TC Energy tops quarterly profit estimates, approves C$700 million in gas pipeline expansion projects
TRP•Project details and earnings performance
TC Energy plans to spend C$300 million on the Central Virginia project to add up to 0.4 bcfpd of capacity on the Columbia Gas system.
It will spend C$100 million on the Clark project to add up to 0.3 bcfpd of pipeline capacity on the Columbia Gulf system for an existing gas-fired power plant.
The company also approved C$100 million to expand its NGTL natural gas pipeline system in Canada.
The NGTL and Clark projects are expected to enter service in 2028, while the Central Virginia project has in-service dates of 2028 and 2030.
TC Energy's second-quarter adjusted earnings of 94 Canadian cents per share topped analysts' average estimate of 83 Canadian cents, according to data compiled by LSEG.
Adjusted core profit from TC Energy's U.S. natural gas pipelines business, its largest segment, rose 11.8% to C$1.22 billion in the second quarter from a year earlier.
