TransCanada Will Delay Crude Oil Shipping By 6 To 8 Weeks
TransCanada had a problem in their Keystone pipeline, delaying the shipping of the crude oil by 6 to 8 weeks.
Chief operating officer Russ Girling said in a conference that TransCanada Corp. will delay transport of crude oil to US Midwest thru its recent Keystone pipeline, by 6 to 8 weeks.
Girling added that with 1million crude barrels that needs filling in a few weeks, things are not going as fast as expected. Since the repair of the Keystone was ended last year, TransCanada doubled time in filling it with crude.
Girling said despite the complicated repairing of Keystone, they are not that too far behind in schedule.
This quarter, TransCanda’s stocks climbed to $381 million that’s 56 per share from last year’s $277 million at $0.47 a share.Q4 profits for 2009 got low at 5.4% or $126 million against that of 2008.TransCanada’s periodical surplus rose 5% to $0.40 a share that’s $1.60 annually.
For 2009 Q4 it yielded $328 million better than last year’s $271 million.Unbelievably, its earnings reached $0.48 per share compared to $0.46 same time in 2008.
Analyst, Reuters estimated TransCanada’s relevant profits at $0.51 a share.The difference is just visible in the company’s pipeline and power division.TransCanada profits well from natural gas and in Ontario power projects compensated by low prices in western and US pipeline division including Alaska pipeline project.
TransCanada chief executive Hal Kvisle said that in 5 years, their $22 billion principal project will earn a lot. Within 2010, Keystone will be extended to Cushing, Okla. But TransCanada, thru Keystone XL, plans to stretch the pipelines to US Gulf Coast where there is a demand for Alberta’s crude oil.
The XL project will be approved by Canada energy officials to start the expansion by 2011 and be finished by 2012 to 2013.Tuesday, TransCanada increased its stock value by $0.28 to $34.93 in the Toronto Stock Exchange.
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