TransCanada Corporation is pleased with its first quarter results.
The Calgary-based company posted a net profit of $252-million or 36 cents per share compared to profits of $387-million in 2015.
“During the first quarter of 2016, our diverse portfolio of high-quality long-life assets generated steady results in what continues to be a challenging environment,” said Russ Girling, TransCanada’s president and chief executive officer. “Comparable earnings increased by six per cent while funds generated by operations of $1.1-billion were consistent with the same period last year.”
TransCanada noted that planned permanent repairs on the Keystone Pipeline in South Dakota are scheduled for May, after about 400 barrels leaked in Hutchinson County. Temporary repairs were completed on Apr. 9 and the pipeline was restarted on Apr. 10 after being shut down on the second of the month.
First quarter highlights for the company include the $13-billion acquisition of Columbia Pipeline Group, Inc. The company operates about 24,000 kilometres of interstate natural gas pipelines from New York to the Gulf of Mexico.
