The Calgary-based oil and gas producer says earnings were $1.72 billion for the quarter ending June 30, up from $1.46 billion for the same quarter last year.
Earnings worked out to 80 cents per diluted share, up from 66 cents last year.
Adjusted net earnings from operations were $1.89 billion, up from $1.26 billion last year.
The company says production volumes in the quarter were 1.29 million barrels of oil equivalent per day, up eight per cent from the same quarter last year.
Revenue was $9.05 billion for the quarter, up from $7.89 billion for the same quarter last year.
TC Energy sees opportunity in data centres
TC Energy Corp. is eyeing the rapid proliferation of data centres in North America as a business opportunity.
The Calgary-based pipeline company said Thursday it is uniquely poised to capitalize on the rapid expansion of electricity-hungry data centres, which are being built by companies like Microsoft, Google, and Amazon to power the AI revolution.
Executive vice-president and chief operating officer Stan Chapman told analysts on a conference call that of the more than 300 data centres currently under construction or proposed in the U.S., more than 60 per cent are located within 80 kilometres of TC Energy’s existing natural gas pipeline system.
“We’re seeing a shift in site preferences (for data centres) from regions where big telecom infrastructure is in place to regions where energy and supply infrastructure is in place,” Chapman said, adding a growing number of data centre operators are interested in building and owning their own on-site power generating capacity to address their high electricity needs.
There is great potential for these operators to tie into TC Energy’s natural gas pipeline system, not just in the U.S. but also in Mexico and Canada, he said.
More money returned to Cenovus shareholders
The Calgary-based oil and gas company says in second-quarter results that it hit its net debt target of $4 billion in July and so will be returning 100% of excess free cash flow to shareholders starting in the third quarter.
The company says its second quarter earnings rose to $1 billion, up from $866 million in the same quarter last year.
Earnings worked out to 53 cents per diluted share, up from 44 cents from last year.
Cenovus says excess free funds flow in the quarter ending June 30 was $735 million, up from $505 million in the same quarter a year earlier.
The company reported revenues of $14.9 billion for the second quarter, up from $12.2 billion for the same quarter last year.
Parkland takes hit from unplanned shutdown
The company’s sales and operating revenue was $7.5 billion, down from $7.8 billion during the same quarter in 2023.
Diluted earnings per share were 39 cents, down from 43 cents last year.
Parkland revised its guidance for adjusted earnings before interest, taxes, depreciation and amortization for the year to $1.9 billion, down from $2 billion.
It attributed the softer guidance to the unplanned shutdown at its Burnaby refinery in the first quarter, and unfavourable market conditions that it says could persist throughout the year.
The company’s refinery in Burnaby, B.C., saw a shutdown in January due to extreme cold weather.