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.
Recommended Reading
Marketed: Henry Energy Non-op Delaware Basin Divestiture
2024-08-26 - Henry Energy LP has retained RedOaks Energy Advisors for the sale of certain non-operated working interest properties in Reeves County, Texas.
Rising Phoenix Royalties Adds Permian Basin Mineral Interests
2024-08-29 - The acquisition of Permian Basin interests in Dawson County, Texas, follows a July deal by Rising Phoenix Royalties for a non-operated working interests in the Denver-Julesburg (D-J) Basin.
Marketed: BP E&P GoM ORRI Opportunity
2024-10-16 - BP Exploration & Production Inc. retained Indigo Energy Advisors for an offshore overriding royalty interest acquisition opportunity in the Gulf of Mexico and Louisiana.
SandRidge Closes $144MM Western Anadarko Basin Acquisition
2024-09-03 - SandRidge Energy’s deal, with an undisclosed party, adds net production of 6,000 boe/d (40% oil) in Ellis and Roger Mills counties, Oklahoma.
Vital, NOG Close $1.1B Acquisition of Delaware Basin’s Point Energy
2024-09-23 - Point Energy Partners, backed by Vortus Investments Advisors, sold its Delaware Basin acreage at 40,000 boe/d of production to Vital Energy and Northern Oil and Gas for $1.1 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.