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

By Amanda Stephenson in Calgary

TC Energy Corp. said it’s on track to complete its previously announced plan to sell off $5 billion in assets by the end of the year, though the Calgary-based pipeline company declined to provide specifics on which assets are on the auction block.

“I appreciate there’s lots of interest in our asset sale processes and our deleveraging plan,” said TC Energy Corp. chief executive François Poirier on a conference call with analysts Friday.

“I would just remind everyone that we are at a very commercially sensitive point in our discussions. We have multiple processes under way at the moment, so we will refrain from making any specific comment on any particular asset or on where valuations are trending.”

TC Energy announced its divestiture program last fall, saying it would seek to sell off non-core assets and minority interests to help finance its larger expansion goals without taking on large amounts of debt.

The company also previously said that the greenhouse gas emissions profile of individual assets will be a factor as the company seeks to reduce its carbon footprint.

On Friday, TC Energy reported a first-quarter profit of $1.31 billion, up from $358 million in the same quarter last year.

The pipeline company said the profit amounted to $1.29 per diluted share for the quarter ended March 31, up from a profit of 36 cents per diluted share a year earlier.

Revenue totalled $3.93 billion, up from $3.50 billion in the first three months of 2022.

TC Energy said its comparable results for its most recent quarter amounted to $1.21 per share, up from $1.12 per share in the same quarter last year.

Analysts on average had expected a profit of $1.15 per share, according to estimates compiled by financial markets data firm Refinitiv.

TC Energy also provided an update on construction of its Coastal GasLink project, saying work is continuing in line with its revised cost and schedule and is now about 87 per cent complete. The company said it continues to target mechanical completion by late this year.

Earlier this year, TC Energy raised the projected cost of the Coastal GasLink project to $14.5 billion, up from an earlier estimate of $11.2 billion.

The company also said at the time that if the construction time frame misses its 2023 completion target and extends well into 2024, it could add up to an additional $1.2 billion to the project’s cost.

This report by The Canadian Press was first published April 28, 2023.

Companies in this story: (TSX:TRP)

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

 

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