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Keystone's calamity could end U.S. interstate oil pipelines, Williams CEO says
Jan. 20, 2021 7:57 PM ET The Williams Companies, Inc. (WMB) By: Carl Surran, SA News Editor 244 Comments
The U.S. move to cancel the Keystone XL project is "the clearest sign yet that constructing a major new pipeline in the U.S. " has become an impossible task.""I can't imagine going to my board and saying, 'we want to build a new greenfield pipeline'," Williams (NYSE: WMB) CEO Alan Armstrong tells Bloomberg, adding that he does not expect to see any funding of big cross-country greenfield pipelines "because of the amount of money that's been wasted."Armstrong, whose company operates the Transco gas pipeline that runs from the Gulf of Mexico up the U.S. east coast, says costs associated with litigation, plus the risk of delays, mean the construction of interstate projects in the U.S. can no longer be justified.The CEO speaks from experience, as Williams abandoned its Constitution natural gas pipeline in 2020 following years of battles with New York over a water permit, and its Northeast Supply Enhancement plan also was effectively killed off last year.Meanwhile, the last two remaining big pipeline projects still in development in the U.S. - Enbridge's (NYSE: ENB) proposal to replace its Line 3 crude pipeline, and Equitrans Midstream's (NYSE: ETRN)Mountain Valley Pipeline - continue to be dogged by delays and regulatory hurdles.Mountain Valley "might be the last one for a good long while," says Christi Tezak, managing director at ClearView Energy Partners.Equitrans shares have sunk 17% in the past two days since the latest FERC meeting failed to advance the MVP project.
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