Cleveland Cliffs Inc (CLF)

[Lishur]

TC Energy moving forward with Keystone XL pipeline

Keystone XL’s cost estimates are now at $8 billion for a 1,210-mile long pipeline that will deliver 830,000 barrels per day of crude oil from Alberta in Canada to Nebraska in the United States. From there, the line can connect with existing TC Energy structures to reach Gulf Coast refiners where it will be processed into transportation fuel and other products.

The government of Alberta has agreed to invest $1.1 billion of equity into the project, and is guaranteeing $4.2 billion in credit for the project. TC energy meanwhile will invest $2.7 billion from internally generated cash flow, hybrid securities, and common equity from activation of its dividend reinvestment program in 2021 and 2022. The company will also file a $1 billion equity shelf that will allow an at-the-market equity issuance program if needed- https://www.kpvi.com/news/national_news/tc-energy-moving-forward-with-keystone-xl-pipeline/article_ee6ae139-c019-517b-8686-54824875d747.html