Latest news with #TCEnergy
Calgary Herald
a day ago
- Business
- Calgary Herald
Varcoe: On eve of new era for Canadian energy exports, Keyera CEO welcomes Ottawa's push to fast-track major projects
Article content 'Bill C-5 is a necessary condition to jump-start the investment in our country, but it's not going to be sufficient to change the investment climate overall,' Premier Danielle Smith told reporters Wednesday in Lloydminster. Article content 'If I understand where the prime minister is attempting to go, if he very soon is able to announce a project list that has 20 or more substantial projects on it . . . that would send a pretty big message to the world about the direction that we're going.' Article content Alberta wants to double oil and gas production over time, but new energy infrastructure, such as LNG terminals or pipelines to transport oil and gas to tidewater for export, will be required and significant investment will be needed. Article content The Trans Mountain expansion (TMX) project, which moves more Alberta oil to the British Columbia Coast, was purchased by the federal government to get it completed, and ran massively over budget. Article content Article content Yet, TMX began commercial operations last year, securing new customers for Canadian crude oil in Asia. With the imminent startup of the colossal LNG Canada development, the country is on the precipice of a shift, exporting oil and gas to countries other than the United States. Article content 'It is really, truly momentum,' Tristan Goodman, president of the Explorers and Producers Association of Canada, said Thursday. Article content The LNG Canada development is expected to ramp up in the coming weeks — a Reuters report on Wednesday suggested it could produce LNG as soon as this weekend — although project officials said it remains on track to load first cargoes by the middle of the year. Article content Article content TC Energy CEO François Poirier said Bill C-5 isn't perfect, but represents a step forward to 'get back into the business of big nation-building projects,' and it will enhance energy security. Article content Article content 'If Canada is to become an energy superpower, there must be action now,' he said in a statement earlier this week. Article content The bill will give the federal government the ability to proceed quickly on major projects, but Ottawa will determine which ones are of national importance, noted Goodman. Article content 'It means government will be picking winners and losers on projects, which is never a great place to be,' he said. Article content 'But out of the options available, we're initially, reasonably positive.'
Globe and Mail
4 days ago
- Business
- Globe and Mail
TC Energy wins appeal over Columbia deal, undoing US$199-million damages order
Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy TRP-T to pay US$199.2-million of damages stemming from its US$13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to US$25.50 per share from US$26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to US$199.2-million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. 'For understandable reasons, that standard was not applied here,' and despite a 'mountainous trial record' the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. 'The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process,' Traynor wrote. 'Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them.' Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay US$79-million to settle with Columbia shareholders.
Reuters
4 days ago
- Business
- Reuters
Canada's TC Energy erases $199 million damages loss in Delaware appeal over Columbia takeover
June 17 (Reuters) - Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy ( opens new tab to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to $25.50 per share from $26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to $199.2 million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. "For understandable reasons, that standard was not applied here," and despite a "mountainous trial record" the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. "The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process," Traynor wrote. "Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them." Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay $79 million to settle with Columbia shareholders. The case is In re Columbia Pipeline Group Inc Merger Litigation, Delaware Supreme Court, No. 281, 2024.
Yahoo
4 days ago
- Business
- Yahoo
Canada's TC Energy erases $199 million damages loss in Delaware appeal over Columbia takeover
By Jonathan Stempel (Reuters) -Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to $25.50 per share from $26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to $199.2 million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. "For understandable reasons, that standard was not applied here," and despite a "mountainous trial record" the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. "The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process," Traynor wrote. "Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them." Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay $79 million to settle with Columbia shareholders. The case is In re Columbia Pipeline Group Inc Merger Litigation, Delaware Supreme Court, No. 281, 2024. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Canada's TC Energy erases $199 million damages loss in Delaware appeal over Columbia takeover
By Jonathan Stempel (Reuters) -Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to $25.50 per share from $26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to $199.2 million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. "For understandable reasons, that standard was not applied here," and despite a "mountainous trial record" the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. "The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process," Traynor wrote. "Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them." Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay $79 million to settle with Columbia shareholders. The case is In re Columbia Pipeline Group Inc Merger Litigation, Delaware Supreme Court, No. 281, 2024.
