TC Energy Seeks $3.7 Billion in Asset Sales to Cut Debt

The company will focus on the divestment of non-core and minority-owned assets and will consider greenhouse gas emissions when determining which assets are sold, Chief Executive Officer Francois L Poirier said Wednesday on TC’s third-quarter earnings conference call.

The company has faced challenges in recent years including a 70% cost overrun at its Coastal GasLink pipeline, which is being built to supply LNG Canada, a massive natural gas export project in British Columbia. TC said Wednesday it sanctioned two new gas pipeline projects, one in Western Canada and the other in Louisiana.

TC Energy shares rose 3.1% to C$62.01 at 12:46 p.m. Toronto time and earlier reached the highest since late September.