Athabasca Oil Corp T.ATH

Keystone XL officially cancelled by TC

[2021Gamble]

TC Energy Formally Ends the Keystone XL Pipeline Project Cancelled by Biden in January

09 Jun 2021 16:54 ET

04:54 PM EDT, 06/09/2021 (MT Newswires) -- TC Energy (TRP.TO) on Wednesday formally cancelled the Keystone XL pipeline project, nearly five months after President Joe Biden cancelled its permit as one of his first acts after assuming the office.

The company said it terminated the project after talks with the government of Alberta, which backed the project with a US$1.1 billion direct investment and loan guarantees.

Alberta said it lost C$1.3 billion after signing onto the project just months before the U.S. election, despite knowing Biden had made cancelling the controversial project a key plank in his platform.

"We value the strong relationships we've built through the development of this project and the experience we've gained. We remain grateful to the many organizations that supported the project and would have shared in its benefits," TC Energy chief executive Francois Poirier said in a release.

TC took C$2.2 billion after-tax charge in its first quarter earnings to account for the cancellation of the project.

The company's shares closed up C$0.26 to C$64.47 on the Toronto Stock Exchange.

Price: 64.47, Change: +0.26, Percent Change: +0.40

[ValueCan1]

Any ideas how much of Athabasca’s restricted cash will be released and how much of the keystone deposit will be returned?  CNRL is in a similar situation I believe.

[OilManiac]

Lots if you consider the pressure to hold this down.  Bond buyers are usually the smartest people in the room and liquidity is returning so lots of upside to shareholders as the bond buyers dig way deeper and have much longer time horizons.  

[ComradeKomissar]

About $50M.

[Eigen337]

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