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    TRP   CA87807B1076

TC ENERGY CORPORATION

(TRP)
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Developer officially cancels Keystone XL pipeline project blocked by Biden

06/09/2021 | 04:42pm EDT
A TC Energy pump station sits behind mounds of dirt from the Keystone XL crude oil pipeline as it lies idle near Oyen

June 9 (Reuters) - A $9 billion oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday.

Keystone XL, which was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners, was halted by owner TC Energy Corp after U.S. President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project.

Opponents of the line fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels. Its demise comes as other North American oil pipelines, including Dakota Access and Enbridge Line 3, face continued opposition from environmental groups.

"This is a landmark moment in the fight against the climate crisis," said Jared Margolis, a senior attorney at the Center for Biological Diversity. "We're hopeful that the Biden administration will continue to shift this country in the right direction by opposing fossil fuel projects."

The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska, but the project was delayed for the past 12 years due to opposition from U.S. landowners, Native American tribes and environmentalists.

TC Energy owns the existing Keystone oil pipeline, which runs from Alberta to the U.S. oil storage hub in Cushing, Oklahoma, and to the U.S. Gulf, along with a power and storage business. It pledged to ensure a safe termination of the project.

"We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline's border crossing," Alberta Premier Jason Kenney said in a statement.

Former U.S. President Donald Trump had approved a permit for the line in 2017, but it continued to face legal challenges that hampered construction. Biden had committed to canceling the project during his campaign and revoked the permit soon after taking office.

TC Energy swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charge related to the suspension of Keystone XL.

Its shares closed largely flat on the Toronto Stock Exchange. (Reporting by Ankit Ajmera in Bengaluru and Rod Nickel in Winnipeg; Editing by Shinjini Ganguli, Anil D'Silva and Lincoln Feast.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENBRIDGE INC. -0.71% 49.115 Delayed Quote.21.52%
LONDON BRENT OIL -0.20% 74.66 Delayed Quote.42.48%
TC ENERGY CORPORATION -1.09% 63.27 Delayed Quote.23.61%
WTI -0.34% 72.779 Delayed Quote.49.08%
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Financials
Sales 2021 13 957 M 11 278 M 11 278 M
Net income 2021 2 933 M 2 370 M 2 370 M
Net Debt 2021 50 587 M 40 877 M 40 877 M
P/E ratio 2021 17,0x
Yield 2021 5,41%
Capitalization 62 607 M 50 592 M 50 591 M
EV / Sales 2021 8,11x
EV / Sales 2022 7,89x
Nbr of Employees 7 500
Free-Float 93,5%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 63,97 CAD
Average target price 69,95 CAD
Spread / Average Target 9,35%
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Managers and Directors
NameTitle
Francois L. Poirier President, Chief Executive Officer & Director
Donald R. Marchand Chief Financial Officer & Executive VP-Strategy
Siim Alden Vanaselja Chairman
Donald Michael Godfrey Stewart Independent Director
Mary Pat Salomone Independent Director
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