2023-03-09 17:25:05 ET
Oil flows on the Keystone pipeline system will not change even after the U.S. pipeline regulator ordered reduced pressure in the wake of the December oil spill in Kansas, TC Energy ( NYSE: TRP ) CEO Francois Poirier said Thursday.
Keystone already was operating within the requirements of the new order from the Pipeline and Hazardous Materials Safety Administration, Poirier said at the CERAWeek energy conference.
Before the order, "we had the ability to meet the entirety of our contractual commitments of 594K bbl/day and so obviously that remains the same," the CEO said, according to Reuters.
Poirier said the company has not changed its estimate of $480M in costs related to the Keystone spill.
TC Energy ( TRP ) has a $34B backlog of projects for the next few years, Poirier said, adding most of the projects are natural gas.
Finally, the CEO said the company is on course to deliver on its target to divest C$5B of assets by the end of the year.
TC Energy ( TRP ) has said the Keystone oil spill may have been caused by a combination of factors including a weld flaw and bending stress on the pipe .
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Keystone pipeline flows will not after U.S. regulator order, TC Energy CEO says