TC Energy Corporation (NYSE:TRP) Q1 2021 Earnings Conference Call May 7, 2021 3:00 PM ET Company Participants David Moneta - Vice President, Investor Relations Francois Poirier - President and Chief Executive Officer Don Marchand - Executive Vice President, Strategy and Corporate Development and Chief Financial Officer Tracy Robinson - President, Canadian Natural Gas Pipelines and Coastal GasLink Stan Chapman - President, U.S. and Mexico Natural Gas Pipelines Bevin Wirzba - President, Liquids Pipelines Core ...

Financial Data and Key Metrics Changes - Comparable earnings reached a record $3.9 billion or $4.20 per common share in 2020, compared to $3.9 billion or $4.14 in 2019, marking a 1.5% increase on a per share basis [11] - Comparable EBITDA of $9.4 billion was similar to the previous year, while comparable funds generated from operations hit a record high of $7.4 billion, a 4% increase over 2019 [11] - Net income attributable to common shares was $1.1 billion or $1.20 per share in Q4 2020, compared to $1.1 billion or $1.18 per share for the same period in 2019 [25] Business Line Data and Key Metrics Changes - Canadian Natural Gas Pipelines had comparable EBITDA of $682 million, an increase of $64 million compared to Q4 2019, driven by increased rate base earnings and flow-through depreciation [27] - U.S. Natural Gas Pipelines saw comparable EBITDA rise to $706 million, an increase of $58 million compared to the same period in 2019, attributed to strong operating cost management [28] - Liquids Pipelines experienced a decline in comparable EBITDA by $64 million to $408 million in Q4 2020, primarily due to lower contributions from liquids marketing activities [29] - Power and Storage comparable EBITDA fell by $49 million year-over-year to $161 million, mainly due to the removal of Bruce Power Unit 6 for its major component replacement program [29] Market Data and Key Metrics Changes - The U.S. Natural Gas Pipelines business moved record volumes averaging approximately 25 Bcf per day in 2020, a 1% increase over 2019 deliveries [15] - Mexican Natural Gas Pipelines moved approximately 1.8 Bcf per day during 2020, with the Villa de Reyes project construction expected to complete in 2021 [18] Company Strategy and Development Direction - The company is advancing a capital program of $20 billion, with $4.2 billion expected to be completed in 2021, focusing on long-term growth plans [21] - The strategy includes a shift towards electrifying operations and investing in renewable energy sources to reduce GHG emissions [24][70] - The company aims to maintain a dividend growth rate of 5% to 7% supported by sustainable growth in earnings and cash flow per share [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their infrastructure and the essential services provided to the North American economy, expecting strong demand for their services to continue [24] - The company anticipates comparable earnings in 2021 to be generally consistent with 2020 results, with growth expected in Canadian and U.S. Natural Gas Pipelines [37] - Management acknowledged the challenges posed by the suspension of the Keystone XL project but emphasized the focus on operational excellence and organic growth opportunities [52][70] Other Important Information - The company declared a first quarter 2021 dividend of $0.87 per common share, a 7.4% increase over the amount declared in 2020, marking the 21st consecutive year of dividend increases [11] - The company exited 2020 with a strong balance sheet, with debt-to-EBITDA in line with the high 4s and FFO to debt of approximately 15% [35] Q&A Session Summary Question: What is the outlook for the Keystone XL project? - Management indicated that they are winding down construction activities and evaluating the next steps in a safe and responsible manner, emphasizing the project's complexity [49] Question: How does the company view its Liquids Pipelines business in the current environment? - Management described the Liquids Pipelines as irreplaceable infrastructure with high-quality cash flow streams, while also exploring other growth opportunities in the liquids sector [48] Question: What is the company's approach to M&A? - Management stated that they focus on high-quality assets at distress points in the cycle and prefer to maintain strategic control over their investments, indicating a cautious approach to M&A [52][53] Question: Is there a strategic focus on diversifying the business mix? - Management acknowledged the importance of diversity in the portfolio and indicated a potential shift towards more investments in Power and Storage, as well as electrification initiatives [59][70]

Financial Data and Key Metrics Changes - Comparable earnings for Q3 2020 were $893 million or $0.95 per share, down from $970 million or $1.04 per share in Q3 2019 [18][39] - Comparable EBITDA was $2.3 billion, while comparable funds generated from operations were $1.7 billion [18] - For the nine months ended September 30, 2020, comparable earnings were $2.9 billion or $3.05 per share, compared to $2.9 billion or $3.11 per share in the same period in 2019 [18][39] Business Line Data and Key Metrics Changes - Canadian Natural Gas Pipelines' comparable EBITDA increased by $94 million compared to Q3 2019, primarily due to increased rate-based earnings and lower flow-through income taxes [41] - U.S. Natural Gas Pipelines' comparable EBITDA grew by $43 million compared to 2019, mainly due to lower operating costs [43] - Liquids Pipelines' comparable EBITDA declined by $160 million to $415 million in Q3 2020, attributed to lower uncontracted volumes [45] - Power and Storage comparable EBITDA fell by $65 million year-over-year, primarily due to the planned removal of Bruce Power Unit 6 for maintenance [45] Market Data and Key Metrics Changes - Natural Gas Pipelines transported volumes remained strong, with NGTL system field receipts averaging 12.1 billion cubic feet per day, similar to or greater than the previous year [20] - The Mexican pipelines moved approximately 1.8 billion cubic feet per day through the first nine months of 2020, consistent with prior year levels [20] Company Strategy and Development Direction - The company is advancing a $37 billion secured capital program, with $11 billion in projects under development [12][36] - Focus on sustainability and transparency in reporting, with a commitment to environmental, social, and governance (ESG) principles [16] - The company aims to grow dividends at an average annual rate of 8% to 10% through 2021 and 5% to 7% thereafter [34][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their operations despite COVID-19, with expectations for full-year 2020 results to be similar to 2019 [14][36] - The company remains focused on balancing profitability with safety and environmental responsibility [15] - Management highlighted the importance of their energy infrastructure assets in the North American economy and the anticipated strong demand for their services [36] Other Important Information - The company has maintained a strong liquidity position, enhancing it by more than $11 billion through long-term debt issuance and credit facilities [13][51] - The Board of Directors increased the quarterly dividend to $0.81 per share, marking the 20th consecutive year of dividend increases [33] Q&A Session Summary Question: Capital allocation strategy amidst widening spreads - Management reiterated a consistent capital allocation strategy focused on maintaining financial strength and a balanced return of capital to shareholders [62][63] Question: Development of a hydrogen economy - Management sees long-term opportunities in hydrogen but emphasizes the need for careful assessment regarding safety and integration into existing infrastructure [67][68] Question: Concerns about existential risks to hydrocarbon infrastructure - Management acknowledged the importance of their existing assets while remaining open to future investments in greener infrastructure as the energy transition evolves [74][75] Question: Update on Columbia rate case - Management provided a timeline for the Columbia rate case, indicating that meaningful negotiations would begin in Q2 2021 [84][85] Question: Financing plans related to Natural Law Energy MOU - Management confirmed that funding plans for Keystone XL remain unchanged, with potential third-party investments possibly reducing their funding requirements [94]

Third Quarter 2020 conference call October 29, 2020 Forward looking information and non-GAAP measures 2 This presentation includes certain forward looking information, including future oriented financial information or financial outlook, which is intended to help current and potential investors understand management's assessment of our future plans and financial outlook, and our future prospects overall. Statements that are forward-looking are based on certain assumptions and on what we know and expect toda ...

TC Energy Corporation (NYSE:TRP) Q2 2020 Earnings Conference Call July 30, 2020 11:00 AM ET Company Participants David Moneta - Vice President, Investor Relations Russ Girling - Chief Executive Officer Don Marchand - Chief Financial Officer Bevin Wirzba - Senior Vice President, Liquids Pipelines Francois Poirier - Chief Operating Officer Stan Chapman - President, U.S. Natural gas pipelines Tracy Robinson - President, Canadian Natural Gas Pipelines Conference Call Participants Jeremy Tonet - JPMorgan Robert ...

Second Quarter 2020 conference call July 30, 2020 Forward looking information and non-GAAP measures 2 This presentation includes certain forward looking information, including future oriented financial information or financial outlook, which is intended to help current and potential investors understand management's assessment of our future plans and financial outlook, and our future prospects overall. Statements that are forward-looking are based on certain assumptions and on what we know and expect today ...