Core Insights - TC Energy Corporation (TRP) reported second-quarter 2025 adjusted earnings of 59 cents per share, exceeding the Zacks Consensus Estimate of 56 cents, although down from 69 cents in the previous year [1][10] - Quarterly revenues reached $2.7 billion, surpassing the Zacks Consensus Estimate of $2.5 billion, but reflecting a 9.4% decrease year over year [1] - Comparable EBITDA for the quarter was C$2.6 billion, a 12% increase from the prior year, but missed the model estimate by 3.8% [2] Financial Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$923 million, up 9.1% year over year, driven by increased contributions from Coastal GasLink and higher regulated costs, but missed the estimate of C$979 million [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1.1 billion, an 8.6% increase from the prior year, driven by higher transportation rates, but fell short of the estimate by C$47.9 million [5] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$319 million, up 11.5% from the previous year, exceeding the estimate of C$275.5 million [7] - Power and Energy Solutions achieved a comparable EBITDA of C$301 million, a 32.6% increase year over year, primarily due to higher contributions from Bruce Power, but missed the estimate of C$332.9 million [8] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 23.4 billion cubic feet per day (Bcf/d), a 5% increase year over year, with NGTL System deliveries reaching a record of 15.5 Bcf on April 13, 2025 [4] - U.S. Natural Gas Pipelines' daily average flows were 25.7 Bcf/d, consistent with the prior year, while deliveries to LNG facilities averaged 3.5 Bcf/d, up 6% year over year [6] - Bruce Power achieved 98% availability in Q2 2025, attributed to investments in major component replacements [9] Dividend and Guidance - The board declared a quarterly dividend of 85 Canadian cents per common share for the period ending September 30, 2025, payable on October 31 [2] - TC Energy expects comparable EBITDA for 2025 to be between C$10.8 billion and C$11 billion, an increase from previous guidance, while capital expenditures are projected to remain between C$6.1 billion and C$6.6 billion [12] Project Developments - The Southeast Gateway pipeline is operational, with toll collection starting in May 2025, and regulated rates approved for future users [14] - The East Lateral XPress project entered service in May 2025, with a total investment of approximately US$0.3 billion [15] - Expansion projects under the Multi-Year Growth Plan received a positive Final Investment Decision, set to begin service in 2027 [16] Balance Sheet - As of June 30, 2025, TC Energy's capital investments totaled C$1.4 billion, with cash and cash equivalents also at C$1.4 billion and long-term debt of C$43.3 billion, resulting in a debt-to-capitalization ratio of 59% [11]