TC Energy Corp. fell short of quarterly profit estimates Thursday, 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 per cent, to $355-million, in the fourth quarter, while profit from its Canadian natural gas pipelines fell 28.7 per cent, to $321-million.
The Calgary-based company’s comparable earnings rose to $970-million in the three months ended Dec. 31, from $946-million a year earlier.
Excluding items, TC Energy earned $1.03 a share, below analysts’ average estimate of $1.04, according to IBES data from Refinitiv.
Revenues fell 16.4 per cent to $3.26-billion.
Separately, the company said it approved two new expansion projects worth $1.3-billion on its wholly owned natural gas pipeline systems.