SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On April 1, 2020, we closed the sale of our Ozark assets for proceeds of approximately $60 million (US$43 million), subject to customary closing adjustments. Refer to Note 6. Acquisitions and Dispositions for further discussion of the transaction.

On May 1, 2020, we closed the sale of our Montana-Alberta Tie Line assets for proceeds of approximately $180 million, subject to customary closing adjustments. Refer to Note 6. Acquisitions and Dispositions for further discussion of the transaction.

On May 4, 2020, a rupture occurred on Line 10, a 30-inch natural gas pipeline that makes up part of the Texas Eastern natural gas pipeline system in Fleming County, Kentucky. There have been no reported injuries or damaged structures as a result of the rupture. Texas Eastern crews are on site and have secured the area. The impacted section of pipe was shut-in following the incident and remains isolated. The National Transportation Safety Board has assumed control of the site and is working with the Pipeline and Hazardous Materials Safety Administration and Enbridge to investigate.

The spread of the COVID-19 pandemic has caused significant volatility in Canada, the United States and international markets. We continue to monitor the impact of the COVID-19 pandemic, reduced crude oil demand and reduced commodity prices on our results of operations. These demand effects coincided with decisions by various global producers, including the Organization of Petroleum Exporting Countries and other oil producing nations (OPEC+) to increase global production levels, putting severe downward pressure on prices. As a result, prices of crude oil, natural gas, natural gas liquids and other commodities whose prices are highly correlated to crude oil have decreased substantially. Given the many outstanding questions as to the length and depth of the COVID-19 pandemic and the current low commodity price environment, the impact on us is uncertain; however, it is possible that they may have an adverse impact on our business and results of operations in the future.