CALGARY — Trans Mountain Corp. reports the pipeline carrying Alberta crude to the Vancouver area operated at roughly 94 per cent of its capacity in the second quarter, transporting an average of 840,000 barrels per day, up substantially from last year.
Throughput climbs after expansion
The Crown corporation said the increase follows the completion of its capacity-expansion project, which came into service in 2024 and boosted the system to about 890,000 barrels per day. By comparison, the pipeline carried an average of 703,000 barrels per day in the same quarter a year earlier.
Revenue for the three months ending June 30 rose to $808 million from $719 million the prior year, even as net income edged down to $138 million from $150 million. The corporation also said it transferred $450 million to the federal government in the quarter, in the form of interest and dividends.
Markets and destinations
Trans Mountain said about two thirds of the crude moving on the line is destined for Asian markets via tanker. The remainder supplies markets in the U.S. Pacific Northwest and the B.C. Lower Mainland, keeping several export routes active for Alberta producers.
"Trans Mountain was built to connect Canadian crude oil to global markets and generate long-term value for Canadians. The second quarter demonstrated that we’re doing exactly that,"
The comment came from the company's chief executive, highlighting the corporation's mandate to provide western Canadian oil with access to overseas buyers.
What it means for Alberta
For Alberta's energy economy, higher throughput and stronger revenues at Trans Mountain are welcome signals. Producers benefit when takeaway capacity expands, reducing the risk of local price discounts. The expansion that came online in 2024 has substantially increased export flexibility for Alberta crude, enabling greater shipments to tidewater and overseas markets.
At the same time, the transfer of nearly half a billion dollars to Ottawa underscores the fiscal link between the Crown corporation and the federal treasury. Those payments — described as interest and dividends — will be of interest to provincial and federal policymakers who watch how resource revenues and Crown assets contribute to government coffers.
New provincial pipeline proposal tied to existing route
The Trans Mountain corporation has also been named to develop, build and operate a proposed new West Coast oil pipeline advanced by the Alberta government. That proposal would largely follow the corridor of the existing Trans Mountain line and is currently positioned for federal recognition as a project of national importance, a designation the province expects this fall. Cost estimates released by the province have ranged from $35 billion to $44 billion.
If Ottawa grants the national-interest designation, the new project would move into an accelerated federal review process — a pathway the province says would enable a speedier approval timeline than the standard process. The involvement of the Crown corporation in planning and operations ties the provincial ambition closely to the existing operator's commercial and regulatory experience.
Key quarterly figures
| Metric | Q2 (2026) | Q2 (2025) |
|---|---|---|
| Average throughput (bpd) | 840,000 | 703,000 |
| Capacity (post-expansion) | 890,000 bpd | — |
| Revenue | $808 million | $719 million |
| Net income | $138 million | $150 million |
| Payments to federal government | $450 million | — |
Context and practical impacts
For industry watchers and investors, the numbers signal improved utilisation of export infrastructure built to connect Alberta crude to international buyers. For producers, added capacity can mean firmer price realization and less pressure on midstream logistics. For governments, both the payments to Ottawa and the corporation’s role in any future build-out will shape revenue flows and responsibilities around approvals, land use and consultation.
Not all questions are resolved: the province's proposed new pipeline carries substantial cost estimates and will face scrutiny over environmental assessment, Indigenous consultation and financing. The expectation that Ottawa may fast-track the project by designating it of national importance will be closely watched by stakeholders on all sides.
- Trans Mountain averaged 840,000 bpd in Q2 — about 94% of its expanded capacity.
- Revenues increased to $808 million; net income fell to $138 million.
- The Crown corp. paid $450 million to the federal government in interest and dividends during the quarter.
As Alberta positions itself to expand coastal export options, the performance of the existing Trans Mountain system will remain central to debates over market access, provincial strategy and the costs and benefits of further pipeline construction.
