- TransCanada (TRP -2.3%) tumbles after yesterday's order from a U.S. federal judge blocking construction of the Keystone XL pipeline to allow more time to study the project's potential environmental impact.
- TRP, which was preparing to build the first stages of the oil pipeline in northern Montana, says it remains "committed to building this important energy infrastructure project."
- Pres. Trump calls the ruling "a disgrace... a political decision made by a judge."
- "You have to wonder how long investors will tolerate the delays and whether the Canadian government will intervene again to protect the industry," says Morningstar analyst Sandy Fielden.
- Baird analyst Ethan Bellamy says the ruling "elongates already abysmal netbacks for producers in Western Canada."
- Canadian oil and gas producers also are lower, including CNQ -3.8%, SU -1.2%, IMO -2.2%, CVE -3.9%, CPG -3.5%, OTCPK:HUSKF -1.8%, OTCPK:MEGEF -3.7%.
- Now read: Cenovus Delivers In The Darkest Hour
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