08 Jun Trans Mountain Reports Q1 2026 Results
London, (Oilandgaspress) – First quarter Adjusted EBITDA was $552 million, compared to $568 million in the same period of the prior year. Revenue remained consistent year over year as lower throughput was offset by higher tolls, reflecting continued demand for capacity on the system. The decrease in Adjusted EBITDA was primarily driven by higher development costs related to short‑ and long‑term initiatives to increase pipeline capacity.
Net Income: First quarter net income was $97 million compared to $148 million in the same period of the prior year mainly due to higher depreciation and amortization expense of $62 million as well as increased development costs.
Capital Return: During the first quarter an aggregate of $448 million was paid to Canada TMP Finance Ltd. (“TMP Finance”), the entity which holds the Government of Canada’s investment in TMC, consisting of $148 million in interest payments and $300 million in cash dividends. When combined with the $1.7 billion paid in 2025, Trans Mountain has returned $2.2 billion in cash to our owner since the completion of the expanded system in May 2024.
Operational Highlights:
Throughput: During the first quarter, throughput averaged 737,000 bpd, including 419,000 bpd delivered to Westridge Marine Terminal, 73,000 bpd to BC delivery points and 245,000 bpd delivered to Washington State on the Puget Sound Pipeline. The average daily throughput for the prior year quarter was 757,000 bpd. Utilization for the quarter was 83%. The decrease in total throughput year over year reflects lower customer demand, driven by higher global oil tanker freight rates that reduced deliveries to Westridge, as well as customers’ maintenance activities in the period. TMC anticipates strong throughput for the remainder of the year.
Vessel Traffic: For the first quarter, 66 vessels were loaded at Westridge Marine Terminal, a decrease of 16 vessels over the prior quarter of 2025. Since the commercial commencement of the expanded system on May 1, 2024, TMC has loaded 528 vessels at the Westridge Marine Terminal with 64% headed to Asia.
Information Source: Read More
No Comments