* Q2 comparable EPS C$0.40 vs estimate C$0.46
* Revenue C$1.92 bln vs C$1.98 bln
* Expects no significant delays to $7 bln Keystone line
* Shares drop 0.4 pct
(Recasts with details and comments on Keystone line; updates
shares; in U.S. dollars unless noted)
By Scott Haggett
CALGARY, Alberta, July 29 TransCanada Corp
(TRP.TO), the county's No. 1 pipeline and power company, said
on Thursday it does not expect significant delays to its $7
billion Keystone XL pipeline project to the U.S. Gulf Coast.
The company said it expects the U.S. State Department,
responsible for approving the project, will stick by a 90-day
extension to the amount of time other federal agencies have to
comment on the line's final environmental impact statement.
"From what we've been told, currently (the State
Department) is staying on the schedule they announced over the
past couple of days," Russ Girling, the company's chief
executive, said on a conference call. "
The planned line will carry 510,000 barrels of day of oil
sands crude to refineries on the Gulf of Mexico. The Canadian
crude would replace declining heavy oil supplies from Mexico
The U.S. Environmental Protection Agency had requested
additional details be provided in the project's Environmental
Impact Statement before any approval were given.
As well, Henry Waxman, the influential chairman of the
House Energy and Commerce Committee, urged the State Department
earlier this month to block the planned line.
Still, the company said the additional 90-day comment
period would not have a material impact on its plans. However a
longer delay of several months or more would change the cost of
If, as TransCanada expects, all approvals are in hand for
the project by the first quarter of next year, construction of
the line would being shortly after.
The company also reported a 9.2 percent drop in quarterly
profit on Thursday, hit by hedging losses as well as lower
power prices and higher costs at its part-owned Bruce nuclear
station in Ontario.
TransCanada, earned C$285 million ($274 million), or 41
Canadian cents a share, in the second quarter, down from a
year-earlier C$314 million, or 50 Canadian cents.
Excluding unusual items, comparable earnings were C$275
million, or 40 Canadian cents a share.
Analysts on averaged had expected comparable earnings of 46
Canadian cents a share, according to Thomson Reuters I/B/E/S.
Revenue was C$1.92 billion, down 3.1 percent from C$1.98
TransCanada, best known for its natural gas pipeline
systems in Canada and the United States, said its results were
hampered by losses on derivative contracts and foreign
exchange, as well as higher costs for refurbishing reactors at
the Bruce nuclear plant and lower power prices there.
TransCanada shares fell 16 Canadian cents tot C$36.10 on
the Toronto Stock Exchange. The stock has risen 19 percent over
the past 12 months.
(Reporting by Scott Haggett; editing by Peter Galloway and Rob