TC Energy Profit Rises 13% on Earnings from U.S. Gas Pipelines
(Reuters) — TC Energy Corp reported a 13.4% rise in fourth-quarter comparable profit on Thursday, partly helped by lower operating costs for its U.S. natural gas pipelines.
The company behind the Keystone XL oil pipeline, work on which was halted after U.S. President Joe Biden revoked the permit, had said it expects to record a large non-cash charge in its first-quarter earnings, but did not provide the size of it.
TC Energy said it continues to expect its Coastal Gaslink pipeline in British Columbia to be in service by 2023.
Its construction has faced opposition from environmentalists and was disrupted due to restriction imposed by the provincial government to fight the spread of COVID-19 infections after the Christmas holiday break.
The company said due to this, project costs for the pipeline will increase significantly and the schedule will be delayed further.
Earnings from the companies U.S. and Canadian natural gas pipelines rose more than 9% each in the quarter.
Comparable earnings rose to C$1.1 billion ($867.30 million), or C$1.15 per share, in the quarter ended Dec. 31, from C$970 million, or C$1.03 per share, a year earlier. ($1 = 1.2683 Canadian dollars)
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