Hurricane Harvey forces TransCanada to extend Keystone XL open season
Keystone XL proposed route
TransCanada will make final decision on TransCanada this December
TransCanada Corporation announced an extension of the Keystone System Open Season to Oct. 26 due to the historic flooding and catastrophic impacts to Houston and parts of the U.S. Gulf Coast.
TransCanada says that by December it will make the final investment decision on the proposed Keystone XL pipeline, the controversial pipeline project that would carry Alberta oil sands crude to the Gulf of Mexico.
The December deadline announcement is the first statement by the Calgary-based company on the investment decision for the project since it was revived by President Trump in March.
The Open Season, which was launched on July 27, 2017, is to solicit additional binding commitments from interested parties for transportation of crude oil on the Keystone Pipeline and for the Keystone XL Pipeline Project from Hardisty, Alberta to markets in Cushing, Oklahoma, and the U.S. Gulf Coast.
Interested parties may submit binding bids for transportation capacity during the Open Season that will close at 12 p.m. MT on Oct. 26, 2017.
On an adjusted basis, TransCanada earned 76 cents per share which beat analysts’ expectations of 69 cents per share for the second quarter of 2017, according to Thomson Reuters. Revenue rose almost 17 per cent to $3.22 billion.
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