Aug 1 (Reuters) - Pipeline operator TC Energy (TRP.TO) , opens new tab on Thursday beat second-quarter profit estimates, helped by higher volumes of natural gas transported through its system.

Extremely hot weather prompted consumers to increase their usage of air conditioners and refrigerators, creating demand for natural gas.

The NOVA Gas Transmission system received 14.2 billions of cubic feet per day (Bcfpd) of gas on an average in the reported quarter, up 5% from a year earlier and U.S. natural gas pipelines' transport was up 3% at 26.2 Bcfpd.

Quarterly earnings from the company's Canadian natural gas pipelines business came in at C$514 million ($371.79 million), compared to a loss of C$394 million in the year-ago period. Earnings from its Mexico pipelines were up 46.2% at C$266 million.

Earnings from its liquids pipelines business fell 1.1% to C$270 million, from a year earlier.

Calgary-based TC Energy, best known for its Keystone oil pipeline, is undergoing an overhaul and is in the process of spinning off its oil business to focus on transporting natural gas.

TC Energy is grappling with long-term debt of about C$49.15 billion as of June 30, as well as high costs at its Coastal GasLink pipeline in British Columbia, which was completed at the cost of C$14.5 billion, more than double its original budget.

Earlier this week, TC Energy said it will sell a minority stake in its Canadian natural gas pipeline system to Indigenous communities for C$1 billion as part of its plan to reduce debt and fund investments.

The company has announced C$2.6 billion of asset sales up till Thursday, of the C$3 billion asset divestiture target by the end of the year.

TC Energy reported an adjusted profit of 94 Canadian cents per share for the quarter ended June 30, compared with analysts' average estimate of 91 Canadian cents per share, according to LSEG data.

($1 = 1.3825 Canadian dollars)

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https://www.reuters.com/business/energy/tc-energy-beats-second-quarter-profit-estimates-2024-08-01/