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TransCanada Corp. is going ahead with a $2.4-billion expansion of its NGTL natural gas system in Western Canada, the company said Thursday as it reported a swing to profitability in its fourth-quarter.
The Calgary-based company reported net income attributable to shareholders of $861 million or 98 cents per share in the fourth-quarter of 2017, compared to a loss of $358 million or 43 cents per share in the same period a year earlier.
Fourth-quarter earnings were boosted by a number of one-time items, including an $804 million recovery of deferred income taxes as a result of U.S. tax reform.
Revenues were relatively flat at $3.61 billion compared to $3.63 billion in the same quarter of 2016.
For the full 2017 fiscal year, the company reported income of $3 billion or $3.44 per share, more than double the $124 million, or 16 cents per share reported in 2016.
The company's board also boosted its quarterly divided by 10 per cent to 69 cents.
"We are pleased that our vision of becoming one of North America's leading energy infrastructure companies is becoming a reality. In 2017, we advanced a number of strategic initiatives and delivered record financial performance following the successful integration of Columbia into our operations," said Russ Girling, TransCanada's president and chief executive officer.
The company said the decision to expand NGTL comes after it recently completed an oversubscribed open season. Shippers have executed binding agreements for one billion cubic feet per day of expansion capacity for firm service that will start in November 2020 and April 2021.
The expansion program will include approximately 375 kilometres of large diameter pipeline, compression facilities, meter stations and other associated facilities.
It expects to file a project description with the National Energy Board by the second quarter of this year to start the review process and hopes to begin construction in 2019.
Girling added that the company will continue its $23 billion near-term capital spending program, including an additional $2.4 billion on NGTL. It will also invest more than $20 billion in medium- to long-term projects including the controversial Keystone XL.
