TC Energy posts three-fold rise in net income
The North American pipelines developer TC Energy has seen net income surge more than threefold to C$1.313 billion (US$965M) in the first quarter as projects progressed. The Coastal GasLink project, running from northeast British Columbia to the LNG Canada export plant near Kitimat progressed in line with revised costs and time schedules and is now about 87 percent complete.
EQT reports strong earnings
US gas producer EQT Corp has swung back into the black, reaching a first-quarter net income of $1.22 billion versus a loss of $1.51 billion in pre-year period. The strong earnings came as EQT’s average realised natural gas prices in the Appalachia shale basins came to $4.11 per thousand foot equivalent (Mcfe) compared with $3.19 per Mcfe in the same quarter of 2022.
Enbridge buys large Montney gas storage
The North American pipeline company Enbridge with a large stake in the Woodfibre LNG export project in British Columbia has acquired the only gas storage facility near the Montney Shale from FortisBC Midstream for C$400 million (US$295M). The Aitken Creek Storage has 77 billion cubic feet of working gas capacity and is the only such facility that connects to all three long-haul-gas links in Western Canada, including Enbridge's Westcoast Pipeline and Alliance Pipeline. Venturing into LNG, Enbridge has invested 30 percent of C$5.1-billion Woodside liquefaction project in British Columbia, developed by Pacific Energy Corp and scheduled to enter service in 2027. The project is meant to export 2.1 mtpa of LNG and is underpinned by two long-term offtake agreements with BP for 15 years, representing 70 percent of the capacity.