Dec 2, 2022 - Economy

Keystone Pipeline could be sold

Illustration of an oily dollar sign with the oil sloughing off to reveal a green dollar sign.

Illustration: Brendan Lynch/Axios

TC Energy, a listed Canadian oil and gas infrastructure giant, said it plans to divest C$5 billion of assets next year.

Why it matters: This could include a sale of the politically charged Keystone Pipeline, which TC ultimately was blocked from expanding.

What they're saying: In an earnings call, CEO François Poirier didn't identify any specific assets on the block, except to say there are no "sacred cows."

  • He added that TC expects the divestitures will help it reduce carbon emissions, in keeping with its pledges for a 30% cut by 2030 and net-zero by 2050.
  • Bu such sales could just transfer the emissions to a different corporate owner, rather than actually improve the climate.
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