The Keystone XL oil pipeline may not be a done deal, according to TransCanada, the company that obtained a permit from the Trump administration to build the much-politicized cross-border energy project.

A senior executive told investors Friday that the company is still weighing the economics behind the project and whether oil companies are still interested in using the pipeline that runs from Canada to refiners on the Gulf Coast. It also is awaiting regulatory approvals, which means it won’t be able to make a decision on the project until the end of the year.