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iPolitics By iPolitics. Published on May 12, 2021 11:12am Enbridge offices (Mack Male via Flickr)
The Lead
Wednesday is a critical day for Enbridge’s Line 5 pipeline. May 12 marks 180 days since Michigan Gov. Gretchen Whitmer “gave notice that the state was terminating a 1953 easement for the pipeline,” which carries oil to refineries in Ontario through Wisconsin and Michigan. Whitmer said Line 5 “poses an unacceptable risk of a catastrophic oil spill,” the National Observer reports.
Alternative modes of transport for the crude Line 5 currently transports are not favourable, according to Natural Resources Minister Seamus O’Regan.
Using 18-wheelers, boats, and railway cars to transport oil would be “messy, polluting, and expensive,” O’Regan told CTV News Channel’s Power Play on Tuesday. “That’s a contingency plan that I don’t want to have to bank on.”
EnergyChesapeake Energy posts profit after bankruptcy exit, declares dividend
Reuters
2 minute read
A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township, Pennsylvania, January 9, 2013. REUTERS/Brett Carlsen/File Photo
Chesapeake Energy Corp (CHK.O) on Tuesday reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February.
Once the second-largest U.S. natural gas producer, the company filed for court protection last June, saddled with more than $9 billion debt from overspending on assets and a sudden decline in oil prices and demand from the pandemic.
Chesapeake on Tuesday also declared an annual dividend on its common shares of $1.375 per share. The first quarterly dividend will be paid on June 10.
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