Canadian pipeline operator TC Energy reported substantial earnings, albeit slightly down on the previous year. The company reported net earnings of $1.2 billion in the first quarter of 2024, compared with $1.3 billion last year. Sustained demand for the Keystone network was a key factor in this performance.
Reliability and infrastructure projects
The reliability of the Keystone network was impressive, with an operating rate of 96% during this period. TC Energy has also announced major investments, with around $7 billion in infrastructure projects planned for 2024. These initiatives should further enhance the company’s capacity and efficiency.
Pipeline development in Canada
In western Canada, the 670 km Coastal GasLink pipeline was completed. It will play a crucial role in transporting natural gas to the LNG Canada terminal. This project, completed after five years’ work, will not enter the commercial phase until work on the Kitimat plant has been completed.
International expansion and offshore projects
TC Energy is not only active in Canada, but also in Mexico, where it is finalizing the Southeast Gateway offshore gas pipeline. The project, which is over 70% complete, will supply southeastern Mexico and should be operational by mid-2025. With an investment of $4.5 billion, this pipeline is a testament to the company’s international ambitions.
Financial analysis and increased profits
The company also saw a notable increase in profits from its Canadian gas pipeline operations, with an increase of C$90 million over last year.
As a result, TC Energy continues to solidify its position as a leader in the energy sector through major projects and efficient management of its existing operations. These initiatives, which extend well beyond Canada’s borders, illustrate the company’s ambition to become a major global player in the energy sector.
