TC Energy expects 'substantive' charge related to Keystone XL permit revocation

Keystone XL Image: Jason Kenney/Twitter

TC Energy Corp. says it expects to take a “substantive'' charge when it reports its first-quarter results for 2021 due to the decision by U.S. President Biden to revoke the presidential permit for its Keystone XL pipeline.

The company says it couldn't yet say what the size of the charge will be, which it expects to be predominantly non-cash, would be, but that it was assessing its options.

It also noted that the viability of certain projects currently associated with the Keystone XL pipeline was also being reviewed.

The comments came as TC Energy raised its quarterly dividend to 87 cents per share from 81 cents and reported its fourth-quarter profit rose compared with a year ago.

TC Energy says it earned a profit attributable to common shareholders of $1.12 billion or $1.20 per share on $3.30 billion in revenue for the quarter ended Dec. 31 compared with a profit of $1.11 billion or $1.18 per share on $3.26 billion in revenue a year earlier.

The company says its comparable earnings for the quarter amounted to $1.15 per share, up from $1.03 per share in the fourth quarter of 2019.

© 2021 The Canadian Press

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