Key Takeaways Chevron leverages a global integrated model to generate steady cash flow and support long-term dividends.Kinder Morgan's vast pipeline network and take-or-pay contracts ensure stable, fee-based cash flows.TC Energy's regulated pipeline business delivers predictable earnings and 26 years of dividend growth.The oil market is going through a turbulent phase, with prices swinging sharply on geopolitical headlines. Brent crude has moved back above $100 per barrel after recent declines, highlighting ...

Iran war makes second phase of LNG Canada more likely, TC Energy CEO says | Reuters Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv HOUSTON, March 23 (Reuters) - The disruption to global liquefied natural gas supplies caused by the Iran war makes it more likely that a second stage of Canada's massive LNG Canada facility will be built, the CEO of Canadian pipeline company TC Energy (TRP.TO), opens new tabpredicted in Houston on Monday. While ...

Core Insights - TC Energy Corporation celebrates over 65 years of being listed on the Toronto Stock Exchange and its 75th anniversary of incorporation [1] Company Overview - Founded in 1951, TC Energy was established to develop a natural gas system in Canada, and it now operates across Canada, the U.S., and Mexico [2] - The company is responsible for transporting more than 30 percent of the natural gas used in North America [2] Legacy and Future - TC Energy aims to connect the world to the energy it needs, fostering growth and continuing its legacy for future generations [3]

Gold prices hit over a one-month low after Fed holds rates steady as expected Brent tops $110 after hit on world's largest natural gas field, Fed uncertainty Stocks end in the red after Fed expresses uncertainty over impact of oil shock Global stocks could fall 30% in extended conflict scenario, UBS warns 3 Boring Infrastructure Stocks That Could Beat the Market in 2026 By MarketBeat.com Author Chris Markoch Stock Markets Published 03/18/2026, 04:54 PM 3 Boring Infrastructure Stocks That Could Beat the Mark ...

Core Viewpoint - The article highlights four North American pipeline operators (MPLX, Kinder Morgan, Plains All American Pipeline, and TC Energy) as attractive investment opportunities as oil prices are expected to rise towards $100 due to escalating geopolitical tensions following the death of Ayatollah Khamenei [1]. Group 1: Company Performance - MPLX has seen a year-to-date increase of 12.52% and raised its quarterly distribution to $1.08/unit, resulting in an annualized distribution of $4.31, marking a 12.5% increase for the second consecutive year [1]. - Kinder Morgan (KMI) has increased by 24.61% YTD and has a $10 billion project backlog, guiding a dividend of $1.17/share for 2026, with the current quarterly payment at $0.2925, up from $0.2775 in 2023 [1]. - Plains All American Pipeline (PAA) has risen 24.19% YTD and raised its annualized distribution by 10% to $1.67/unit, yielding approximately 8.5% [1]. - TC Energy (TRP) has increased by 16.71% YTD and announced a 3.2% increase in its annualized dividend to C$3.51/share, marking its 26th consecutive year of dividend growth [1]. Group 2: Revenue and Demand - The revenue for these companies is structurally insulated from oil price fluctuations, with TRP deriving 98% of its comparable EBITDA from rate-regulated or long-term take-or-pay contracts [1]. - KMI has a project backlog of $10 billion, primarily in natural gas, with long-term contracts to transport 8 billion cubic feet per day (Bcf/d) to LNG facilities, expected to grow to 12 Bcf/d by the end of 2028 [1]. - MPLX is allocating $2.7 billion in capital expenditures for 2026, with 90% directed towards natural gas and NGL services, including the Blackcomb Pipeline, which targets a capacity of 2.5 Bcf/d by Q4 2026 [1]. - North American natural gas demand is projected to increase by 45 Bcf/d to approximately 170 Bcf/d by 2035, indicating a strong demand for pipeline services [1]. Group 3: Valuation and Market Position - Despite strong year-to-date performance, these companies trade at modest earnings multiples, with MPLX having a trailing P/E of 12.22 and PAA's forward P/E at 10.87 [1]. - S&P upgraded KMI to BBB+ in January 2026, reflecting improvements in its balance sheet [1]. - TRP successfully placed $8.3 billion in new projects into service in 2025, all under budget by 15%, showcasing execution quality that the market has not fully priced in [1].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **natural gas value chain** and the impact of **AI-driven data center development** on natural gas demand in the United States, particularly in the **Appalachia/PJM** region [1][3][21]. Core Insights - **Incremental Demand Forecast**: AI data center development is projected to drive an additional **4.8 Bcf/d** of domestic natural gas demand by **2030**, with a high-end forecast estimating **14-15 Bcf/d** if natural gas serves 100% of the new load [1][4][7][36]. - **Data Center Projects**: There are **1,272 announced data center projects** across the U.S., representing approximately **80 GW** of incremental power demand [4][7][29]. - **Geospatial Analysis**: A new geospatial analysis has been conducted to map operational and announced data centers against natural gas basins and pipeline infrastructure, identifying key beneficiaries in the natural gas sector [3][21][22]. Demand Distribution - **Concentration of Demand**: Demand growth is primarily concentrated in the **PJM** region (55% of total) and **Virginia** (34%), with companies like **EQT**, **TC Energy**, **Dominion**, and **Vistra** identified as key beneficiaries [7][20][29]. - **State-Level Insights**: Virginia leads with **21 GW** of planned data center capacity, while Texas follows with **9 GW**. Other states like Pennsylvania and Ohio also contribute significantly to the overall demand [29][50]. Beneficiaries in the Natural Gas Value Chain - **Upstream Producers**: Companies like **EQT** are well-positioned due to their acreage and long inventory life, with a price target of **$69**, implying a **19.5%** total return [20]. - **Midstream Infrastructure**: **TC Energy** and **Williams** are highlighted for their strategic positioning near new data center sites, with price targets of **C$93** and **$83**, respectively [20][25]. - **Utilities and Power**: **Vistra Energy** is noted as a top beneficiary due to its proximity to data centers, with a price target of **$227**, indicating a **34.9%** total return [20][25]. Broader Market Trends - The U.S. natural gas market is expected to enter a new cycle of demand growth, with projections indicating a rise to approximately **140 Bcf/d** by **2030**, up **23%** from current levels [8][62]. - The growth is driven by increased **LNG exports** and rising electricity consumption, with natural gas demand expected to grow at a rate of **2x** electricity demand and **3x** U.S. GDP [8][62]. Risk Assessment - The forecast for incremental natural gas demand has been risk-weighted to account for project completion probabilities, estimating a realistic demand of **~4.8 Bcf/d** through **2030** [59][60]. Conclusion - The analysis indicates a significant opportunity for companies within the natural gas value chain, particularly those positioned geographically close to emerging AI-driven demand, as the market adapts to the increasing power needs of data centers [21][22][69].

Group 1 - TC Energy (NYSE/TSX: TRP) is a midstream company that has not yet been reviewed, despite a bullish outlook on the energy infrastructure sector [1] - The energy infrastructure landscape experienced a significant structural shift in 2025 [1] - The focus is on analyzing undervalued and disliked companies or industries with strong fundamentals and good cash flows, particularly in sectors like Oil & Gas and consumer goods [1] Group 2 - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns [1] - The investment strategy emphasizes long-term value investing while also considering deal arbitrage opportunities [1] - There is a preference for businesses that are easily understandable, avoiding high-tech and certain consumer goods sectors [1]

Core Insights - Enbridge and TC Energy reported Q4 2025 results, with both companies showing positive share price gains and increased trading volumes [1][2] Financial Performance - Enbridge reported a free cash flow of CAD$3.30 billion ($2.41 billion) with a 34% increase in capital expenditures, while TC Energy's free cash flow was CAD$2.08 billion ($1.52 billion) after a 16% decrease in capital expenditures [5] - Enbridge paid out CAD$8.22 billion ($6.0 billion) in dividends in 2025, marking the 30th consecutive annual increase, with a 9% compound annual growth rate (CAGR) over those years [3] - TC Energy paid out CAD$3.51 billion ($2.56 billion) in dividends in 2025, achieving its 26th consecutive annual increase, with an expected annual dividend growth of 3-5% [4] Capital Expenditure Plans - Enbridge plans to deploy CAD$10 billion ($7.3 billion) in growth capital in 2026 as part of a CAD$39 billion ($28.5 billion) secured capital program, while TC Energy anticipates annual spending between CAD$5.5 billion ($4.02 billion) and CAD$6.0 billion ($4.38 billion) through 2030 [6] Analyst Ratings - Of the 25 analysts covering Enbridge, nine rate it a Buy with a median target price of $52.81, while 14 of 25 analysts covering TC Energy rate it a Buy with a median target price of $60.57, both targets being below current trading prices [7]

Core Insights - TC Energy Corporation (TRP) reported fourth-quarter 2025 adjusted earnings of 70 cents per share, exceeding the Zacks Consensus Estimate of 65 cents, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments, although down from 75 cents in the previous year due to weaker results in the Power and Energy Solutions segment [1][9] Financial Performance - Quarterly revenues reached $3 billion, surpassing the Zacks Consensus Estimate by $55 million, but decreased by 16.9% year over year [2] - Comparable EBITDA increased to C$3 billion from C$2.6 billion in the prior year [2] - The board declared a 3.2% quarterly dividend hike to 87.75 Canadian cents per common share, translating to an annualized rate of C$3.51 [2] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$961 million, up 12.9% year-over-year, with deliveries averaging 27.2 billion cubic feet per day (Bcf/d), a 5% increase [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,388 million, a 15.7% increase, with daily average flows of 29.6 Bcf/d, marking a 9.5% increase [4] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$397 million, up 69.7% year-over-year, with flows averaging 2.7 Bcf/d [5] - Power and Energy Solutions segment reported a comparable EBITDA of C$217 million, down 36.4% from the previous year, impacted by an extended outage [6] Expenditure and Balance Sheet - As of December 31, 2025, capital investments amounted to C$5.3 billion, with cash and cash equivalents of C$168 million and long-term debt of C$45.2 billion, resulting in a debt-to-capitalization ratio of 60% [7] 2026 Guidance - The company anticipates 2026 EBITDA to be between C$11.6 billion and C$11.8 billion, with plans for net capital spending of up to C$6 billion [9][10] - Management expects to place approximately C$4 billion of projects into service during the year, contributing to growth [11] - The company aims to fully allocate its C$6 billion annual net capital expenditure target through 2030, with potential for increased investment later in the decade [12]

We recently published an article titled 11 Best Canadian Growth Stocks to Buy According to Hedge Funds. On January 28, Morgan Stanley raised its price target on TC Energy Corporation (NYSE:TRP) to C$93 from C$92 while maintaining an Overweight rating, as part of a broader reassessment of North American midstream and renewable infrastructure equities. The firm noted strong sector performance amid favorable commodity pricing and constructive earnings results, supporting continued investor interest in high-q ...