transcanada shareholders agree to drop 'canada' from the name - energy storage companies1
CALGARY -
TransCanada
Officially abandoning the name "Canada", but CEO Russ Girling did not say he expected it to make it easier for the pipeline to be approved in Canada or the US. The Calgary-
S. -based companies are now known as TC energy.
Shareholders approved the change at Friday's annual meeting.
"The name TC Energy recognizes the origin of our pipeline as TransCanada, while adding the word" Energy ", which illustrates the breadth of our business, including pipelines, power generation and Energy storage, girling said at the meeting.
"But it is clear that this is a name change, not a brand name.
We are proud of who we are and what we do.
After the event, he refused to talk to reporters.
The company said the change acknowledged its growth in the United States and Mexico, including the latest $13 --
Billion dollar purchaseS.
Gas carriers at Columbia Pipeline Group.
It has about 7,000 employees in North America, 3,500 employees in Canada, and 3,200 employees in the United States. S.
There are 300 people in Mexico.
But some analysts believe it is also an opportunity to stay away from Canada. In the event that pipeline projects are difficult to obtain approval, the excess supply of oil is considered to be the reason for the sharp discount pricing last fall, and prompted the Alberta provincial government to cut production from January.
"I think the change in the name is semantic . "S. -
Jennifer Roland, analyst at Edward Jones, wrote in an email.
"I don't think it's going to attract new investors, but I do think it's up to you to see it, it's a subtle way, or it's not that subtle
Canada is emphasized because, given the government's intervention in Alberta's free market and the difficulty of the energy regulatory environment, some investors are cautious about investing in Canada.
"TransCanada's Keystone XL pipeline from Alberta to the United StatesS.
It was originally proposed in 2008, when it was rejected.
On 2015, US President Barack Obama received approval from President Donald Trump on 2016 and 3, but was still on hold for Montana and neblas
The court's delay means the project will not start construction in the United States. S.
This year, Paul Miller, president of the liquid pipeline, confirmed this in a conference call with financial analysts in the afternoon.
If the United States chooses a new federal government, the project may not be completed yet. S.
He added that in 2020, it is hoped that all permits and approvals will be in place at that time and that the new government will not affect the smooth progress of the project.
Shareholders at the meeting almost voted against a motion initiated by the Canadian United church pension scheme, which requires the company to report on how it meets the rights of indigenous peoples of international standards
They agreed with the company's proposal that it was unnecessary to reject the motion, given its existing policy.
On the occasion of the official approval of the name change, the company reported that,
Quarterly profit of $1 billion.
$09 per share, up from $0. 734 billion or 83 cents a year ago.
Total revenue for the first quarter was $3.
49 billion, $3.
The first quarter of 2018 was 42 billion.
TransCanada said it earned $0. 987 billion or $1 on a similar basis.
$07 a share this quarter, up from $0. 864 billion a year ago or 98 cents a share.
Analysts expect an average profit per share of 99 cents, according to Thomson Reuters Eikon.
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