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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.