TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company)
released its second quarter results today. François Poirier, TC
Energy’s President and Chief Executive Officer commented, “Today’s
announcement to separate our Natural Gas Pipelines and Power and
Energy Solutions businesses from our Liquids Pipelines business
will maximize the value of our assets. The separated
industry-leading companies will have greater strategic focus to
execute major projects, drive efficiencies and operational
excellence, and enhanced flexibility to pursue disciplined growth."
Poirier continued, “In addition, we have made significant progress
on our 2023 strategic priorities. First, we continue to safely
execute our secured capital program, including Coastal GasLink and
Southeast Gateway which remain on planned cost and schedule.
Second, we have significantly accelerated our deleveraging goal
ahead of our year-end target with the sale of a 40 per cent equity
interest in the Columbia Gulf and Columbia Gas systems for total
cash proceeds of $5.2 billion. And third, we are safely and
reliably operating our assets that provide essential services
across North America, which is a testament to the dedication and
hard work of our people.”
Highlights
(All financial figures are unaudited and in Canadian dollars
unless otherwise noted)
- Strong performance during the first six months of 2023
delivered 10 per cent comparable EBITDA1 growth and 11 per cent
segmented earnings growth year-over-year
- Second quarter 2023 results were underpinned by solid
utilization and reliability across our assets
- Total NGTL System receipts were 13.5 Bcf/d, up 0.1 Bcf/d from
second quarter 2022
- NGTL System achieved record single-day receipts of 14.6 Bcf on
April 21, 2023
- U.S. Natural Gas Pipelines flows averaged 25.4 Bcf/d,
consistent with second quarter 2022
- Achieved record LNG feedgas deliveries of 3.8 Bcf on April 21,
2023
- Keystone Pipeline System operational reliability of 94.6 per
cent, ensuring the continued delivery of all contracted
volumes
- Marketlink throughput increased over 150,000 Bbl/d
year-over-year
- Bruce Power achieved 94 per cent availability while
successfully completing a planned outage on Unit 4 on time and
within budget
- Strong cogeneration fleet performance with 93 per cent
availability
- Second quarter 2023 financial results:
- Net income attributable to common shares of $0.3 billion or
$0.24 per common share compared to $0.9 billion or $0.90 per common
share in second quarter 2022. Comparable earnings1 of $1.0 billion
or $0.96 per common share compared to $1.0 billion or $1.00 per
common share in 2022
- Segmented earnings of $1.0 billion compared to $1.7 billion in
2022 and comparable EBITDA of $2.5 billion compared to $2.4 billion
in 2022
- TC Energy’s Board of Directors approved plans to spin off the
Liquids Pipelines business and separate into two industry-leading,
investment-grade companies. The separation is expected to be
achieved on a tax-free basis to TC Energy shareholders, anticipated
to be complete in the second half of 2024
- Announced the sale of a 40 per cent equity interest in Columbia
Gas Transmission, LLC (Columbia Gas) and Columbia Gulf
Transmission, LLC (Columbia Gulf) to Global Infrastructure Partners
(GIP) for proceeds of $5.2 billion. Closing of the transaction is
anticipated during fourth quarter 2023, subject to customary
closing conditions
- Following the partial sale of a 40 per cent equity interest in
Columbia Gas and Columbia Gulf, we continue to expect 2023
comparable EBITDA to be five to seven per cent higher than 2022;
however, comparable earnings per common share for 2023 is now
expected to be generally consistent with 2022
- Placed approximately $2.1 billion of natural gas and liquids
capacity capital projects in service during the first six months of
2023, progressing to our expected $6 billion of assets placed into
service in 2023
- The Coastal GasLink project is approximately 91 per cent
complete overall and continues to track cost and schedule with
mechanical completion expected by year end
- As previously communicated, based on the expectation that
additional equity contributions will predominantly be funded by TC
Energy, there is a pre-tax impairment charge of the full value of
our investment in Coastal GasLink LP of $843 million ($809 million
after tax) in second quarter 2023
- Southeast Gateway Pipeline project progressing according to
planned milestones; commenced onshore pipe installation and
facilities construction this summer and expect offshore pipe
installation to begin by year end
- Placed North Baja XPress into service
- Filed uncontested Columbia Gulf rate settlement on July 7,
2023
- Government of Ontario announced the proposed Ontario Pumped
Storage Project moving to final evaluation from the Minister of
Energy with a decision expected by the end of the year, subject to
Board approval
- Finalized contracts to sell 50 MW under TC Energy’s 24-by-7
carbon-free power offering in Alberta. Contract terms range from 15
to 20 years and are expected to commence in 2025
- Declared a quarterly dividend of $0.93 per common share for the
quarter ending September 30, 2023
- Dividend Reinvestment and Share Purchase Plan (DRP)
participation rate amongst common shareholders was approximately 39
per cent, resulting in $374 million to be reinvested in common
equity from the dividends declared on April 27, 2023
- Subsequent to the dividends declared
for the quarter ended June 30, 2023, which are being paid on July
31, 2023, TC Energy has discontinued the discounted DRP as outlined
in our 2022 Annual Report.
2023 Report on Sustainability highlights progress across
the business
- Reduced absolute methane emissions by 14 per cent between 2019
and 2022, while increasing natural gas throughput 11 per cent and
natural gas comparable EBITDA 20 per cent
- Increased weighting of environmental, social and governance
(ESG) from 25 per cent in 2022 to 30 per cent in 2023 corporate
scorecard
- Greater transparency with Report on Sustainability and ESG Data
Sheet combined and published earlier in year, and publication of
new Methane Emissions Disclosure Report and Climate-related
Lobbying Report
- Advanced safety culture with third-party safety assessment
results being applied in 2023
- Became a pilot member for the Task Force on Nature-based
Financial Disclosures
- Commitment to supporting human rights in our Code of Business
Ethics Policy and through the adoption of UN Global Compact
principles into strategy, culture and day-to-day activities.
|
three months ended June 30 |
|
six months ended June 30 |
(millions of $, except per share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
Net income attributable to
common shares |
|
250 |
|
|
|
889 |
|
|
|
1,563 |
|
|
|
1,247 |
|
per common share – basic |
$ |
0.24 |
|
|
$ |
0.90 |
|
|
$ |
1.53 |
|
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
Segmented earnings
(losses) |
|
|
|
|
|
|
|
Canadian Natural Gas Pipelines |
|
(394 |
) |
|
|
385 |
|
|
|
17 |
|
|
|
743 |
|
U.S. Natural Gas Pipelines |
|
715 |
|
|
|
711 |
|
|
|
1,794 |
|
|
|
1,021 |
|
Mexico Natural Gas Pipelines |
|
182 |
|
|
|
162 |
|
|
|
436 |
|
|
|
282 |
|
Liquids Pipelines |
|
273 |
|
|
|
261 |
|
|
|
449 |
|
|
|
533 |
|
Power and Energy Solutions |
|
255 |
|
|
|
170 |
|
|
|
507 |
|
|
|
246 |
|
Corporate |
|
(36 |
) |
|
|
(10 |
) |
|
|
(38 |
) |
|
|
21 |
|
Total segmented earnings (losses) |
|
995 |
|
|
|
1,679 |
|
|
|
3,165 |
|
|
|
2,846 |
|
|
|
|
|
|
|
|
|
Comparable
EBITDA |
|
|
|
|
|
|
|
Canadian Natural Gas Pipelines |
|
780 |
|
|
|
681 |
|
|
|
1,520 |
|
|
|
1,325 |
|
U.S. Natural Gas Pipelines |
|
925 |
|
|
|
915 |
|
|
|
2,192 |
|
|
|
2,022 |
|
Mexico Natural Gas Pipelines |
|
193 |
|
|
|
190 |
|
|
|
365 |
|
|
|
338 |
|
Liquids Pipelines |
|
363 |
|
|
|
341 |
|
|
|
680 |
|
|
|
670 |
|
Power and Energy Solutions |
|
217 |
|
|
|
252 |
|
|
|
498 |
|
|
|
409 |
|
Corporate |
|
(4 |
) |
|
|
(10 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
Comparable EBITDA |
|
2,474 |
|
|
|
2,369 |
|
|
|
5,249 |
|
|
|
4,757 |
|
Depreciation and amortization |
|
(694 |
) |
|
|
(635 |
) |
|
|
(1,371 |
) |
|
|
(1,261 |
) |
Interest expense included in comparable earnings |
|
(791 |
) |
|
|
(620 |
) |
|
|
(1,548 |
) |
|
|
(1,200 |
) |
Allowance for funds used during construction |
|
148 |
|
|
|
63 |
|
|
|
279 |
|
|
|
138 |
|
Foreign exchange gains (losses), net included in comparable
earnings |
|
70 |
|
|
|
(6 |
) |
|
|
103 |
|
|
|
26 |
|
Interest income and other included in comparable earnings |
|
52 |
|
|
|
23 |
|
|
|
94 |
|
|
|
58 |
|
Income tax (expense) recovery included in comparable earnings |
|
(249 |
) |
|
|
(173 |
) |
|
|
(529 |
) |
|
|
(352 |
) |
Net income attributable to non-controlling interests |
|
(6 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
|
|
(20 |
) |
Preferred share dividends |
|
(23 |
) |
|
|
(33 |
) |
|
|
(46 |
) |
|
|
(64 |
) |
Comparable earnings |
|
981 |
|
|
|
979 |
|
|
|
2,214 |
|
|
|
2,082 |
|
Comparable earnings per common share |
$ |
0.96 |
|
|
$ |
1.00 |
|
|
$ |
2.16 |
|
|
$ |
2.12 |
|
|
|
|
|
|
|
|
|
Net cash provided by
operations |
|
1,510 |
|
|
|
942 |
|
|
|
3,584 |
|
|
|
2,649 |
|
Comparable funds generated
from operations |
|
1,754 |
|
|
|
1,566 |
|
|
|
3,820 |
|
|
|
3,431 |
|
Capital spending1 |
|
2,991 |
|
|
|
1,491 |
|
|
|
6,024 |
|
|
|
3,228 |
|
|
|
|
|
|
|
|
|
Dividends
declared |
|
|
|
|
|
|
|
per common share |
$ |
0.93 |
|
|
$ |
0.90 |
|
|
$ |
1.86 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding (millions) |
|
|
|
|
|
|
|
– weighted average for the period |
|
1,027 |
|
|
|
983 |
|
|
|
1,024 |
|
|
|
982 |
|
– issued and outstanding at end of period |
|
1,029 |
|
|
|
984 |
|
|
|
1,029 |
|
|
|
984 |
|
1 Includes Capital expenditures, Capital projects in development
and Contributions to equity investments. Refer to the Financial
condition – Cash (used in) provided by investing activities section
for additional information.
CEO Message
Delivering on our 2023 priorities We remain
laser focused on our 2023 priorities and have achieved significant
milestones during the first half of the year. We continue to safely
execute major projects like Coastal GasLink and Southeast Gateway
that continue to track cost and schedule. We have accelerated our
deleveraging by advancing our $5+ billion asset divestiture
program, and we continue to maximize the value and performance of
our assets through safe operations and reliability of service. In
late 2022, we initiated our Focus Project, which is fundamentally
about re-thinking the way we do our work. We have recently
completed our Wave 1 initiative design and identified $750 million
of annual run-rate opportunities to be realized by end of 2025,
with approximately $150 million of that complete this year. These
opportunities are predominantly in the form of capital reductions
and other efficiencies, which primarily will flow back to our
customers and enhance the competitiveness of our services, and are
included in our $6 billion to $7 billion net capital expenditure
outlook. Our Wave 2 analysis, which recently commenced, indicates
the potential for an additional $250 million of opportunities that
in part represent an upside to our plan, and will be partially
flowed back to our customers consistent with regulatory and
commercial agreements.
In conjunction with the spinoff of our Liquids business and the
combining of our highly integrated North American Natural Gas
Pipelines business into a single, unified business, our Focus
Project will enable us to unlock synergies to create value for our
customers and our shareholders. As a result, Stanley (Stan) G.
Chapman, III has been promoted to Executive Vice-President and
Chief Operating Officer, Natural Gas Pipelines. His deep industry
experience across North America will drive further integration and
strengthen our business model through alignment and simplification,
leading to safety, operational, commercial and project execution
excellence.
Unlocking shareholder value through the creation of two
premium energy infrastructure companiesOn July 27, 2023,
we announced our Board of Directors has approved plans to spin off
our Liquids Pipelines business that follows a comprehensive
two-year review to unlock incremental shareholder value. The
separation of our Natural Gas Pipelines and Power and Energy
Solutions businesses from our Liquids Pipelines business will
maximize the value of our assets. Led by dedicated and highly
experienced teams, both companies can pursue growth through
disciplined capital allocation and a continued commitment to
finding efficiencies and operational excellence.
- TC Energy will focus on natural gas, driven by strong long-term
fundamentals and power and energy solutions, driven by nuclear,
pumped hydro energy storage and new energy opportunities.
- The Liquids Pipelines Company will
focus on enhancing the value of our asset base by increasing
capacity on underutilized portions of the system and increasing
connectivity between critical Canadian supply and the largest, most
resilient demand markets.
Leading the spinoff entity, Bevin Wirzba, our Executive
Vice-President and Group Executive, Canadian Natural Gas Pipelines
and Liquids Pipelines, and President, Coastal GasLink, will assume
the role of President and CEO of the new Liquids Pipelines Company.
His expertise and leadership capabilities will capture the
opportunities ahead as this world-class company provides critical
infrastructure, with an unrivalled market position to connect
resilient, safe, and secure supply to the highest-demand
markets.
The separation is expected to be achieved on a tax-free basis to
our shareholders and is anticipated to be complete in the second
half of 2024. Additional information will be provided as we
continue to advance this transformational initiative.
Delivering on our $5+ billion asset divestiture program
that significantly advances deleveraging targetOn July 24,
2023, we announced an agreement to monetize a 40 per cent equity
interest in Columbia Gas and Columbia Gulf with Global
Infrastructure Partners for proceeds of $5.2 billion (US$3.9
billion), subject to certain customary adjustments. With this
sizeable transaction, we will deliver on our $5+ billion asset
divestiture program ahead of our year-end target and significantly
advance toward our deleveraging target. Long-term fundamentals
continue to underscore the role of natural gas in a sustainable
energy future. Our strategic partnership with GIP and future
partnerships across our portfolio will provide additional
investment capacity to originate and execute on projects that will
allow us to extend TC Energy’s impact in enabling the energy
transition. Closing of the transaction is anticipated in the fourth
quarter of 2023, subject to customary closing conditions.
2023 outlook and dividend declarationFollowing
the sale of a 40 per cent equity interest in Columbia Gas and
Columbia Gulf we continue to expect 2023 comparable EBITDA to be
five to seven per cent higher than 2022; however, comparable
earnings per common share for 2023 has decreased primarily due to
higher expected net income attributable to non-controlling
interests, partially offset by lower interest expense. As a result,
comparable earnings per common share is now expected to be
generally consistent with 2022. We expect capital spending in 2023
to continue to be $11.5 billion to $12.0 billion.
Beyond 2024, we remain committed to limiting annual sanctioned
net capital expenditures to $6 billion to $7 billion. At this
level, we can continue to grow our business at a commensurate rate
with our dividend growth outlook of three to five per cent, while
also providing the optionality to further reduce leverage and/or
return incremental capital to shareholders. Showcasing our
commitment to delivering superior shareholder returns, TC Energy’s
Board of Directors declared a quarterly dividend of $0.93 per
common share for the quarter ending September 30, 2023, equating to
$3.72 on an annualized basis. As outlined in our 2022 Annual
Report, subsequent to the dividends declared for the quarter ended
June 30, 2023, which will be paid on July 31, 2023, TC Energy has
discontinued the discounted DRP.
Exceptional year-to-date operational results drive a 10
per cent year-over-year increase in comparable
EBITDADuring the first six months of the year, our
diversified portfolio of critical energy infrastructure assets
continued to safely and reliably meet North America’s growing
demand for energy. As a result, year-to-date, we have delivered 10
per cent comparable EBITDA growth year-over-year and segmented
earnings growth of 11 per cent. Our base business also remains
robust. During the second quarter of 2023, we saw continued strong
demand for our critical energy assets. We achieved record LNG
feedgas deliveries of 3.8 Bcf on April 21, 2023, representing more
than 30 per cent of current U.S. LNG exports while overall flows on
our U.S. Natural Gas pipelines averaged 25.4 Bcf/d. Within our
Canadian Natural Gas Pipelines business, total
average NGTL System receipts were 13.5 Bcf/d, up 0.1 Bcf/d from
second quarter 2022. The NGTL System also achieved its highest
record single day receipts of 14.6 Bcf on April 21, 2023. Looking
to our Liquids Pipelines business, operational
reliability on the Keystone Pipeline System was approximately 94.6
per cent. Marketlink throughput increased over 150,000 Bbl/d
year-over-year. During the quarter, Bruce Power
achieved 94 per cent availability and we continued to make
significant progress on our Major Component Replacement (MCR)
program. We also saw strong cogeneration fleet performance during
the quarter with 93 per cent availability.
Project execution: Coastal GasLink and Southeast Gateway
remain on track with planned cost and schedule We continue
to advance our industry-leading secured capital program. So far
this year, we have placed approximately $2.1 billion of natural gas
and liquids pipeline capacity capital projects into service,
progressing to the $6 billion of projects we expect to place into
service this year.
As we work through the summer construction season, the
Coastal GasLink project has reached approximately
91 per cent overall completion. The team has made tremendous
progress throughout the year. We remain on track with our capital
cost estimate and continue to expect mechanical completion by year
end. To date, nearly 98 per cent of pipe has been welded and 92 per
cent of all classified water crossings on the project are now
complete. In addition, 639 km of the 670 km pipe has been installed
and backfilled, with Section 6 being our third of eight sections
achieving 100 per cent pipe installation in June.
We continue to advance our projects in Mexico. The
Southeast Gateway Pipeline project is progressing
according to planned milestones, and we have begun onshore
installation and facilities construction in Veracruz and Tabasco.
We expect to begin offshore pipe installation in late 2023. The
north section of the Villa de Reyes (VdR) pipeline
was put into commercial operation in September 2022, while the
lateral section is mechanically complete with an expected
commercial in-service date in the third quarter of 2023.
Construction on the south section of VdR is targeted for mechanical
completion by the end of the year.
Recent progress and developments In early July,
the Government of Ontario announced the Ministry of Energy will
commence the final evaluation of the proposed Ontario
Pumped Storage Project (OPSP) with an expected decision by
the end of 2023. OPSP is a critical component to Ontario’s growing
clean economy and would be the province’s largest energy storage
project, storing enough clean electricity to power one million
homes while providing significant benefits and savings to
consumers. We will continue to build our relationship with our
prospective partner, the Saugeen Ojibway Nation, rooted on the
basis of trust and collaboration.
Following the December 2022 Milepost 14
incident, we have completed the recovery and clean-up of all
released product. We continue to make significant progress on
restoration activities, including revegetation of the impacted
area, and expect the majority of these activities to be completed
this year. We have revised our environmental remediation cost
estimate from $650 million to $794 million to meet the required
restoration endpoints in alignment with our regulators. As
previously announced, it is probable that the majority of the
estimated costs will be eligible for insurance recovery, including
cost increases as a result of increased reclamation costs. We
continue to abide by the Amended Corrective Action Order (ACAO) and
are implementing a comprehensive remedial work plan to enhance our
pipeline integrity program and overall safety performance. As we
progress this work, we continue to deliver all of our contract
commitments while operating under pressure restrictions. I’m proud
of the team that has safely worked over 1.2 million hours on-site
to support our ongoing response.
Collectively, recent announcements represent meaningful progress
toward our 2023 strategic priorities and position us exceptionally
well for the long term, allowing us to unlock incremental
shareholder value. As part of our ongoing capital rotation program,
we will continue to evaluate opportunities to further our
deleveraging objectives and optimally fund our secured capital
program. Our commitment to strong balance sheet fundamentals and
disciplined sanctioned net capital spending of $6 billion to $7
billion annually beyond 2024 will continue to provide the
foundation for a long-term sustainable annual dividend growth rate
of three to five per cent. Our continued success is underpinned by
the strength and stability of our utility-like business model and
our ability to further leverage our competitive strengths to move,
generate and store the energy North America relies on in a secure
and sustainable way.
Teleconference and WebcastWe will hold a
teleconference and webcast on Friday, July 28, 2023 at 6:30
a.m. (MDT) / 8:30 a.m. (EDT) to discuss our second quarter 2023
financial results and company developments. Presenters will include
François Poirier, President and Chief Executive Officer; Joel
Hunter, Executive Vice-President and Chief Financial Officer; and
other members of the executive leadership team.
Members of the investment community and other interested parties
are invited to participate by calling
1.800.319.4610. No passcode is required. Please
dial in 15 minutes prior to the start of the call. A live webcast
of the teleconference will be available on TC Energy's website at
www.TCEnergy.com/events or via the following URL:
https://www.gowebcasting.com/12631.
A replay of the teleconference will be available two hours after
the conclusion of the call until midnight EDT on August 4, 2023.
Please call 1.855.669.9658 and enter pass code 0282.
The unaudited interim Condensed consolidated financial
statements and Management’s Discussion and Analysis (MD&A) are
available on our website at
www.TCEnergy.com and will be filed today
under TC Energy's profile on SEDAR+ at
www.sedarplus.ca and with the U.S.
Securities and Exchange Commission on EDGAR at
www.sec.gov.
About TC EnergyWe’re a team of 7,000+ energy
problem solvers working to move, generate and store the energy
North America relies on. Today, we’re taking action to make that
energy more sustainable and more secure. We’re innovating and
modernizing to reduce emissions from our business. And, we’re
delivering new energy solutions – from natural gas and renewables
to carbon capture and hydrogen – to help other businesses and
industries decarbonize too. Along the way, we invest in communities
and partner with our neighbours, customers and governments to build
the energy system of the future.
TC Energy's common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at www.TCEnergy.com.
Forward-Looking InformationThis release
contains certain information that is forward-looking, including
statements regarding the monetization of certain pipelines and the
establishment of a partnership with Global Infrastructure Partners;
statements related to the Transaction, including the structure,
conditions, timing and tax effect thereof; the expected attributes
of TC Energy and the Liquids Pipelines Company following completion
of the Transaction, including the management and credit ratings
thereof; statements regarding the value of the benefits we expect
to realize from the Focus Project and the timing in which we will
realize those benefits; and the sustainability commitments and
targets contained in our Report on Sustainability and our GHG
Emissions Reduction Plan. Forward-looking statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate" or other similar words. Our
forward-looking information is subject to important risks and
uncertainties and is based on certain key assumptions.
Forward-looking statements in this document are intended to provide
TC Energy security holders and potential investors with information
regarding TC Energy and its subsidiaries, including management's
assessment of TC Energy's and its subsidiaries' future plans and
financial outlook. All forward-looking statements reflect TC
Energy's beliefs and assumptions based on information available at
the time the statements were made and as such are not guarantees of
future performance. As actual results could vary significantly from
the forward-looking information, you should not put undue reliance
on forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and the 2022 Annual Report filed under TC
Energy's profile on SEDAR+ at www.sedarplus.ca and
with the U.S. Securities and Exchange Commission at
www.sec.gov and the "Forward-looking information"
section of our Report on Sustainability and our GHG Emissions
Reduction Plan which are available on our website at
www.TCEnergy.com.
Non-GAAP MeasuresThis release contains
references to the following non-GAAP measures: comparable EBITDA,
comparable earnings, comparable earnings per common share and
comparable funds generated from operations. These non-GAAP measures
do not have any standardized meaning as prescribed by GAAP and
therefore may not be comparable to similar measures presented by
other entities. These non-GAAP measures are calculated by adjusting
certain GAAP measures for specific items we believe are significant
but not reflective of our underlying operations in the period.
These comparable measures are calculated on a consistent basis from
period to period and are adjusted for specific items in each
period, as applicable except as otherwise described in the
Condensed consolidated financial statements and MD&A. Refer to:
(i) each business segment for a reconciliation of comparable EBITDA
to segmented earnings (losses); (ii) Consolidated results section
for reconciliations of comparable earnings and comparable earnings
per common share to Net income attributable to common shares and
Net income per common share, respectively; and (iii) Financial
condition section for a reconciliation of comparable funds
generated from operations to Net cash provided by operations. Refer
to the Non-GAAP measures section of the MD&A in our most recent
quarterly report for more information about the non-GAAP measures
we use, the MD&A is included in this release. The MD&A can
be found on SEDAR+ (www.sedarplus.ca) under TC Energy's
profile.
Media Inquiries:Media
Relationsmedia@tcenergy.com403.920.7859 or 800.608.7859
Investor & Analyst
Inquiries: Gavin
Wylie / Hunter Mau investor_relations@tcenergy.com403.920.7911 or
800.361.6522
Download full report here:
https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2023/tc-2023-q2-quarterly-report.pdf
________________1 Comparable EBITDA, comparable earnings,
comparable earnings per common share and comparable funds generated
from operations are non-GAAP measures used throughout this news
release. These measures do not have any standardized meaning under
GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. The most directly comparable
GAAP measures are Segmented earnings, Net income attributable to
common shares, Net income per common share and Net cash provided by
operations, respectively. For more information on non-GAAP
measures, refer to the Non-GAAP Measures section of this news
release.
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