TC Energy earnings surpass $1B; Canadian Natural up $982M

Mario ToneguzziTC Energy Corporation’s net income attributable to common shares for second quarter 2019 was $1.1 billion or $1.21 per share compared to net income of $785 million or $0.88 per share for the same period in 2018, the company announced Thursday.

It said comparable earnings for second quarter were $924 million or $1.00 per common share compared to $768 million or $0.86 per common share in 2018. TC Energy’s Board of Directors also declared a quarterly dividend of $0.75 per common share for the quarter ending September 30, 2019, equivalent to $3.00 per common share on an annualized basis.

“During the second quarter of 2019, our diversified portfolio of critical energy infrastructure assets continued to perform very well,” said Russ Girling, TC Energy’s President and Chief Executive Officer, in a news release. 

Russ Girling
Russ Girling
TC Energy President and CEO

“Comparable earnings per share increased 16 per cent compared to the same period last year while comparable funds generated from operations of $1.7 billion were 14 per cent higher. The increases reflect the strong performance of our legacy assets and contributions from approximately $5.6 billion of growth projects that entered service in the first half of 2019.

“With our existing assets benefiting from continued high utilization rates and $32 billion of secured growth projects underway, approximately $7 billion of which are expected to be completed by the end of the year, we expect our strong operating and financial performance to continue. They are underpinned by regulated or long-term contracted business models that are expected to support annual dividend growth of eight to 10 per cent through 2021. We have invested $11 billion in these projects to date and are well positioned to fund the remainder of our secured growth program.”

Canadian Natural Resources

Net earnings for Canadian Natural Resources Limited reach $2.831 billion in the second quarter, up from $982 million a year ago.

Steve Laut
Executive Vice-Chairman of Canadian Natural

“Canadian Natural’s second quarter results demonstrated the advantages of our diverse and balanced asset base combined with our flexible capital allocation resulting in significant adjusted funds flow in the quarter of approximately $2.7 billion,” said Steve Laut, Executive Vice-Chairman of Canadian Natural.

“Throughout the first half of 2019 we were able to deliver on our four pillars of capital allocation through disciplined economic resource development, increasing returns to shareholders, strengthening our balance sheet and opportunistically acquiring accretive assets. The Company continues its focus on maximizing shareholder value while delivering responsible and sustainable operations.”

The company said it is returning a total of $840 million in the quarter to shareholders, $449 million by way of dividends and $391 million by way of share purchases. In the first half of 2019, it has returned a total of $1.484 billion to shareholders, $852 million by way of dividends and $632 million by way of share purchases.

© Calgary’s Business

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