TC Energy Cancels Binding Open Season for the Keystone Pipeline System

Rhea-AI Summary

TC Energy Corporation (TRP) has canceled an open season initiated on January 6, 2021, for binding commitments on crude oil transportation via the Keystone Pipeline System from Hardisty, Alberta, to Patoka, Illinois. This capacity was linked to the Keystone XL project, which is suspended following the revocation of its Presidential Permit.

TC Energy's ongoing operations include a robust network of natural gas and crude oil pipelines, essential for energy delivery across North America.

Positive

• The cancellation of the open season may allow TC Energy to reallocate resources and focus on existing pipeline operations.
• The company continues to maintain a strong infrastructure for energy delivery across Canada, the U.S., and Mexico.

Negative

• Cancellation of the open season indicates a setback in future capacity growth linked to the Keystone XL project.
• Suspension of the Keystone XL project may negatively affect investor confidence and future revenue expectations.

CALGARY, Alberta, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today announced it has cancelled an open season launched on January 6, 2021 to solicit binding commitments for crude oil transportation services on the Keystone Pipeline System from Hardisty, Alberta to Patoka, Illinois.

The capacity offered would have become available when Keystone XL went into service. TC Energy previously announced it would be suspending advancement of the Keystone XL pipeline project due to the revocation of its Presidential Permit.

About TC Energy
We are a vital part of everyday life – delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and crude oil pipelines, along with power generation and storage facilities, wherever life happens — we’re there. Guided by our core values of safety, responsibility, collaboration and integrity, our 7,500 people make a positive difference in the communities where we operate across Canada, the U.S. and Mexico.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

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Media Inquiries:
Terry Cunha
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries:
David Moneta / Hunter Mau
403.920.7911 or 800.361.6522

PDF available: http://ml.globenewswire.com/Resource/Download/4707d137-2fb2-4531-8825-60966b99b6e5 

 

FAQ

What is the reason for TC Energy's open season cancellation for TRP?

The open season was canceled due to the suspension of the Keystone XL pipeline project after revocation of its Presidential Permit.

What impact does the cancellation have on TC Energy's operations?

It represents a setback for future capacity growth and may influence revenue expectations.

When was the open season for crude oil transportation launched by TC Energy?

The open season was launched on January 6, 2021.

What is the stock symbol for TC Energy Corporation?

The stock symbol for TC Energy Corporation is TRP.