Yahoo Finance TC Energy (TRP) Gets Approval for NGTL Pipeline Expansion
TC Energy TRP was granted approval by the Canadian government to expand the NOVA Gas Transmission Ltd. (“NGTL”) pipeline system in Alberta. This move could help improve market access for western Canadian natural gas.
Canada’s Energy Regulator conditionally approved TRP’s West Path Delivery 2023 project, which will add roughly 40 kilometers (25 miles) of new natural gas pipelines to the prevailing 25,000-kilometre NGTL system. This will allow the company to ship gas from the western Canadian Sedimentary Basin to markets in Canada and the United States.
The expansion will enable the Calgary-based firm to meet the growing demand for natural gas in the United States. Further, the expansion is part of a C$1.2 billion expansion program first announced by TC Energy in 2019 and reinforced by about 258 million cubic feet per day of new long-term firm service contracts.
TC Energy mentioned that the company is pleased with the approval decision. It also stated that the construction is anticipated to commence in the first quarter of 2023, with a planned in-service date of Nov 1, 2023.
TC Energy Corporation is a premier energy infrastructure provider in North America. Established in 1951, TRP primarily focuses on natural gas transmission through its 57,500-mile network of pipelines located in Canada, the United States and Mexico. TC Energy is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
TC Energy currently has a Zacks Rank #3 (Hold). Investors interested in the energy space might look at some better-ranked stocks — DCP Midstream Partners DCP, Patterson-UTI PTEN and Par Pacific PARR — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 54 cents per share, suggesting an increase of about 128% from the year-ago loss of $1.93.
PTEN beat estimates for earnings in three of the trailing four quarters, the average being around 169.2%.
The Zacks Consensus Estimate for Par Pacific’s 2022 earnings stands at $7.84 per share, which indicates an increase of about 555.8% from the year-ago loss of $1.72.
The consensus mark for PARR’s 2022 earnings has been revised upward twice in the past 60 days from $4.90 to $7.84 per share.
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