Canada’s pipeline operator TC Energy Corporation reported on Wednesday higher-than-expected earnings for the third quarter amid strong utilization rates of its natural gas pipelines. TC Energy earned US$0.73 C$1.00 per common share for the third quarter, down from C$1.07 per common share for the same period in 2022, but above the average analyst estimate of C$0.97 per share.
“The Asian buyers are back in the LNG business today, the JKM is at TTF plus $2 to $3, which means that they are ready to buy. And today, most of the cargoes are going to Asia because the spot market is in favor of Asia,” TotalEnergies chief executive Patrick Pouyanné said on the French supermajor’s earnings call last week. TC Energy’s U.S. Natural Gas Pipelines business achieved a new record of deliveries to power generators of 5.2 Bcf on July 28, 2023.
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