TC Energy is on a path to delivering $3 billion in asset divestitures and bolster its balance sheet strength. (Source: Shutterstock)
TC Energy Corp. and its partner Northern New England Investment Co., a subsidiary of Énergir LP, have completed the sale of the Portland Natural Gas Transmission System (PNGTS), the companies announced in an Aug. 16 press release.
The system was sold for a gross purchase price of US$1.14 billion. The buyers will assume US$250 million of outstanding senior notes held at PNGTS and consolidated on TC Energy’s balance sheet, according to the announcement.
TC holds a 61.7% ownership interest in PNGTS and Énergir holds 38.3%. The sale’s cash proceeds will be split pro-rata between the two entities based off their ownership interest.
TC Energy is on a path to delivering $3 billion in asset divestitures and bolster its balance sheet strength, TC President and CEO François Poirier said. The sale brings TC one step closer to delivering on its goal, which includes reaching a 4.75 times debt-to-EBITDA upper limit by the end of the year.
Recommended Reading
Targa Pipeline Helps Spark US NGL Production High in 2024
2025-01-23 - Analysts said Targa Resources’ Daytona line released a Permian Basin bottleneck as NGLs continued to grow.
Phillips 66 Makes EPIC Move to Strengthen South Texas Position
2025-01-09 - Phillips 66’s $2.2 billion deal with EPIC allows for further integration of its South Texas NGL network.
Marcellus Waiting to Exhale But Held Back by Regional, Economic Factors
2024-11-06 - After years of exploitation as one of the country’s first unconventional shale plays, the Marcellus still has plenty of natural gas for producers, even if regional and economic factors have kept much of it bottled up.
Dallas Fed: Trump Can Cut Red Tape, but Raising Prices Trickier
2025-01-02 - U.S. oil and gas executives expect fewer regulatory headaches under Trump but some see oil prices sliding, according to the fourth-quarter Dallas Fed Energy Survey.
Pickering on Permian: Marginal Barrels, Stripper Wells, More
2024-12-02 - As the Permian Basin matures and global oil demand grows, Dan Pickering, chief investment officer for Pickering Energy Partners, offers his thoughts on the basin’s future, costs, demand and the price of oil.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.