TC Energy, the operator of the Keystone XL pipeline, has reported a profit of $1.20 billion for the first quarter of 2021. This is a decrease from the $1.31 billion profit reported in the same period last year.
The company attributes this decline to lower earnings from its Canadian natural gas pipelines and U.S. power and storage businesses. However, TC Energy’s president and CEO, François Poirier, remains optimistic about the company’s performance.
Poirier stated that despite the challenges faced by the energy industry, TC Energy has continued to deliver strong financial results and maintain its commitment to safety and environmental responsibility.
The company’s revenue for the first quarter was $3.38 billion, compared to $3.42 billion in the first quarter of 2020. TC Energy also reported a net loss of $1.1 billion in its Keystone XL pipeline project due to the cancellation of the project by the Biden administration.
Despite this setback, TC Energy remains focused on its other projects, including the ongoing construction of the Coastal GasLink pipeline in British Columbia and the Bruce Power life extension program in Ontario.
Poirier also highlighted the company’s efforts to reduce its carbon footprint, with plans to invest $10 billion in renewable energy projects over the next decade.
In conclusion, while TC Energy’s first quarter profits may have decreased, the company remains resilient and committed to its long-term goals. With a strong focus on sustainability and continued investment in new projects, TC Energy is well-positioned for future success in the ever-changing energy industry.
