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Canada’s TC Energy reports Q1 loss on Keystone XL
May 7, 2021 4:15:pm
Summary
by: Dale Lunan
Posted in:
Canada’s TC Energy reports Q1 loss on Keystone XL
Canadian energy infrastructure company TC Energy said May 7 it had a Q1 2021 net loss of C$1.1bn (US$900mn). It said that was mostly due to a $2.2bn impairment taken when US president Joe Biden revoked the presidential permit for the Keystone XL crude oil pipeline project in January. Net income in Q1 2020 was C$1.1bn.
Comparable earnings for the quarter were C$1.1bn, unchanged from a year ago, while comparable Ebitda slipped to C$2.49bn from C$2.53bn, reflecting reduced contributions from Mexico gas pipelines, liquids pipelines and power and storage operations.