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A section of the Keystone oil pipeline under construction in North Dakota.Reuters

Globe editors have posted this research report with permission of Standard and Poor's Ratings Services. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following text is excerpted from the report:

Canadian crude oil producers expect production to increase significantly by 2030, in no small part because of oil sands production.

As a result, they are looking to get their product to the most advantageous end market, the U.S. Gulf Coast region. This will depend on expanding pipeline capacity between the two areas.

Should pipelines be delayed or cancelled, we believe the credit profiles of companies that have a lot of heavy crude oil in their product mix will deteriorate.

Read the full report here.