- TC Energy (TRP) has managed to boost profits substantially in its second quarter report of 2020
- The company’s net income for the quarter was C$1.3 billion, up from $1.1 billion in 2019’s second quarter
- The strong quarter was partially attributed to $3 billion in energy assets that were brought online during the first half of this year, bolstering production
- The company currently has $11 billion in liquidity, following the sale of a number of its gas-based assets
- TC Energy (TRP) is down 1.9 per cent and is trading at $60.31 per share
TC Energy (TRP) has managed to boost profits substantially in its second quarterly report of 2020.
The company revealed its bottom line has largely been unimpacted by the coronavirus pandemic, with net income for the quarter at C$1.3 billion, up from $1.1 billion in 2019’s same quarter.
quarterly dividend was $0.81 per commoner share, an equivalent of $3.24 per annum per common share.
A key driver behind the stable quarter was more an injection of around $3 billion in energy assets, which were brought into service during the first half of 2020.
The company currently has $11 billion in available liquidity, bolstered by the partial sale and financing of the Coastal GasLink. Alongside the sale of a number of Ontario natural gas-fired power plants, TC Energy was able to generated $4.9 billion in proceeds.
President and CEO of TC Energy, Russ Girling said the company’s diversified portfolio of essential energy infrastructure had performed very well throughout the quarter.
“I am proud that that in these unprecedented times we have continued to deliver the energy and advance projects vital to powering our industries and institutions as well as to the daily life and mobility of millions of North Americans.
“Our significant internally generated cash flow, strong financial position and continued access to capital markets will enable us to prudently fund our secured capital program in a manner that is consistent with maintaining our strong credit ratings and targeted credit metrics,” he said
TC Energy (TRP) is down 1.9 per cent and is trading at $60.31 per share at 12:30 pm EDT.