The company behind the proposed Keystone XL and Energy East pipelines had a rough fourth quarter posting a net loss of $2.5 billion.
Its year end financials aren’t much better sitting at a $1.2 billion net loss for 2015.
“Although 2015 was a very challenging year for the energy industry, our $64 billion portfolio of high-quality energy infrastructure assets performed well,” said Russ Girling, TransCanada’s president and chief executive officer in a press release. “Excluding specific items, comparable earnings and funds generated from operations reached record levels while we continued to safely and reliably meet the needs of our customers across North America.”
The company blames a $2.9 billion after tax non-cash impairment charge due to the rejection of a Presidential Permit for Keystone XL for much of its losses.
The Calgary-based firm saw total yearly revenues swell from $10.1 billion to $11.3 billion when comparing 2014 to 2015 numbers while capital spending was up about $500 million year to year.
