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CALGARY, ALBERTA – Feb. 20, 2014 – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced comparable earnings for fourth quarter 2013 of $410 million or $0.58 per share compared to $318 million or $0.45 per share for the same period in 2012. For the year ended December 31, 2013, comparable earnings were $1.6 billion or $2.24 per share compared to $1.3 billion or $1.89 per share in 2012. Net income attributable to common shares for fourth quarter 2013 was $420 million or $0.59 per share compared to $306 million or $0.43 per share in fourth quarter 2012. For the year ended December 31, 2013, net income attributable to common shares was $1.7 billion or $2.42 per share compared to $1.3 billion or $1.84 per share in 2012. TransCanada’s Board of Directors also declared a quarterly dividend of $0.48 per common share for the quarter ending March 31, 2014, equivalent to $1.92 per common share on an annualized basis, an increase of four per cent. This is the fourteenth consecutive year the Board of Directors has raised the dividend.
“Our diverse portfolio of critical energy infrastructure assets generated strong earnings and cash flow in 2013,” said Russ Girling, TransCanada’s president and chief executive officer. “Comparable earnings increased 19 per cent to $1.6 billion and funds generated from operations were up 22 per cent to $4 billion. The strong year over year results reflect a return to an eight unit site at Bruce Power, higher Western Power volumes, an increase in New York capacity prices, growth in our NGTL System, and a higher Canadian Mainline return on equity.”
During 2013 we also captured an additional $19 billion of commercially secured growth opportunities. They include the Prince Rupert Gas Transmission project that would move natural gas to Canada’s West Coast for liquefaction and shipment to Asian markets, further expansion of the NGTL System, the Heartland and TC Terminals crude oil infrastructure projects in Alberta, and the Energy East Pipeline project which, in addition to new build, would include the conversion of a portion of our existing Canadian Mainline from natural gas to crude oil service and link growing crude oil production in Western Canada to refineries and export terminals in Eastern Canada.
“We now have a $38 billion portfolio of commercially secured projects backed by long-term contracts,” added Girling. “Looking forward, we will remain focused on obtaining the necessary approvals and constructing this high-quality portfolio of energy infrastructure assets that are expected to generate significant growth in earnings and cash flow as they are placed into service over the remainder of the decade.”
On January 22, 2014, we reached a significant milestone in advancing our unprecedented capital program when the approximate US$2.6 billion Gulf Coast Project began delivering crude oil from Cushing, Oklahoma to refineries on the U.S. Gulf Coast. This vital piece of infrastructure extends our existing Keystone Pipeline System which has safely delivered more than 550 million barrels of oil from Western Canada to key refining markets in the U.S. Midwest since it commenced operations in 2010.
Read more: http://www.transcanada.com/news-releases-article.html?id=1810329