Pipeline Operator TC Energy’s Profit Beats on Higher Volumes

(Reuters) – Pipeline operator TC Energy’s  third-quarter profit beat Wall Street estimates on Thursday, helped by higher volumes of liquids transported through its system.

U.S. imports of crude oil from Canada reached a record in July, benefiting pipeline firms such as TC Energy.

Additionally, the U.S. Energy Information Agency said gas consumption in the United States would rise from a record 89.1 billion cubic feet per day (bcfd) in 2023 to 90.1 bcfd in 2024.

Quarterly earnings from TC Energy’s U.S. natural gas pipelines, its largest segment, rose to C$1.33 billion ($957.66 million) from C$782 million a year earlier.

The company reported an adjusted profit of C$1.03 per share for the quarter, compared with the average analyst estimate of 95 Canadian cents, according to data compiled by LSEG.

($1 = 1.3888 Canadian dollars)