TC Power Corp. says it expects to take a “substantive” cost when it studies its first-quarter outcomes for 2021 as a result of choice by U.S. President Biden to revoke the presidential allow for its Keystone XL pipeline.
The corporate couldn’t but say what the dimensions of the cost might be, which it expects to be predominantly non-cash, however that it was assessing its choices.
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It additionally famous that the viability of sure tasks at the moment related to the Keystone XL pipeline was additionally being reviewed
“Whereas we had been dissatisfied with the latest motion to revoke the presidential allow for the Keystone XL pipeline, we’ve a big and diversified asset base that continues to carry out extraordinarily effectively and are advancing $20 billion of secured capital tasks, along with a substantive portfolio of different equally high-quality alternatives underneath improvement,” TC Power chief government Francois Poirier stated in a press release.
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Biden promised in his election marketing campaign to cancel Keystone XL and did so on his first day in workplace final month.
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TC Power stopped capitalizing prices, together with curiosity throughout building, after the choice was introduced and stated it can consider the carrying worth of its funding within the pipeline, internet of undertaking recoveries.
The corporate accredited spending US$8 billion within the spring of 2020 to finish Keystone XL after the Alberta authorities agreed to speculate about US$1.1 billion (C$1.5 billion) as fairness and assured a US$4.2-billion undertaking mortgage.
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The 1,947-kilometre pipeline is designed to hold 830,000 barrels a day of crude oil from Hardisty, Alta., to Steele Metropolis, Neb., the place it connects with the corporate’s current amenities to succeed in the U.S. Gulf Coast refining centre.
The feedback got here as TC Power raised its quarterly dividend to 87 cents per share from 81 cents and reported its fourth-quarter revenue rose in contrast with a yr in the past.
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TC Power stated it earned a revenue attributable to frequent shareholders of $1.12 billion or $1.20 per share on $3.30 billion in income for the quarter ended Dec. 31 in contrast with a revenue of $1.11 billion or $1.18 per share on $3.26 billion in income a yr earlier.
The corporate stated its comparable earnings for the quarter amounted to $1.15 per share, up from $1.03 per share within the fourth quarter of 2019.
Analysts on common had anticipated an adjusted revenue of $1.01 per share and $3.44 billion in income, based on monetary knowledge agency Refinitiv.
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