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TC Vitality posts C$1 billion quarterly loss on Keystone XL suspension By Reuters 



© Reuters. FILE PHOTO: A TC Vitality pump station sits behind mounds of dust from the Keystone XL crude oil pipeline because it lies idle close to Oyen, Alberta, Canada February 1, 2021. REUTERS/Todd Korol

By Nia Williams (NYSE:) and Shariq Khan

CALGARY, Alberta (Reuters) -TC Vitality Corp swung to a loss within the first quarter, hit by C$2.2 billion ($1.81 billion) impairment expenses associated to the suspension of its Keystone XL undertaking, the Canadian pipeline operator mentioned on Friday.

The KXL pipeline was deliberate to hold 830,000 barrels per day of heavy crude throughout the border from Alberta to Nebraska, however U.S. President Joe Biden revoked a key allow for the undertaking on his first day in workplace.

TC Vitality (NYSE:) mentioned the impairment cost was associated to halting work on KXL and a reassessment of associated tasks just like the Heartland Pipeline.

“We had been very disenchanted with the choice in January to revoke the presidential allow,” Chief Government Francois Poirier mentioned on an earnings name, including the corporate was “opportunity-rich” in different components of its enterprise.

Calgary-based TC Vitality owns the most important community of pipelines in North America in addition to the prevailing Keystone oil pipeline and energy and storage property.

The corporate posted a C$2.51 billion loss from its oil pipelines, of which Keystone is the largest contributor, in contrast with a C$411 million revenue in the identical interval final yr.

It reported web loss attributable to shareholders of C$1.1 billion, or C$1.11 per share, within the three months ended March 31 in contrast with a revenue of C$1.1 billion a yr earlier.

Excluding gadgets, the corporate earned C$1.16 per share, barely higher than analysts’ common estimate of C$1.10, in keeping with Refinitiv IBES information.

TC Vitality shares closed up 0.2% on the Toronto Inventory Trade at C$61.94.

($1 = 1.2176 Canadian {dollars})

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