Enbridge Just Paid $2.55B for a Pipeline That Ends at Cushing

Enbridge agreed to buy Tallgrass Energy’s crude transportation business for $2.55 billion in cash. The announcement landed on 9 September 2026. The Enbridge Tallgrass deal hands the Canadian pipeline operator a direct route from Rocky Mountain oil production to the Cushing, Oklahoma trading hub.

Cushing is where the West Texas Intermediate benchmark price is set. Pipelines that reach it carry pricing relevance as well as barrels.

The transaction is expected to close later this year. It still needs regulatory approval and the usual closing conditions.

What the Enbridge Tallgrass deal actually buys

The centrepiece is a 75% interest in the Pony Express Pipeline. That line runs 1,050 miles and moves roughly 460,000 barrels per day. It connects Rockies crude to Cushing and to about 500,000 barrels per day of refining capacity.

Pipeline valve illustrating the crude transportation assets in the Enbridge Tallgrass deal

Enbridge also takes a 51% interest in the Powder River Gateway system. That system holds two pipelines with combined capacity near 240,000 barrels per day.

Storage comes with it. The package includes roughly 8.4 million barrels of crude storage spread across nine terminals.

The expansion project buried in the deal

The purchase includes the Pony Express expansion, known as PXP2. The planned project costs about $300 million.

PXP2 would lift system capacity to roughly 515,000 barrels per day. Take-or-pay contracts support it, meaning shippers commit to pay whether or not they use the capacity.

Service begins in late 2027 on the current schedule. That timeline puts the return well beyond the closing date, which is typical for midstream expansions.

Take-or-pay structures explain why buyers accept that wait. The contracts convert a construction project into a contracted revenue stream before the first barrel moves.

They also shift volume risk onto shippers. If production disappoints, the shipper still owes the payment, which is why lenders treat these projects as lower risk than merchant capacity.

Why the Cushing connection carries extra weight

Cushing is a small Oklahoma town with an outsized role in oil pricing. Physical delivery of the West Texas Intermediate contract happens there.

That makes pipeline access to Cushing a commercial asset in its own right. A producer whose barrels can reach the hub can settle against the benchmark directly.

Rockies crude has historically traded at a discount to WTI, partly because moving it to market costs money and capacity. Pony Express exists to close that gap.

Roughly 500,000 barrels per day of refining capacity sits within reach of the system. Refiners and traders at the hub are the customers for the barrels the line delivers.

Storage completes the position. The 8.4 million barrels across nine terminals let an operator hold product when prices are unfavourable rather than sell into weakness.

Why Enbridge keeps buying south of the border

This is not a one-off. Enbridge agreed in August to acquire Salt Creek Midstream’s crude gathering business.

Gathering systems collect barrels at the wellhead. Long-haul pipelines move them to market. Buying both sides builds a continuous chain from production to trading hub.

Enbridge said an equity offering will partly finance both acquisitions. The company framed the raise as also providing funding flexibility for future growth, which is the company’s own characterisation.

Midstream valuations sit against a volatile crude backdrop. Our coverage of OPEC’s October output decision and of the recent surge in global oil markets sets out the price environment these assets will operate in.

What still has to happen

Regulatory approval is the first gate. Crude pipeline transfers draw scrutiny where they change competitive position at a hub.

The equity offering is the second. Its pricing will show what investors think of the price paid.

PXP2 is the third and slowest. Late 2027 service is the date to hold the company against.

Rockies production volumes are the fourth. A pipeline earns its contracted revenue regardless, but expansion economics depend on barrels actually appearing.

Regulatory conditions are worth watching for shape as well as timing. Approvals sometimes arrive with commitments on tariffs or third-party access attached.

Deal activity has been busy across North American finance this month. Our report on the WaFd and EverBank reverse merger covers another transaction in the same window.

One caveat belongs on every figure here. Capacity numbers describe design capability, not actual throughput, and pipelines rarely run full.

The company’s own framing of the equity raise deserves the same treatment. Describing a share issue as funding flexibility is a choice of words, not an audited fact.

Answers on the Tallgrass transaction

  • How much is Enbridge paying? $2.55 billion in cash for Tallgrass Energy’s crude transportation business.
  • What is the main asset? A 75% interest in the 1,050-mile Pony Express Pipeline, with capacity around 460,000 barrels per day.
  • What else is included? A 51% interest in the Powder River Gateway system and about 8.4 million barrels of storage across nine terminals.
  • What is PXP2? A planned $300-million expansion that would raise Pony Express capacity to about 515,000 barrels per day, in service from late 2027.
  • When does the deal close? Later this year, subject to regulatory approval and customary conditions.
  • How is it being funded? Enbridge said an equity offering will partly finance this deal and its August Salt Creek Midstream acquisition.

Related energy and markets coverage

See our reporting on OPEC’s October output plan, the global oil market surge and the WaFd EverBank merger.

Sources

  • Oil & Gas Journal — Enbridge to acquire Tallgrass Energy’s crude transportation business for $2.55 billion. ogj.com
  • CBC News — Enbridge further expands stateside with $2.55B US pipeline and storage deal. cbc.ca
  • The Globe and Mail — Enbridge to buy Tallgrass crude oil business for $2.55-billion. theglobeandmail.com

Adobe Posted Record Numbers. The Stock Fell Anyway.

Adobe reported record third-quarter results on 10 September 2026 and its shares fell anyway. Revenue reached $6.76 billion, up 13% year on year. Non-GAAP earnings per share came in at $6.13, up 15%. The Adobe CEO transition announced the week before framed how investors read all of it.

Shares dropped 2.14% in after-hours trading to $243.50. The company also raised full-year guidance. Beating estimates and raising guidance did not stop the slide.

Adobe now expects fiscal 2026 revenue of $26.576 billion to $26.626 billion. That is above its previous range.

The numbers behind the Adobe CEO transition quarter

AI-first annualised recurring revenue grew more than 150% year on year, according to the company. That figure comes from Adobe’s own reporting and uses a category Adobe defines itself, so treat it as a company measure rather than an audited line.

Code on a screen representing software results behind the Adobe CEO transition

Revenue growth of 13% is solid for a company of Adobe’s size. Earnings growth of 15% outpaced it, which points to margin discipline rather than a spending surge.

Investors focused elsewhere. Reporting on the reaction cited concerns about the timing of freemium monetisation and about near-term growth momentum.

Who takes over, and when

Anil Chakravarthy becomes president and chief executive on 1 December 2026. He joins the board on the same date. Adobe announced the appointment on 3 September 2026.

Chakravarthy currently runs Adobe’s Customer Experience Orchestration business and its worldwide field operations. That is a revenue-facing role rather than a product one.

Shantanu Narayen becomes executive chair. He has led Adobe since 2007. The company said he will work closely with Chakravarthy through the handover.

Why the market reaction looks harsher than the results

Leadership changes create a window where guidance carries less weight. A new chief executive can reset targets, and investors price that possibility in advance.

The open chief financial officer search compounds it. Reporting has flagged that vacancy as the larger uncertainty, because a finance chief sets the reporting framework a new CEO inherits.

Adobe’s AI story also faces a timing question rather than a demand question. Growth above 150% in AI-first recurring revenue starts from a small base. Converting free users into paying ones is the part investors want dated.

Our September earnings week preview flagged this reporting window in advance.

How this compares with the rest of the software quarter

Software results this season have split between strong headline numbers and cautious reactions. Beating expectations has not been enough on its own.

We saw a different outcome at GitLab, covered in our report on its earnings-driven share surge. On the infrastructure side, our note on Broadcom’s fourth-quarter forecast shows how much AI demand is shaping guidance across the sector.

The pattern is consistent. Companies are delivering growth. Investors are asking when AI spending turns into durable margin.

Adobe sits in an awkward middle of that debate. It sells software rather than silicon, so it avoids the capital intensity that weighs on chip and infrastructure names.

It also faces the sharpest version of the pricing question. Creative tools compete directly with generative products that many users can reach for free.

What a field-operations chief usually changes

Chakravarthy’s background points to where his attention will land. Customer Experience Orchestration and worldwide field operations are both commercial functions rather than product ones.

Leaders who arrive from that side typically press on pricing, packaging and sales coverage first. Those levers move revenue faster than product roadmaps do.

Adobe’s freemium question sits squarely in that territory. Turning free users into paying ones is a packaging and pricing problem before it is an engineering one.

That fits the concern investors raised this week. It does not guarantee the conversion improves, and Adobe has not set out a plan or a date for it.

Narayen’s move to executive chair also matters for continuity. A founder-era chief executive staying on the board changes how much a successor can reset in year one.

Dates that matter from here

1 December 2026 is the handover date. Chakravarthy’s first public guidance will be the real test of the transition.

The CFO appointment has no announced date. Filling it before the handover would remove one variable.

Adobe’s fourth-quarter report closes fiscal 2026 and will show whether the raised guidance held. That is the first hard check on this quarter’s optimism.

The AI-first recurring revenue line deserves a second look then as well. A growth rate above 150% cannot repeat indefinitely, and the absolute figure matters more than the percentage once the base grows.

Watch the wording too. Companies often redefine a metric quietly once the headline rate slows, and Adobe defines this one itself.

Reader questions on Adobe’s quarter

  • What did Adobe report? Q3 FY2026 revenue of $6.76 billion, up 13%, and non-GAAP EPS of $6.13, up 15%.
  • Why did the stock fall? Shares slipped 2.14% after hours on concerns about freemium monetisation timing and near-term growth momentum.
  • Who is the new chief executive? Anil Chakravarthy, effective 1 December 2026. He currently leads Customer Experience Orchestration and worldwide field operations.
  • What happens to Shantanu Narayen? He becomes executive chair and supports the transition.
  • What is the new guidance? Fiscal 2026 revenue of $26.576 billion to $26.626 billion, raised from the prior range.
  • Is there a CFO? The chief financial officer search was open at the time of the announcement.

Also on Tamara News this week

Read our September earnings week preview, our coverage of GitLab’s earnings surge and our report on Broadcom’s revenue forecast.

Sources

  • Adobe Newsroom — Adobe Announces Anil Chakravarthy to Become President and CEO. news.adobe.com
  • US Securities and Exchange Commission — Adobe Inc. Form 8-K, FY2026. sec.gov
  • Investing.com — Adobe Q3 FY2026 slides: strong results, CEO transition announced. investing.com

NATO Caught Russian Subs Rehearsing an Attack You’d Never Trace

NATO allies tracked Russian submarines rehearsing an attack on Arctic communications lines earlier this year, according to an account published on 10 September 2026. The vessels were practising to deploy technology built to disable cables without leaving evidence. Undersea cable sabotage of that kind is designed to look like an accident.

The rehearsal took place near the Svalbard archipelago. Britain, Norway and the United States ran a joint operation that tracked the Russian vessels, confronted them at sea and stopped the exercise. The vessels eventually left the area.

Moscow’s Main Directorate of Deep-Sea Research, known by the Russian acronym GUGI, ran the operation. GUGI used deep-sea submersibles to simulate deploying the technology.

What the submarines were rehearsing near Svalbard

Two fibre-optic cables run along the floor of the Arctic Ocean between Svalbard and mainland Norway. Each stretches about 1,400 kilometres. They sit under roughly 2,700 metres of water.

Those cables are not ordinary internet links. They carry satellite data downloaded at SvalSat, described as the world’s largest civilian ground station, which sits about 1,200 kilometres from the North Pole. The station forms part of NASA’s Near Space Network.

Arctic coastline near Svalbard where undersea cable sabotage was rehearsed

Cutting those lines would not switch off the internet. It would sever a specific data path used by polar-orbiting satellites. That is a narrower target with a much larger strategic meaning.

Why deniable undersea cable sabotage is the point

Cables break often and for dull reasons. Fishing gear drags across them. Anchors catch them. Seabed movement shifts them.

That background noise is exactly what makes deniable damage attractive. A cut that resembles an anchor strike invites investigation rather than retaliation. Attribution takes months, and by then the political moment has usually passed.

The account of the Svalbard rehearsal describes technology built specifically to leave no trace. That detail, if accurate, separates this from opportunistic damage.

Europe has been treating infrastructure attacks as a pattern rather than a series of accidents. Our reporting on sabotage on Germany’s power grid and on the ransomware attack on Berlin city systems covers the same theme on land and online.

What was already public before this account

Britain and Norway disclosed in April that they had uncovered covert Russian activity in Arctic waters. Britain’s Defence Ministry pointed to statements made on 9 April acknowledging attempted covert activity in and near Norwegian and British waters by GUGI.

Washington and London have both sanctioned the directorate. That predates this week’s account.

What is new is the detail: where the rehearsal happened, which allies intervened, and what the submersibles were practising to deploy. Much of that detail comes from Western officials, who have an interest in how the episode is understood. Russia has not confirmed the account.

Why the Arctic is a harder place to watch

Distance does most of the work for anyone operating there. Svalbard sits far from the nearest large naval bases, so patrol aircraft and ships burn hours simply reaching the area.

Weather adds a second layer. Sea state and ice limit how long surface vessels can hold a position, and they degrade the sensors those vessels carry.

Darkness matters too. Polar night removes visual observation for months at a time, which pushes surveillance onto acoustic and satellite methods.

Depth completes the picture. A cable lying under 2,700 metres of water sits well beyond routine diving and beyond most commercial survey equipment. Reaching it requires purpose-built submersibles, which is precisely the capability GUGI is described as operating.

Those four factors explain why the Svalbard interception was notable. Allied forces did not simply detect activity. They arrived in time to interrupt it.

How allies are likely to respond next

Surveillance is the immediate lever. The Svalbard episode worked because allied forces were watching closely enough to intervene before the exercise finished.

Physical protection is harder. A cable buried under 2,700 metres of water cannot be patrolled along its whole length. Monitoring focuses on the vessels above it instead of the line below.

Redundancy is the third option. Additional routes reduce the value of cutting any single one, though building them in Arctic conditions is slow and expensive.

Sanctions remain the standard political response. The European Union has kept adding measures through 2026, as we reported in our coverage of the latest EU sanctions package.

Sanctions on a military directorate work differently from sanctions on a company. GUGI does not raise money on open markets, so the practical effect falls on suppliers and on the individuals named.

That limits how much deterrence sanctions alone can deliver here. Presence and surveillance carry more weight against an operation that depends on going unobserved.

Questions about the Arctic cable episode

  • Were the cables actually damaged? No. The account describes a rehearsal that allied forces interrupted before it was completed.
  • Where did this happen? In Arctic waters near the Svalbard archipelago, north of mainland Norway.
  • Which countries intervened? A joint operation involving Britain, Norway and the United States tracked and confronted the vessels.
  • What is GUGI? Russia’s Main Directorate of Deep-Sea Research, a unit already sanctioned by both Washington and London.
  • What do the Svalbard cables carry? Satellite data downloaded at the SvalSat ground station, which forms part of NASA’s Near Space Network.
  • Has Russia commented? Not in the published account. The detail comes from Western officials and from April statements by Britain and Norway.

More from Tamara News on infrastructure security

See our coverage of Germany’s power grid sabotage, the Berlin ransomware attack and the new EU sanctions on Russia.

Sources

  • Defense News — NATO allies foil Russian subsea cable sabotage plot. defensenews.com
  • Honolulu Star-Advertiser — NATO allies foil Russian subsea cable sabotage plot. staradvertiser.com

Houthis Take Mocha, and the World’s Busiest Oil Route Is Watching

Yemen’s Houthi forces took control of the Red Sea port city of Mocha on 10 September 2026. The city sits roughly 100 kilometres north of the Bab el-Mandeb strait. That puts Bab el-Mandeb shipping, one of the busiest trade corridors on earth, closer to a single armed group than at any point in the current war.

Witnesses described Houthi fighters entering the city on Thursday. Yemeni government military sources said the group had also reached the Hanish islands, a chain that lies directly in the approach to the strait. Mocha had been held by Yemen’s internationally recognised government until this week.

The city had been under sustained attack since early August. More than 25 missiles struck it inside a few days, and port operations stopped. The fall of Mocha therefore ends a month-long siege rather than marking a sudden collapse.

What the fall of Mocha changes on the ground

Mocha gives its holder a working deep-water port on Yemen’s south-western coast. It also gives observation over the sea lane that runs past it. Control of the city does not equal control of the strait itself. It does shorten the distance between Houthi positions and the water.

Container ship at sea illustrating Bab el-Mandeb shipping exposure after the fall of Mocha

The Hanish islands matter for the same reason. They sit inside the southern Red Sea rather than on its edge. Forces based there can watch traffic without crossing open water first.

Yemen’s army separately declared an area around the Taiz–Mocha road a military zone. It warned civilians to avoid the route until further notice. That warning points to continued fighting inland rather than a settled front line.

Why Bab el-Mandeb shipping matters to everyone else

Bab el-Mandeb is the southern gate of the Red Sea. Vessels heading for the Suez Canal from Asia pass through it. Vessels leaving the Mediterranean for the Indian Ocean do the same in reverse.

Taken together with the Strait of Hormuz, traffic through Bab el-Mandeb accounts for about a quarter of daily petroleum and crude shipments, and close to a third of the world’s maritime trade, according to reporting on the Houthi advance. Those two chokepoints sit on opposite sides of the Arabian Peninsula.

That geography explains the reaction in oil markets. Traders price chokepoint risk before any cargo is actually stopped. A credible threat to a second corridor changes the calculation even if the first corridor stays open.

We covered the earlier pressure on the other side of the peninsula in our report on the Strait of Hormuz tanker attack, and the market response in our note on the global oil surge.

How carriers and insurers usually respond

Shipping lines have two practical options when a corridor looks unsafe. They can keep sailing and pay more for war-risk cover. Or they can route around the Cape of Good Hope instead.

The Cape route adds roughly ten to fourteen days on an Asia–Europe voyage. It also burns more fuel. Carriers absorb some of that and pass the rest on through surcharges.

War-risk premiums move faster than schedules do. Underwriters reprice by area, and a widened risk zone can lift costs for every vessel crossing it. Neither response requires the strait to close.

None of this is automatic. Much depends on whether the Houthis actually interfere with traffic, and on how naval forces in the area respond. Our earlier piece on the escalation inside Yemen set out the wider military picture.

The claims that still need testing

Several elements of this story rest on interested accounts. Yemeni government military sources supplied much of the detail about the advance, and they have a clear stake in how it is read. Houthi statements carry the same caveat in the other direction.

Independent confirmation of exactly how far the front has moved is limited so far. What is documented is the entry into Mocha, the reported reach to the Hanish islands, and the military-zone declaration around the Taiz–Mocha road.

Reporting also links the advance to Iran’s position in its conflict with the United States. That reading is an assessment by analysts and officials, not an established fact.

What to watch over the coming weeks

The first signal is traffic volume through the strait. A visible drop in transits would show carriers acting on the risk rather than pricing it.

The second is insurance. A formal widening of the listed war-risk area would raise costs across the board.

The third is naval activity. Any increase in escort operations in the southern Red Sea would indicate that governments expect interference rather than posturing.

The fourth is Mocha’s port itself. If cargo handling restarts under Houthi control, the city becomes an economic asset rather than a purely military one.

Questions readers are asking about Mocha

  • Have the Houthis closed Bab el-Mandeb? No. They captured Mocha, a port near the strait, and reportedly reached the Hanish islands. The waterway remains open.
  • Where is Mocha? On Yemen’s Red Sea coast, roughly 100 kilometres north of the Bab el-Mandeb strait.
  • How much trade passes through the strait? Bab el-Mandeb and Hormuz together carry about a quarter of daily petroleum and crude shipments and close to a third of world maritime trade.
  • What is the alternative route? Vessels can sail around the Cape of Good Hope, which typically adds ten to fourteen days on Asia–Europe voyages.
  • Why did oil prices move? Markets price the risk to a second major transit corridor before any cargo is actually blocked.
  • Who held Mocha before? Yemen’s internationally recognised government, which had held it under sustained attack since early August.

Related coverage on Tamara News

Read our reporting on the Strait of Hormuz tanker attack, the escalation in Yemen and the global oil market surge.

Sources

  • Al Jazeera — Yemen’s Houthis seize strategic Red Sea city of Mocha. aljazeera.com
  • Euronews — Houthis capture Red Sea port city in push to seize Bab el-Mandeb. euronews.com
  • CNBC — Houthis seize key Yemeni port city as Iran pushes for new foothold on Red Sea coast. cnbc.com

Singapore Opens Eight More Jobs to a Wider Hiring Pool

Singapore widened one of its main hiring routes today. From 1 September 2026 the Singapore NTS Occupation List covers eight additional occupations, drawn from the food services, social services and air transportation sectors. Two of those sectors had no place on the list before.

The Ministry of Manpower runs the Non-Traditional Sources scheme so employers in manufacturing and services can hire Work Permit holders from a wider set of countries for specific roles. Every occupation on the list is a role the ministry has decided can be filled this way, rather than through an S Pass.

Kitchen staff at work in a role added to the Singapore NTS Occupation List
Kitchen assistants and waiters join the scheme from 1 September 2026.

The eight roles joining the Singapore NTS Occupation List

The additions cluster in three areas. Food services accounts for four of them, social services for three, and air transportation for one.

  • Butchers, fishmongers and related food preparers
  • Food and drink stall assistants
  • Kitchen assistants
  • Waiters
  • Cabin attendants
  • Babysitters and infant caregivers
  • Educarers
  • Teacher aides

Social services and air transportation are new entries in their own right. Before today, a worker from a non-traditional source country had no Work Permit route into caregiving or cabin crew roles at all. That gap closes now.

Which countries the NTS route covers

The non-traditional sources are Bangladesh, Bhutan, Cambodia, India, Laos, Myanmar, the Philippines, Sri Lanka and Thailand. Bhutan, Cambodia and Laos joined the group in June 2025, which broadened the pool during a period of tight labour supply.

Consider a Filipino kitchen assistant who has spent four years in restaurant work at home. Before this change, that experience mapped onto no straightforward Singapore permit. From today it maps onto a listed occupation, provided an employer sponsors the application and meets the conditions below.

The NTS salary floor and quota employers must respect

Two conditions govern hiring on this list. Employers must pay a fixed monthly salary of at least S$2,000. They must also keep such hires within a sub-quota of 8% of their total workforce.

Neither condition is new. Both have applied to the list since it began, and the ministry has kept them steady through two rounds of expansion. What changes today is the range of jobs they cover.

The quota is the binding constraint for most small operators. A restaurant with twelve staff can hire one worker this way, not four. Larger groups have more room, which is part of why the scheme has been used most heavily by chains rather than single outlets.

One further rule catches employers out. A Work Permit holder may only perform the occupation written on the permit. Rotating a kitchen assistant onto the service floor is not a small administrative liberty; it is a compliance breach.

What the NTS Occupation List change means for workers

The honest framing is that this opens a door rather than lays out a carpet. A listed occupation is a precondition, not an offer. The application still runs through an employer, and the employer still has to have quota headroom.

Anyone considering the route should be clear-eyed about the pay floor. S$2,000 a month is a minimum, not a market rate, and Singapore is an expensive city. Work out accommodation and remittance plans against the actual offer, not the floor.

If you are comparing Singapore against other routes, our guide to the Employment Pass and the salary benchmarks that govern it covers the professional tier. Employers assessing whether a local entity makes sense should read our note on company formation for foreign founders in Singapore. If you are unsure which route fits your profile at all, start with our visa eligibility checker.

Details still to come on the NTS Occupation List

The Ministry of Manpower has said further requirements for hiring into the newly added roles will follow. Sector-specific conditions are likely, particularly for the social services occupations, where child-facing work usually attracts extra screening.

Employers should not assume the general 8% sub-quota and S$2,000 floor are the whole picture for educarers or teacher aides. Watch the ministry’s own guidance pages before committing to a hiring plan for those roles.

The broader pattern is worth noting. This is the second consecutive year the list has grown, after an expansion on 1 September 2025 that added heavy vehicle drivers, a range of manufacturing operator roles, and cooks in any restaurant. Singapore is steadily widening the base of its work permit system while keeping the professional tier tight.

Common questions about the NTS Occupation List

When does the expanded list take effect?

1 September 2026. The eight new occupations are live from that date.

Do I need an employer before I can use this route?

Yes. Work Permits in Singapore are employer-sponsored. There is no self-application pathway on this list.

What is the minimum salary?

A fixed monthly salary of at least S$2,000 for hires made under the list.

Can my employer move me to a different job once I arrive?

No. A Work Permit holder may only perform the occupation stated on the permit.

Which countries count as non-traditional sources?

Bangladesh, Bhutan, Cambodia, India, Laos, Myanmar, the Philippines, Sri Lanka and Thailand.

Is this the same as an S Pass?

No. The list creates Work Permit options for roles that are not professional, managerial, executive or technical. The S Pass sits above it and carries different criteria.

Sources

Featured image: ArtScience Museum, Marina Bay Sands, Singapore.jpg by Basile Morin, CC BY-SA 4.0.