Pembina Pipeline Corp T.PPL

Pembina nixes Jordan Cove LNG plant project in Oregon 2021-

[ace1mccoy]

Dec 1 (Reuters) - A unit of Canadian energy company Pembina Pipeline Corp on Wednesday told U.S. energy regulators that it would not move forward with its proposed Jordan Cove liquefied natural gas (LNG) export plant in Oregon.

Pembina paused development of the project in April as the company could not secure state-issued permits and authorizations from various Oregon state agencies.

The $8 billion Jordan Cove is one of several North American LNG projects that have been canceled or delayed over the past year.

[Joe455]

Good riddance to Oregon, land of the loonies.

[bttmfischer]

How much money was spent by Pembina on the Jordan Cove  LNG project that was cancelled so far?

[autofocus111]

bttm Here ya go... straight from the FY2020 filing. Note that the Ruby pipeline was expected to supply JC and took a big hit as well. >>>> Jordan Cove In December 2020, as a result of increased regulatory and political uncertainty, Pembina recognized an impairment on the assets associated with Jordan Cove. The impairment charge of $349 million ($258 million net of tax) includes

[bttmfischer]

autofocus111, thank you but this info didn't make my day. I guess the term "force majeure condition" replaced "act of God" meaning it couldn't be  preveted. Still, it is a lot of money, but the $350 mil from IPL should cover it.

[khaosai]

I added up all the write downs looks like about 1.5 billion (incl. tax considerations)?

[stocktalk]

The hell with the Americans, ppl wants their investment money back !

[TheBridge]

Good move on their part. The 3 Oregon Counties who are loosing out on this opportunity will be screaming loud and clear, particulary Coos County.

[winterishere]

I agree, Oregon is a tough nut to crack for almost everything with the locals.