RE:TMX Ugh. TMX completion before March 31 is baked into every CAD oil & gas company. News like this is going to weigh on the share prices, especially pure heavy names like CVE, ATH and MEG.
A reduced diameter at any section of the pipe will mean less volume delivered per day. The full volume is badly needed as CAD has already outgrown its egress before TMX is even completed. But doing it right means waiting until June. That's the right decision for the long term good of the industry, but the market is not going to be happy.
As is typical, the decision comes down to whether they want it done well or just done fast. Penny flippers and investors will be on opposite sides of what they would like to see happen here.