BOE Report TC Energy shareholders voted in favour of spinning off the Canadian company’s liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corp whose assets include the Keystone oil pipeline. The spin-off will help Calgary-based TC lower its high debt load and focus on moving natural gas. South Bow’s assets consist of nearly 4,900
Oil Price In a landmark move for the Canadian financial markets, Coastal GasLink LP, partially owned by KKR & Co., is set to initiate the largest corporate bond deal in Canada’s history. The pipeline project, located in Western Canada, is preparing to issue up to C$4 billion ($2.9 billion) in bonds to refinance its existing construction debt. This unprecedented offering
Yahoo Finance WINNIPEG, Manitoba – TC Energy’s planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up. The South Bow spin-off, which TC investors will vote on June 4, will help Calgary, Alberta-based TC lower
Oil Price Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday. This could yet change later today, resulting in another week of gains for benchmarks. On the other hand, the bearish sentiment may prevail. On that side, the focus has been on Chinese demand, which CNPC said this
Nasdaq TC Energy TRP.TO said on Monday it has agreed to sell Portland Natural Gas Transmission System (PNGTS) to a BlackRock-managed fund and Morgan Stanley Infrastructure Partners for $1.14 billion as part of its ongoing efforts to reduce debt and fund investments. The Calgary, Alberta-based company, best known for its Keystone oil pipeline, is undergoing an overhaul and had said last
Nasdaq Pipeline operator TC Energy TRP.TO on Wednesday beat third-quarter profit estimates, as it gained from transporting higher volumes of liquefied natural gas. The company reported an adjusted profit of C$1.00 ($0.7262) per share for the quarter ended Sept. 30, compared with the average analyst estimate of C$0.97 per share, according to LSEG data. Gas flows to seven big U.S. liquefied natural
Oil Price TC Energy has agreed to sell 40% of the Columbia Gas and Columbia Gulf pipelines in the U.S. for US$3.9 billion (C$5.2 billion) in cash, the Canada-based pipeline giant said on Monday. Columbia Gas and Columbia Gulf will be held in a new joint venture partnership with Global Infrastructure Partners (GIP), said TC Energy, which will speed up its debt
BOE Report Canada’s TC Energy is cutting some jobs to “optimize value” a company spokesperson said on Tuesday, without giving details of how many positions have been impacted. News of the job cuts at TC Energy comes a week after Suncor Energy told employees it would eliminate 1,500 jobs. Earlier this year, Imperial Oil cut the number of contractors working at its Kearl oil sands project.
BOE Report TC Energy Corp has submitted a restart plan for its Keystone pipeline to U.S. safety regulator Pipeline and Hazardous Materials Safety Administration (PHMSA) which is being reviewed, according to a source on Tuesday. The 622,000 barrels per day (bpd) pipeline was shut after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. Bitumen tends to
BOE Report Oil extended gains on Tuesday as a key pipeline bringing the resource to the United States remained shut, adding to concerns about potential tight supply in the world’s biggest crude consumer. U.S. West Texas Intermediate (WTI) crude futures gained $1.40, or 1.90%, to $74.65. Brent crude futures rose $1.59, or 2.04%, to $79.65 per barrel. Both benchmarks
Oil Price Canadian pipeline operator TC Energy said it had contained the leak from the Keystone pipeline that occurred in the middle of last week, spilling 14,000 barrels of crude into a creek. The leakage was contained in Kansas, NBC News reported, citing the company, which had to shut down the pipeline while it worked on fixing the leaky section.
Oil Price TC Energy, the operator of the Keystone Pipeline, said on Thursday that it had shut down the oil pipeline and is responding to a release of oil into a creek near Steele City, Nebraska. “We have shut down the Keystone Pipeline System and mobilized people and equipment in response to a confirmed release of oil into a creek, approximately
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