TC Energy ( NYSE: TRP ) trades little changed Tuesday as the oil and gas pipeline company said it swung to a Q4 GAAP loss after booking a C$2.6B impairment charge following the latest rise in the projected cost of its Coastal GasLink pipeline project, but adjusted earnings edged past expectations by a penny .
TC Energy ( TRP ) reported a loss attributable to common shares of C$1.45B (US$1.09B), or C$1.42/share, compared with a year-earlier net profit of C$1.12B, or C$1.14/share, including the C$2.6B after-tax impairment of its equity investment in Coastal GasLink.
Two weeks ago, the company raised its cost estimate to complete the project to C$14.5B, causing it to hike its FY 2023 capital spending outlook to C$11.5B-C$12B from ~C$9.5B earlier.
Q4 comparable EBITDA rose 12% Y/Y to C$2.68B, which beat the C$2.58B analyst consensus estimate.
TC Energy ( TRP ) reported a loss of C$2.6B for its Canadian Natural Gas Pipelines segment, as it accrued C$650M in costs over the December oil spill and shutdown of its Keystone Pipeline in rural Kansas.
The company also approved a 3.3% increase in the quarterly dividend to C$0.93/share for the quarter ending March 31.
TC Energy ( TRP ) shares have gained 7% so far this year but lost 20% during the past year .
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TC Energy swings to Q4 loss including CoastalGas Link writedown