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CALGARY The deep freeze that swept across North America last month will provide a bumper year for Canada’s largest natural gas producer Tourmaline Oil Corp., a stock-market darling, that believes the outlook for gas is improving even in warmer weather.
Tourmaline took advantage of the Polar Vortex in February, which blew Arctic weather across Texas and other southern U.S. states, by selling huge volumes of natural gas it had stored near San Francisco and Toronto to earn what analysts termed a “windfall” in February.
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Uncertainty Clouds Future of Canada’s NGTL System
The Canadian natural gas industry faces “a high degree of uncertainty,” according to TC Energy Corp.’s supply collection grid in Alberta and British Columbia (BC), Nova Gas Transmission Ltd. (NGTL).
Political and economic risks jeopardize up to C$3 billion ($2.3 billion) of additions that the pipeline network would build if the industry fulfilled its potential, management said in a new edition of NGTL’s annual five-year capital plan.
“System flow requirements in the 2024-2025 portion of the design horizon have a high degree of uncertainty due to the influence of major market factors that are still too early in their development to predict,” the plan said.
TC Energy Simplifying Organization in Deal to Acquire Pipelines MLP
TC Energy Corp. is seeking to streamline the business with an agreement to acquire its pipeline partnership in an all-stock deal valued at $1.68 billion.
The Calgary-based midstream company said Tuesday it has a definitive merger agreement to exchange common shares of all of the outstanding common units of TC PipeLines LP (TCP), its publicly held master limited partnership (MLP).
The acquisition of the pipelines business would provide TC with the opportunity to consolidate the ownership interest in eight natural gas pipelines regulated by FERC.
The gas systems are “an integral part” of the overall North American network, according to TC CEO Russ Girling. “In addition, completion of the transaction will serve to further simplify our corporate structure.”