TC Energy Q2 earnings slip to $982 million but comparable profits up 21 per cent - Action News
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TC Energy Q2 earnings slip to $982 million but comparable profits up 21 per cent

TC Energy Corp. is reporting lower net profits in its latest quarter as it continued to feel some effects from a large impairment charge that will be shared with the Alberta government on its cancelled Keystone XL export oil pipeline.

The company continues to feel effects from cancelled Keystone XL pipeline

Pipe ready to be used for the construction of the Canadian leg of the Keystone XL in Alberta near the town of Oyen, in September, 2020. TC Energy continues to feel effects from its cancellation. (Kyle Bakx/CBC)

TC Energy Corp. is reporting lower net profits in its latest quarter as it continued to feel some effects from a large impairment charge that will be shared with the Alberta government on its cancelled Keystone XL export oil pipeline.

The Calgary-based energy producer says its net income attributable to shareholders was $982 million or $1 per diluted share in the second quarter, down from $1.28 billion or $1.36 per share a year earlier.

The results included a $2-million impairment charge for Keystone while it recorded a $408-million gain in the prior year's quarter from the partial sale of Coastal GasLink LP.

Excluding one-time items, comparable earnings increased 21 per cent to $1.05 billion or $1.07 per share, from $863 million or 92 cents per share in the second quarter of 2020.

Revenues in the three months ended June 30 increased three per cent to $3.18 billion from $3.09 billion.

TC Energy was expected to post 96 cents per share in comparable earnings or $3.39 billion of revenues, according to financial data firm Refinitiv.