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TC Energy Books Record Earnings amid High Natural Gas Demand

TC Energy Corporation reported on Friday record comparable core earnings and earnings per share for 2023, topping analyst estimates, as demand for natural gas and LNG surged.

The Canada-based pipeline giant booked US$8 billion (C$11.0 billion) in earnings before interest, tax, depreciation, and amortization (EBITDA) for 2023, up by 11% compared to 2022. Comparable earnings per common share rose by 5% annually to US$3.35 (C$4.52) in 2023.

TC Energy’s deliveries to power generators on its U.S. Natural Gas Pipelines continued to grow, setting a record of 2.8 billion cubic feet per day (Bcf/d) during the fourth quarter of 2023, up by 16% year-on-year. The Gas Transmission Northwest (GTN) system achieved an all-time delivery record of 3.1 Bcf on November 11, 2023, the company said in a statement.  

Strong gas demand underpinned record deliveries at TC Energy’s natural gas division. 

“Within our integrated natural gas pipelines business, total NGTL System deliveries in Canada averaged 14.5 Bcf/d and various pipelines in the U.S. achieved record throughput volumes,” chief executive CEO François Poirier said.

“The GTN system achieved a delivery record of 3.1 Bcf on November 11, 2023, Tuscarora Gas Transmission System achieved a delivery record of 0.2 Bcf on November 30, 2023, and the Portland Natural Gas Transmission System achieved a delivery record of 0.5 Bcf on December 12, 2023.”

Last year, TC Energy achieved mechanical completion on the Coastal GasLink project ahead of its end-2023 target.  

The Coastal GasLink, like any pipeline project in Canada, spurred a lot of opposition from anti-oil and gas activists but they could not suspend the construction of the infrastructure, which should help put Canada on the global LNG stage at a time of elevated demand. The pipeline will feed gas from Dawson Creek, near the border of British Columbia with Alberta, to the LNG Canada plant on BC’s coast.  

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By Tsvetana Paraskova for Oilprice.com

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