TC Energy sees hike in net income in Q2

Company announced Thursday it has approved the $400 million US Elwood Power Project/ANR Horsepower Replacement

TC Energy Corporation announced Thursday net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share compared to net income of $1.1 billion or $1.21 per share for the same period in 2019. 

In a news release, it said for the six months ended June 30, net income attributable to common shares was $2.4 billion or $2.59 per share compared to net income of $2.1 billion or $2.30 per share for the same period in 2019. 

It said comparable earnings for second quarter were $863 million or $0.92 per common share compared to $924 million or $1.00 per common share in 2019. For the six months ended June 30, comparable earnings were $2.0 billion or $2.10 per common share compared to $1.9 billion or $2.07 per common share for the same period in 2019.

“During the first half of 2020, our diversified portfolio of essential energy infrastructure continued to perform very well,” said Russ Girling, TC Energy’s President and Chief Executive Officer, in a statement. ”I am proud that in these unprecedented times we have continued to deliver the energy and advance projects vital to powering our industries and institutions as well as to the daily life and mobility of millions of North Americans. We have done this in a safe, reliable manner, maintaining our workforce, employing thousands of construction workers and with a commitment to fulfilling our obligations to people, communities, suppliers and governments on a full and timely basis.

 

“Our significant internally generated cash flow, strong financial position and continued access to capital markets will enable us to prudently fund our secured capital program in a manner that is consistent with maintaining our strong credit ratings and targeted credit metrics. Once completed, approximately 98 per cent of the Company’s consolidated comparable EBITDA is expected to come from regulated and/or long-term contracted assets. Success in advancing these and other organic growth opportunities emanating from our five operating businesses across North America is expected to support annual dividend growth of eight to 10 per cent in 2021 and five to seven per cent thereafter.”

TC Energy also announced Thursday it has approved the $400 million US Elwood Power Project/ANR Horsepower Replacement that will replace, upgrade and modernize certain facilities while reducing emissions along a highly utilized section of the ANR pipeline system. 

 

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