By Charles Kennedy – Feb 13, 2026, 10:30 AM CST
TC Energy Corporation beat analyst estimates for fourth-quarter profits amid soaring demand for natural gas in the United States which boosted its pipeline flows to an all-time delivery record early this year.
TC Energy on Friday reported earnings per common share from continuing operations at US$0.72 (C$0.98), beating the average consensus estimate of US$0.68 (C$0.92).
TC Energy’s deliveries on the Canadian Natural Gas Pipelines averaged 27.2 Bcf/d, up by 5% compared to the fourth quarter of 2024, and set a new all-time delivery record of 33.2 Bcf on January 22, 2026.
U.S. Natural Gas Pipelines’ daily average flows were 29.6 Bcf/d, a 9.5% jump compared to the fourth quarter of 2024.
Following the end of the reporting quarter, TC Energy’s U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf on January 29, 2026, the company said.
Deliveries to U.S. LNG facilities averaged 3.9 Bcf/d, up by 21% on the year, and set a new daily record of nearly 4.4 Bcf on December 4, 2025.
In addition, TC Energy achieved all-time delivery records on the Columbia Gulf, GTN, and Gillis Access gas pipelines in December 2025.
“Strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA and a 15 per cent increase in segmented earnings over the same period,” said François Poirier, TC Energy’s president and CEO.
“In the fourth quarter 2025 and early 2026, record power demand from data centres, coal-to-gas conversions and LNG exports drove all-time delivery records across our U.S. and Canadian Natural Gas Pipeline Systems of 39.9 Bcf and 33.2 Bcf, respectively,” Poirier said.
TC Energy also moved to expand critical infrastructure projects “to respond to rising power generation demand in the U.S. Midwest, strengthening system flexibility and reinforcing the long?term value of our storage portfolio,” the executive added.
By Charles Kennedy for Oilprice.com
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