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UPDATE 1-Pipeline operator TC Energy raises spending outlook, posts lower Q2 profit

UPDATE 1-Pipeline operator TC Energy raises spending outlook, posts lower Q2 profit

Reuters · 07/28/2022 07:57
UPDATE 1-Pipeline operator TC Energy raises spending outlook, posts lower Q2 profit

Updates with outlook, adds background

- Pipeline operator TC Energy TRP raised its annual spending outlook on Thursday after reporting a fall in quarterly adjusted profit as expenses rose.

TC said it expects total capital expenditures for the year to be about C$8.5 billion ($6.63 billion) up from a prior estimate of C$7 billion.

The results come weeks after the Calgary-based TC declared force majeure on its Keystone deliveries.

The company said second-quarter comparable earnings fell to C$979 million ($763.71 million), or C$1 per share, in the three months ended June 30, from C$1.04 billion, or C$1.06 per share, a year earlier.


($1 = 1.2819 Canadian dollars)



(Reporting by Arunima Kumar in Bengaluru;
Editing by Vinay Dwivedi)

((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))