Keystone XL developer to pull the plug on pipeline

TC Energy, the developer of the long-contested Keystone XL oil pipeline, is pulling the plug on the project, the company is poised to announce, according to a person familiar with the situation.

The decision by the Canadian company to cancel the project comes after President Joe Biden canceled a permit for the 2,000-mile oil pipeline that would have run from Alberta in western Canada to the Gulf Coast.

The move, part of a day-one climate change executive order, drew backlash from Republican lawmakers and even some Democrats who said the cancellation would kill...