The remaining parts of the CASCI building on Charleston’s Kanawha Boulevard are visible among the debris from a month-long demolition on June 25, 2024. This demolition is clearing the way for constructing a four-story, 120,000-square-foot TC Energy office, which is anticipated to be finished in 2025.
Calgary, Alberta-based TC Energy Corporation, which currently has offices located in the historic Columbia Gas building in Charleston, reported Thursday a net income of $963 million in the second quarter, up from $250 million in the same quarter last year.
The company reported earnings of 93 cents per share for the quarter ending June 30, which is up from 24 cents per share for the same quarter last year.
Adjusted earnings came in at $978 million, down slightly from $981 million for the same quarter last year. According to the earnings reports, the decrease was due in part to a significant loss on its Canadian natural gas pipeline segment last year.
The report showed revenues were $4.09 billion, up from $3.83 billion for the second quarter last year. The company also declared a dividend of 96 cents per common share, up from the 93 cents it declared last year.
“During the first six months of 2024, we delivered 10% year-over-year growth in comparable EBITDA (earnings before interest, taxes, depreciation and amortization) and approximately 35% growth in segmented earnings,” François Poirier, TC Energy’s President and Chief Executive Office, said in a news release regarding the earnings report. “We continued to advance multiple strategic initiatives aimed at maximizing the long-term value of our assets and furthering our deleveraging efforts."
The company announced an equity ownership agreement that will enable select Indigenous Communities across western Canada to become owners in Canada’s largest natural gas pipeline network.
The company said it also achieved a successful shareholder vote to spin off the liquids pipelines business and reached a five-year revenue requirement settlement on its NGTL System in Canada. The NGTL System is TC Energy’s natural gas gathering and transportation system for the Western Canadian Sedimentary Basin, connecting most of the natural gas production in western Canada to domestic and export markets.
"Finally, our Southeast Gateway pipeline project in Mexico is making exceptional progress and we anticipate completing the offshore pipeline installation in the third quarter," Poirier said in the release. "This critical milestone means we are on-track to achieve commercial in-service by mid-2025. We remain steadfast in our execution against our clear set of 2024 strategic priorities."
Fred Pace is the regional business reporter for HD Media. Follow him at Facebook.com/FredPaceHD and via X (formerly Twitter) @FredPaceHD.
