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Pipeline operator TC Energy's profit beats on higher volumes
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Pipeline operator TC Energy's profit beats on higher volumes
Nov 7, 2024 11:42 AM

Nov 7 (Reuters) - Pipeline operator TC Energy's ( TRP )

third-quarter profit beat Wall Street estimates on Thursday,

helped by higher volumes of liquids transported through its

system.

U.S. imports of crude oil from Canada reached a record in

July, benefiting pipeline firms such as TC Energy ( TRP ).

Additionally, the U.S. Energy Information Agency said gas

consumption in the United States would rise from a record 89.1

billion cubic feet per day (bcfd) in 2023 to 90.1 bcfd in 2024.

Quarterly earnings from TC Energy's ( TRP ) U.S. natural gas

pipelines, its largest segment, rose to C$1.33 billion ($957.66

million) from C$782 million a year earlier.

The company reported an adjusted profit of C$1.03 per share

for the quarter, compared with the average analyst estimate of

95 Canadian cents, according to data compiled by LSEG.

($1 = 1.3888 Canadian dollars)

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