TC Energy Q2 earnings slip to $982M but comparable profits up 21 per cent
TC Energy Corp. is reporting lower net profits in its latest quarter as it continued to feel some effects from a large impairment charge that will be shared with the Alberta government on its cancelled Keystone XL export oil pipeline.
The Calgary-based energy producer says its net income attributable to shareholders was $982 million or $1 per diluted share in the second quarter, down from $1.28 billion or $1.36 per share a year earlier.
The results included a $2-million impairment charge for Keystone while it recorded a $408-million gain in the prior year's quarter from the partial sale of Coastal GasLink LP.
Excluding one-time items, comparable earnings increased 21 per cent to $1.05 billion or $1.07 per share, from $863 million or 92 cents per share in the second quarter of 2020.
Revenues in the three months ended June 30 increased three per cent to $3.18 billion from $3.09 billion.
TC Energy was expected to post 96 cents per share in comparable earnings or $3.39 billion of revenues, according to financial data firm Refinitiv.
The company says the net financial impact on it from the Keystone XL termination was $1.1 billion as of the end of the quarter. It took an after-tax charge of $2.2 billion last quarter.
The Keystone XL expansion to an existing pipeline network would have increased Canadian oil export capacity by up to 830,000 barrels a day. It was suspended after newly elected U.S. President Joe Biden fulfilled a campaign promise to cancel its presidential permit.
TC Energy decided to start construction of Keystone XL in March 2020 after the Alberta government agreed to take a $1.5 billion equity stake and provide a $6 billion loan guarantee to ensure work started immediately.
This report by The Canadian Press was first published July 29, 2021
CTVNews.ca Top Stories
DEVELOPING Labour minister unveils steps to end Canada Post strike
Canada Post workers began their strike four weeks ago, halting mail and package deliveries across the country. Labour Minister Steven MacKinnon said he hopes work will resume as early as next week.
UnitedHealthcare CEO killed in New York tried to improve 'patchwork' system, exec says
The leader of UnitedHealth Group conceded that the patchwork U.S. health system 'does not work as well as it should' but said Friday that the insurance executive gunned down on a Manhattan sidewalk cared about customers and was working to make it better.
Top musician forced to cancel Toronto concert after Air Canada refused to give his priceless cello a seat on plane
Famed British cellist Sheku Kanneh-Mason, who became a household name after performing at the wedding of Prince Harry and Meghan Markle, has said he had to cancel a concert in Canada after the country’s largest airline denied his pre-booked seat for his cello.
Will your Christmas gifts arrive on time? Here's what the labour minister had to say
The Canada Post labour dispute has now passed the four-week mark, and as Christmas draws near, some may be anxious about delayed or cancelled shipments affecting their holiday shopping.
What to know about Canada's new mortgage rules, according to a broker
Canada's new federal mortgage rules are coming into effect Sunday. A broker says this is what would-be buyers need to know.
Eight people injured after horse-drawn wagon went out of control in eastern Ont.
Eight people were injured after horses became out of control while a man was offering a horse-drawn wagon ride Thursday in eastern Ontario, according to the Brockville Police Service.
Buckingham Palace maid arrested after drunken brawl at work Christmas party
Buckingham Palace is investigating after a member of staff was arrested at the end of a rowdy Christmas party.
Teen facing child porn charges after sending ex-boyfriend's photos to his parents
A teenager in Guelph is facing child pornography charges after sending nude photos of her ex-boyfriend to his parents.
B.C. Supreme Court certifies class-action lawsuit against Airbnb
The B.C. Supreme Court has certified a class-action lawsuit against Airbnb that alleges the short-term rental company has breached provincial consumer protection laws by offering unlicensed real estate brokerage and travel agent services.