Keystone waits on courts

Article Excerpt

TRANSCANADA CORP. $55.32 (Toronto symbol TRP; Shares o/s: 914.0 million; Market cap: $50.3 billion; Above Average; Divd. yield: 5.0%; www.transcanada.com) operates a 91,900-kilometre pipeline network that pumps natural gas from Alberta to eastern Canada and the U.S. Its other operations include 4,900 kilometres of crude oil pipelines and 11 power plants. The company continues to move ahead with longer-term projects totalling $20 billion. It could soon add the $8.0 billion U.S. Keystone XL pipeline to the list. Spanning 1,900 kilometres, it would pump crude oil from Alberta to refineries on the U.S. Gulf Coast. TransCanada continues to wait on a final ruling on Keystone XL’s route through Nebraska. That state’s supreme court should announce its decision in the first quarter of 2019. As well, a judge in Montana has now issued an injunction to halt construction on the project. That court said the U.S. government failed to conduct a proper environmental review of the project. If TransCanada can overcome those legal obstacles, the new pipeline…

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