2023-07-27 17:51:42 ET
- TC Energy ( NYSE: TRP ) +3.6% post-market after reporting better than expected Q2 earnings and announcing plans to split into two separate companies by spinning off its liquids pipelines business.
- Following the split, TC Energy ( TRP ) will focus on natural gas infrastructure and alternative energy opportunities including nuclear and pumped hydro energy storage, while the new liquids pipeline business will focus on enhancing the value of the company's existing 3K-plus miles of crude oil pipelines.
- Francois Poirier will remain as President and CEO of TC Energy ( TRP ), while Bevin Wirzba, currently Executive VP and Group Executive of Canadian Natural Gas and Liquids Pipelines, was appointed to lead the new liquids pipeline company.
- TC Energy ( TRP ) said it expects to complete the spinoff in H2 2024.
For further details see:
TC Energy to split in two with spinoff of liquids pipeline business