arrested-development-keystone-xl1TransCanada Corp, Canada’s No. 2 pipeline operator, reported a smaller quarterly loss from a year earlier, when it booked a C$2.9 billion (US$2.23 billion) impairment charge on its Keystone XL oil pipeline.

The company’s net loss attributable to shareholders narrowed to C$358 million, or 43 Canadian cents per share, in the fourth quarter ended Dec. 31 from C$2.46 billion, or C$3.47 per share, a year earlier.

The latest quarter included charges of about C$1 billion.

U.S. President Donald Trump last month cleared the way for TransCanada’s proposed Keystone XL pipeline from the Alberta oil sands to U.S. refineries, after it was rejected in 2015 by then-President Barack Obama on environmental concerns.

Reuters