As investments in fossil fuel infrastructure continues, TC Energy’s net income reached $1.1 billion, or $1.18 per share, a significant increase from the previous year’s $779 million, or $0.83 per share, along with a key milestone achieved by completion of the Coastal GasLink project. This improvement highlights the company’s effective management of its fossil fuel investments and its expanding energy portfolio.
The company’s comparable earnings were also strong, at $1.0 billion or $1.07 per share, slightly up from $1.04 per share in the previous year. This demonstrates TC Energy’s ability to thrive in a fluctuating energy market by balancing traditional energy investments with new opportunities.
A notable achievement was the early completion of the Coastal GasLink project. This venture is crucial for transporting natural gas to the LNG Canada facility, reflecting TC Energy‘s efficiency in project management. Additionally, the company is progressing with a $34 billion capital program, which includes a mix of fossil fuel and renewable energy projects, aiming for long-term sustainable earnings.
TC Energy has also expanded its presence in the LNG market by acquiring the remaining 50% interest in the CANAPORT LNG terminal. This move aligns with the company’s growth strategy in traditional energy sectors. Concurrently, TC Energy is committed to environmental sustainability, actively working to reduce emissions and invest in renewable energy sources.
François Poirier, the President and CEO of TC Energy, expressed confidence in the company’s diverse and robust assets, which have been instrumental in driving strong financial results. Looking ahead, TC Energy is set to continue its focus on completing its capital program and exploring renewable energy opportunities, while managing the challenges of regulatory complexities and market volatility.
TC Energy’s performance in the third quarter of 2023 illustrates a successful balance between maintaining its fossil fuel investments and exploring renewable energy avenues. This strategic approach positions the company as a resilient player in the evolving energy sector, ready to navigate the challenges and opportunities of a transitioning energy market.