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Strong Natural Gas Demand Helps TC Energy Top Q1 Profit Estimate

TC Energy Corporation reported on Friday an increase in comparable earnings for the first quarter of 2024 versus the same period last year, beating analyst estimates, as natural gas pipeline deliveries from western Canada to domestic and export markets jumped to a record.

The Canada-based pipeline operator booked comparable earnings of US$0.91 (C$1.24) per common share for the first quarter, compared to US$0.89 (C$1.21) per common share for the first quarter of 2023.  

The earnings per share for Q1 2024 topped the average analyst estimate of US$0.84 (C$1.14 per share) compiled by LSEG and cited by Reuters.

TC Energy’s total deliveries on its natural gas NGTL System averaged 15.3 Bcf/d in the first quarter, up by 0.7 Bcf/d compared to the first quarter of 2023. The NGTL System achieved a new daily delivery record of 17.3 Bcf during the period January to March 2024.

U.S. Natural Gas Pipelines (USNG) daily average flows in the first quarter of 2024 rose by 5% from a year earlier to 30 Bcf/d. In addition, USNG deliveries to power generators set a record for the quarter with average flows of 2.9 Bcf/d, up by about 11% year-over-year.

TC Energy’s overall USNG portfolio and specific assets including Columbia Gas, Columbia Gulf, and Great Lakes Gas Transmission achieved all-time delivery records, the company said.

Throughput on TC Energy’s Mexico natural gas pipeline assets rose by 13% year-over-year, reaching almost 3 Bcf/d, chiefly due to higher flows on the Sur de Texas pipeline.  

“We'll seek to maximize the value of our assets through safety and operational excellence, remain focused on project execution and continue our deleveraging path by advancing our asset divestiture program and streamlining our business through efficiency efforts,” TC Energy’s president and CEO François Poirier said in a statement. 

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“Our business is not exposed to material volumetric or commodity price risks and strong utilization rates demonstrate the continued demand for our services and the long-term criticality of our assets,” Poirier added.  

By Charles Kennedy for Oilprice.com

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