Keystone XL Operator TransCanada's Profit Rises 14 pct
Canadian pipeline operator TransCanada Corp reported a 14 percent rise in first-quarter profit on Friday, helped by booming use of its oil and natural gas pipelines in the United States.
Canada's oil output hit a record last year, but transportation infrastructure has failed to keep up with the growth. With pipelines nearly full and rail capacity limited, a glut of crude has weighed on Canadian oil prices.
TransCanada said earnings from its Canadian natural gas pipelines fell 10.2 percent to C$253 million, while earnings from its U.S. pipelines, including the Keystone XL, rose 15.5 percent in the quarter ended March 31.
Net income attributable to common shares for the first quarter rose to C$734 million, or 83 Canadian cents per share, from C$643 million, or 74 Canadian cents per share, for the same period in 2017. (https://bit.ly/2r4qjZn)
Revenue rose C$3.42 billion from C$3.41 billion.
TransCanada said it expects to invest more than C$21 billion in the near term, including the Keystone project. It had earlier earmarked C$23 billion.
Reporting by Julie Gordon
