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]

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]

Core Insights - TC Energy Corporation has begun collecting tolls from the Comisión Federal de Electricidad (CFE) for the Southeast Gateway pipeline and has received timely payment for May [1] - The Southeast Gateway pipeline, with a capacity of 1.3 Bcf/d and spanning 715 kilometers, was completed approximately 13% under the original cost estimate of US$3.9 billion [2][8] - The successful completion of the pipeline demonstrates the commitment of TC Energy, CFE, and the Ministry of Energy (SENER) to support Mexico's growing energy demands and economic development [3] - The Mexican government plans to add around 8.5 gigawatts of new capacity from natural gas power plants, positioning the Southeast Gateway pipeline as a crucial asset in this initiative [4] Company Overview - TC Energy operates a vast network of natural gas infrastructure, employing over 6,500 energy professionals to connect global energy needs [5] - The company is involved in moving, generating, and storing energy, delivering it to homes and businesses across North America and through LNG exports [5] - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [6]

Core Viewpoint - TC Energy Corporation is strategically investing in natural gas and nuclear power generation projects, anticipating significant growth in energy consumption through 2035, with a focus on delivering long-term value and low-risk opportunities [1][13]. Financial Highlights - First quarter 2025 comparable earnings were $1.0 billion or $0.95 per common share, a slight decrease from $1.1 billion or $1.02 per common share in the same quarter of 2024 [4][6]. - Comparable EBITDA for the first quarter 2025 was $2.7 billion, consistent with the first quarter of 2024 [4][6]. - The company reaffirmed its 2025 outlook, expecting comparable EBITDA between $10.7 billion and $10.9 billion, with capital expenditures anticipated to be between $6.1 billion and $6.6 billion [4][16]. Project Highlights - TC Energy expects to place approximately $8.5 billion of projects into service in 2025, tracking to be roughly 15% under budget [1][16]. - The Southeast Gateway pipeline, a 1.3 Bcf/d, 715-kilometre natural gas pipeline, is ready for service and was constructed approximately 13% under the original cost estimate [10][12]. - The Northwoods project has been approved, designed to provide 0.4 Bcf/d of capacity for natural gas-fired electric generation in the U.S. Midwest, with an estimated cost of approximately US$0.9 billion and an anticipated in-service date of late 2029 [7][13]. Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d, an increase of 8% compared to the first quarter of 2024 [4][6]. - Bruce Power achieved 87% availability in the first quarter of 2025, reflecting a planned outage on Unit 5 [4][15]. - The cogeneration power plant fleet achieved 98.6% availability in the first quarter of 2025, attributed to fewer forced outages [4][15]. Strategic Focus - The company is focused on executing high-value, low-risk projects with attractive build multiples, underpinned by long-term contracts with creditworthy counterparties [1][13]. - TC Energy's origination pipeline remains robust, with several projects in advanced stages of development, particularly related to coal-to-gas conversions and data center demand growth [14][16]. - The company aims to maximize the value of its assets through safety and operational excellence while ensuring financial strength and agility [9][14].