Quantcast

Judge's DAPL Ruling, Reckless Spill Record Pushes Pipeline Company's Shares Below $20 for First Time

Popular
Drilling fluid released into a wetland in Belmont County, Ohio, during construction of Rover Pipeline. Sierra Club.

Energy Transfer Partners, the company behind the controversial Dakota Access Pipeline and the fracked gas Rover Pipeline, has quite the extensive spill history, a new analysis shows.

After crunching the numbers from the Pipeline and Hazardous Materials Safety Administration (PHMSA), TheStreet revealed that the Dallas-based company spilled hazardous liquids near water crossings more than twice the frequency of any other U.S. pipeline company this decade.


According to the report:

"The company has spilled hazardous liquids five times near water crossings since 2010 when PHMSA started collecting detailed data. The company's spills account for almost 20% of all hazardous liquid spills near water crossings since 2010, primarily because of a 55,000-gallon gasoline spill in 2016 near the Susquehanna River in Lycoming County, Pennsylvania. TheStreet only included onshore spills in its analysis, and included subsidiary companies.

"Since 2010, the company has spilled hazardous liquids 204 times in all, ranking only behind Enterprise Products Partners LP (EPD) and Magellan Midstream Partners, LP MMP, according to TheStreet's tally."

Energy Transfer owns about 71,000 miles of natural gas, natural gas liquids, refined products and crude oil pipelines across the country.

Alexis Daniel, an Energy Transfer spokesperson, defended the company's safety record.

"Not only does Energy Transfer Partners adhere to the approved regulatory standards, but it is always Energy Transfer Partners' priority to go above and beyond when building pipelines and is a common practice on all projects," she told TheStreet. "For example on Rover, the pipeline route will be flown every ten days, weather permitting, versus every 14 days which is the current requirement, for visual inspection of the pipeline."

Still, it's been a rough few months for Energy Transfer. In May, the Federal Energy Regulatory Commission (FERC) rejected the Energy Transfer's request to resume horizontal directional drilling at two sites for the Rover Pipeline after numerous leaks into Ohio's wetlands (including 2 million gallons of drilling fluid spill near the Tuscarawas River) in addition to various Clean Air and Clean Water act violations across the state.

And earlier this week, a federal judge ruled that that the Trump administration failed to consider the Dakota Access Pipeline's impact on the hunting and fishing rights of the Standing Rock Sioux Tribe. While the ruling did not shut down operations on the oil pipeline, which started flowing earlier this month, the judge has ordered a new environmental review.

A day after the judge's order, Energy Transfer shares fell to $19.53 on Friday—the first time it fell below $20 a share. The stock also slid 11 percent after FERC's order last month.

Energy Transfers stock chart for April, May and June. NYSE: ETP

Earlier reports have also highlighted the company's frequent spill and accident rate. A February analysis from the Louisiana Bucket Brigade and DisasterMap.net found that Energy Transfer and its subsidiary Sunoco have filed 69 accidents over the past two years to the National Response Center, the federal contact point for oil spills and industrial accidents. That's 2.8 accidents every month, the analysis noted.

However, spills are not the only problem. A June study by Oil Change International highlighted how the Rover Pipeline will fuel a massive increase in climate pollution, causing as much greenhouse gas pollution as 42 coal-fired power plants—some 145 million metric tons per year.

EcoWatch Daily Newsletter

A mural in Richwood, West Virginia, a once booming Appalachia coal town, honors the community's history. Jeff Greenberg / Universal Images Group / Getty Images

By Jeff Turrentine

The coal industry is dying. But we can't allow the communities that have been dependent on coal to die along with it.

Read More Show Less
ThitareeSarmkasat / iStock / Getty Images

by Jillian Kubala, MS, RD

Every fruit lover has their go-to favorites. Bananas, apples, and melons are popular choices worldwide and can be purchased almost anywhere.

Read More Show Less
Sponsored
belchonock / iStock / Getty Images Plus

By Hrefna Palsdottir, MS

Coconut oil is an incredibly healthy fat.

Read More Show Less
Wesley Martinez Da Costa / EyeEm / Getty Images

By David R. Montgomery

Would it sound too good to be true if I was to say that there was a simple, profitable and underused agricultural method to help feed everybody, cool the planet, and revitalize rural America? I used to think so, until I started visiting farmers who are restoring fertility to their land, stashing a lot of carbon in their soil, and returning healthy profitability to family farms. Now I've come to see how restoring soil health would prove as good for farmers and rural economies as it would for the environment.

Read More Show Less
skaman306 / Moment / Getty Images

By Jillian Kubala, MS, RD

Radish (Raphanus sativus) is a cruciferous vegetable that originated in Asia and Europe (1Trusted Source).

Read More Show Less
Sponsored
Tinnakorn Jorruang / iStock / Getty Images

By Dan Nosowitz

The budding research on cannabidiol, or CBD, attracts a great deal of interest in the agricultural field.

Read More Show Less
Oksana Khodakovskaia / iStock / Getty Images

By Jillian Kubala, MS, RD

The loquat (Eriobotrya japonica) is a tree native to China that's prized for its sweet, citrus-like fruit.

Read More Show Less

The Centers for Disease Control (CDC) released new numbers that show vaping-related lung illnesses are continuing to grow across the country, as the number of fatalities has climbed to 33 and hospitalizations have reached 1,479 cases, according to a CDC update.

Read More Show Less