TransCanada (NYSE:TRP - News)plans to build the southern portion of its $7 bil Keystone XL oil pipeline first because the line doesn't cross int'l borders, so it won't need State Dept. approval. The pipeline will still need other regulatory approvals. But Pres. Obama, who rejected the Keystone XL project in Jan., gave a quick thumbs up to the shorter route. TransCanada plans to have the Cushing, Okla.-to-Texas segment running by mid to late '13 at an estimated $2.3 bil cost. Shares rose 1%.