TC Energy Eliminates More Than 1,000 Jobs After Keystone XL Canceled

A day after the new U.S. president canceled the Keystone XL pipeline, TC Energy Corp. (TSX:TRP) has announced that it is eliminating more than 1,000 construction jobs.

The impacted TC Energy employees had been working on the Keystone XL pipeline expansion project prior to the U.S. canceling the project. The company suspended all work on Keystone XL after U.S. President Joe Biden revoked a presidential permit for the pipeline’s border crossing.

TC Energy had earlier warned that blocking the project would lead to the layoffs of thousands of union workers who were building the pipeline. The 1,947-kilometre pipeline is designed to carry 830,000 barrels a day of crude oil from Hardisty, Alberta to Steele City, Nebraska.

Some 200 kilometres of pipe have already been installed for the expansion, including across the Canada-U.S. border, and construction had begun on pump stations in Alberta and several U.S. states.

TC Energy announced a plan last Sunday to eliminate the impact of greenhouse gas emissions from Keystone XL's operations, even as its future appeared in doubt.