Canadian pipeline operator TC Energy has reported its first quarter results for 2024 with a message from CEO François Poirier: ‘Throughout the first quarter of 2024, TC Energy continued to safely and reliably deliver energy across North America, while maximizing the value of our assets through operational excellence. This resulted in approximately 11% growth in comparable EBITDA compared to first quarter 2023 and approximately four per cent growth in segmented earnings year-over-year. As we progress throughout the remainder of the year, our strategic priorities remain unchanged. We’ll seek to maximize the value of our assets through safety and operational excellence, remain focused on project execution and continue our deleveraging path by advancing our asset divestiture program and streamlining our business through efficiency efforts. Our business is not exposed to material volumetric or commodity price risks and strong utilization rates demonstrate the continued demand for our services and the long-term criticality of our assets.’
TC Energy achieved record deliveries on its natural gas pipeline systems, averaging 15.3 Bcf/d, up 0.7 Bcf/d, compared to first quarter 2023. Much of this increase was thanks to the increased electricity demand in North America, with natural gas deliveries to power generators setting a record for the quarter with average flows of 2.9 Bcf/d, up approximately 11% year-over-year.
Throughput on TC Energy’s Mexico Natural Gas Pipelines assets increased 13% year-over-year, reaching almost 3 Bcf/d largely driven by higher flows on the Sur de Texas pipeline. The company is continuing to invest in this region, with over 70% of the deepwater offshore pipe installation for Mexico’s Southeast Gateway pipeline project now complete.
TC Energy has also completed three landfall sites, and is progressing well with the construction of onshore facilities and pipe activities. Following mechanical completion of the Coastal GasLink (CGL) pipeline project ahead of target, post-construction reclamation activities are currently underway and are expected to continue through 2024. Commercial in-service of CGL will occur after completion of plant commissioning activities at the LNG Canada facility and upon receiving notice from LNG Canada.
