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.
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.