TC Energy second-quarter profit down as it reaches milestone with Coastal GasLink LP

Toto, we’re not in Kansas, or Saskatchewan, anymore. This is one of the toughest stretches of the Coastal GasLink right-of-way. In the lower part you can see the cable crane used to move material and equipment up and down the mountain. Coastal GasLink

CALGARY — TC Energy Corp. posted a lower quarterly profit as its Coastal GasLink project reaches a “significant milestone.”

The Calgary-based energy producer says its net income attributable to shareholders was $889 million or 90 cents per diluted share in the second quarter, down from $975 million or $1 per share a year earlier.

The pipeline operator’s comparable earnings were $979 million or $1 per common share, down from $1.04 billion or $1.06 per share in the same period of 2021.

Revenue for the three months ended June 30 increased to $3.64 billion from $3.18 billion during the same quarter last year.

TC Energy’s president and CEO François Poirier says the pipeline company has reached a significant milestone with Coastal GasLink LP,  signing revised agreements with LNG Canada that will allow the safe and timely execution of its largest LNG-linked project.

He says the 670-kilometre project is about 70 per cent complete, with mechanical in-service expected by the end of 2023.

“Together with LNG Canada, this project will provide the first direct path for Canadian natural gas to reach global LNG markets,” Poirier says.

“By leveraging our competitive strengths, we continue to develop solutions to move, generate and store the energy North America relies on in a secure and increasingly sustainable way.”

This report by The Canadian Press was first published July 28, 2022.

Companies in this story: (TSX:TRP)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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