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Net income slips for TC Energy in third quarter

TransCanada president and CEO Russ Girling addresses the company's annual meeting after shareholders approved a name change to TC Energy in Calgary, Friday, May 3, 2019. .
TransCanada president and CEO Russ Girling addresses the company's annual meeting after shareholders approved a name change to TC Energy in Calgary, Friday, May 3, 2019. . THE CANADIAN PRESS/Jeff McIntosh

TC Energy Corp. says its net income slipped in the third quarter after it sold $3.4 billion in assets in the first nine months of the year.

The Calgary-based pipeline company says net income came in at $739 million, or 79 cents per share, for the quarter ending Sept. 30, compared with net income of $928 million, or $1.02 per share for the same quarter a year earlier.

The company says adjusted earnings, which exclude a variety of tax impacts from its asset sales, were $970 million or $1.04 per share, up from $902 million or $1.00 a year earlier.

READ MORE: Keystone pipeline leaks more than 1.4M litres of oil in North Dakota

Analysts had expected adjusted earnings of $922 million, or 98 cents per share, according to financial markets data firm Refinitiv.

Along with earnings, the company announced a $1.2 billion investment to expand its pipeline network in the Western Canadian Sedimentary Basin.

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TC Energy said earlier this week that its Keystone pipeline had spilled an estimated 1.45 million litres of oil in North Dakota.