TC Energy (TRP) Keystone Pipeline Outage Deters Oil Shipments
TC Energy TRP recently announced that due to third-party damage to the power supply at its Keystone Pipeline, the system is operating at a reduced rate. TRP mentioned that initial damage assessments have been completed, with no material impact on its facilities.
The outage, which was triggered by a power loss at a pump facility near Huron, SD when temperatures reached more than 38°C, has thrown the shipments of Canadian oil to U.S. refiners into complete disarray.
The Calgary-based energy infrastructure firm stated that a “force majeure” has been declared, but the system operations are still continuing safely, with repairs being initiated to ensure the timely restoration of full service.
TC Energy stated that its principal focus is on the safety of its people, communities and the protection of the environment. “We have informed our customers and key stakeholders and will keep them apprised of updates.”
The Keystone oil pipeline, however, could return to full capacity next week if the crucial repairs to an electric substation are done without major supply-chain disturbances for replacement parts, reported S&P Global Platts.
Commissioned in 2010, the Keystone Pipeline System has a length of about 4,000 kilometers, running from Hardisty into Nebraska, where it splits for deliveries in Illinois and Texas.
TC Energy Corporation is a premier energy infrastructure provider in North America. Established in 1951, the company is primarily focused on natural gas transmission through its 57,500-mile network of pipelines in Canada, the United States and Mexico. TRP is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
TC Energy currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include HF Sinclair DINO, Repsol REPYY and PBF Energy PBF, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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The Zacks Consensus Estimate for Repsol’s 2022 earnings stands at $4.43 per share, up 124.9% from the year-ago earnings of $1.97.
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