By Reuters
(Reuters) – Pipeline operator TC Energy  beat first-quarter profit estimates on Friday, helped by robust demand for liquefied natural gas (LNG).
Demand in the U.S., the largest importer of Canada’s oil and gas, rose in the first quarter according to the U.S. Energy Information Administration, benefiting Canadian energy firms.
Total earnings from TC Energy’s pipeline segments came in at C$2.27 billion ($1.66 billion), compared with C$2.17 billion last year.
The United States was the world’s top liquefied natural gas (LNG) exporter last year, but in January, President Joe Biden paused approvals for pending and future applications for export projects.
Countries including Greece, Germany and Japan have expressed interest in purchasing Canada’s LNG at a time when the U.S. has paused expansion of American LNG exports.
TC Energy posted an adjusted profit of C$1.24 per share for the quarter ended March 31, compared with analysts’ average estimate of C$1.14 per share, according to LSEG data.
Share This:
