TC Energy Corp. fell short of quarterly profit estimates on Feb. 13, hit by lower contribution from its Canadian natural gas pipelines and a decline in Keystone pipeline volumes.
The hit to Keystone volumes comes after a leak in North Dakota in late October temporarily shut down the pipeline that runs from Alberta to Nebraska.
The company's earnings from its oil pipelines, of which Keystone is the biggest contributor, plunged 33.3% to C$355 million in the fourth quarter, while profit from its Canadian natural gas pipelines fell 28.7% to C$321 million.
The Calgary, Alberta-based company's comparable earnings rose to C$970 million (US$731 million) in the three months ended Dec. 31, from C$946 million a year earlier.
Excluding items, TC Energy earned C$1.03 per share, below analysts' average estimate of C$1.04, according to IBES data from Refinitiv.
Revenues fell 16.4% to C$3.26 billion.
Separately, the company said it approved two new expansion projects worth C$1.3 billion on its wholly owned natural gas pipeline systems. (US$1 = C$1.3262)
Midland, Texas-based Endeavor Energy Resources has purchased IFS Applications as the new ERP system of record for its oilfield services division.
McDermott International Inc. has been awarded a substantial contract from a Middle East customer for engineering, procurement, construction and installation (EPCI) services in the Arabian Gulf, the company said on March 21.
Topaz Energy and Marine has signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Ltd. in Azerbaijan, the company said on March 20.