Core Viewpoint - TC Energy Corporation has extended its financial outlook through 2028, projecting a 5% to 7% annual growth in comparable EBITDA, supported by strong North American energy fundamentals and a robust project pipeline [1][13]. Financial Highlights - Comparable earnings for Q3 2025 were $0.8 billion or $0.77 per share, down from $0.9 billion or $0.86 per share in Q3 2024 [4][7]. - Net income attributable to common shares was $0.8 billion or $0.78 per share, compared to $1.3 billion or $1.29 per share in Q3 2024 [4][5]. - Comparable EBITDA for Q3 2025 was $2.7 billion, an increase from $2.4 billion in Q3 2024 [4][5]. - The 2025 outlook for comparable EBITDA is projected to be between $10.8 billion and $11.0 billion [4][13]. - A quarterly dividend of $0.85 per common share has been declared for the quarter ending December 31, 2025 [14]. Operational Highlights - Year-to-date, TC Energy has placed approximately $8 billion of assets into service on time and under budget [11]. - Canadian Natural Gas Pipelines deliveries averaged 23.0 Bcf/d, a 2% increase compared to Q3 2024 [4]. - U.S. Natural Gas Pipelines daily average flows were 26.3 Bcf/d, consistent with Q3 2024 [4]. - Deliveries to LNG facilities averaged 3.7 Bcf/d, a 15% increase compared to Q3 2024, setting a new daily record of 4.0 Bcf on August 7, 2025 [4]. Project Highlights - Over the past 12 months, TC Energy has sanctioned over $5 billion in new growth projects, including $0.7 billion in the third quarter [1][12]. - The projects are expected to deliver a weighted average build-multiple of approximately 5.9 times and are backed by 20-year take-or-pay or cost-of-service contracts [1][12]. - Significant projects include the TCO Connector and Midwest Connector, designed to provide approximately 0.6 Bcf/d of capacity for new natural gas-fired power generation [11][12]. Strategic Outlook - The company expects 2026 comparable EBITDA to be between $11.6 billion and $11.8 billion, reflecting a 6% to 8% year-over-year growth [4][13]. - The 2025 to 2028 outlook includes an expected comparable EBITDA range of $12.6 billion to $13.1 billion, indicating a compounded annual growth rate of 5% to 7% [13]. - TC Energy's strategy focuses on executing a selective portfolio of growth projects while maintaining financial strength and maximizing asset value [13].

Kinder Morgan Conference Call Summary Company Overview - **Company**: Kinder Morgan (NYSE: KMI) - **Industry**: Midstream Natural Gas Infrastructure Key Points Industry Positioning and Demand - Kinder Morgan has the largest interstate natural gas pipeline network in the U.S., with more than double the miles of its closest competitor [3][4] - The company supplies 45% of the feed gas for liquefied natural gas (LNG) exports and 40% of the natural gas for power generation in the Southern States [4] - The demand for natural gas is expected to grow significantly, particularly in the U.S. [2] Project Backlog and Opportunities - Kinder Morgan's sanctioned project backlog has increased from $3 billion to $9 billion over the past 18 months, with an additional $10 billion in potential projects identified [13][22] - The company aims to secure projects that meet return thresholds rather than simply growing the backlog [13] - Opportunities for new projects are widespread, including Texas, Louisiana, and the Southeast, driven by LNG demand and power generation growth [16][18] Execution Risks and Permitting - Execution risks include permitting, construction, and competition, but the permitting environment has improved, with the FERC process streamlined by over five months [7][8] - Availability of skilled contractor labor is currently good, and construction bids for major projects have been favorable [9][10] - Equipment availability, particularly for turbines and compressor units, is becoming tighter, which is being monitored [10][12] Financial Outlook - Kinder Morgan plans to spend approximately $2.5 billion annually on capital expenditures, which is expected to support single-digit annual EBITDA growth [23][24] - The base business has stabilized, contributing to cash flow growth, with expectations for high single-digit EPS growth [24][25] - The company is positioned to reduce leverage as projects come online, with a current leverage ratio of 3.9 times debt to EBITDA [28][29] LNG Market Dynamics - The global LNG demand is expected to remain strong, with U.S. facilities likely to be fully utilized, despite potential overcapacity in the market [31][33] - Kinder Morgan mitigates risks by securing long-term take-or-pay contracts with counterparties [34] Regulatory Environment - The regulatory environment has improved, facilitating project timelines and reducing construction risks [49][50] - The company is exploring early procurement of equipment to ensure timely project execution [53][54] Regional Opportunities - There are emerging opportunities in Appalachia, contingent on state support for new pipeline projects [35][36] - The Permian Basin is experiencing increased pipeline capacity, which is expected to relieve pricing pressures in the region [44][45] Conclusion - Kinder Morgan is well-positioned to capitalize on the growing demand for natural gas and LNG, with a robust project pipeline and a favorable regulatory environment. The company is focused on maintaining financial discipline while pursuing growth opportunities across its extensive network.