SEATTLE (Oil Monster): Calgary, Alberta –based major energy company TC Energy reported strong operating and financial results in the third quarter of the current year. Also, the company achieved mechanical completion on Coastal GasLink, significantly ahead of the year-end target.
The company delivered nearly 7% comparable EBITDA growth of $2.6 billion in Q3 2023, compared to $2.5 billion in the corresponding third quarter a year before. The segmented earnings dipped from $1.8 billion in Q3 last year to $0.6 billion in third quarter 2023. The net losses attributable to common shares stood at $0.2 billion or $0.19 per common share during the quarter. This compares with net income of $0.8 billion or $0.84 per common share in third quarter 2022. The EBITDA stood higher at $2.6 billion compared to $2.5 billion in Q3 2022.
During the quarter, the company made monumental progress on Coastal GasLink. It reached 100% pipeline installation, including the successful hydrotesting of the full 670 km pipeline length. The project remains on track, said François Poirier, President and Chief Executive Officer, TC Energy.
TC Energy expects 2023 comparable EBITDA to be at the upper end of the 5-7% outlook compared to the previous year.
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