UPDATE: Southern Pacific Resource Corp. Completes Long-Term Transport Arrangement With CN Rail

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Southern Pacific Resource Corp. (STP.TO), which rose 3% yesterday, has lost ground today after it announced completion of a long-term arrangement to transport its bitumen to the U.S. Gulf Coast via the rail network of CN (CNR.TO). Under this arrangement, Southern Pacific expects to significantly increase its plant gate bitumen netback using rail transportation that reduces diluent costs, and offers access to Brent-based pricing as opposed to selling its bitumen into a pipeline that offers access to West Texas Intermediate ( WTI ) based pricing.

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This article appears in: Investing , Commodities


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