TransCanada says it expects B.C. to decide soon on 2 pipeline projects
Company boosts earnings to 66 cents a share in 1st quarter
TransCanada Corp. says it expects B.C.'s oil and gas commission to decide soon on two pipeline projects that the company wants to build across the province.
One of the projects is a 900-kilometre pipeline to move natural gas from the Montney gas-producing region near Fort St. John, in northeastern B.C., to a connection near a proposed liquefied natural gas terminal near Prince Rupert, B.C.
The other project is a 670-kilometre pipeline to move gas from the Montney region to another proposed LNG terminal near Kitimat, B.C.
TransCanada's expectations of a decision on the pipelines this quarter were included in the company's first-quarter financial report, which largely met analyst estimates.
The Calgary-based company says its "comparable earnings" for the first three months of 2015 were 66 cents per share or $465 million, up from $422 million or 60 cents per share in last year's first quarter.
Analysts tracked by Thomson Reuters also estimated 66 cents per share of earnings for the quarter.
TransCanada's net income — which includes items excluded from comparable earnings — was $387 million or 55 cents per share, down from $412 million or 58 cents per share in the first quarter of 2014.
Russ Girling, TransCanada's president and chief executive officer said there was improved performance from each of the company's core businesses.
"Strong performance from our Keystone System, Eastern Canadian Power and U.S. Power segments helped to offset depressed power prices in Western Power and clearly demonstrates the strength of our diverse portfolio of critical energy infrastructure assets," he said.