Macro - Post 2022 OutlookIn 2021 Macro started to insert the following into its Outlook section of the News release and MD&A documents:
"Macro is well positioned to chart new independent growth for years to come"
This is a pretty bullish statement from an otherwise conservative Management team. However, the market continues to struggle in assigning Macro value post 2022.
I put together a list of projects in the geographic area that Macro has stated that it plays. This list does not include MSA work or new facility work; additionally, there are certainly other projects that I am not aware of such as Midstream and O&G companies with projects that are not on the list below. The "Cost" is based on potentially old estimates from the Alberta Major projects Inventory, company press releases, or CER filings. .
| Project | Year | Cost
($ millions) |
| TC: Groundbirch Loop | 2022+ | 291 |
| TC: Edson Mainline | 2022+ | 509 |
| TC: North Corridor Expansion | 2022+ | 632 |
| TC: Alberta Xpress | 2022+ | 300 |
| Pembina: Peace Pipeline 7 | 2022+ | 775 |
| North River: NEBC Connector | 2023+ | 350 |
| Keyera: KAPS | 2021+ | 1,600 |
| Enbridge Reliability | 2021+ | |
| Fortis: Eagle Mountain | Proposed | |
| Enbridge: Westcoast Connector | Proposed | |
| TC: Pacific Trails Pipeline | Proposed | |
| Pacific Northern Gas: Looping | Proposed | |
| TC: Merrick Mainline | Deferred | |
| Pembina: Peace Pipeline 8 | Deferred | |
Macro seems to have ingratiated themselves with TC who also happens to be the busiest on the list.
Based on this list alone, Macro could continue to be busy for another 2 years post 2022 without any LNG projects proceeding.
Sincerely,
LR