TC Energy Corporation (TRP.TO)
| Previous Close | 56.57 |
| Open | 53.25 |
| Bid | 54.00 x N/A |
| Ask | 54.03 x N/A |
| Day's Range | 53.25 - 55.25 |
| 52 Week Range | 47.05 - 76.58 |
| Volume | 2,090,790 |
| Avg. Volume | 3,661,306 |
| Market Cap | 50.763B |
| Beta (5Y Monthly) | 0.75 |
| PE Ratio (TTM) | 11.42 |
| EPS (TTM) | 4.73 |
| Earnings Date | Feb. 11, 2021 - Feb. 15, 2021 |
| Forward Dividend & Yield | 3.24 (5.73%) |
| Ex-Dividend Date | Dec. 30, 2020 |
| 1y Target Est | 69.68 |
- The Canadian Press
Most actively traded companies on the Toronto Stock Exchange
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange: Toronto Stock Exchange (17,944.88, up 35.85 points.) Zenabis Global Inc. (TSX:ZENA). Health care. Up 2.5 cents, or 29.41 per cent, to 11 cents on 39.4 million shares. Score Media and Gaming Inc. (TSX:SCR). Telecommunications. Up 49 cents, or 16.78 per cent, to $3.41 on 7.2 million shares. Nevada Copper Corp. (TSX:NCU). Materials. Up half a cent, or 2.86 per cent, to 18 cents on 6.2 million shares. Alimentation Couche-Tard Inc. (TSX:ATD.B). Consumer staples. Up 42 cents, or 1.11 per cent, to $38.40 on 5.5 million shares. BlackBerry Ltd. (TSX:BB). Technology. Up 72 cents, or 5.77 per cent, to $13.20 on 5 million shares. NextSource Materials Inc. (TSX:NEXT). Materials. Up three cents, or 33.33 per cent, to 12 cents on 4.3 million shares. Companies in the news: TC Energy Corp. (TSX:TRP). Down $2.57 or 4.5 per cent to $54. Cancelling the multibillion-dollar Keystone XL pipeline expansion would not only jeopardize thousands of jobs in Alberta, it would also mean the loss of billions of dollars in corporate income taxes, carbon taxes and royalties, according to energy experts. TC Energy Corp.'s 1,947-kilometre project would carry crude oil from Hardisty, Alta., to Steele City, Neb. From there it would connect with the company's existing facilities to reach the U.S. Gulf Coast — one of the world’s biggest oil refining hubs. Transition documents suggest Joe Biden will kill the controversial project as soon as Wednesday when he's sworn in as U.S. president, rescinding a construction permit granted by predecessor Donald Trump. Alimentation Couche-Tard — The convenience store chain remains open to a second chance to consummate a union with Carrefour if the French government has a change of heart about its opposition. But the company's founder said it would look elsewhere in hopes of expanding and achieving its strategy to double its adjusted operating earnings by 2023. Couche-Tard abandoned its potential $25-billion offer for Carrefour after French Finance Minister Bruno Le Maire told the Quebec businessman that he refused to let a potential takeover proceed because he felt the deal would put food security at stake. Bouchard said he was surprised that Le Maire justified his opposition based on food security, even as the two sides were on the verge of a deal. This report by The Canadian Press was first published Jan. 18, 2021. The Canadian Press
- Bloomberg
Keystone XL May Be Sold for Scrap If Biden Moves to Kill It
(Bloomberg) -- The Canadian province that invested $1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds.“If the project ends, there would be assets that could be sold, such as enormous quantities of pipe,” Alberta Premier Jason Kenney said in a press conference Monday. “That would offset construction costs.”With Joe Biden set to be sworn in this week, the U.S. president-elect’s campaign promise to cancel the crude pipeline’s license is haunting the Canadian oil sands industry. The decision may come via executive action on his first day in office, CBC News reported on Sunday, citing people it didn’t identify.Meanwhile, the government of Justin Trudeau vowed to defend the project.Alberta, home to the world’s third-largest crude reserves, has struggled for years with a lack of pipeline capacity to ship its crude to the U.S. Gulf Coast and other markets. TC Energy Corp.’s Keystone XL was one of the possible pipelines the industry was counting on to solve that.The cancellation of Keystone XL would cost Alberta taxpayers just over C$1 billion ($785 million), Kenney said.In March, Kenney’s government agreed to fund the first year of construction with a $1.1 billion investment and to guarantee $4.2 billion of loans as a way to jump-start construction.The province and TC Energy have a “solid legal basis” to recoup damages through the courts, Kenney also said.Canadian Energy Minister Seamus O’Regan said the federal government continues to support Keystone XL and will make the case for the project to the Biden administration.“Canadian oil is produced under strong environmental and climate policy frameworks, and this project will not only strengthen the vital Canada-U.S. energy relationship, but create thousands of good jobs for workers on both sides of the border,” said O’Regan in an email.Kenney stressed that the federal government had said the pipeline is the “the top priority” of Canada’s relationship with the U.S.“Sit down and review the many facts that have changed since KXL was proposed a decade ago,” Kenney said, citing reduced carbon emissions from the oil sands, labor agreements and an indigenous stake in the pipeline.More than a decade old, the Keystone XL project was first rejected by former-President Barack Obama due to concern about climate change, but his successor Donald Trump issued a new permit when he took office.The Canadian Association of Petroleum Producers said that canceling the project would kill thousands of jobs and offered to work with stakeholders to find a solution to complete the pipeline.(Updates with comments from Canadian energy minister)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- The Canadian Press
Cancelled Keystone XL pipeline expansion won't lessen oil dependency, experts say
CALGARY — Cancelling the multi-billion dollar Keystone XL pipeline expansion would not only jeopardize thousands of jobs in Alberta, it would also mean the loss of billions of dollars in corporate income taxes, carbon taxes and royalties, according to energy experts.TC Energy Corp.'s 1,947-kilometre project would carry crude oil from Hardisty, Alta., to Steele City, Neb. From there it would connect with the company's existing facilities to reach the U.S. Gulf Coast – one of the world’s biggest oil refining hubs.Scrapping the pipeline expansion could threaten the security of supply for those refineries, said Richard Masson, an executive fellow and energy expert at the University of Calgary's School of Public Policy.Without a pipeline to move bottlenecked bitumen from Canada to U.S. coastal refineries, they'll be forced to import from countries like Saudi Arabia, Iraq and Russia, he said. "Connecting by pipeline within North America is the most secure way to feed those refineries," Masson said, noting that Canada has higher environmental oversight and labour standards than do many other oil producing countries. "Those refineries really need our oil ... and the U.S. Gulf Coast is the best market for our oil," he said.Transition documents suggest Joe Biden will kill the controversial project as soon as Wednesday when he's sworn in as U.S. president, rescinding a construction permit granted by predecessor Donald Trump.But the combination of a new environmental plan, Indigenous partnerships and trade union agreements could push the incoming administration to at least reconsider the pipeline project, energy experts say. The pipeline, in development for more than a decade, would provide a conduit for landlocked Western Canadian crude to reach the U.S. Gulf Coast.Without it, producers have taken markdowns of as much as $40 per barrel for oil sands bitumen, a type of so-called heavy oil, when compared with U.S. benchmark West Texas intermediate crude, which is a lighter blend. The deep discount has prompted the industry to curtail production.Moreover, observers believe peak oil demand may not occur until the 2030s as continued population growth and emerging middle classes in India and China push energy demand beyond what can be supplied by renewables alone. "The demand for heavy oil in the world doesn't change whether Keystone XL happens or not," said Dennis McConaghy, a retired TransCanada executive. "It's just where it's sourced. Those refineries are still going to run on heavy oil."Still, many environmental advocates remain fiercely opposed to oilsands development. The high-profile, cross-border pipeline has long represented a flashpoint in the debate over climate change and fossil fuels.In an effort to appease environmental concerns, TC Energy announced a plan Sunday for the Keystone XL project to achieve net zero emissions, even as its future appeared in doubt.“Climate change is a serious issue and we have an important role to play in managing GHG emissions while balancing the need for safe, reliable and economic energy,” TC Energy chief executive Francois Poirier said in a statement. The Calgary-based company also struck a deal with four labour unions to build the pipeline and has an agreement in place with five Indigenous tribes to take a roughly $785 million ownership stake."They're serious about doing the right thing," Masson said. "They're ticking every box." He added: "It's a very important piece of pipe. Unless we get a new pipeline built, nobody is going to be investing in new oil production."There's a lot hinging on the pipeline moving forward. It's the most strategically important infrastructure project in Canada in decades, McConaghy said. "The project has always represented the most efficient, low-cost access for Alberta bitumen produced oil to its most logical, highest value market – the U.S. Gulf Coast – where there are refineries optimized to run on heavy oil," said McConaghy, author of a book about the pipeline for which initial applications were made in 2008.As new technologies are developed, Masson added that those greenhouse gas emissions could be further reduced. Once complete, the Keystone XL expansion is expected to carry up to 830,000 additional barrels a day of diluted bitumen from Alberta's oilsands to refineries along the U.S. Gulf Coast.Some 200 kilometres of pipe have already been installed for the expansion, including across the Canada-U.S. border, and construction has begun on pump stations in Alberta and several U.S. states.Biden was vice-president in 2015 when Barack Obama rejected Keystone XL for fear it would worsen climate change. Trump approved it again in March 2019. The Alberta government then signed on to help build the pipeline through a $1.5 billion investment, and construction began last summer.Tim McMillan, President and CEO, of the Canadian Association of Petroleum Producers, urged the incoming Biden administration to reconsider its stance. “CAPP is concerned by reports that the new Biden administration will soon cancel the Keystone XL pipeline," he said in a statement. "Cancelling Keystone XL would immediately kill thousands of U.S. and Canadian jobs, harm energy security and integration in North America, and have a negative effective on the economic recovery in both countries." Stephanie Stimpson, a partner with Torys LLP in Calgary, said it will be interesting to see what legal recourse TC Energy and the Alberta government will take if the existing permit is rescinded.“The next part of the story will be the legal implications and ensuing litigation,” she said. “The ability for the U.S. president to revoke this permit, at this stage will be the subject of a lot of legal commentary as well as political debate.”This report by The Canadian Press was first published Jan. 18, 2021.Companies in this story: (TSX:TRP) The Canadian Press
