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TransCanada reported Q12019 earnings yesterday, registering a 2% rise in revenue, but remained short of the estimates. Earnings for the firm through its natural gas pipelines in the US climbed 22% to C$792M Y/Y and increased 6% from its Canadian gas pipelines. CEO, TransCanada said that the quarter's profits "reflect the strong performance of our legacy assets along with contributions from ~C$5.3B of growth projects that were placed into service."
Established in the year 1951, TransCanada Corporation has announced about changing its name to TC Energy in the second quarter of 2019. The name change has come in the light of Calgary-based energy firm generating most of its revenue from outside Canada. TransCanada spent $10.2 billion to acquire Columbia Pipeline Group Inc. in 2016, diversifying its business in US.
Canadian energy major, TransCanada, yesterday, kick-started a 560-km long Topolobampo natural gas pipeline in Northern Mexico. The $1.2 bn-pipeline will facilitate in upstream interconnection with the Mazatlan pipeline of TransCanada. The supply capacity of the Topolobampo pipeline will be of 670 million cubic feet of natural gas per day.