TC PipeLines, LP has reported 4Q15 distributable cash flow of CAN$74 million and adjusted earnings of CAN$62 million. For the year ended 31 December 2015, distributable cash flow was CAN$291 million and adjusted earnings were CAN$212 million. After accounting for a financial impairment during the fourth quarter, the partnership generated a net loss attributable to controlling interests of CAN$137 million during the quarter and net income attributable to controlling interests of CAN$13 million for the year ended 31 December 2015.
"The partnership performed well in 2015 benefiting from our conservative business approach. Our assets generated increased cash flow and adjusted earnings during both the quarter and the year despite the volatility in the markets. These positive results demonstrate the strength and stability of our portfolio of FERC-regulated pipeline assets, all of which are underpinned by long-term, ship-or-pay contracts with high quality, creditworthy customers," said Brandon Anderson, President of TC PipeLines, GP, Inc.
"Great Lakes saw improved results indicative of our expectations for future periods. However, these results are not at the level experienced earlier this decade. We have taken an impairment charge to earnings during the fourth quarter in order to bring the carrying value of this pipeline system in line with its fair value. Our distributable cash flow in 2015 reached an all-time high of CAN$291 million and was unaffected by this non-cash charge."
Effective 1 January 2016, the company acquired a 49.9% interest in Portland Natural Gas Transmission System (PNGTS) from TransCanada.
Edited from source by Stephanie Roker
Read the article online at: https://www.worldpipelines.com/business-news/25022016/tc-pipelines-4q15-results/