TC Energy Tops Estimates as LNG Deliveries Jump 21%, Gas Flows Hit Record

TC Energy beat fourth-quarter profit estimates as North American natural gas flows hit record levels and LNG deliveries surged 21%, underscoring growing pipeline demand from export terminals and power markets.

(Reuters) — Canadian pipeline operator TC Energy beat analysts' estimates for fourth-quarter adjusted profit on Feb. 13, helped by record natural gas flows across its North American network and increased demand for natural gas and power.

Major pipeline operators such as TC Energy are doubling down on expectations of surging natural gas demand as LNG export facilities expand and power-hungry AI systems, cryptocurrency miners and data centers ramp up electricity use.

TC Energy operates a 58,100 mile-long network of pipelines, supplying more than 30% of the clean-burning fuel consumed daily across North America.

The company placed C$8.3 billion of projects into service in 2025, and expects to place nearly C$4 billion of capital into service this year.

In January, it closed a non-binding open season for 0.5 billion cubic feet per day on its Columbia Gas Transmission system near Columbus, Ohio, attracting 1.5 billion cubic feet per day of total bids, three times the proposed project capacity, as power demand from data centers surged.

The company anticipates full-year capital expenditure to be between C$6.0 billion and C$6.5 billion.

Canadian natural gas pipeline deliveries averaged 27.2 billion cubic feet per day during the quarter, up 5% from a year earlier, while U.S. pipeline flows rose 9.5% to 29.6 billion cubic feet per day.

Deliveries to LNG facilities jumped 21% to 3.9 billion cubic feet per day.

TC Energy's adjusted core profit at U.S. natural gas pipelines, its largest segment, rose to C$1.39 billion ($1.02 billion), from C$1.2 billion a year ago.

Adjusted core earnings from Canadian natural gas pipelines rose nearly 13% to C$961 million during the quarter.

On an adjusted basis, the Calgary-based company earned 98 Canadian cents per share, compared with analysts' average expectations of 92 Canadian cents, according to data compiled by LSEG.

It raised the quarterly dividend by 3.2% to C$0.8775 per share, marking its twenty-sixth straight year of dividend growth.

($1 = 1.3619 Canadian dollars)