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TC Energy Corp. is spending $1.3 billion to expand its natural gas pipelines and help beleaguered Canadian natural gas producers access new markets.
The Calgary-based oil and gas pipeline operator said it will spend $900 million to deliver natural gas from the the basin to power generation, oil sands, petrochemical and utility sectors within Alberta, while a US$300 million Alberta XPress project will see the expansion of the ANR Pipeline to connect Canadian producers to growing LNG export and other markets along the U.S. Gulf Coast. The company expects to file the ANR application to the U.S. Federal Energy Regulatory Commission (FERC) this year, and, if approved, plans to commence work on the project as early as third quarter 2021.
The company, which also operates the Keystone crude oil pipeline connecting Alberta to the Gulf Coast, also reported a 2.5 per cent rise in fourth-quarter profit on Thursday, partly helped by its U.S. natural gas pipelines.
The Calgary, Alberta-based company’s comparable earnings rose to $970 million, in the three months ended Dec. 31, from $946 million a year earlier.
On a per share basis, the company’s earnings were unchanged at $1.03.
Revenues fell to $3.26 billion from $3.90 billion.
© Thomson Reuters 2020
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