TC Energy reports strong second quarter 2025 operating and financial results

Core Insights - TC Energy Corporation has reported a strong second quarter for 2025, with an increase in comparable EBITDA and segmented earnings, leading to an upward revision of its 2025 financial outlook to a range of $10.8 to $11.0 billion [1][8] - The company has announced $4.5 billion in new growth projects over the past nine months to meet increasing customer demand for natural gas infrastructure [1][13] - Operational excellence and safety remain a priority, with the company tracking approximately 15% below budget on capital projects expected to be placed into service this year [1][12] Financial Highlights - Comparable earnings for Q2 2025 were $0.8 billion or $0.82 per common share, compared to $0.8 billion or $0.79 per common share in Q2 2024 [4] - Net income attributable to common shares was $0.9 billion or $0.83 per common share, up from $0.8 billion or $0.78 per common share in Q2 2024 [4] - Comparable EBITDA for Q2 2025 was $2.6 billion, an increase from $2.3 billion in Q2 2024 [4] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, a 5% increase compared to Q2 2024 [4] - The NGTL System set a new record with receipts of 15.5 Bcf on April 13, 2025 [4] - Bruce Power achieved 98% availability in Q2 2025, while the cogeneration power plant fleet achieved 93.4% availability [4] Project Highlights - The Southeast Gateway pipeline is now in service, with toll collection from the Comisión Federal de Electricidad (CFE) starting in May 2025 [9] - The East Lateral XPress project was placed in service in May 2025, enhancing capacity to U.S. Gulf Coast LNG export markets [12] - A positive final investment decision (FID) was reached on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan, with in-service dates expected in 2027 [6][13] Strategic Outlook - The company maintains a disciplined strategy focused on low-risk, high-value opportunities across North America, with a commitment to annual net capital expenditures of $6.0 to $7.0 billion [14] - The ongoing demand for natural gas infrastructure is driven by LNG exports, coal-to-gas conversions, and data center developments [13] - TC Energy aims for a 3% to 5% annual dividend growth target while managing to a long-term debt-to-EBITDA ratio of 4.75 times [14]