Reuters
Feb 16 (Reuters) – Pipeline operator TC Energy beat fourth-quarter profit estimates on Friday, helped by high demand for liquefied natural gas (LNG).
The U.S. was the world’s top LNG exporter last year, after Europe imposed sanctions on Moscow following Russia’s invasion of Ukraine.
Full-year exports from the United States rose 14.7%, driven largely by the return to full production of the Freeport LNG plant, which had suffered a fire in 2022. Other firms also increased their processing efficiency in 2023, LSEG data showed.
Adjusted core profit from TC Energy’s U.S. Natural Gas Pipelines segment was up at C$1.23 billion in the quarter, compared to C$1.14 billion the previous year.
The company reported an adjusted profit of C$1.35 per share for the quarter ended Dec. 31, compared with analysts’ average estimate of C$1.11 per share, according to LSEG data.
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