TransCanada posts $2.5 billion loss in Q4

Written by admin on 15/11/2018 Categories: 长沙桑拿

CALGARY – TransCanada Corp. said Thursday it lost $2.5 billion in the fourth quarter — mostly because of its stalled Keystone XL pipeline proposal.

The Calgary-based company took a $2.9-billion non-cash charge related to Keystone XL which was blocked by U.S. President Barack Obama late last year.

READ MORE: Canada’s natural resources minister says politics at play in pipeline decisions

ChangSha Night Net

Related

  • TransCanada says equipment deal with ABB will create up to 120 jobs in Quebec

  • Greater Montreal mayors come out against TransCanada’s Energy East pipeline

  • TransCanada to take legal action against U.S. over Keystone XL pipeline

    The loss amounted to $3.47 per share for the quarter compared with a profit of $458 million or 65 cents per share a year earlier. Revenue grew to $2.85 billion from $2.62 billion.

    The loss didn’t prevent TransCanada from announcing a dividend increase for the 16th year in a row. The quarterly payment to shareholders will increase to 56.5 cents per common share, from 52 cents.

    READ MORE: Canada’s natural resources minister says politics at play in pipeline decisions

    “Although 2015 was a very challenging year for the energy industry, our $64 billion portfolio of high-quality energy infrastructure assets performed well,” said Russ Girling, TransCanada’s president and chief executive.

    TransCanada’s “comparable earnings” without the writedowns fell to $453 million or 64 cents per share compared with $511 million or 72 cents per share a year ago — mainly because of lower contributions from its Canadian power and pipeline businesses.

    TransCanada has launched a challenge to the U.S. government’s rejection of Keystone XL.

    READ MORE: TransCanada to take legal action against U.S. over Keystone XL pipeline

    The company has said it intends to file a claim under Chapter 11 of the North American Free Trade Agreement in response to the decision, which it called arbitrary and unjustified.

    It has also filed a lawsuit in the U.S. Federal Court in Texas asserting that the president’s decision to deny construction of Keystone XL exceeded his power under the U.S. Constitution.

    In addition to operating one of North America’s largest networks of oil and gas pipelines, TransCanada is part owner of the Bruce Power nuclear electricity business in Ontario as well as other power generating operations.

    READ MORE: Rick Mercer’s pro-oil rant coming under fire

    Girling said many of TransCanada’s assets are underpinned by regulated businesses or long-term contracts that provide predictable cash flows and minimal risk.

    “In addition, we are proceeding with $13 billion of near-term growth opportunities that are expected to be in-service by 2018.”

    Among its projects are the Prince Rupert Gas Transmission line, the Coastal GasLink project, and the Merrick line — all in British Columbia.

    It’s also working on the Energy East oil pipeline that would stretch from Alberta to as far east as Saint John, N.B.

Comments Off on TransCanada posts $2.5 billion loss in Q4