A controversial oil pipeline that saw a series of protests has officially been canceled as announced by the company.
What Happened: The Keystone XL Pipeline owned by TC Energy Corporation (NYSE: TRP) has officially been halted after a review by the company and its partner the Government of Alberta, the company announced.
The termination comes after a presidential permit for the project was revoked on Jan. 20, 2021.
During its first-quarter financial results, the company said it was disappointed by the revocation of the Keystone XL presidential permit.
Why It’s Important: TC Energy has $20 billion in secured projects, according to the press release. Of that total, projects worth $7 billion are under development.
The company remains committed to its growth plan and said it has a strong balance sheet to help self-fund its operations going forward.
TC Energy reported a net loss of $1.1 billion in the first quarter, compared to a net profit of $1.1 billion in the previous year’s first quarter. Several asset impairment charges were recognized in the first quarter.
Investors will be looking to see what additional charges are recognized in the second quarter related to the Keystone XL Pipeline.
Shares of TC Energy are up 30% year-to-date in 2021 despite having a U.S. president in office that was considered to be a possible negative catalyst for the company.
(Photo: TC Energy)
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