TGS Announces New Onshore 3D Seismic Survey in the Montney Basin
OSLO, Norway (10 June 2021) - TGS, a global provider of energy data and intelligence, today announced Hipp Creek 3D, a new Onshore multi-client 3D seismic survey within the Montney Basin of Northeast British Columbia, Canada.
Hipp Creek 3D will add nearly 200 square kilometers of high-quality seismic data tying into existing TGS 3D seismic coverage within their core area of the Montney Basin. As a part of the Company s sustainability efforts, the acquisition of this survey enacts a dramatic reduction in environmental footprint using advanced acquisition design and recording technology. Phase III of TGS low-impact source testing will also be applied throughout the project, further advancing the Company s goals for setting benchmarks in lowering environmental footprints. Total fuel consumption for all equipment will be measured throughout the Hipp Creek 3D program and used to drive down emissions for future projects.
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Brookfield reported net income for the three-month period ended March 31, 2021 of $190 million ($0.27 per unit) compared to $119 million ($0.13 per unit) in the prior year. Net income per unit more than doubled, reflecting strong organic growth and contributions from recently completed acquisitions. Current year results also benefited from favorable commodity markets and the recognition of a gain on the partial disposition of our U.S. gas pipeline. These positive factors were partially offset by lower unrealized gains recognized on our corporate hedging program relative to the prior year.
Funds from Operations (or FFO) of $431 million for the quarter increased by 20% over the same period last year as a result of strong base business growth and the contribution from new investments acquired in 2020. FFO grew organically by 8% due to inflationary tariff increases, modestly higher volumes associated with the early stages of the economic recovery, and the completion of $800 millio