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☆ Analysis: Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
▼ + stars: | 2023-10-12 | by ( Nia Williams | ) www.reuters.com time to read: +5 min

Prime Minister Justin Trudeau's Liberal government bought Trans Mountain in 2018 for C$4.5 billion to rescue the expansion project, which has struggled with years of regulatory delay and massive cost overruns. A Reuters survey of five analysts and investors valued Trans Mountain between C$15 billion and C$25 billion, based on factors including projected earnings and oil shipping tolls. Trans Mountain Corp (TMC) CEO Dawn Farrell told local media last week the sale could wrap up by early 2025, just as Canada heads into a federal election. Trans Mountain offers strategic value as it is the only pipeline taking crude from Canada's oil patch to the Pacific, and on to Asian refining markets. "It's hard to imagine...that a pipeline like Trans Mountain would ever be built again," Poscente said.

Persons: Justin Trudeau's, Ryan Bushell, Dawn Farrell, Michael Dunn, Paul Poscente, Poscente, Pembina, Scott Burrows, Enbridge, Marc Weil, Dave Szybunka, Szybunka, Rod Nickel, Steve Scherer, Denny Thomas, Marguerita Choy Organizations: Ottawa, Justin Trudeau's Liberal, Reuters, Newhaven Asset Management, Trans Mountain Corp, Mountain, Cenovus Energy, Nations, Axxcelus, Chinook, Pembina Pipeline Corp, Indigenous Pipeline, TC Energy, Keystone, TC, Canoe Financial, Thomson Locations: Canada, Alberta, Trans, Newhaven, Pembina, U.S, Gulf, Calgary, Winnipeg, Ottawa

Rep. Ruben Gallego is running for the Democratic nomination, setting up a potential three-way race if Sinema runs as an independent. But polling shows that Sinema and Gallego would not simply divide the Democratic vote, handing the race to GOP firebrand Lake. But if former Democrat Sinema runs as an independent, Gallego still prevails in the poll, getting 41% of the vote. In a three-way race, Gallego is ahead in Noble's polling, with 34% support, compared to 26% for Sinema and 25% for Lake. But once Kennedy said he was running as an independent, Republicans rushed to separate themselves from him.

Persons: Republican Kari Lake, Sen, Kyrsten Sinema, Ruben Gallego, Sinema, Gallego, Lake, Donald Trump –, Democrat Sinema, Mike Noble, Joe, Biden, Fred Solop, Solop, Katie Hobbs, hasn't, Trump, Robert F, Kennedy, Jr, –, “, Hillary, won’t, Ronna McDaniel, he's, Hans Noel Organizations: Republican Party, Republican, U.S, Senate, Rep, Democratic, U.S . Senate, GOP, Democrat, Northern Arizona University, Trump, Democratic Gov, Lake, Quinnipiac University, –, Republicans, RFK Jr, Green, Deal, Keystone Pipeline, Republican National Committee, Georgetown University Locations: Arizona, Arizona's

Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. "They will be competing for barrels that no longer transit through their region," said a Calgary-based oil trader. That has left Canadian oil producers vulnerable to deep price discounts or "blowouts" whenever pipelines become congested or rupture. The start-up of TMX could add a "buck or two" to the cost of a barrel for Midwest refiners, he estimates. So far this year, over 200,000 bpd of Canadian crude has been re-exported from the U.S. Gulf Coast, up from about 73,000 bpd in 2019, Kpler data showed.

Persons: Rory Johnston, Matt Smith, Smith, Stephanie Kelly, Nia Williams, Laura Sanicola, Marguerita Choy Organizations: U.S ., U.S, BP, Citgo Petroleum, Exxon Mobil, Koch Industries, Flint Hills Resources, Canadian, Energy, Administration, TC, Keystone, refiners, Americas, Thomson Locations: CALGARY, Alberta, Coast, U.S, U.S . Midwest, Gulf Coast, Midwest, Flint, Calgary, Canada, Pacific, U.S . West Coast, Asia, Gulf, China, Kpler

Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas. But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value. TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target. TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year. TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.

Persons: Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter Organizations: TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson Locations: Toronto, Columbia, Newhaven, United States, Kansas

☆ TC Energy says Keystone oil spill caused by fatigue crack
▼ + stars: | 2023-04-21 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Canada's TC Energy (TRP.TO) on Friday said a 14,000-barrel oil spill from its Keystone pipeline in rural Kansas in December was primarily due to a progressive fatigue crack, which originated during the construction of the pipeline. The Calgary-based company released the findings after receiving an independent third-party root cause failure analysis (RCFA), as required by regulators. TC said the RCFA report found the fatigue crack came from a girth weld connecting a manufactured elbow fitting to the section of pipe constructed across Mill Creek. The girth weld was completed at a fabrication factory and met applicable standards. "This resulted in the initiation of a circumferential crack in the weld, which led to failure through operations after over a decade," TC said.

☆ US regulator seeks more corrective actions from TC Energy after Keystone spill
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowMarch 7 (Reuters) - The U.S. pipeline regulator said on Tuesday it would require TC Energy (TRP.TO) to take fresh action on more than 1,000 additional miles (1,609 kilometers) of its Keystone pipeline that spilled nearly 14,000 barrels of oil in rural Kansas in December. The Canadian pipeline operator completed a controlled restart of the 622,000-barrel-per-day (bpd) pipeline to Cushing, Oklahoma, on Dec. 29 last year, returning it to service after a 21-day outage following the biggest U.S oil spill in nine years. The amended corrective order from the Pipeline and Hazardous Materials Safety Administration (PHMSA) requires TC Energy to keep the operating pressure on the affected pipeline segment under the previously agreed upon 923 pounds per square gauge (psig) limit. TC Energy is also required to submit an independently conducted root cause failure analysis, followed by a remedial work plan and proposed measures to mitigate consequences of failure, it added. The Canadian company said last month that a combination of factors including bending stress on the pipe and a weld flaw might have led to the Keystone oil spill, adding that it was expecting $480 million in costs related to the incident.

☆ TSX inches higher as Bank of Canada keeps interest rates on hold
▼ + stars: | 2023-03-08 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies TC Energy falls after U.S. regulator seeks corrective actionsTSX rises 0.5%March 8 (Reuters) - Canada's main stock index edged higher on Wednesday, helped by gains in commodity-linked stocks and the banking sector after the Bank of Canada (BoC) kept interest rates on hold as expected. ET (1515 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 99.07 points, or 0.49%, at 20,374.61. The energy sector (.SPTTEN) gained 1.1%, while materials (.GSPTTMT) rose 1.5%. Miners, energy firms and financial stocks comprise nearly 60% of the TSX index. Among stocks, TC Energy (TRP.TO) fell 0.2% as the U.S. pipeline regulator said the oil services provider would be required to reduce operating pressure on its Keystone pipeline that spilled oil in rural Kansas in December.

☆ Keystone Pipeline to Fully Restart After Oil Spill, Repairs
▼ + stars: | 2022-12-30 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

The operator of the Keystone oil pipeline said it was moving to fully reactivate the system, ending a weekslong outage that pressured U.S. oil prices and complicated some Gulf Coast refiners’ operations. TC Energy Corp. said Thursday that it had completed repairs, inspection and testing on the pipeline and that the system was now operational to all delivery points. It had said last week that it had received approval from the U.S. Pipeline and Hazardous Materials Safety Administration to restart a 300-mile branch linking Steele City, Neb., to the main U.S. oil storage hub in Cushing, Okla.

☆ TC Energy says Keystone pipeline returns to service
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowDec 29 (Reuters) - Canadian pipeline operator TC Energy Corp (TRP.TO) said on Thursday it had completed a controlled restart of its Keystone crude oil pipeline to Cushing, Oklahoma, safely returning the pipeline to service after a 21 day outage. "The Keystone Pipeline System is now operational to all delivery points," the company said in a statement, while operating "with additional risk-mitigation measures, including reduced operating pressures." TC Energy did not publicly identified the cause of the spill. 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. 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.

☆ TC Energy says Keystone Pipeline operational to all delivery points
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

Companies TC Energy Corp FollowDec 29 (Reuters) - TC Energy Corp (TRP.TO) said on Thursday it had completed a controlled restart of its Keystone pipeline's extension to Cushing, Oklahoma, and the pipeline was now operational to all delivery points. 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 Keystone Pipeline System is now operational to all delivery points," the company said in a statement, while operating "with additional risk-mitigation measures, including reduced operating pressures." Reporting by Seher Dareen and Deep Vakil in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, Dec 29 (Reuters) - Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. Brent futures for February fell 26 cents, or 0.3%, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, or 0.3%, to $78.70 a barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. However, that comes as an Arctic freeze has forced some oil refining facilities offline, backing up crude supplies. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil prices ease, China COVID spike hurts demand outlook
▼ + stars: | 2022-12-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.

☆ Oil prices ease, China Covid spike hurts demand outlook
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked down on Thursday as surging Covid cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.

☆ Oil drops on China uncertainty; U.S. demand limits decline
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery fell by a dollar to settle at $82.26, down 1.2%. U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday. Despite the surprise build in crude oil stocks, the report itself was "positive" and showed a "solid rebound" in implied oil demand, resulting in large draws of refined products, said Giovanni Staunovo of Swiss bank UBS. A weaker dollar makes oil cheaper for holders of other currencies. Shutdown of the line hit supplies in the U.S. and briefly lifted oil prices, although there was little change to either benchmark after settlement.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

[1/3] A view of the land repair work underway at site of an oil spill from Keystone Pipeline, located north of Washington, Kansas, U.S December 15, 2022. Erwin Seba/REUTERSCompanies TC Energy Corp FollowDec 21 (Reuters) - The U.S. pipeline regulator launched a review this year of its special permits that waive certain operating requirements for pipelines, following a government report into spills on TC Energy's Keystone oil pipeline, a source familiar with the matter said. The most recent major spill occurred this month in rural Kansas along Keystone, the only U.S. oil pipeline with a special permit to operate at higher pressure. PHMSA commissioned Oak Ridge National Laboratory, a Department of Energy research institution, to review special permits following a 2021 report on Keystone accidents, the source said. The latest Keystone spill raises doubts about whether PHMSA adequately assesses risk in granting special permits, said Don Deaver, a pipeline consultant.

☆ TC Energy sends ruptured Keystone pipeline segment for testing after regulator order
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowDec 21 (Reuters) - TC Energy (TRP.TO) said on Wednesday that it had safely removed the ruptured segment of Keystone pipeline that caused an oil spill earlier this month and sent it for metallurgical testing as directed by U.S. regulators. TC Energy Corp had submitted its plan to restart the Keystone pipeline to the U.S. Pipeline and Hazardous Materials Safety Administration, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the U.S. Environmental Protection Agency. Parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened last week at reduced capacity.

[1/2] Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone BaseCompanies TC Energy Corp FollowDec 20 (Reuters) - TC Energy Corp (TRP.TO) has submitted its plan to restart the Keystone pipeline to U.S. regulators, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. TC Energy did not answer questions about when it hopes to restart the line or what caused the incident. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the EPA. "It's pretty straightforward and PHMSA should have enough information," Kuprewicz said, adding that PHMSA could allow TC to restart the segment within the day.

☆ Keystone cleanup turns remote Kansas valley into a small town
▼ + stars: | 2022-12-18 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

And while the city of Washington, Kansas, is small with just over 1,000 residents, it is surrounded by farms where wheat, corn, soybeans are planted and cattle are raised. The once-quiet valley is currently a construction site buzzing with some 400 contractors, staff from pipeline operator TC Energy, and federal, state and local officials. The valley has become almost a small town, with several Quonset-style huts erected for workers. WIDER GROUP AFFECTEDLiving in rural Kansas, the Pannbackers are used to preparing for harsh weather, but not an oil spill. “How many people have experienced an oil spill?

☆ Biden begins to refill Strategic Petroleum Reserve, while Keystone Pipeline leak prompts new emergency exchange
▼ + stars: | 2022-12-16 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline due to a leak earlier this month, the Energy Department said. Unlike with emergency sales such as the record-setting release of 180 million barrels announced in March, this oil must be returned. “Small but a signal that pledges to refill are credible,” former Obama energy official Jason Bordoff said on Twitter in response to the new steps. Prices are currently in a “very useful” range to begin the process of refilling the SPR, the senior administration official said. Noting that gas prices are now at 15-month lows, the senior administration official said that historic release “helped provide some breathing room for American families at the pump,” the official said.

☆ Oil drops by over $2 per barrel, bogged down by recession fears
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell by $2.17, or 2.7% to $79.04 a barrel. U.S. West Texas Intermediate crude futures slipped $1.82, or 2.4%, to $74.29 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. However, while the Keystone outage is supportive for prices of heavier crude oil grades, it is "doing nothing" for lighter global benchmarks, such as WTI and Brent, said Matt Smith, lead oil analyst at Kpler.

NEW YORK, Dec 15 (Reuters) - Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks. "Crude prices edged lower as ... global recession risks increased after a wave of central banks delivered another strong round of tightening. Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. Also pressuring oil prices, Canada's TC Energy Corp (TRP.TO) said it was resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in Kansas triggered a shutdown.

☆ Keystone pipeline break spilled diluted bitumen, complicating cleanup
▼ + stars: | 2022-12-15 | by ( Rod Nickel | Mrinalika Roy | ) www.reuters.com time to read: +3 min

(Reuters) -The oil spilled from TC Energy Corp’s ruptured Keystone pipeline was diluted bitumen, the U.S. Environmental Protection Agency (EPA) said on Thursday, adding complications to the cleanup. REUTERS/Drone Base/File PhotoThe 622,000 barrels per day (bpd) pipeline was shut last week after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. The parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened on Wednesday at reduced capacity. The Sierra Club, another environmental advocacy group, questioned why parts of the pipeline reopened before TC Energy had identified the leak’s cause. Pipeline and Hazardous Materials Safety Administration, state and local agencies, TC Energy and TC Energy contractors, the agency said.

☆ Keystone pipeline rupture spilled diluted bitumen - EPA
▼ + stars: | 2022-12-15 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File Photo(Reuters) - Material discharged from TC Energy Corp’s ruptured Keystone pipeline was diluted bitumen, a type of heavy crude oil, the U.S. Environmental Protection Agency (EPA) said on Thursday. The 622,000 barrels per day (bpd) pipe has been shut since last week after it spilled 14,000 barrels of oil in rural Kansas. Pipeline and Hazardous Materials Safety Administration, state and local agencies, TC Energy and TC Energy contractors, the agency said. Bitumen is a dense, thick form of oil that shippers dilute with lighter oils so it can move through pipelines.

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