TC Energy reports Q3 loss as it takes Coastal GasLink charge

Nov 11, 2023

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Use of high line construction techniques is critical for portions of the Coastal GasLink project. Facebook/Coastal GasLink Project

CALGARY — TC Energy Corp. reported a loss in its latest quarter compared with a profit a year ago as it took an impairment charge related to its Coastal GasLink pipeline project.

The result came as the company says it has achieved mechanical completion of Coastal GasLink ahead of its year-end target and plans to complete commissioning activities to be ready to deliver gas to the LNG Canada facility by the end of the year.

The pipeline company reported a net loss attributable to common shares of $197 million or 19 cents per share for the quarter ended Sept. 30 compared with net income of $841 million or 84 cents per share in third quarter 2022.

The latest results included a $1.18-billion after-tax impairment charge related to its equity investment in the Coastal GasLink Pipeline Limited Partnership.

TC Energy says its comparable earnings for the quarter amounted to $1 per share, down from $1.07 per share in the same quarter last year.

Revenue for the quarter totalled $3.94 billion, up from $3.80 billion a year earlier.

This report by The Canadian Press was first published Nov. 8, 2023.

Companies in this story: (TSX:TRP)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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