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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 shuts two compressor stations on NGTL due to Alberta wildfires
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: 1 min

Companies TC Energy Corp FollowJune 12 (Reuters) - TC Energy (TRP.TO) said it completed the shutdown of two compressor stations on the NOVA Gas Transmission Ltd. (NGTL) System and a gas storage facility on Saturday that were near wildfires in Edson, Alberta. "Other sections of the NGTL system and other pipeline systems continue to operate safely and we continue to monitor the situation closely," the company said in a release. The 25,000-kilometre NGTL system ships gas across Canada and to U.S. markets. Reporting by Seher Dareen in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Seher Organizations: TC Energy Corp, TC Energy, NOVA, Transmission Ltd, Thomson Locations: Edson , Alberta, Canada, U.S, Bengaluru

☆ Alberta wildfire shuts in at least 2% of Canadian energy production
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +4 min

It added that about 50,000 boepd of production has been temporarily curtailed since the evening of May 5. Crescent Point Energy Corp (CPG.TO)Crescent Point said about 45,000 boepd of production in the Kaybob Duvernay region has been temporarily shut in with a plan to restart production once safe and permitted to do so. NuVista Energy Ltd (NVA.TO)The company said it has temporarily shut in and depressured all operations proximal to the ongoing fires in the Grande Prairie region. Vermilion Energy Inc (VET.TO)Vermilion Energy said it had temporarily shut in about 30,000 boepd of production and that it was assessing the risk to its operations. Cenovus Energy Inc (CVE.TO)Cenovus said it has shut-in production and brought plants down in some areas of its conventional business.

☆ TC Energy declares force majeure on Columbia Gulf natgas station after fire
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Canadian energy company TC Energy Corp (TRP.TO) said on Friday that its Columbia Gulf Transmission unit declared a force majeure event at its Corinth natural gas compressor station in Mississippi due to a fire, which had been extinguished. The fire at the compressor station resulted from a suspected lightning strike during severe storms that occurred early on Friday, the company said in a statement. The Corinth compressor station is making operational adjustments to allow a portion of volume to resume flows through the impacted segment of the system, TC Energy said. Based on current nominations, Columbia Gulf said the anticipated impact to firm service was about 0.4 bcf. The Columbia Gulf pipe stretches 3,367 miles (5,419 kilometers) between the U.S. Gulf Coast and the Midwest, serving customers in Louisiana, Mississippi, Tennessee and Kentucky, according to the company's website.

☆ 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.

Feb 1 (Reuters) - North American pipeline operator TC Energy Corp (TRP.TO) on Wednesday raised its cost estimate more than expected for completing its troubled Coastal GasLink project, sending share prices sharply lower. The company attributed the cost increase to a labor shortage, poor work by contractors and adverse weather. TC is looking to sell C$5 billion worth of assets this year to raise funds to repay debt and pay for projects including Coastal. TC Energy raised its overall 2023 capital expenditure outlook to C$11.5 billion-C$12 billion from C$9.5 billion earlier, partly due to Coastal's higher costs. An impairment will be recognized to TC Energy's equity investment in Coastal in its fourth-quarter results scheduled for Feb. 14, the company said.

☆ 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.

☆ 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.

Companies TC Energy Corp FollowDec 23 (Reuters) - TC Energy Corp (TRP.TO) on Friday said that a U.S. regulator had approved a restart plan for an idled segment of its Keystone oil pipeline to Cushing, Oklahoma, and it looked to restore service after several days of testing and inspections. 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 shutdown reduced the flow of Canadian crude to Gulf refineries, but it has had little impact on Canadian oil prices, partly because of ample storage in Alberta. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved the restart plan, TC said. Frigid weather at the spill site may slow work, TC said.

Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

☆ 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.

[1/3] 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.

[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.

China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve for delivery in February next year also supported the outlook for stronger prices. This will be the United States' first purchase since this year's record 180 million barrel release from the stockpile.

☆ Oil climbs on optimism over China's demand recovery
▼ + stars: | 2022-12-19 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies TC Energy Corp FollowSINGAPORE, Dec 19 (Reuters) - Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve also supported outlook for stronger prices.

☆ 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?

☆ U.S. begins buying back oil for strategic petroleum reserve -official
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

Companies TC Energy Corp FollowWASHINGTON, Dec 16 (Reuters) - The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile. The department will buy up to 3 million barrels for delivery in February, a senior official told reporters. The sale shrunk levels in the SPR to about 380 million barrels, their lowest since 1984, raising concerns about energy security. "We'll be releasing a solicitation to purchase 3 million barrels of oil for delivery in February of next year, 2023," the official said. Contracts will be awarded to energy companies by Jan. 13.

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 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.

☆ 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, complicating cleanup
▼ + stars: | 2022-12-15 | by ( Rod Nickel | Mrinalika Roy | ) www.reuters.com time to read: +2 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. The report said that when diluted bitumen spills, a thick, dense material forms as a residue after exposure to the environment. “For this reason, spills of diluted bitumen pose particular challenges when they reach water bodies,” the report said. The Sierra Club, an 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.

☆ TSX futures steady as oil prices recover, Fed worries cap gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Futures for Canada's resources-heavy main stock index rose on Thursday as oil prices recouped early losses, while a sharp drop in gold kept gains in check after hawkish Federal Reserve commentary. Futures on the S&P/TSX index were up 0.1% at 6:34 a.m. ET (1134 GMT), while their U.S. peers fell after the Fed on Wednesday raised interest rates as expected but said it would keep hiking them further. Fed Chair Jerome Powell on Wednesday said interest rate hikes would persist next year even as the U.S. economy faces the threat of a recession, sparking a selloff on Wall Street and also knocking down Canada shares (.GSPTSE). In a bright spot, oil prices steadied after early declines as the dollar firmed, while likely increases in interest rates by central banks also heightened demand concerns.

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