TC Energy's Strategic Shift Reportedly Leads To Layoffs: Calgary And Houston Employees Bear The Brunt

TC Energy Corporation TRP reportedly plans to lay off some of its workers as part of its previously disclosed strategy to integrate its natural gas pipeline units.

The workforce reductions will mainly impact people working in Calgary and Houston, Reuters reported.

The company did not specify the number of employees to be laid off. As per the report, the company’s principal operating unit, TCPL, had 2,635 employees in Calgary and 837 in Houston as of December 31.

Recently, the company stated its plan to sell Portland Natural Gas System for $1.14 billion to improve its balance sheet and reduce debt.

Last month, TC Energy reported fourth-quarter FY23 results above estimates and raised its quarterly dividend.

In USD, Adjusted EPS of $0.99 beat the consensus of $0.83, and sales of $3.11 billion exceeded the estimate of $3.03 billion.

Price Action: TRP shares closed higher by 0.30% at $40.04 on Wednesday.