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
Testing the Waters: New Tech Aims to Clean Oilfield's Produced H2O
2023-01-23 - From nanoparticles to air bubbles, the University of Texas Permian Basin’s Texas Water and Energy Institute is analyzing data to potentially find a home for water produced during oil production.
Keeping Cybersecurity Top of Mind in the Geophysical World
2023-01-19 - IoT enables geophysical workflows but also introduces vulnerability to cyber attacks.
How Much is a Digital Twin Worth?
2023-01-17 - HUVRdata and VEERUM partnered to engineer digital twin technology that contextualizes inspection data in virtual facilities and asset models.
Bakken EOR Trial Increased Output by 25%
2023-01-10 - Liberty Resources' pilot project shows alternating produced gas with water/surfactant EOR mix boosts production and cuts costs in the Bakken Shale.
ZEDEDA Partners with Emerson to Provide New Edge Computing Solution
2022-12-15 - This partnership will provide software-defined automation and revolutionize how customers can deploy and connect workloads within their distributed environments.