TransCanada Corp., the company proposing the $8 billion Keystone XL oil pipeline, said adjusted first-quarter earnings rose as higher crude shipments helped to offset lower returns from the power plants in Alberta.
Excluding losses from power price hedging and forex exchange, income climbed to C$465 million ($383 million), or 66 cents a share, from C$422 million, or 60 cents, a year earlier, the Calgary-based company said inside a statement Friday. Per-share profit matched the typical of 12 analysts\’ estimates published by Bloomberg.
\”Strong performance from our Keystone system, Eastern Canadian power and U.S. power segments helped to offset depressed power prices\” in Alberta, Chief Executive Officer Russ Girling said within the statement.
TransCanada is moving more oil after starting shipments in January 2014 on its Gulf Coast pipeline from Oklahoma to Texas, the southern area of the original Keystone XL proposal. The organization is counting on new pipelines including Gulf Coast to fulfill a pledge to double its dividend rate of growth through 2017 because it contends with weak Alberta power prices.
The company said hello will maintain its 52-cent dividend. Net gain fell to $387 million, or 55 cents, from $412 million, or 58 cents, last year.