TC Energy Splitting Company in Two – Oil & Gas Pipes Separated

TC Energy, formerly TransCanada Corporation, has been in the news all week. Tuesday morning, a portion of the Columbia Gas Transmission pipeline (owned by TC Energy) in rural western Virginia exploded and caught fire (see Columbia Gas Pipeline Near Interstate 81 in Va. Explodes, Big Fire). A day later, TC Energy announced it is selling a 40% stake in Columbia Gas Transmission to Global Infrastructure Partners for $3.9 billion (see TC Energy Sells 40% Interest in Columbia Pipeline to Investor GIP). And now, yesterday, TC dropped a bomb: It intends to split the company in two. TC Energy will continue to focus on natural gas pipelines and related infrastructure. At the same time, it will spin off and create a brand new company that owns and focuses on liquids (i.e., crude oil) pipelines.

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