TC Energy splitting into two companies by spinning off liquids pipelines business
Transaction expected to be completed in second half of 2024
CALGARY — TC Energy Corp. says it will split into two separate companies by spinning off its liquids pipelines business.
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The Calgary-based pipeline giant says its board of directors has approved the plan, which comes as the result of a two-year strategic review.
Following the transaction, TC Energy will focus on natural gas infrastructure as well as nuclear, pumped hydro energy storage and new energy opportunities.
The new liquids pipeline business will focus on enhancing the value of the company’s existing 4,900 kilometres of crude oil pipelines.
The company says the transaction is expected to be completed in the second half of 2024.
The new liquids pipeline business will be publicly traded and will be headquartered in Calgary, with an office in Houston, Texas.
TC Energy reported its second-quarter profit tumbled compared with a year ago as it announced it’s splitting the company into two.
The pipeline operator says its net income attributable to common shares was $250 million in the second quarter, down from $889 million a year earlier.
However, net income for the fiscal year so far was $1.6 billion, up from $1.2 billion for the same six-month period last year.
Net income per common share was 24 cents, down from 90 cents last year, and comparable earnings were 96 cents per share, down from a dollar.
Revenues for the quarter ended June 30 were $3.8 billion, up from $3.6 billion the same quarter last year.
