(Reuters) -TC Energy Corp reported an 8% rise in quarterly profit on Wednesday, as surging energy demand boosted the Canadian pipeline operator’s earnings from its businesses transporting natural gas.
Canada, the world’s fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia’s invasion of Ukraine.
Earnings from TC’s Canadian natural gas pipelines rose to C$409 million ($304.32 million) for the July-September quarter, from C$343 million from last year.
Rival Enbridge Inc also reported higher third-quarter adjusted profit on Friday.
“Demand for our services across our North American portfolio remains high and we continue to see strong utilization, availability, and overall asset performance,” TC Energy Chief Executive Francois Poirier said in a statement
The Calgary-based company’s net income attributable to common shares stood at C$841 million, or 84 Canadian cents per share, for the three months to Sept. 30, from C$779 million, or 80 Canadian cents per share, a year earlier.
($1 = 1.3440 Canadian dollars)
(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)
