CALGARY, ALBERTA AND HOUSTON, TEXAS--(Marketwire - Dec. 19, 2007) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) and ExxonMobil Pipeline Company (Exxon Mobil Corporation) (NYSE:XOM) today announced the two companies will conduct a Solicitation for Binding Shipper Commitment (Commitment Solicitation) for a proposed new pipeline system, to transport crude oil from Patoka, Illinois, to the Texas Gulf Coast. The new pipeline, called "Texas Access Pipeline," would transport crude oil sourced from the Canadian oil sands region in Alberta and from the upper U.S. Midwest to refiners in the Nederland and Houston, Texas, areas.
The proposed project comprises a new 768-mile, 30-inch diameter pipeline, which would transport crude oil from Patoka, Illinois southward to Nederland, Texas. Also proposed is an 88-mile, 24-inch pipeline to transport crude oil onward from Nederland to a delivery point in the east Houston area. Through connections with existing terminals in Nederland and Houston, the new pipeline system would provide shippers with the added flexibility of moving onto different crude oil distribution pipelines.
The Commitment Solicitation is for shipper interest in executing binding commitments to transport specified volumes of crude oil on the new pipeline, which is expected to be completed in 2011. The results of the Commitment Solicitation will guide and determine the further development of the proposed joint venture pipeline project.
"The Texas Access Pipeline will expand pipeline infrastructure to increase the reliable supply of crude oil to US refineries," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. "Producers of crude oil from the Western Canada oil sands, and from the Williston Basin in North Dakota and Montana will benefit from low-cost transportation from the limited U.S. Midwest market to the large Gulf Coast refining market. Gulf Coast refineries and refined products consumers will benefit from access to reliable, competitively priced new sources of supply."
The Solicitation for Binding Shipper Commitment will commence at 5 p.m. CT Dec. 19, 2007. Shippers desiring long-term service will be required to execute and submit completed and signed transportation service agreements (TSAs). In order to receive the Commitment Solicitation documents, shippers will be required to execute a confidentiality agreement. General information about the Commitment Solicitation, as well as a downloadable copy of the confidentiality agreement, is available on the Texas Access Pipeline website at www.texasaccesspipeline.com
Enbridge Inc. is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States, the world's longest crude oil and liquids pipeline system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 5,000 people, primarily in Canada, the United States and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the United States under the symbol ENB. Information about Enbridge is available on the Company's website at www.enbridge.com.
ExxonMobil Pipeline Company, a subsidiary of Exxon Mobil Corporation, is acting on behalf of affiliates that are engaged in transporting crude oil, refined petroleum products, liquefied petroleum gases, natural gas liquids, and chemical feedstocks in the United States and the Gulf of Mexico. It, and it's affiliates also have ownership interests in joint interest pipelines, and operate proprietary and joint venture distribution terminals in the U.S. The company is headquartered in Houston, Texas, and operates in 20 states.
Forward Looking Statements
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements and for a more detailed discussion of these factors, readers are referred to each of Enbridge and Exxon Mobil's respective filings with Canadian Securities Regulators and the U.S. Securities and Exchange Commission, as applicable, including annual reports. These filings are available to the public over the Internet at www.sedar.com for Canadian filings and at the SEC's web site (www.sec.gov) for U.S. filings.