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North American oil and gas pipeline company TC Energy Corp. TRP-T said on Wednesday it was looking to sell $5-billion worth of assets to repay debt and fund new projects, and reported an 8-per-cent rise in quarterly profit.

Canada, the world’s fourth-largest crude producer, has been seeking ways to boost pipeline utilization after Russia’s invasion of Ukraine, which has strained global oil and natural gas supplies.

TC Energy chief executive François Poirier said the company planned to raise more than $5-billion through 2023 from selling assets and minority interests.

He said the company also intended to approve $5-billion worth of projects annually throughout the decade.

The asset sales plans are bigger than previously expected, and TC now may reach its goal of reducing debt to less than five times earnings before interest, taxes, depreciation and amortization (EBITDA) two years early, in 2024, Tudor Pickering Holt analyst Matthew Taylor said.

TC shares rose 3.2 per cent in Toronto.

Mr. Poirier told analysts on a call that he would not provide details about what assets TC may sell, but said the company would consider future greenhouse-gas emissions in the sales. Infrastructure with stable cash flows and long-term contracts are in strong demand and discussions with potential buyers are ongoing, he said.

Among its projects, TC is building the $11.2-billion Coastal GasLink pipeline to supply Shell PLC-led LNG Canada’s liquefied natural gas export terminal in British Columbia by 2025.

Earnings from TC’s Canadian natural gas pipelines rose to $409-million for the July-September quarter, from $343-million a year earlier.

The Calgary-based company’s net income attributable to common shares stood at $841-million, or 84 cents per share, for the quarter, from $779-million, or 80 cents per share, a year earlier.

Rival Enbridge Inc. ENB-T also reported higher third-quarter adjusted profit on Friday.

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