(All financial figures are unaudited and in Canadian dollars unless otherwise noted) Comparable EBITDA and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings (losses) and Net income (loss) per common share. For more information on non-GAAP measur ...

TC Energy Corporation (NYSE:TRP) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants Gavin Wylie - VP, IR Francois Poirier - President and CEO Bevin Wirzba - EVP and Group President, Liquids Pipelines and Coastal GasLink Joel Hunter - EVP and CFO Annesley Wallace - EVP, Strategy and Corporate Development and President, Power and Energy Solutions Conference Call Participants Theresa Chen - Barclays Praneeth Satish - Wells Fargo Linda Ezergailis - TD Securities Rob Hope - Scotiab ...

TC Energy Corporation (NYSE:TRP) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Company Participants Gavin Wylie - Vice President, Investor Relations Francois Poirier - President and Chief Executive Officer Bevin Wirzba - Executive Vice-President and Group President, Liquids Pipelines and Coastal GasLink Joel Hunter - Executive Vice-President and Chief Financial Officer Stanley Chapman - Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Conference Call Participants Rob H ...

() TC Energy Second quarter 2023 conference call () TC Energy J U L Y 2 8 , 2 0 2 3 Call participants François Poirier – President and Chief Executive Officer Joel Hunter – Executive Vice-President and Chief Financial Officer Stanley G. Chapman, III – Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Annesley Wallace – Executive Vice-President, Strategy, Corporate Development and Energy Transition Planning Bevin Wirzba – Executive Vice-President and Group President, Liquids Pipelin ...

TC Energy Corporation (NYSE:TRP) Q1 2023 Earnings Conference Call April 28, 2023 8:30 AM ET Company Participants Gavin Wylie - Head of IR Francois Poirier - CEO Joel Hunter - CFO Corey Hessen - EVP and President, Power & Energy Solutions Bevin Wirzba - Head of Corporate Development Stanley Chapman - EVP and Group Executive of U.S. and Mexico Natural Gas Pipelines Tina Faraca - President, U.S. Natural Gas Pipelines Richard Prior - Director of TC Energy Greg Grant - President of the Canadian Gas Business Conf ...

() TC Energy First quarter 2023 conference call APRIL 28, 2023 Call participants François Poirier - President and Chief Executive Officer Joel Hunter - Executive Vice-President and Chief Financial Officer Stanley G. Chapman, III - Executive Vice-President and Group Executive, U.S. and Mexico Natural Gas Pipelines Corey Hessen - Executive Vice-President and President, Power and Energy Solutions Bevin Wirzba - Executive Vice-President, Strategy and Corporate Development and Group Executive, Canadian Natural G ...

TC Energy Corporation (NYSE:TRP) Q4 2022 Results Conference Call February 14, 2023 8:30 AM ET Company Participants Gavin Wylie - Head of IR Francois Poirier - CEO Joel Hunter - CFO Bevin Wirzba - Head of Corporate Development Stanley Chapman Executive - Vice-President and Group Executive of U.S. and Mexico Natural Gas Pipelines Richard Prior - Director of TC Energy Greg Grant - President of the Canadian Gas Business Conference Call Participants Rob Hope - Scotiabank Ben Pham - BMO Theresa Chen - Barclays Li ...

[Overview and Highlights](index=1&type=section&id=Overview%20and%20Highlights) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) TC Energy reported record 2022 comparable EBITDA of **$9.9 billion** and EPS of **$4.30**, with a 3.3% dividend increase and projected 5-7% EBITDA growth for 2023 Full Year 2022 Financial Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income Attributable to Common Shares | $0.6 billion | $1.8 billion | | Net Income per Common Share | $0.64 | $1.87 | | Comparable EBITDA | $9.9 billion | $9.4 billion | | Comparable Earnings per Common Share | $4.30 | $4.26 | - The quarterly common share dividend increased by **3.3%** to **$0.93 per share** (equivalent to **$3.72 annually**), marking the **23rd consecutive year** of increases[1](index=1&type=chunk)[4](index=4&type=chunk) - The 2023 financial outlook projects comparable EBITDA to be **5-7% higher** than 2022, with comparable EPS modestly higher[3](index=3&type=chunk) - In 2022, **$8.8 billion** of new projects were sanctioned and **$5.8 billion** placed in service, with **~$6 billion** expected in service for 2023[4](index=4&type=chunk) - Operational records were set on the NGTL System (**16.4 Bcf** delivery) and U.S. Natural Gas Pipelines (**36.6 Bcf** peak delivery)[3](index=3&type=chunk) [CEO Message](index=4&type=section&id=CEO%20Message) The CEO highlighted record 2022 comparable EBITDA of **$9.9 billion**, a **$34 billion** capital program, a **$5+ billion** asset divestiture plan, and addressed the **$650 million** Keystone Pipeline liability and **$14.5 billion** Coastal GasLink cost increase - A **$34 billion** fully sanctioned secured capital program is advancing, supporting **3-5%** annual dividend growth[9](index=9&type=chunk) - A **$5+ billion** asset divestiture program is underway to accelerate deleveraging and self-fund growth[10](index=10&type=chunk) - A **$650 million (US$480 million)** environmental remediation liability was accrued for the Keystone Pipeline oil release, prior to insurance recoveries[11](index=11&type=chunk) - The Coastal GasLink project cost estimate increased to **~$14.5 billion**, with a potential **$1.2 billion** further increase if construction extends into 2024[12](index=12&type=chunk) [Financial Outlook](index=5&type=section&id=Financial%20Outlook) TC Energy projects 2023 comparable EBITDA to be **5-7% higher** than 2022, with capital spending between **$11.5 billion** and **$12.0 billion**, driven by NGTL and Mexico pipelines, offset by Keystone and higher interest - Key 2023 earnings growth drivers include NGTL System expansion, increased Mexico pipeline contributions, and full-year impact of 2022 in-service assets[15](index=15&type=chunk) - Earnings growth will be partially offset by reduced Keystone Pipeline contributions from the Milepost 14 incident and lower margins, alongside higher interest expenses[15](index=15&type=chunk) 2023 Capital Spending Outlook by Segment | Segment | Expected 2023 Capital Spending | | :--- | :--- | | Canadian Natural Gas Pipelines | ~$2.8 billion | | U.S. Natural Gas Pipelines | ~US$1.9 billion | | Mexico Natural Gas Pipelines | ~US$2.1 billion | | Liquids Pipelines | ~$0.1 billion | | Power and Energy Solutions | ~$1.0 billion | | **Total** | **~$11.5 to $12.0 billion** | [Notable Recent Developments](index=7&type=section&id=Notable%20Recent%20Developments) [Canadian Natural Gas Pipelines Developments](index=7&type=section&id=Canadian%20Natural%20Gas%20Pipelines%20Developments) Coastal GasLink project cost increased to **$14.5 billion**, resulting in a **$3.0 billion** impairment, while the NGTL System placed **$3.0 billion** of projects in service and sanctioned the **$0.6 billion** VNBR project - The Coastal GasLink project cost estimate increased to **~$14.5 billion**, leading to a **$3.0 billion** pre-tax impairment (**$2.6 billion** after-tax) in Q4 2022[23](index=23&type=chunk)[25](index=25&type=chunk) - The NGTL System placed approximately **$3.0 billion** of capacity projects in service during 2022[25](index=25&type=chunk) - The **$0.6 billion** Valhalla North and Berland River (VNBR) project was sanctioned, adding **500 MMcf/d** capacity to the NGTL System by 2026[26](index=26&type=chunk) [U.S. Natural Gas Pipelines Developments](index=9&type=section&id=U.S.%20Natural%20Gas%20Pipelines%20Developments) The Alberta XPress project entered service, connecting WCSB to U.S. Gulf Coast LNG, while the Gillis Access project and its extension were sanctioned, and ANR reached a rate case settlement - The Alberta XPress project, connecting Western Canadian gas to U.S. Gulf Coast LNG markets, was placed in service in January 2023[30](index=30&type=chunk) - The Gillis Access project (**US$0.4 billion**) and an extension (**US$0.3 billion**) were sanctioned to connect Haynesville basin supplies to Louisiana markets[30](index=30&type=chunk)[28](index=28&type=chunk) - ANR reached a settlement-in-principle in its Section 4 rate case, with FERC approval anticipated in early 2023[30](index=30&type=chunk) [Mexico Natural Gas Pipelines Developments](index=9&type=section&id=Mexico%20Natural%20Gas%20Pipelines%20Developments) TC Energy formed a strategic alliance with CFE, consolidating contracts and reaching FID on the **US$4.5 billion** Southeast Gateway Pipeline, while progressing Villa de Reyes and Tula pipeline sections - A strategic alliance with CFE was announced, consolidating multiple TSAs into a single U.S. dollar-denominated contract through **2055** and resolving prior arbitrations[29](index=29&type=chunk) - An FID was reached for the **US$4.5 billion**, **1.3 Bcf/d** Southeast Gateway Pipeline, expected in-service by mid-2025[29](index=29&type=chunk) [Liquids Pipelines Developments](index=10&type=section&id=Liquids%20Pipelines%20Developments) A Keystone Pipeline rupture in Kansas released **12,937 barrels**, incurring a **$650 million** remediation liability largely recoverable by insurance, with ongoing regulatory rate proceedings - A **$650 million** environmental remediation liability was accrued for the Keystone Pipeline 'Milepost 14 Incident' in Kansas, with **90%** of the **12,937 barrel** release recovered[33](index=33&type=chunk) - A corresponding **$650 million** asset was recorded, representing expected recovery of remediation costs via insurance[34](index=34&type=chunk) - A CER decision on a Keystone tolling complaint resulted in a **$38 million** adjustment, which Keystone is seeking to review[34](index=34&type=chunk) [Power and Energy Solutions Developments](index=12&type=section&id=Power%20and%20Energy%20Solutions%20Developments) The Bruce Power Unit 3 MCR program is set to begin in March 2023, with an increased contract price, and pre-construction started on the **$146 million**, **81 MW** Saddlebrook Solar project - The Bruce Power Unit 3 MCR program is scheduled from March 2023 to 2026, with its contract price increased on April 1, 2022, reflecting investments[36](index=36&type=chunk)[37](index=37&type=chunk) - Pre-construction commenced on the **81 MW** Saddlebrook Solar project in Alberta, with an expected capital cost of **$146 million** and 2023 completion[38](index=38&type=chunk) [Corporate Developments](index=12&type=section&id=Corporate%20Developments) TC Energy announced a **$5+ billion** asset divestiture program, reinstated its DRP with **33%** participation raising **$607 million**, and raised **$1.8 billion** from a common share offering - A **$5+ billion** asset divestiture program was announced to accelerate deleveraging and provide self-funding for growth[42](index=42&type=chunk)[41](index=41&type=chunk) - Issued **28.4 million** common shares at **$63.50** each, raising **~$1.8 billion** gross proceeds to fund the Southeast Gateway Pipeline[42](index=42&type=chunk) - The DRP saw approximately **33%** participation, resulting in **$607 million** reinvested in common equity in 2022[42](index=42&type=chunk) [Capital Program](index=26&type=section&id=Capital%20Program) [Secured Projects](index=26&type=section&id=Secured%20Projects) TC Energy is advancing a **$34 billion** secured capital program, placing **$5.8 billion** of projects in service in 2022, including NGTL, Coastal GasLink, Southeast Gateway, and Bruce Power life extension Secured Capital Program Highlights (in billions) | Project Area | Estimated Cost | | :--- | :--- | | NGTL System (2023-2025+) | $4.2 | | Coastal GasLink (TC Share) | $5.4 | | U.S. Natural Gas Pipelines | US$6.9 | | Mexico Natural Gas Pipelines | US$5.6 | | Bruce Power - Life Extension | $4.3 | | **Total Secured Projects** | **$34.0** | - Approximately **$5.8 billion** of capital projects were placed in service in 2022, primarily within natural gas pipeline segments[97](index=97&type=chunk) [Projects Under Development](index=28&type=section&id=Projects%20Under%20Development) TC Energy is developing RNG transportation hubs, Ontario and Canyon Creek Pumped Storage projects, the Alberta Carbon Grid, and exploring hydrogen hubs with Nikola and Hyzon - Developing a network of **10** Renewable Natural Gas (RNG) transportation hubs nationally in collaboration with GreenGasUSA[109](index=109&type=chunk) - Advancing energy storage projects, including the **1,000 MW** Ontario Pumped Storage and **75 MW** Canyon Creek Pumped Storage projects[116](index=116&type=chunk)[118](index=118&type=chunk) - Partnering with Pembina Pipeline on the Alberta Carbon Grid (ACG), a large-scale carbon transportation and sequestration system[122](index=122&type=chunk) - Evaluating a hydrogen production hub in Crossfield, Alberta, with **60-150 tonnes per day** capacity, and pursuing joint development with Nikola and Hyzon[125](index=125&type=chunk)[126](index=126&type=chunk) [Segment Performance Analysis](index=32&type=section&id=Segment%20Performance%20Analysis) [Canadian Natural Gas Pipelines](index=32&type=section&id=Canadian%20Natural%20Gas%20Pipelines) Q4 2022 saw a **$2.6 billion** segmented loss due to a **$3.0 billion** Coastal GasLink impairment, but comparable EBITDA increased by **$94 million** to **$768 million** from NGTL System expansion and Canadian Mainline earnings Canadian Natural Gas Pipelines Q4 Financials (millions of $) | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Segmented (Losses)/Earnings | (2,592) | 389 | | Comparable EBITDA | 768 | 674 | | Comparable EBIT | 456 | 389 | - Segmented earnings were heavily impacted by a **$3.0 billion** pre-tax impairment charge on the Coastal GasLink LP equity investment[130](index=130&type=chunk) - NGTL System net income increased by **$21 million** to **$185 million** in Q4 2022, driven by a higher average investment base from system expansions[131](index=131&type=chunk) [U.S. Natural Gas Pipelines](index=34&type=section&id=U.S.%20Natural%20Gas%20Pipelines) Q4 2022 segmented earnings increased by **$64 million** to **$882 million**, with comparable EBITDA rising **US$23 million** to **US$842 million**, driven by marketing, new projects, and mineral rights earnings U.S. Natural Gas Pipelines Q4 Financials | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Segmented Earnings (Cdn$) | $882 million | $818 million | | Comparable EBITDA (US$) | $842 million | $819 million | | Comparable EBIT (US$) | $671 million | $644 million | - Comparable EBITDA growth was driven by higher marketing earnings, new projects, and mineral rights earnings[142](index=142&type=chunk) [Mexico Natural Gas Pipelines](index=36&type=section&id=Mexico%20Natural%20Gas%20Pipelines) Q4 2022 segmented earnings decreased by **$27 million** to **$96 million** due to a **$92 million** credit loss provision, but comparable EBITDA increased by **US$34 million** to **US$156 million** from new pipeline sections Mexico Natural Gas Pipelines Q4 Financials | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Segmented Earnings (Cdn$) | $96 million | $123 million | | Comparable EBITDA (US$) | $156 million | $122 million | | Comparable EBIT (US$) | $139 million | $101 million | - Segmented earnings were negatively impacted by a **$92 million** expected credit loss provision, excluded from comparable measures[147](index=147&type=chunk) - Comparable EBITDA increased due to higher revenues from the commercial in-service of VdR North and Tula East in Q3 2022[148](index=148&type=chunk) [Liquids Pipelines](index=37&type=section&id=Liquids%20Pipelines) Q4 2022 segmented earnings decreased by **$51 million** to **$322 million**, with comparable EBITDA down **$16 million** to **$364 million**, due to lower Keystone rates/volumes and a CER tolling decision Liquids Pipelines Q4 Financials (millions of $) | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Segmented Earnings | 322 | 373 | | Comparable EBITDA | 364 | 380 | | Comparable EBIT | 279 | 300 | - Comparable EBITDA was negatively affected by lower rates and volumes on the Keystone Pipeline's U.S. Gulf Coast section and a CER tolling decision[154](index=154&type=chunk) - The decline was partially offset by increased contributions from liquids marketing activities due to higher margins[154](index=154&type=chunk) [Power and Energy Solutions](index=39&type=section&id=Power%20and%20Energy%20Solutions) Q4 2022 segmented earnings increased by **$107 million** to **$298 million**, with comparable EBITDA up **$35 million** to **$203 million**, driven by higher Bruce Power contract prices Power and Energy Solutions Q4 Financials (millions of $) | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Segmented Earnings | 298 | 191 | | Comparable EBITDA | 203 | 168 | | Comparable EBIT | 184 | 148 | - Comparable EBITDA growth was primarily due to higher contributions from Bruce Power, reflecting a higher contract price[159](index=159&type=chunk) Bruce Power Key Metrics (TC Energy's Share) | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Comparable EBITDA & EBIT | $140 million | $106 million | | Plant Availability | 87% | 89% | | Realized Power Price | $92/MWh | $79/MWh | [Corporate and Other Financial Items](index=41&type=section&id=Corporate%20and%20Other%20Financial%20Items) Q4 2022 Corporate segment reported a **$4 million** loss, with interest expense rising **$111 million** to **$722 million**, AFUDC increasing **$43 million** to **$115 million**, and net cash from operations up **$224 million** to **$2.0 billion** - Interest expense in comparable earnings rose to **$722 million** in Q4 2022 from **$611 million** in Q4 2021, driven by higher rates and debt levels[169](index=169&type=chunk)[170](index=170&type=chunk) - AFUDC increased to **$115 million** in Q4 2022 from **$72 million** in Q4 2021, largely due to reactivated AFUDC on TGNH assets and the Southeast Gateway project[170](index=170&type=chunk) Q4 Cash Flow Summary (millions of $) | Metric | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Net Cash Provided by Operations | 2,025 | 1,801 | | Comparable Funds Generated from Operations | 2,285 | 2,073 | [Financial Statements](index=46&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Income](index=46&type=section&id=Condensed%20Consolidated%20Statement%20of%20Income) Q4 2022 revenues reached **$4.04 billion**, but a **$3.05 billion** impairment led to a net loss of **$1.45 billion** or **($1.42)** per share, compared to **$1.12 billion** net income in Q4 2021 Q4 2022 Income Statement Highlights (millions of $) | Line Item | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Revenues | 4,041 | 3,584 | | Impairment of Equity Investment | (3,048) | — | | Net (Loss)/Income Attributable to Common Shares | (1,447) | 1,118 | | Net (Loss)/Income per Common Share - Basic | ($1.42) | $1.14 | [Condensed Consolidated Statement of Cash Flows](index=47&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Q4 2022 net cash from operations increased to **$2.03 billion**, while net cash used in investing rose to **$3.01 billion**, and financing activities used **$541 million** Q4 2022 Cash Flow Summary (millions of $) | Activity | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Net Cash Provided by Operations | 2,025 | 1,801 | | Net Cash Used in Investing Activities | (3,010) | (1,391) | | Net Cash (Used in)/Provided by Financing Activities | (541) | (2,653) | [Condensed Consolidated Balance Sheet](index=49&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of December 31, 2022, total assets reached **$114.3 billion**, total liabilities **$80.2 billion**, and total equity **$34.1 billion**, reflecting growth in plant, property, and equipment Balance Sheet Summary (millions of $) | Item | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | 114,348 | 104,218 | | Total Liabilities | 80,232 | 70,822 | | Total Equity | 34,116 | 33,396 |

TC Energy Corporation (NYSE:TRP) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Gavin Wylie – Vice President-Investor Relations François Poirier – President and Chief Executive Officer Joel Hunter – Chief Financial Officer Stan Chapman – President-U.S. and Mexico Natural Gas Pipelines Corey Hessen – Executive Vice-President and President-Power & Energy Solutions Bevin Wirzba – Executive Vice President-Strategy and Corporate Development and Group ExecutiveCanadian Natural G ...

Financial Performance & Outlook - TC Energy revised its 2022 EBITDA outlook higher, anticipating approximately 4% year-over-year comparable EBITDA growth[10] - The company sanctioned $78 billion of high-quality capital projects year-to-date[10] - Q3 2022 comparable EBITDA was up 10% year-over-year, from $2238 million to $2461 million[31, 32] - TC Energy expects a 3-5% annual dividend growth[48] - The company's secured capital program is $34 billion[41] Operational Highlights - U S Natural Gas Pipelines are tracking to their 6th consecutive year of record EBITDA[13] - U S Natural Gas Pipelines average daily flows increased by 6% year-over-year[13] - LNG deliveries for U S Natural Gas Pipelines increased by 43% compared to Q3 2021[13] - Total NGTL System deliveries averaged 124 Bcf/d, up 4% compared to Q3 2021[16] - September average volumes on the Keystone Pipeline reached approximately 640000 Bbl/d[20] Strategic Initiatives - TC Energy sanctioned US$45 billion for the Southeast Gateway Pipeline in Mexico[15]