HomeNewsTC Energy beats third-quarter profit estimates on high LNG demand

TC Energy beats third-quarter profit estimates on high LNG demand

11/8/2023

(Reuters) - Pipeline operator TC Energy on Wednesday beat third-quarter profit estimates, as it gained from higher demand for LNG.

Gas supply to seven big U.S. LNG export plants jumped in the quarter as buyers looked for alternatives to Russian gas imports and to fill Europe's storage inventories.

TC Energy's U.S. natural gas pipelines' third-quarter LNG deliveries averaged at 3.1 billion cubic feet per day (Bcf/d), up 1.4% from a year earlier, and the segment's earnings rose 9.5% to C$782 million.

The company said its long-delayed Coastal GasLink project has achieved mechanical completion ahead of its year-end target. Pipe installations were completed in October, and the project is expected to be operational by the end of this year.

The C$14.5 billion project had been dogged by problems, including protests due to environmental concerns and a C$346,000 fine levied by British Columbia for non-compliance with environmental regulations.

Calgary, Alberta-based TC Energy said its expects yearly adjusted earnings to be generally consistent with last year.

It reported an adjusted profit of C$1.00 ($0.7262) per share for the quarter ended Sept. 30, compared with the average analyst estimate of C$0.97 per share, according to LSEG data.

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