Trans Mountain Pipeline Runs Almost Full in Second Quarter
Trans Mountain Corp., a Crown corporation responsible for the operation of the Trans Mountain pipeline, reported that the pipeline carried an average of 840,000 barrels of oil per day during the second quarter, up from 703,000 barrels in the same period last year. This represents a 94% utilization rate, with about two-thirds of the oil being transported to Asian markets via tanker.
The Trans Mountain pipeline has been operational since the 1950s and underwent an expansion in 2024 that tripled its capacity to 890,000 barrels per day. The corporation reported net income of $138 million for the quarter, down from $150 million, while revenues rose to $808 million from $719 million.
Trans Mountain Corp. also paid $450 million to the federal government in the form of interest and dividends during the second quarter. The pipeline's chief executive, Mark Maki, stated that Trans Mountain was built 'to connect Canadian crude oil to global markets and generate long-term value for Canadians,' which it is doing according to the second-quarter results.
The corporation is currently involved in developing a new West Coast oil pipeline to southern British Columbia, proposed by the Alberta government. This project is expected to be deemed a project of national importance by Ottawa this fall, allowing for a speedy review process. The estimated cost of the project ranges from $35 billion to $44 billion.