TC Energy reports Q4 loss due to rising costs of Coastal GasLink pipeline
The company — which raised its dividend Tuesday to 93 cents per share, up from 90 cents per share — said it took a one-time pre-tax charge of $3 billion in the fourth quarter related to the increased cost of the project.Story continues below advertisement
The company is pursuing potential recoveries from contractors to offset a portion of the rising costs. The company has pegged the cost of cleanup and remediation of December’s spill at an estimated US$480 million, though TC Energy is hopeful most of those costs will be recoverable through insurance. The company’s own investigation has indicated the spill was due to a combination of factors, including bending stress on the pipe and a welding flaw, and that there were no issues with the strength or material properties of the pipe itself.
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