TC Energy to spin off liquids pipelines
TC Energy Corp. reported its second-quarter profit tumbled compared with a year ago as it announced it's splitting the company into two.
The pipeline operator says its net income attributable to common shares was $250 million in the second quarter, down from $889 million a year earlier.
However, net income for the fiscal year so far was $1.6 billion, up from $1.2 billion for the same six-month period last year.
Net income per common share was 24 cents, down from 90 cents last year, and comparable earnings were 96 cents per share, down from a dollar.
Revenues for the quarter ended June 30 were $3.8 billion, up from $3.6 billion the same quarter last year.
TC Energy announced Thursday it will split into two separate companies by spinning off its liquids pipelines business to focus on natural gas infrastructure as well as nuclear, pumped hydro energy storage and new energy opportunities.