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TC Energy increases dividend, reports Q4 loss due to rising costs of Coastal GasLink

CALGARY — TC Energy Corp. raised its dividend as it reported a nearly $1.45-billion loss in its fourth quarter due to rising cost of its Coastal GasLink project.
Canadian Press
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Piping is seen on the top of a receiving platform which will be connected to the Coastal GasLink natural gas pipeline terminus at the LNG Canada export terminal under construction, in Kitimat, B.C., on Wednesday, September 28, 2022. THE CANADIAN PRESS/Darryl Dyck

CALGARY — TC Energy Corp. raised its dividend as it reported a nearly $1.45-billion loss in its fourth quarter due to rising cost of its Coastal GasLink project.

The company says it will now pay a quarterly dividend of 93 cents per share, up from 90 cents per share.

The increased payment to shareholders came as TC Energy says it lost $1.42 per share for the quarter ended Dec. 31 compared with a profit of nearly $1.12 billion or $1.14 per share a year earlier.

The most recent quarter included a one-time pre-tax charge of $3 billion related to an increased cost estimate for the Coastal GasLink project which is now expected to cost $14.5 billion.

TC Energy says its comparable earnings for the quarter amounted to $1.11 per share, up from $1.05 per share a year earlier.

Analysts on average had expected a profit of $1.10 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 14, 2023.

Companies in this story: (TSX:TRP)

The Canadian Press