North American oil and gas pipeline company TC Energy Corp. reported an 8% rise in quarterly profit on Nov. 9 and said it was looking to sell C$5 billion ($3.7 billion) worth of assets to repay debt and fund new projects.
Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization following Russia's invasion of Ukraine, which has strained global oil and natural gas supplies.
TC Energy CEO Francois Poirier said in a statement the company planned to raise more than C$5 billion through 2023 from selling assets and minority interests.
He said the company also intended to approve C$5 billion worth of projects annually throughout the decade.
The strategy is likely to please investors, said RBC analyst Robert Kwan, in a note.
Among its projects, TC is building the C$11.2-billion Coastal GasLink pipeline to supply Shell Plc-led LNG Canada's liquified natural gas export terminal in British Columbia by 2025.
Earnings from TC's Canadian natural gas pipelines rose to C$409 million for the July-September quarter, from C$343 million a year earlier.
Rival Enbridge Inc. also reported higher third-quarter adjusted profit on Nov. 4.
"Demand for our services across our North American portfolio remains high, and we continue to see strong utilization, availability and overall asset performance," Poirier said.
The Calgary-based company's net income attributable to common shares stood at C$841 million, or 84 Canadian cents per share, for the three months to Sept. 30, from C$779 million, or 80 Canadian cents per share, a year earlier.
2022-11-23 - At a recent energy conference, E&P leaders also warned that the energy transition needs to slow down or the U.S. will face European-style disruptions.
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2022-11-22 - New England depends on LNG and oil to fuel some power plants on the coldest days when most of the region's pipeline gas is used to heat homes and businesses.
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