TC Energy Upbeat on North America’s Natural Gas Market

Core Viewpoint - TC Energy slightly missed analyst estimates for Q3 earnings but anticipates significant growth in North American natural gas demand due to rising U.S. LNG exports and increased power demand from data centers and coal-to-gas conversions [1][4]. Company Performance - TC Energy's Q3 earnings in the U.S. natural gas pipelines segment fell to US$568 million (C$801 million), down from US$943 million (C$1.33 billion) a year earlier [2]. - The power and energy solutions segment also experienced a nearly 50% decline in earnings compared to the previous year [3]. - Comparable earnings for TC Energy were reported at US$0.55 (C$0.77) per common share, slightly below the analyst consensus estimate of US$0.56 (C$0.79) [3]. Future Outlook - The company projects North American natural gas demand to increase by 45 billion cubic feet per day (Bcf/d) by 2035, driven by a tripling of LNG exports and unprecedented power demand [6]. - TC Energy's president and CEO highlighted favorable structural trends in North America's energy landscape, including growing demand and regulatory support, which reinforce confidence in long-term growth [5]. - A Goldman Sachs report indicates that natural gas is well-positioned to capture growth due to its flexibility and status as an abundant domestic resource [7].