Pipeline operator TC Energy TRP.TO on Wednesday beat third-quarter profit estimates, as it gained from transporting higher volumes of liquefied natural gas.
The company reported an adjusted profit of C$1.00 ($0.7262) per share for the quarter ended Sept. 30, compared with the average analyst estimate of C$0.97 per share, according to LSEG data.
Gas flows to seven big U.S. liquefied natural gas (LNG) export plants jumped in the quarter as buyers looked for alternatives to Russian gas imports and to fill Europe’s storage inventories, helping pipeline operators.
TC Energy’s U.S. natural gas pipelines’ quarterly LNG deliveries averaged at 3.1 billion cubic feet per day (Bcf/d), up 1.4% from a year earlier, and the segment’s earnings were up 9.5% to C$782 million in the quarter.
($1 = 1.3771 Canadian dollars)
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
