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...
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