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This is a brand new pipeline.
Okay. And would that not be something to consider as well also?
To reverse KMCC and Double Eagle?
I'd rather not speculate that on the call. I haven't really given that much thought, and so I really am not prepared to address that as a possibility. That's not our primary path.
Got it, OK. And then the other thing on the port side, it seems everyone is targeting VLCC capabilities these days. But when I sort of add up all the announcement, it sort of seems like we're going to be able to move more crude out of the US than we actually produce. I mean, where do you think we end up on VLCC ports, ...
Well, I would predict that not every single project that's been announced will actually proceed. I would expect that projects would proceed that get commitments sufficient to make them economical. And as you said, if you add up all of them, there's probably not enough crude oil there to do that. So it's really going to...
And as I said during my prepared comments, it's very competitive. We think we're in a very strong position to get those commitments. We've got significant interest to-date. But we'll see how it plays out.
Is there a type of infrastructure, I mean obviously the pipeline itself, that's necessary. But do you need, like a lot of surge storage capacity, I mean you're talking about filling a very large vessel, more than what pipelines move in a day. Can you sort of talk about what would be the key advantages that we should be...
Well, there's a lot of elements to that, who's going to win the game. I mean, you do need significant storage near the dock in order to load a VLCC. But there's a lot of people that can do that, and it's really, I think going to come down to who can do it the cheapest, who has supporting infrastructure and supply to th...
Okay, fair enough. And one final question. A bunch of years ago, there was this whole trend about building splitters and kind of some got built. You obviously have one. Some did not. With crude gravity going up the way it is, is that something that potentially can be on the horizon next that we -- some way [ph] these s...
It certainly is possible to be on the horizon. I mean, to be candid with you, I don't. The chatter for additional splitters is not very high right now. We think we're in a very good position to build another one. We've built our splitter in Corpus Christi specifically such that we can add another one relatively easily ...
All right. Fair enough. Thank you very much. Appreciate the color.
And next we will hear from Mirek Zak with Citi.
Hi, good afternoon, everyone. Just a quick one from me. Do you have an assessment as to about how much capital would be necessary to expand your Houston distribution system to support the incoming crude volumes, whether that's significant at all and if so, would that be tied into sort of a higher rate, on your overall ...
Well, to answer your second question, we're not anticipating raising the rate on our distribution system associated with the pipeline. With regards -- if you mean tariff. I mean throughput rate, absolutely, we're looking to increase the throughput. We are still scoping that out and trying to optimize existing assets th...
Okay. And just to follow-up, if you do move -- and end up moving forward with a VLCC export project here, how does that position your Seabrook JV and your overall portfolio? And how you think about that?
Well, we think Seabrook's still very well positioned. I mean, Seabrook is in a good location and has access to significant incoming supply, and even though it can only load Aframax and Suezmax ships, there is still a significant demand for transport by those vessels. Not every single barrel that's going to leave the US...
Okay, great, thank you very much.
And our next question will come from Jerren Holder with Goldman Sachs.
Thanks, good afternoon. Just wanted to ask on the refined products transportation revenue per barrel number there. It looks like it was a little bit higher than the 4% increase that I think you guys were guiding. Just kind of wondering what factors are driving that number a little bit higher?
Well, as always, when you just look at the overall rate per barrel, there's a lot of things that go into that. Specifically to your question, there is two things. One is we saw slightly higher volumes on our central system and West Texas systems, which have higher rates per barrel, and we saw slightly lower volumes on ...
As we kind of look at your initial, I guess 2018 guidance, I think the number was just below 150, seems like you guys are tracking ahead of that. Just based on what you're seeing, should we be assuming a higher number there?
Yeah, on rate per barrel.
I quite honestly can't tell you what the rate per barrel in the forecast for the fourth quarter is. I don't see any reason for it not to be consistent with what we saw in the third quarter.
Okay, that's fair. Thank you.
And we will now hear from Sharon Lui with Wells Fargo.
For the PTC pipeline, what's the potential return based on the commitments that you have today?
Well, I would put it in our historical expectations of the six to eight times multiple.
And that's just based on the commitments?
Okay. And I guess who is actually serving as the operator of the pipe and who is taking the lead on construction and has all the materials been secured?
Well, Energy Transfer is the construction manager and the operator of the pipe, and no, not all the materials have been secured yet. We just announced this a couple months ago. We are well in the design phase, but we haven't secured all materials yet.
Okay. And I guess for your Cushing to Houston pipeline project, can you maybe talk about the potential size of that pipe and the timing?
Well, right now, based on the expressed interest, we would imagine the pipe to be in the 24-inch range. We -- the timing, it's possible that we would launch an open season on this project in the near future and the timing would be driven after that by the commitments we secure. I can tell you, again with as any project...
(Operator Instructions) We will now hear from James Carreker with U.S. Capital Advisors.
Hi, thanks for taking my call. There was a recent announcement about a similar VLCC loading project in Harbor Island between the ports, and I believe (inaudible) -- I assume this project you're talking about is completely separate from that?
Thanks. And then going back to the crude oil segment, there was a big step up in expenses, as you had talked about. Can you quantify maybe how much of that was the payments to Seabrook Logistics and how much was more kind of the one-time environmental accruals, et cetera? Or are you -- what would be a good run rate goi...
Yes, so Seabrook Logistics was about $4 million of that increase. And then, if you look at the environmental that was about $3.1 million.
Okay. So I mean it sounds like then the OpEx will run higher than the Q2 level, but come down a little bit from the Q3 level as we move forward?
I would say, yes. That's a reasonable expectation.
That's all I had. Thank you.
And with no further questions, I'd like to turn the call back over to management for any additional or closing remarks.
Well, thank you for your time today. We're in the final stretch of the year and we're pleased with our results to-date and we look forward to a successful fourth quarter. I want to thank everyone for their interest in Magellan. Have a good afternoon.
And once again that does conclude our call for today. Thank you for your participation. You may now disconnect.
Hallucinations Kidnap The Senses In 'The Collected Schizophrenias' Esmé Weijun Wang's new book is part memoir, part deeply researched work of science about her diagnosis of schizoaffective disorder. She says she first noticed her brain was different at age five.
Those are the first two words of The Collected Schizophrenias, Esmé Weijun Wang's new book — part memoir, part scientific chronicle of her journey towards a diagnosis of schizoaffective disorder.
She first noticed that her brain worked differently than others, she says, when she was just five or six years old. And then, she says, "severe depression started when I was about 11, depression that was diagnosed by a doctor probably happened when I was 15 or 16. Bipolar disorder was diagnosed when I was about 17 or 1...
I like to kind of jokingly say that it's like a marriage between schizophrenia and bipolar disorder. So my first hallucination that I ever had was actually when I was in the shower in college, and I heard a voice very clearly say to me, "I hate you." And it was so clear to me, and this is why I say that hallucinations ...
I feel like the phrase "high-functioning" is extremely tricky. The reason I use it is that I'm very aware of my own sense of self-stigma. I'm aware of how people have a lot of stigma toward other people who have the same diagnosis as I do, but who may not quote-unquote function as well as I do. So even being able to te...
I think a lot of what I talk about is the way that I move around in the world in a way that seems to be defensive. I talk about fashion as costuming, or fashion as armor, I talk about the way I use Yale, a place that I had gone to school, as a kind of defense ... because I do kind of use it as a way to defend against p...
This story was produced for radio by Samantha Balaban and Barrie Hardymon, and adapted for the Web by Petra Mayer.
Vietnam has assured its support to India’s state-owned oil companies in acquiring $1.3-billion Vietnamese energy assets of the UK oil major BP.
DA LAT (VIETNAM): Vietnam has assured its support to India’s state-owned oil companies in acquiring $1.3-billion Vietnamese energy assets of the UK oil major BP.
“Honorable Prime Minister said that India always supported Vietnam since Nehru and Gandhi (Indira) and Vietnam would also support India .... He asked us to work out details (with BP),” oil minister Murli Deora told ET after a meeting with Vietnamese Prime Minister Nguyen Tan Dung on Thursday.
A consortium of public sector oil companies led by Oil and Natural Gas Corp (ONGC) may join hands with PetroVietnam to bid for BP’s assets in the country.
Vietnam’s national oil company and ONGC Videsh already hold 20% and 45% stakes, respectively, in BP’s gas producing field Nam Con Son.
CEOs and top officials of India’s oil PSUs such as ONGC Videsh (OVL), Indian oil Corp (IOC), Gail India and Oil India Ltd (OIL) are in Vietnam to explore the option of acquiring BP’s Vietnamise energy assets including a 370-km gas transportation pipeline and one 720 mw power plant.
BP is considering selling energy assets in Colombia, Venezuela and Vietnam to fund the $20-billion oil spill clean-up bill. It had in June announced a $10-billion asset sale program to fund the cleanup exercise.
China’s oil companies, CNOOC and Sinopec, and Thailand’s PTTEP are also interested in BP’s assets in Vietnam.
This upstream gas block was 100% owned by OVL but it had to sell 35% stake to BP at the time of the foreign exchange crisis in the 90s. Under an arrangement with the Vietnamese government, OVL had also offloaded 20% stake in the project to PetroVietnam after commencement of gas production from the field. OVL had acquir...
About 30% of the gas production (about 12 million standard cubic meters per day) from the field is supplied through a 370-km pipeline to the 720 mw power project. “The production is expected to go up to 15 mmscmd ,” OVL managing director RS Butola said. BP holds 32.33% stake in the $565-million pipeline and about 34% i...
Oil & Natural Gas Corporation Ltd.
Published: Nov. 18, 2014 at 01:27 p.m.
Updated: Nov. 19, 2014 at 08:15 a.m.
LeGarrette Blount's Monday night walk-off has cost him his job.
The Pittsburgh Steelers announced Tuesday that Blount has been released. The roster move comes one day after the running back reportedly left the field before the end of Monday's win over the Tennessee Titans in Nashville.
"We believe the decision to release LeGarrette is in the best interest of the organization and wish him the best of luck," Steelers coach Mike Tomlin said in a statement released by the team.
Blount didn't receive a single carry on Monday, watching from the sideline as Le'Veon Bell rushed for a career-high 204 yards on 33 carries. NFL Media's Aditi Kinkhabwala saw Blount already dressed and prepared to board the team buses by the time most of the Steelers had reached the locker room.
NFL Media's Albert Breer texted a Steelers source on the reasoning behind Blount's release. The reply: "Selfish behavior." The source added that Blount had exhibited a pattern of behavior that came to a head on Monday.
If a team were to claim Blount, it would cost his new squad $317,647 this season and a non-guaranteed 2015 base salary of $2 million, NFL Media Insider Ian Rapoport reports.
Blount clearly lacked allies in his own locker room, making the decision by management an easy one. Blount can be a bruising and productive back in the right situation (see his playoff performance with the Patriots in January), but has now worn out his welcome with two teams. Buyer beware.
Canada's native communities may use the G20 summit to draw attention to their plight.
As leaders of the richest nations gather in Toronto for the annual G8 and G20 summits, Canada has mounted an unprecedented security operation that stands to go down as the largest in the country's history.
The local and federal governments have resorted to significant measures: barricading the downtown core behind a massive galvanised perimeter fence, erecting checkpoints with x-rays, uprooting trees that police say could be used by demonstrators, and converting a sound stage into a massive temporary detention facility i...
But with Canadian soldiers, snipers, commandos and police tactical units representing the sharp end of a security budget that is poised to top $1bn, the most significant threat to business as usual for the summit may turn out to be far-flung rural blockades enacted by Canada's long suffering native communities.
"It's a very dangerous situation," said Douglas Bland, a retired Canadian forces lieutenant-colonel who is now the chair of defence management studies at Queen's University.
In recent years in particular, Canada's indigenous communities have shown the will and potential to grind the country's economic lifelines to a halt through strategically placed blockades on the major highways and rail lines that run through native reserves well outside of Canada's urban landscape.
"The Canadian economy is very vulnerable," said Bland.
"More than 25 per cent of our GDP comes from exports of raw materials, but especially oil, natural gas and electricity to the United States."
"It's undefended and undefendable infrastructure, the pipelines and power lines and so on, and it runs through great spaces of open countryside and they run through aboriginal territories.
"It would take a very small number of people very little time to bring [it] down," said Bland, who is the author of a "barely fictionalised" account of native insurgency in Canada, entitled Uprising.
In 2007, the Mohawk community at Tyendinaga, 200 kilometres east of Toronto, blocked the trans-continental rail line and Canada's largest highway in protest at the government's failure to address land rights and basic issues of survival within First Nations - including safe drinking water, which the community lacked.
That episode was a hint of the leverage indigenous peoples in Canada possess, as hundreds of millions of dollars in cargo was stalled by simple barricades placed across a rural stretch of the Canadian National railway's mainline between Toronto and Montreal.
"The message resounded," said Shawn Brant, a high profile Mohawk activist involved in the 2007 blockades.
"We are not going to live in abject poverty, to have our children die, to have our women abducted, raped and murdered without any investigations. We are not going to live with the basic indignities that occur to us daily. We would bring them to an end."
In 2007, Brant characterised the blocking of the 401 highway and CN main rail line as a "good test run".
"We showed that we would meet the severity of what was happening to us with a reaction and a plan, a strategy that would be equally as severe," Brant said.
Last week, Aboriginal Peoples Television Network broadcast footage of Canadian intelligence agents threatening a native activist ahead of the G8 summit.
"I will tell you straight up," said an agent of the Canadian security and intelligence service to an indigenous activist, "there [are] other forces that are from other countries that will not put up with a blockade in front of their president".
The twin summits, held in Toronto and Huntsville, a rural community that lies 225 kilometres north of Toronto, are separated by a major highway that runs through large swathes of indigenous territory adjacent to the major travel arteries.
A determined blockade could wreak havoc on the summit and cast light on Canada's darkest shame.
Blockades, said Harrison Friesen, a spokesperson for native rights movement Red Power United, would be intended to show the world that "everything is not okay in Canada for native people".
Bland argues that the situation within First Nations in Canada has all the attributes of an insurgency.
"These root causes, these abysmal conditions for some of the aboriginal people are serious."
There are more than 800 outstanding native land claims held against the Canadian government. And in many First Nations communities there is deep crisis, with poverty, unemployment and overcrowding the norm.
According to figures from the Assembly of First Nations, more than 118 First Nations lack safe drinking water and some 5,500 houses do not have sewage systems.
Almost one half of homes on native reserves are in need of "major repairs", compared with 7 per cent of non-native homes.
Natives suffer a violent crime rate that is more than 300 times higher than Canada's non-native population, while natives represent 18.5 per cent of the male prison population and one-quarter of the female population, although natives only constitute 4 per cent of the total population.
In some provinces, the incarceration rates are starker.
In Manitoba, 71 per cent of prisoners are native, although natives represent only 15 per cent of the province's population; in Saskatchewan, the number is even higher, with natives accounting for 80 per cent of prisoners but only 11 per cent of the population.
The Royal Canadian Mounted Police recently characterised the prison system as "community colleges for [native] gangs".

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