On a conference call on Tuesday, CEO François Poirier said the company’s plan to sell a $1-billion minority stake in its NGTL natural gas pipeline system to 72 First Nations had seemingly hit an impasse, and may now take a different form than originally thought. (The Globe and Mail)

Talking point: The proposed deal had already hit snags back in September over structuring issues, and Poirier’s latest comments confirm that those differences have persisted. On Tuesday, Poirier said TC Energy was “back to the drawing board and working very hard with the communities to come up with a solution, but it may come in a form that’s different from an outright equity ownership interest.” First Nations are increasingly seeking to buy direct equity stakes in energy projects, and the proposed NGTL sale, if completed according to its initial plans, would mark Canada’s largest-ever example of such a deal.