For Investors Only -- July 31, 2014; KOG Misses By Ten Cents; DOE Grants Another LNG Export License (Huge Deal); EEP Increases Distribution; UNP Increases Dividend

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COP transcript at SeekingAlpha. 

Reporting before the market opens Friday: CVX, ENB.

Leucadia Nat'l subsidiary LNG Development Company, LLC -- doing business as Oregon LNG -- secures Department of Energy approval for global LNG exports: Oregon LNG announced that it has received authorization from the U.S. Department of Energy to export liquefied natural gas to countries that do not have a Free Trade Agreement with the U.S. Today's approval comes notwithstanding recently announced modifications to DOE's licensing review process and adds strong momentum to Oregon LNG's project, which is one of the most advanced in the review process conducted by the Federal Energy Regulatory Commission.

• DOE FTA approval is a critical milestone in the multi-step approval process for licensing of an LNG project. The project has filed an application at FERC and is currently under NEPA review. Final approval by FERC and DOE, as well as other approvals, are necessary before the project can commence construction.
• The Oregon LNG operation will be the state's largest property taxpayer, contributing ~$60 mln annually in new property tax revenues to help substantially increase funding for transportation infrastructure, education and other essential public services.
• The Oregon LNG project will have the lowest pipeline transportation cost from Canadian gas fields of any West Coast project.

Oh, oh. Kodiak Oil & Gas misses by $0.10, beats on revs: Reports Q2 (Jun) earnings of $0.08 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 72.9% year/year to $300 mln vs the $283.57 mln consensus. Missing by ten cents sort of takes the wind out of those lawsuits looking into the Whiting-KOG deal.

TransCanada misses by $0.02, misses on revs: Reports Q2 (Jun) earnings of CAD $0.47 per share, excluding non-recurring items, CAD $0.02 worse than the Capital IQ Consensus Estimate of CAD $0.49; revenues rose 11.2% year/year to CAD $2.23 bln vs the CAD $2.26 bln consensus.

Union Pacific increases quarterly dividend 10% to $0.50 from $0.455/share. 

Kinder Morgan Partners details expansion plans on EPNG to export natural gas to Mexico; provides for deliveries primarily to a new point of interconnection with the Sierrita Pipeline project along EPNG's South Mainline and also to California: Co announced that El Paso Natural Gas Company has entered into a 21-year firm transportation agreement with Mexico's Comisi n Federal de Electricidad to initially provide ~163,000 dekatherms per day (Dth/d) of firm transportation capacity by October 2014, ramping up to 200,000 Dth/d by October 2017 and 550,000 Dth/d by October 2020. The phased capacity increases will be accomplished using existing and expansion capacity on the EPNG system. As previously announced, capital expenditures are estimated at ~$529 mln.

Enbridge Energy Partners, L.P. announced today that the board of directors of its general partner has declared a cash distribution of $0.555 per unit, or $2.22 per unit on an annualized basis, representing a 2.1 percent increase over the prior quarter. The distribution will be paid on August 14, 2014 to unitholders of record as of the close of business on August 7, 2014. Highlights of earnings report:

• Record-setting Lakehead and North Dakota system deliveries.
• Announced 2.1 percent distribution increase; $2.22 per unit annualized cash distribution rate.
• Reports adjusted EBITDA for the second quarter of $362.3 million.
• Eastern Access, Line 6B replacement project 160-mile segment entered service May 1st.
• Executed drop-down sale to Midcoast Energy Partners, L.P., for $350 million.