Canadian pipeline operator TC Energy beat analysts’ estimates for fourth-quarter adjusted profit on Friday, helped by strength across its North American operations and increased demand for natural gas and power.
Major pipeline operators such as TC Energy are doubling down on expectations of surging natural gas demand as liquefied natural gas export facilities expand and power-hungry AI systems, cryptocurrency miners and data centers ramp up electricity use.
TC Energy’s adjusted core profit at U.S. natural gas pipelines, its largest segment, rose to C$1.39 billion ($1.02 billion), from C$1.2 billion a year ago.
The company posted adjusted core earnings from Canadian natural gas pipelines of C$961 million during the quarter ended December 31, up from C$851 million a year ago.
On an adjusted basis, the Calgary-based company earned 98 Canadian cents per share, compared with analysts’ average expectations of 92 Canadian cents, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)