profit slightly down in the 1st quarter

Oil in CanadaOil in CanadaMontreal: Canadian oil and gas pipeline operator TC Energy announced on Friday a net profit of 1.2 billion dollars (810 million euros) in the first quarter of the year, a result slightly lower than that of the last year.

During this period ending March 31, 2023, the Canadian group’s net profit was more like $1.3 billion.

In a press release, TC Energy highlighted the “strong demand” of transmission capacity in the Keystone network, which connects Canada and the United States, during the first three months of the year.

The operational reliability of the Keystone pipeline system was 96% during the first quarter of 2024“, affirmed the company, specifying that infrastructure projects totaling “about 7 billion expected to be put into service in 2024“.

In western Canada, the controversial Coastal GasLink pipeline, 670 km long and allowing natural gas to be transported to the LNG Canada coastal terminal, was completed last fall after five years of work.

But the company indicated on Friday that its commercial operation will not take place “that once commissioning work is completed at the LNG Canada plant“, in Kitimat, British Columbia.

This new gas pipeline and the coastal terminal should allow Canadian natural gas to be exported to world markets, including those in Asia.

Based in Calgary (west), TC Energy observed that the profit of its gas pipelines in Canada increased by 90 million Canadian dollars in the first quarter compared to the same period in 2023.

The company also specified that the installation at sea of ​​the pipes for its Southeast Gateway offshore gas pipeline project, in Mexico, was “finished more than 70%“.

This gas pipeline which will supply the south-east of Mexico was to enter service “mid-2025“. Its cost is estimated at 4.5 billion US dollars.

(c) AFP

Comment TC Energy: profit slightly down in the 1st quarter

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