ConocoPhillips Cuts Funding For $16B Canadian Pipeline

Law360, New York (April 5, 2012, 6:05 PM EDT) -- Citing stubbornly low gas prices and higher construction costs, ConocoPhillips Co. and three other partners will pull funding for a long-delayed $16.3 billion pipeline that would have brought Canadian natural gas to U.S. markets, ConocoPhillips said Thursday.

The 743-mile Mackenzie pipeline — jointly owned by ConocoPhillips, ExxonMobil Corp., Royal Dutch Shell PLC and Exxon-controlled Imperial Oil Co. — would have connected three natural gas fields in the Northwest Territories to TransCanada Corp.'s network in Alberta.

The project has looked shaky in recent months as gas prices...
To view the full article, register now.