TC Energy reports strong 3Q22 results
Published by Sara Simper,
Editorial Assistant
World Pipelines,
TC Energy Corporation has released its 3Q22 results, reporting continued strong performance. “Our portfolio remains resilient despite the economic headwinds facing the broader market,” said TC Energy's President and CEO, François Poirier. “Demand for our services across our North American portfolio remains high and we continue to see strong utilisation, availability, and overall asset performance. Comparable EBITDA was 10% higher and segmented earnings 16% higher relative to 3Q21. As a result, we have increased our 2022 comparable EBITDA outlook which is now expected to be approximately 4% higher than 2021.”
3Q22 results were underpinned by solid utilisation, safe operations and availability across their assets during peak demand. The continued need for energy security has placed renewed focus on the long-term role TC Energy believe their infrastructure will play in responsibly fulfilling North America's growing energy demand:
- Louisiana XPress was phased into service during the quarter and has increased their market share from 25 to approximately 30% of volumes destined for export from third-party US LNG facilities.
- Total NGTL System deliveries averaged 12.4 billion ft3/d, up 4% compared to 3Q21.
- US natural gas pipelines flows averaged 25.8 billion ft3/d, up 6% compared to 3Q21.
- Bruce Power provided emission-less power with approximately 95% availability during 3Q22.
- The Keystone Pipeline System safely reached a record month in September, delivering approximately 640 000 billion bbl/d as TC Energy commercialised an incremental 10 000 bbl/d of contracts from the 2019 Open Season.
Additional highlights:
- Executed definitive agreements in July 2022 with LNG Canada that addressed and resolved disputes over certain incurred and anticipated costs of the Coastal GasLink pipeline project.
- Established a strategic alliance with the Comisión Federal de Electricidad (CFE) in August 2022 for the completion and development of natural gas infrastructure in central and southeast Mexico.
- Placed the north section of the Villa de Reyes pipeline (VdR North) and the east section of the Tula pipeline (Tula East) into commercial service during the 3Q22.
- Reached a final investment decision to proceed and build the US$4.5 billion Southeast Gateway pipeline, a 1.3 billion ft3/d, 715 km offshore natural gas pipeline to serve the southeast region of Mexico with an expected in-service date by mid-2025.
- Issued common equity for gross proceeds of approximately CAN$1.8 billion in August 2022 to fund costs associated with the construction of the Southeast Gateway pipeline.
Read the article online at: https://www.worldpipelines.com/business-news/11112022/tc-energy-reports-strong-3q22-results/
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