Shares rise of oil producers tied to Dakota Access as pipeline to run during review (updated)

Enerplus

09/04/2021 20:16

(Adds details from court hearing)
    By Liz Hampton
    April 9 (Reuters) - Shares of U.S. energy companies tied to
the Dakota Access Pipeline rose on Friday after the U.S. Army
Corps of Engineers (ACE) said it would allow the crude pipeline
to run while it conducts an environmental review. 
    That move leaves a decision on whether to shut the pipeline
with U.S. District Judge James Boasberg in the District of
Columbia. On Friday he gave Dakota Access operators 10 days to
present a case to keep the line flowing.  urn:newsml:reuters.com:*:nL1N2M21GS
    Shares of North Dakota oil producers were trading higher.
Oasis Petroleum  OAS.N  was up 4.9% to $69.05 and Continental
Resources  CLR.N  had gained 2.7% to trade at $25.65. Enerplus
Corp  ERF.TO , which this week said it would acquire some of
Hess Corp.'s North Dakota assets, was up 4% to C$6.85. 
    Energy Transfer  ET.N , the pipeline's operator, also
climbed more than 3.2% to $8.14, while Phillips 66 Partners
 PSXP.N , a 25% stakeholder, was up nearly 7.3% at $32.6, its
highest since last August when an appeals court allowed the line
to keep running. 
    A federal judge last year ruled the U.S. Army Corps of
Engineers failed to produce an adequate Environmental Impact
Statement for a segment of the line and ordered it shut and
emptied.
    On Friday, an attorney for the ACE said it will likely have
a decision on its latest review by March of 2022.

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U.S. Army Corps to lay out plans for Dakota Access pipeline
review at hearing     urn:newsml:reuters.com:*:nL1N2M21GS
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 (Reporting by Liz Hampton; editing by Grant McCool)
 ((Liz.Hampton@thomsonreuters.com; +1 713 210 8522; Reuters
Messaging: Reuters Messaging: liz.hampton.reuters@reuters.net))