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]

TC Energy Corporation (NYSE:TRP) Q2 2022 Results Conference Call July 28, 2022 11:00 AM ET Company Participants Gavin Wylie - Vice President, Investor Relations François Poirier - President and Chief Executive Officer Joel Hunter - Executive Vice President and Chief Financial Officer Stan Chapman - President, U.S. and Mexico Natural Gas Pipelines Bevin Wirzba - EVP, Strategy and Corporate Development and Group Executive, Canadian Natural Gas and Liquids Pipelines Conference Call Participants Linda Ezergaili ...