NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

Core Insights - TC Energy reported a strong fourth quarter with comparable EBITDA growth of 13% year over year, reaching nearly CAD 3 billion, driven by high delivery records in pipeline businesses and a focus on safety and operational excellence [3][8] - The company anticipates continued growth in 2025, with a 9% year-over-year increase in comparable EBITDA attributed to improved operational execution and safety performance [4][5] Financial Performance - EBITDA for Mexico increased by CAD 163 million, a 70% increase year over year, due to the completion of the Southeast Gateway project [2] - U.S. Natural Gas EBITDA rose by CAD 188 million, primarily from a Columbia Gas settlement and higher realized earnings in the natural gas marketing business [2] - TC Energy's fourth-quarter results included a reaffirmation of 2026 guidance of CAD 11.6–11.8 billion and 2028 guidance of CAD 12.6–13.1 billion, alongside a 3.2% increase in dividends [8][22] Project Execution and Capital Management - The company placed CAD 8.3 billion of projects into service in 2025, over 15% under budget, and shifted CAD 500 million of capital into 2026 to optimize returns [7][10] - TC Energy has a growth pipeline of approximately CAD 8 billion in high-conviction pending approval projects and CAD 12 billion in origination, with significant interest in the Columbia Gas project [6][15] Strategic Positioning and Market Demand - The company expects North American natural gas demand to increase by 45 Bcf/d from 2025 to 2035, driven by LNG exports and rising power generation needs [17] - TC Energy serves seven LNG facilities, representing 30% of North American LNG feed gas, and is positioned near 60% of projected U.S. data center growth [18] Bruce Power and Future Outlook - Bruce Power's availability is targeted in the low-90% range for 2026, with each available unit generating approximately CAD 1 million per day in revenue [20] - The company is engaged in pre-FEED work for Bruce C, with federal funding supporting current activities and expectations of significant cash flow post-MCR program completion [21][22]

Financial Data and Key Metrics Changes - Comparable EBITDA increased by 10% year over year, reaching $2.7 billion in the third quarter [30] - The company expects 2025 net capital expenditures to be at the low end of the $5.5 billion-$6 billion range, with a clear line of sight to achieving a long-term target of 4.75 times debt to EBITDA [5][10] - The implied weighted average unlevered after-tax IRR of the sanctioned portfolio increased to approximately 12.5%, up from 8.5% a few years ago [10] Business Line Data and Key Metrics Changes - The U.S. natural gas business saw LNG flows increase by 15% this quarter, setting a new peak delivery record of 4 bcf per day [29] - Bruce Power achieved 94% availability, aligning with the expected annual availability in the low 90% range for full year 2025 [30] - The power and energy solutions segment experienced an 18% reduction in EBITDA, primarily due to the dual-unit Major Component Replacement (MCR) outage program [30] Market Data and Key Metrics Changes - In Canada, natural gas demand from power generation has increased by 80% over the past five years [12] - Mexico's daily gas imports are averaging 4% higher in 2025 than in 2024, with the highest peak import day recorded at over 8 bcf a day [29] - The natural gas forecast has been revised 5 bcf a day higher, now calling for a 45 bcf a day increase in natural gas demand by 2035 [7] Company Strategy and Development Direction - The company remains focused on low-risk, high-return growth, emphasizing the execution of projects on time and on budget [38] - The strategic focus includes maximizing the value of existing assets through safety and operational excellence while leveraging commercial and technological innovation [38] - The company is positioned to capture growth in the energy market, particularly in natural gas and power generation, with a strong emphasis on brownfield in-corridor expansions [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive regulatory environment across North America, which is expected to enhance project delivery timelines [6] - The company anticipates continued strong performance with year-over-year growth of 6%-8% expected in 2026 [32] - The outlook for natural gas and power demand is trending higher, with significant opportunities in the energy market [10][11] Other Important Information - The company sanctioned $5.1 billion in new projects over the last 12 months, capitalizing on the demand for power generation and data centers [5] - The company has developed enhancements that have improved capital allocation and project development rigor, increasing capital efficiency and cost management [20] - The company is leveraging AI and advanced algorithms to optimize pipeline configurations and improve operational performance [17][18] Q&A Session Summary Question: Long-term EBITDA growth trajectory - Management indicated that if current return levels remain true, mid-single-digit CAGR guidance could be sustained beyond 2028 [40][41] Question: Potential for increased CapEx - Management stated that while the current CapEx is set at $6 billion, there is potential to consider increasing it based on project backlog and execution capabilities [42][43] Question: Size and complexity of projects - Management noted that projects are becoming larger but remain straightforward in execution, with average project sizes around $500 million [46][48] Question: Project backlog and capital constraints - Management confirmed that no projects have been turned down due to capital constraints, and there is room to expand the backlog [50][51] Question: Strategic decision to focus on transmission - Management explained that the focus on transmission rather than competing in power generation is driven by strong utility relationships and low-risk returns [52] Question: Status of Bruce C project - Management provided an update on the Bruce C project, indicating progress towards FID with ongoing assessments and funding considerations [54] Question: Rate cases and potential toll increases - Management confirmed that several rate cases are in process, with conservative estimates included in budgeting and forecasting [57] Question: Challenges with contractors and market pressures - Management acknowledged that while market pressures have not materially impacted operations, they are monitoring suppliers and contractors closely [58][60]

A subsidiary of Italian gas-grid manager Snam is considering building a $1 billion natural gas storage site off the UK coast https://t.co/Od2NCVMXW8 ...

Financial Performance & Growth - Williams expects a 9% Adjusted EBITDA CAGR from 2020-2025G[3] - Williams showcases a 7% 5-year CAGR in Available Funds From Operations Per Share[17] - Williams anticipates a 9% 5-year CAGR in Adjusted Earnings Per Share from 2020-2025G[17] - Williams projects a Debt-to-Adjusted EBITDA ratio of approximately 365x in 2025, a 16% improvement since 2020[17] Strategic Growth & Opportunities - Williams has a deep backlog of high-return projects with approximately 13 Bcf/d of transmission and approximately 6 GW of potential power innovation projects[3] - Williams has over $14 billion in project opportunities with in-service dates from 2027-2033[28] - Williams is investing $16 billion in projects under construction to deliver 400 MW of power, with a potential backlog of 6 GW of power projects[31] Market & Demand - Approximately 1/3 of operating coal plants are within Williams' footprint, equating to >8 Bcf/d natural gas from coal to gas switching opportunity[12] - Projected Lower 48 natural gas demand grows by 22 Bcf/d through 2030[53] - Since 2013, demand for gas has grown by 49%, while infrastructure to deliver gas has increased by 26%, and storage delivery capacity has grown by 2%[70]