TC Energy posts C$1 billion quarterly loss on Keystone XL suspension
05/07/2021 | 04:32pm EDT
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CALGARY, Alberta (Reuters) -TC Energy Corp swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL project, the Canadian pipeline operator said on Friday.
The KXL pipeline was planned to carry 830,000 barrels per day of heavy crude across the border from Alberta to Nebraska, but U.S. President Joe Biden revoked a key permit for the project on his first day in office.
TC Energy said the impairment charge was related to halting work on KXL and a reassessment of related projects like the Heartland Pipeline.