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Pipeline operator TC Energy beats profit estimates on strong LNG demand
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Pipeline operator TC Energy beats profit estimates on strong LNG demand
May 3, 2024 3:49 AM

May 3 (Reuters) - Pipeline operator TC Energy ( TRP )

beat first-quarter profit estimates on Friday, helped by robust

demand for liquefied natural gas (LNG).

Demand in the U.S., the largest importer of Canada's oil and

gas, rose in the first quarter according to the U.S. Energy

Information Administration, benefiting Canadian energy firms.

Total earnings from TC Energy's ( TRP ) pipeline segments came in at

C$2.27 billion ($1.66 billion), compared with C$2.17 billion

last year.

The United States was the world's top liquefied natural gas

(LNG) exporter last year, but in January, President Joe Biden

paused approvals for pending and future applications for export

projects.

Countries including Greece, Germany and Japan have expressed

interest in purchasing Canada's LNG at a time when the U.S. has

paused expansion of American LNG exports.

TC Energy ( TRP ) posted an adjusted profit of C$1.24 per share for

the quarter ended March 31, compared with analysts' average

estimate of C$1.14 per share, according to LSEG data.

($1 = 1.3663 Canadian dollars)

(Reporting by Seher Dareen and Vallari Srivastava in Bengaluru;

Editing by Devika Syamnath)

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