TC Energy steady in Q2
Canadian energy infrastructure company TC Energy said August 1 it had comparable earnings of C$978mn (US$708mn) in Q2 2024, down slightly from C$981mn in the same period a year ago.
Comparable EBITDA rose to C$2.7bn from C$2.5bn, while net earnings attributable to common shares rose to C$963mn from C$250mn.
“The outlook for our business has never been stronger, providing accretive investment opportunities across our natural gas and power and energy solutions assets,” TC Energy said in a CEO message within its Q2 report. “Natural gas demand continues to reach record highs and our business is strategically positioned to continue to grow.”
In the second quarter, TC Energy’s NGTL system, which moves much of the natural gas produced in western Canada, saw average receipts of 14.2bn ft3/day, up 5% from Q2 2023, and set a record high for single-day receipts of 14.8bn ft3 on April 12.
Subsequent to the quarter end, single-day deliveries to power generators reached a record high of 1.1bn ft3 on July 18.
Daily flows on TC Energy US Natural Gas Pipelines system averaged 26.2bn ft3/day in Q2 2024, up 3% from a year ago, while daily average deliveries to power generators and LNG facilities hit record highs of 2.8bn ft3/day and 3.3bn ft3/day, respectively. Subsequent to the quarter, the US system set an all-time single-day send out to power plants of 5.2bn ft3.
And TC Energy’s Mexico Natural Gas Pipelines set record daily deliveries of more than 4bn ft3 on May 24.