Canada’s TC Energy rebounds in Q1
Canadian pipeline and energy infrastructure company TC Energy said April 29 it had net income of C$358mn (US$281mn) in Q1 2022, reversing a C$1.06bn loss it incurred in the year-earlier period.
Comparable earnings were unchanged at C$1.1bn, while EBITDA declined slightly, to C$2.4bn from C$2.5bn, it said. Net cash provided by operations was also unchanged year/year, at C$1.7bn.
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“Our results are underpinned by strong demand for our services along with a constant focus on operational excellence,” CEO Francois Poirier said. “Flows and utilisation levels across many of our systems are robust, with the NGTL (Nova Gas Transmission Limited) system (in western Canada) having its highest average winter demand since 2000 of 14.2bn ft3/day and US natural gas pipelines reaching average flows of 30bn ft3/day, up 5% compared to first quarter 2021, including an all-time daily system delivery record of nearly 35bn ft3 in January.”
Talks are continuing with LNG Canada into the recognition of certain costs and schedule impacts on the C$6.6bn Coastal GasLink, TC Energy said, characterising those discussions as active and constructive. “We do not expect any suspension of construction activities due to the dispute while discussions continue,” it said.