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TransCanada announced Thursday it had booked a US $2.1 billion charge related to its now-rejected Keystone XL pipeline.
Midstream contracts are usually the last things production companies will let go. But with oil near $30 per barrel, most oil and gas transporters have several producers on the ropes who have or are considering letting those promises lapse.
The Dallas-based pipeline company said Thomas Long would succeed Jamie Welch as CFO.
The Massachusetts Democrat says the decision announced Friday will allow gas to be exported to Canada through the Maritimes and Northeast Pipeline where it will be exported overseas. The pipeline currently flows from Canada into New England.
The Pennsylvania-based refining and pipeline company reported a $168 million net income gain for the final three months of the year, down from $805 million.
The Santa Barbara County Planning and Development Department endorsed the proposal, which lets Exxon Mobil run up to 30 truck trips a day for as long as six months to move the marooned crude.
The deal will allow CenterPoint, which is known primarily as the power line and transmission company for most of the Houston region, to serve more residential and commercial customers outside of Texas.
Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
The deals would carve off parts of the planned $2 billion Elba Island liquefied natural gas facility and the $1.1 billion Palmetto refined products pipeline.
The National Energy Board has come under fire recently as it grapples with about $18 billion in new proposed, controversial pipelines carrying oil sands crude.