TC Energy confirms termination of Keystone XL Pipeline Project
June 09 2021 - 4:30PM
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company)
confirmed today that after a comprehensive review of its options,
and in consultation with its partner, the Government of Alberta, it
has terminated the Keystone XL Pipeline Project (the Project).
Construction activities to advance the Project were suspended
following the revocation of its Presidential Permit on January 20,
2021. The Company will continue to coordinate with regulators,
stakeholders and Indigenous groups to meet its environmental and
regulatory commitments and ensure a safe termination of and exit
from the Project.
Following is a statement from TC Energy’s President and Chief
Executive Officer, François Poirier:We value the strong
relationships we’ve built through the development of this Project
and the experience we’ve gained. We remain grateful to the many
organizations that supported the Project and would have shared in
its benefits, including our partners, the Government of Alberta and
Natural Law Energy, our customers, pipeline building trade unions,
local communities, Indigenous groups, elected officials,
landowners, the Government of Canada, contractors and suppliers,
industry associations and our employees.
Through the process, we developed meaningful Indigenous equity
opportunities and a first-of-its-kind, industry leading plan to
operate the pipeline with net-zero emissions throughout its
lifecycle. We will continue to identify opportunities to apply this
level of ingenuity across our business going forward, including our
current evaluation of the potential to power existing U.S. assets
with renewable energy.TC Energy’s infrastructure plays a critical
role in powering the North American economy, delivering the energy
people need every day, safely and responsibly. The Company
continues to progress $20 billion of secured growth projects, $7
billion of projects under development, and numerous additional
initiatives aligned with its risk preferences and return criteria
across its business lines and geographies.Looking forward, there is
tremendous opportunity for TC Energy in the energy transition with
its irreplaceable asset footprint, financial strength and
organizational capabilities positioning it to capture further
significant and compelling growth. The Company will continue to
build on its 70-year history of success and leverage its diverse
businesses in natural gas and liquids transportation along with
storage and power generation to continue to meet the growing and
evolving demand for energy across the continent.
About TC EnergyWe are a vital part of everyday
life – delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens – we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,500 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.FORWARD-LOOKING
INFORMATIONThis release contains certain information that
is forward-looking and is subject to important risks and
uncertainties (such statements are usually accompanied by words
such as "anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TC Energy
security holders and potential investors with information regarding
TC Energy and its subsidiaries, including management's assessment
of TC Energy's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TC Energy's beliefs
and assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and Annual Report filed under TC Energy’s
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
Media Inquiries:Jaimie Harding / Suzanne
Wilton403-920-7859 or 800-608-7859
Investor & Analyst Inquiries: David Moneta
/ Hunter Mau 403-920-7911 or 800-361-6522
PDF
available: http://ml.globenewswire.com/Resource/Download/f1a8a1a2-3b32-4853-bc20-ff143e81155c
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