TC Energy, the North American natural gas pipelines and energy transportation group, reported a first-quarter profit compared with a loss in the prior-year period as it boosted LNG feed-gas provisions.
The company’s US Natural Gas Pipelines division registered a 5 percent increase in average flows of 30 billion cubic feet per day, including an all-time daily delivery record of 35 Bcf per day in January 2022.
“Today, around a quarter of the US LNG export volumes travel through our US natural gas pipelines,” said Calgary, Alberta-based TC Energy.
The company said the earnings were underpinned by solid utilization and reliability across all its assets, further supported by the constructive fundamental outlook for North American energy.
“The growing need for energy security has placed renewed focus on the long-term role our infrastructure will play in responsibly fulfilling North America's energy demands,” said TC Energy.
The company said quarterly net income attributable to common shareholders came to C$400 million (US$312M) compared with a loss of C$1.05 billion (US$816.5M) in the same three months of 2021.
Segmented earnings were C$1.2Bln compared with segmented losses of C$900M in 2021 and comparable gross earnings came to C$2.4Bln compared with C$2.5Bln in 2021.
In the Canadian Natural Gas Pipelines operations TC Energy said the Coastal GasLink from the Montney Shale Basin in northeast British Columbia to the Pacific Coast for the LNG Canada project at Kitimat was now about 63 percent complete.
“The entire route has been cleared, grading is more than 74 percent complete and more than 275km of pipeline has been installed, with reclamation activities underway in many area,” added TC Energy.
The company also announced the signing of option agreements in March 2022 to sell a 10 percent equity interest in the Coastal GasLink Pipeline Limited Partnership (Coastal GasLink LP) to Indigenous communities across the project corridor.