy unit. TransCanada’s Western Power segment benefitted from higher realized power prices and higher volumes of power purchase agreements, due to fewer outage days. Western Power EBITDA was $123 million, compared to $27 million last year, though 2012’s number was impacted by a one-time charge.

On top of that, for the first time in 20 years, the Bruce Power nuclear facility is operating all eight units. The facility has a capacity of 6,200 megawatts  and provides more than 32% of Ontario’s power. TransCanada’s stake in the project resulted in $59 million in EBITDA this quarter, compared to $31 million a year ago.

TransCanada’s natural gas unit dropped slightly year-over-year, but the company is finally posting an uptick in EBITDA for its Mainline pipeline, arguably TransCanada’s most important asset. The National Energy Board increased the Mainline’s approved return on equity from 8.08% last year to 11.50% this year, resulting in a $16 million increase in second quarter EBITDA. That improvement was offset by poor performance delivered by the company’s natural gas pipelines in the U.S. and Mexico. EBITDA there dropped $48 million, year over year.

The oil pipelines unit performed more or less the same year over year. The two important stories that should drive growth in this segment – the Keystone XL project and the Mainline conversion – are still developing.

The Keystone XL debacle is well-documented. There are no real updates to that story, other than the company expects to have the system completely up and running two years after the Presidential Permit is received from the U.S. government. Whenever that might be.

The Mainline conversion project, dubbed the Energy East Pipeline, is through the open season stage and into a review of those results. Ideally, the company will have commitments from shippers to send 850,000 barrels per day of crude oil from western Canada to markets in eastern Canada.

Foolish bottom line
TransCanada’s dividend remains at $0.46 per share, and investors are in hurry up and wait mode as an oasis of $13 billion in projects shimmers on the horizon. There is relief for now, as earnings are finally headed back in the right direction, but the future of two very important oil pipeline projects still remains to be seen.

Be sure to check back in with the Motley Fool when TransCanada’s peers Enbridge (TSX: ENB) and Pembina Pipeline (TSX: PPL) report. Enbridge will report August 1, while Pembina reports August 9. Both companies beat analyst expectations last quarter  and are chasing repeat performances.

Yield is important – no, yield is crucial – to our portfolios. TransCanada and others might keep us guessing on dividend increases, but the Motley Fool has assembled a free list of 13 other high-yielding stocks that are much more reliable. Click here to check out the list today.

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

Follow us on Twitter and Facebook for the latest in Foolish investing.

Fool contributor Aimee Duffy does not own shares of any companies mentioned.  The Motley Fool doesn’t own shares in any of the companies mentioned.   

The post A Closer Look at TransCanada’s Earnings appeared first on The Motley Fool Canada.

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Oilfield service and equipment manufacturer, Logan International (TSX: LII) has posted gains of more than 160% year to date, which makes it an awfully tough stock to ignore. This isn’t one of those penny stock scams either, where shares triple overnight from $0.10 to $0.30 and everyone wakes up a millionaire. Logan International is a proper company with multiple revenue streams, and today we’ll take a closer look at what the company might have to offer investors.

Business and trends
Before we get to the stock’s recent run-up, let’s have a look at how Logan International makes its money. Like fellow oilfield service companies, Pulse Seismic (TSX: PSD) and Total Energy Services (TSX: TOT), Logan does well when oil producers do well. Unlike those two companies however, Logan’s operations are geographically diverse. Pulse Seismic is limited to the oil game in western Canada, while Total Energy Services covers that spread, plus the Dakotas. And that’s it. Logan International doesn’t belie its moniker: it has a presence in North America, South America, North Africa, Europe, India, China, and Southeast Asia.

The fact that the U.S. is currently producing more oil and gas than it has in decades bodes well for Total Energy Services, but it’s even better for Logan because it does business in all of the country’s most important shale plays: the Bakken, Marcellus, Permian, and Eagle Ford.  The company has developed a proprietary system for multi-zone hydraulic fracturing, a procedure that is all but essential to producing in oil and gas shale plays, wherever they may be located.

The energy renaissance in the U.S., largely driven by the development of the aforementioned shale plays, has had an impact on Logan. The company has posted some impressive numbers lately. It increased full-year revenue 26% in 2012, year over year; and EPS nearly tripled. In the first quarter of 2013, revenue was up 20% year over year; and EPS doubled.

To be sure, Logan is a small company that has grown by and large through acquisitions over the past few years, but its global reach and its strategic presence in North American shale plays speaks volumes about its growth potential.

Shares soar
Shares of Logan International opened the year at just over $3.00, slowly climbing to $4.00 by February, where they promptly flattened out for two months, before starting their ascent on April 23. Shares really took off in May when the company made two important announcements.

First, the company announced first quarter earnings on May 9. The report was strong, as revenue was up and net earnings nearly doubled to $5.24 million. Working capital and total assets were up year over year as well.

The second announcement came on May 22. The Board of Directors announced it was undergoing a process to investigate “strategic alternatives” to enhancing shareholder value — including soliciting proposals for a buyout – believing the company’s shares were undervalued. The market agreed, and shares have been climbing ever since.

Bottom line
Some might suggest that there is a fair bit of buyout speculation driving up the price at Logan, and that may certainly be true, but only to an extent. It is hard to completely discount the strong performance of this company over the past few quarters. It is the type of success that will drive future gains if management makes the right decisions going forward. Logan International reports second quarter earnings in early August, and investors looking for continued growth should watch closely.

Looking for one more small cap idea? Check out the Motley Fool Canada’s small cap stock pick for 2013  – and beyond!  Simply click here now to learn all about it – FREE of charge!

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

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The post Should You Buy This Energy High-Flyer? appeared first on The Motley Fool Canada.

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Giant midstream company Enbridge (TSX:ENB, NYSE:ENB) is preparing to report earnings on August 1. The company’s earnings releases may be a little convoluted, however, given that there are an awful lot of things going on at Enbridge right now. In order to be prepared to fully digest the earnings release, let’s take a look at the five business segments that make up Enbridge.

All in the family
The five business segments that combine to form Enbridge are liquids pipelines; gas distribution; gas pipelines, processing and energy services; sponsored investments; and corporate.

Here is how adjusted earnings broke down in the first quarter of 2013 on a per segment basis:

Source: Enbridge

No surprise here, liquids pipelines are at the core of Enbridge’s earnings. However, the company is more diverse than many investors realize, and part of that diversity comes from segments with names that really don’t clue us in to what goes on inside, like “sponsored investments” and “corporate”. With that in mind, let’s dig into these five businesses.

1. Liquids pipelines
Enbridge’s liquids pipeline assets play a key role in the energy relationship between Canada and the United States. Its Mainline system is the longest crude oil pipeline system, with an export capacity of 2.5 million barrels per day. The company is responsible for moving 65% of western Canada’s crude exports, and the U.S. relies on Enbridge for 13% of its daily crude imports.

All told, 11 pipelines and seven systems in the U.S. and Canada move an average of 2.2 million barrels per day of crude oil and liquids. These export numbers put Enbridge ahead of its midstream peers TransCanada (TSX: TRP), which moves 20% of Canada’s oil exports, and Pembina Pipeline (TSX: PPL), which though it controls 30% of all oil sands takeaway capacity, does not factor directly into the U.S. export game.

2. Gas distribution
The company’s gas distribution business exists solely in eastern Canada, stretching from Toronto through Quebec and into New Brunswick. It’s actually the largest gas distribution utility in Canada, serving 2 million customers. Management expects this segment to continue to grow, and its significance should not be overlooked.

3. Gas pipelines, processing and energy services
Enbridge has five natural gas pipeline systems, which include 25 processing plants, and nine treating plants. It also controls or has a stake in 14 offshore gathering systems in the Gulf of Mexico.

4. Sponsored investments
This segment is where Enbridge squirrels away earnings from its U.S. subsidiary, Enbridge Energy Partners. The U.S. Enbridge has a liquids pipeline business, as well as a natural gas business. After a very large spill on its Line 6B in 2010, the subsidiary also contributes its share of problems and rising costs.

Sponsored investments also includes the Enbridge Income Fund, which is where, as of a 2012 dropdown, the company accounts for its renewable energy and crude oil storage assets.

5. Corporate
Finally, we have the catch-all Corporate segment. This is very much a category that exists because of accounting. Here investors will find earnings from new acquisitions or stakes in other entities, gains or losses from derivatives, and gains or losses from foreign tax recoveries.

Bottom line
When a company like Enbridge is in the news for the same reason over and over again, it is easy to lose track of what else matters to the success of the company. Taking the time to review the business breakdown of your investments can help you stay grounded and focused come earnings time.

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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

Follow us on Twitter and Facebook for the latest in Foolish investing.

Fool contributor Aimee Duffy has no position in any stocks mentioned at this time.  The Motley Fool does not own any stocks mentioned at this time.        

The post The 5 Layers of Enbridge appeared first on The Motley Fool Canada.

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