Canadian Natural Resources CEO confident KXL pipeline will be built
CALGARY — The CEO of one the biggest crude oil producers in Canada says he’s confident that the Keystone XL pipeline will be built despite doubts related to lower oil prices and regulatory obstacles.
Steve Laut, CEO of Canadian Natural Resources (TSX:CNQ), said in an interview on Thursday his company is committed to use almost a fifth of the capacity on the 830,000-barrel-per-day conduit from Alberta to markets in Oklahoma and the U.S. Gulf Coast.
“It makes economic sense to support Keystone and we support Keystone. We’re in for 150,000 barrels per day,” he said.
The contentious pipeline was approved by U.S. President Donald Trump in March but questions have been raised about the business case for it after proponent TransCanada Corp. (TSX:TRP) launched an open season call last week, giving shippers until next month to commit to use 225,000 barrels per day of available room.