Canada is getting a yen to sell some oil
Via Financial Post
TransCanada Corp said on Thursday it is considering how to proceed with its Keystone XL pipeline, a day after a court overruled the Nebraska governor’s decision to allow the controversial line to pass through the Midwestern state.
“We are disappointed and disagree with the decision of the Nebraska district court and will now analyze the judgment and decide what next steps may be taken,” the company said in a statement. “Nebraska’s attorney general has filed an appeal.”
Canada’s No. 2 pipeline operator also reported higher fourth-quarter earnings on strong results from its gas pipelines and higher volumes on its broader Keystone oil pipeline system. Shares were down $1.02 at $48.88 Thursday morning on the Toronto Stock Exchange.
On Wednesday, the District Court of Lancaster County voided state approval of the Keystone XL pipeline project, siding with landowners who said legislation allowing the US$5.4-billion line disregarded their property rights.
The move is expected to further delay the project, which has spent more than five years in regulatory limbo, though it is unclear how long the Nebraska appeal will take.