CALGARY, Alberta, July 31 (UPI) -- Canadian energy giant TransCanada Corp. posted a 3 percent decline in second-quarter profits, but remains optimistic as it pushes oil and gas infrastructure.
TransCanada reported net income of $314 million for the second quarter of 2009, down from $324 million for the second quarter of 2008.
Hal Kvisle, president and chief executive officer at TransCanada, said the modest decline in the current economic recession demonstrates the quality of its existing assets.
The company, Canada's largest pipeline operator, expects to close a lucrative deal to acquire interest held by ConocoPhillips in the 2,148-mile Keystone pipeline to bring 1.1 million barrels of crude oil per day from Alberta, Canada, to markets in the U.S. Midwest.
Meanwhile, a partnership with Exxon Mobil Corp. on the Alaska Pipeline Project moves toward the conclusion of an initial bidding open season by July 2010. That 1,700-mile pipeline will bring 4.5 billion cubic feet to U.S. markets by 2018.
Kvisle said his company is in a sound financial position to move ahead with its long-term objectives as the economy recovers.
"Looking forward, our strong internally generated cash flow and prudent decisions to maintain TransCanada's financial strength means we are well positioned to fund our large capital program," he said.
