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Continental Resources No Longer Supports KXL

Continental Resources No Longer Supports KXL

Up until recently, Continental Resources was one of TransCanada's biggest supporters. The U.S. company had plans to ship its crude oil via TransCanada's proposed Keystone XL pipeline, but now says that the pipeline will no longer be necessary.

Continental did not foresee the KXL delays. Rather than wait years for TransCanada's pipeline to be approved and built, Continental has turned to railroads to transport about 35,000 barrels of its crude from North Dakota to refineries in the Gulf.

Continental's CEO in a statement to Reuters magazine said that this lost faith in KXL isn't just characteristic of his oil company, but the oil and gas industry in general. To read the story in full, view "Keystone XL Pipeline Loses Support from U.S. Customer."