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Bullboard - Stock Discussion Forum TC Energy Corp T.TRP.PR.E


Primary Symbol: T.TRP Alternate Symbol(s):  T.TRP.PR.H | TCENF | T.TRP.PR.I | TRP | TCEYF | TRPEF | T.TRP.PR.A | TCANF | T.TRP.PR.B | TCNCF | TRPPF | T.TRP.PR.C | TRPRF | T.TRP.PR.D | T.TRP.PR.F | TNCAF | T.TRP.PR.G

TC Energy Corporation is a Canada-based energy problem solver working to move, generate and store the energy in North America. The Company's segments include Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines and Mexico Natural Gas Pipelines, and Power and Energy Solutions. The Company's business includes Energy Solutions, Natural Gas, and Power and Storage. The Natural Gas business... see more

TSX:TRP - Post Discussion

TC Energy Corp > Another Report
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Post by TimeBuilder on Dec 23, 2022 3:11pm

Another Report

UPDATE 4-TC Energy to restart Keystone oil pipeline segment after regulator approval

(Adds comment from Sierra Club, Keystone's spill history)

By Rod Nickel and Deep Kaushik Vakil

Dec 23 (Reuters) - TC Energy Corp said on Friday a U.S. regulator had approved a restart plan for an idled segment of its Keystone oil pipeline to Cushing, Oklahoma, and it looked to restore service after several days of testing and inspections.

The 622,000-barrel-per-day (bpd) pipeline was shut on Dec. 7 after it spilled 14,000 barrels of oil in rural Kansas, the biggest U.S. spill in nine years.

The pipeline from the Canadian province of Alberta to the U.S. Gulf Coast has since reopened, except for the segment that ruptured between Steele City, Nebraska, and an oil storage hub in Cushing, Oklahoma.

The shutdown reduced the flow of Canadian crude to Gulf refineries, but it has had little impact on Canadian oil prices, partly because of ample storage in Alberta.

"We will provide an update on in-service once we are able," said Calgary, Alberta-based TC, noting that the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) had approved the restart plan.

The pipeline has had 12 significant incidents in as many years of its life, including major spills in 2017 and 2019, according to the Pipeline Safety Trust, a watchdog group.

Neither TC nor PHMSA has publicly identified the cause of the spill. Frigid weather at the spill site may slow work, TC said.

"It seems irresponsible to restart operations without identifying the root cause failure first," said Zack Pistora, Kansas lobbyist for environmental group Sierra Club.

Under terms of PHMSA's corrective action order issued to TC after the spill, the company must operate at 20% lower pressure along the segment that ruptured once it returns to service until it receives further regulatory approval.

Keystone has been allowed to operate at higher than normal pressure under a special permit from PHMSA, but the regulator is reviewing that permit system.

Spill clean-up may take weeks or months, even as the pipeline restarts. The line carried diluted bitumen, a form of oil that tends to sink in water, making it harder to collect than oils that float.

Clean-up workers will remain on site despite the cold, although some may work remotely, said Curtis Carey, spokesperson for the U.S. Environmental Protection Agency.

Skimmers, pumps and other equipment were removed from Mill Creek on Wednesday to prevent them from freezing, but workers are deploying other equipment more suited to the cold, he said.

TC shares rose 2.2% in Toronto. (Reporting by Deep Vakil in Bengaluru and Rod Nickel in Winnipeg; editing by Kirsten Donovan, Jason Neely and Richard Chang)

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