(Recasts, adds comment, details on Energy East)
By Nia Williams
CALGARY, Alberta, Feb 11 (Reuters) - TransCanada Corp
TRP.TO , the country's second-largest pipeline company,
reported a fourth-quarter loss on Thursday as a result of a
one-off C$2.9 billion ($2.08 billion) impairment charge relating
to its rejected Keystone XL oil pipeline.
However, excluding the Keystone XL writedown, the company
reported a higher-than-expected profit and raised its dividend
at a time when most energy companies are scaling back
shareholder payouts.
Calgary-based TransCanada said long-term contracts helped
underpin its business during a "very challenging year", in which
global crude oil prices tumbled on concerns about oversupply.
The company endured a difficult end to 2015 after U.S.
President Barack Obama blocked the cross-border Keystone XL
pipeline in a victory for environmentalists who campaigned
against the project for more than seven years.
Last month, TransCanada filed legal action against the
United States for the rejection and has vowed to press ahead
with the project.
The company's proposed Energy East pipeline from Alberta to
Canada's Atlantic coast has also run into environmental
opposition, and new interim rules on energy project reviews
imposed in January could lead to further delays. L2N15B1QM
"We are still assessing the impact of the NEB (National
Energy Board) changes...we are still targeting 2020 but I think
it's fair to assume with a extension of the regulatory process
that may translate into a delay in bringing it into service,"
said Paul Miller, president of liquids pipelines, said on an
earnings call.
Excluding the after-tax impairment charge related to
Keystone XL, TransCanada's profit was 64 Canadian cents per
share in the fourth quarter, higher than the average analyst
estimate of 61 Canadian cents.
Net loss attributable to shareholders was C$2.46 billion, or
C$3.47 per share, in the three months ended Dec. 31, compared
with a profit of C$458 million, or 65 Canadian cents per share,
a year earlier.
TransCanada shares closed almost flat on the Toronto Stock
Exchange at C$48.24.
($1 = 1.40 Canadian dollars)