|Bid||45.10 x 1000|
|Ask||49.70 x 1100|
|Day's Range||47.68 - 48.15|
|52 Week Range||32.37 - 57.92|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||17.27|
|Earnings Date||Feb 09, 2017 - Feb 13, 2017|
|Forward Dividend & Yield||2.43 (5.04%)|
|Ex-Dividend Date||Sep 29, 2020|
|1y Target Est||54.51|
(Bloomberg) -- Oil pared gains as investors assessed a government report that showed a decline in U.S. crude inventories, yet an increase in refined product supplies.U.S. benchmark crude futures closed at the highest in five months, but eased off session highs following Energy Information Administration data that showed gasoline and distillate stockpiles increased by a combined 2 million barrels as the summer driving season nears its end. The recovery in gasoline demand has stagnated, with deliveries stuck around 8.6 million barrels a day, close to 10% down on year-earlier levels.Still, domestic crude stockpiles fell to the lowest since April, with shipments from Saudi Arabia declining to the second-lowest on record.“The clock’s running out on drawing crude inventories down,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. “It happens pretty much every year, but this year it’ll be a bigger problem,” given depressed demand.After rebounding from a plunge below zero in April, crude’s rally has stalled as the resurgence of the coronavirus pandemic weighed on the outlook for a swift demand recovery. U.S. benchmark futures fluctuated in a tight trading range near $40 a barrel since June.“Given OPEC+ will continue to match its sequestered supply to the growing demand and coronavirus risks still remain a major global demand risk factor, a sustained breakout” for West Texas Intermediate futures into a higher trading range of $45 to $50 a barrel “is unlikely this year,” Bart Melek, head of global commodity strategy at TD Securities, said in a note.The 3-2-1 refining margin for combined gasoline and diesel against WTI -- a rough profit gauge for processing a barrel of crude -- ended the session below $10 a barrel for the second consecutive day. The measure is at its lowest seasonal level in nearly a decade as the pandemic keeps Americans off the road during the normally busy summer driving season.Meanwhile, American shale drillers have signaled the end of output growth, with Diamondback Energy Inc.’s chief executive officer saying there are currently no market signals that such growth is needed.U.S. crude production ticked lower by 100,000 barrels a day last week, the EIA data showed.Domestic oil producers “indicated that they’re going to be disciplined, and not necessarily grow production, which will be beneficial for oil prices in the longer term,” said Rob Thummel, portfolio manager at Tortoise.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Creates Multi-Million Dollar Training Program for Renewable Energy SectorHOUSTON, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) announced today that Keystone XL has reached a project labor agreement (PLA) with four leading U.S. labor unions that will inject hundreds of millions of dollars in middle-class wages into the American economy, while ensuring this pipeline will be built by the highest-skilled and highest-trained workforce. TC Energy is also working with labor to establish a unique Green Jobs Training Program to help union members acquire the specific skills needed to work in the developing renewable energy sector. The company will contribute approximately $10 million, recognizing the 10 million-plus hours anticipated to be worked on Keystone XL by union workers, to establish new training courses for current and future union members in North America.“We are proud to partner with these union trades and craft workers to ensure this pipeline will be built by qualified professionals with specialized skills to the highest safety and quality standards,” said Richard Prior, President of Keystone XL. “We are especially proud of the new Green Jobs Training Program, which is an investment in thousands of current and future union workers.”The four unions that are part of the PLA include the Laborers International Union of North America (LiUNA), the International Brotherhood of Teamsters, the International Union of Operating Engineers, and the United Association of Union Plumbers and Pipefitters. Each union is respected throughout the energy industry for their commitment to safety and quality.“We’re proud to reach today’s agreement with TC Energy that will put UA members to work on this project, bringing safe and efficient energy to American families,” said Mark McManus, General President of the United Association of Union Plumbers and Pipefitters (UA). “This project will bring good paying jobs to our members, all while keeping energy costs low and delivering a boost to local communities and their economies. We’re ready to get to work.”Project construction will support the creation of 42,000 family-sustaining jobs in the U.S, including more than 10,000 high-paying construction jobs that will be filled primarily by union workers. Keystone XL pipeline construction will generate $2 billion in earnings for U.S. workers, according to the 2014 Final Environmental Impact Statement done by the U.S. State Department.“Unions working in the pipeline industry, like the Operating Engineers, pride themselves on achieving the highest level of technical training and safety to earn opportunities to build projects like Keystone XL,” said James T. Callahan, General President of the International Union of Operating Engineers. “When our members build and maintain pipelines, they are built right, built safe, and built to last. North America is in desperate need of more modern, safe and efficient energy infrastructure. Operating Engineers will continue to provide the most advanced training in the industry to ensure that these projects are built to the highest safety and environmental standards by the most skilled workforce possible.”The agreement also underscores TC Energy’s commitment to hire as many local workers as possible, including Indigenous workers. Under the agreement, the unions will hire a tribal consultant to serve as a liaison, reaching out with job fairs and open houses to identify and support Indigenous members seeking to work on this project.“The Keystone XL pipeline project will put thousands of Americans, including Teamsters, to work in good union jobs that will support working families,” said Jim Hoffa, Teamsters General President. “We believe in supporting projects which prioritize the creation of good jobs through much-needed infrastructure development.”Keystone XL will create jobs and energy security in North America, by ensuring a reliable source of crude oil to the United States. Construction of Keystone XL will inject approximately $3.4 billion into the U.S. GDP. Once complete, Keystone XL will continue to contribute to the local economy, adding approximately $55 million in property taxes to local communities in Montana, South Dakota and Nebraska during the first year of operation.For additional information on the project, visit Keystone-XL.comAbout TC Energy We are a vital part of everyday life - delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and crude oil pipelines, along with power generation and storage facilities, wherever life happens — we’re there. Guided by our core values of safety, responsibility, collaboration and integrity, our more than 7,300 people make a positive difference in the communities where we operate across Canada, the U.S. and Mexico.TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.-30-Media Inquiries: Robynn Tysver / Terry Cunha 403-920-7859 or 800-608-7859Investor & Analyst Inquiries: David Moneta / Hunter Mau 403-920-7911 or 800-361-6522PDF available: http://ml.globenewswire.com/Resource/Download/7e2e0752-d56a-4ff0-bd84-3b37ba3d0a92
(Bloomberg) -- TC Energy Corp. has reached agreements with four labor unions to build the controversial Keystone XL oil pipeline -- a move that could amplify political pressure on Joe Biden, who has threatened to rip up permits for the project even as he courts blue-collar workers.The labor agreements being announced Tuesday help pave the way for 2,000 unionized workers to begin building some of the project’s 28 planned pump stations in the U.S. this fall -- even while TC Energy continues to seek other permits to begin constructing the pipeline itself -- according to Senior Vice President Richard Prior. TC Energy is already building the Canadian portion of Keystone XL, aiming to start shipping crude in 2023.U.S. politics have whipsawed the project for more than a decade, with former President Barack Obama rejecting an essential border-crossing permit in 2015, only to have President Donald Trump approve it two years later. The Supreme Court dealt Keystone XL another setback last month, when it left in force part of a lower court order blocking an Army Corps of Engineers authorization for all of Keystone XL’s planned U.S. water crossings, forcing TC Energy to seek individual permits instead.In May, the Biden campaign released a statement saying the Democratic nominee would rescind Keystone XL’s presidential permit “and stop it for good.” A campaign spokesman confirmed Biden’s position on Tuesday.Prior stressed that the agreements would ensure higher wages for specialized union workers at a time when Covid-19 is walloping the U.S. and Canadian job markets.TC Energy reached the labor agreements with four major pipeline unions:Laborers International Union of North AmericaInternational Brotherhood of TeamstersInternational Union of Operating EngineersUnited Association of Union Plumbers and Pipefitters.TC Energy will spend approximately $10 million underwriting renewable energy jobs training and is committing to employ Native American, veteran and local and diverse businesses, Prior said.“The Keystone XL pipeline project will put thousands of Americans, including Teamsters, to work in good union jobs that will support working families,” said Teamsters General President Jim Hoffa in a statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.