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TC Energy reports solid 1Q22 results

Published by , Editorial Assistant
World Pipelines,

TC Energy Corp. (TC Energy or the company) released its 1Q22 results today. TC Energy's President and Chief Executive Officer, François Poirier commented that, “During the first three months of 2022, our diversified and opportunity-rich portfolio of essential energy infrastructure assets continued to deliver strong results and reliably meet North America's growing demand for energy. By working closely with our customers, we are developing long-term strategic partnerships and innovative energy solutions with the expectation of sanctioning over CAN$5 billion of new projects annually, in line with our historic risk and return preferences."

1Q22 results were underpinned by solid utilisation and reliability across TC Energy’s assets, further supported by the constructive fundamental outlook for North American energy. The growing need for energy security has placed renewed focus on the long-term role their infrastructure will play in responsibly fulfilling North America's energy demands:

  • The NGTL System had its highest average winter demand since 2000 of 14.2 billion ft3/d.
  • US Natural Gas Pipelines reached average flows of 30 billion ft3/d, up 5% compared to 1Q21, including an all-time daily system delivery record of nearly 35 billion ft3 in January 2022.
  • Today, around a quarter of the US LNG export volumes travel through TC Energy’s US Natural Gas Pipelines.

1Q22 financial results

  • Net income attributable to common shares of CAN$0.4 billion or CAN$0.36 per common share compared to a net loss of CAN$1.1 billion or a loss of CAN$1.11 per common share in 2021. Comparable earnings of CAN$1.1 billion or CAN$1.12 per common share compared to CAN$1.1 billion or CAN$1.16 per common share in 2021.
  • Segmented earnings of CAN$1.2 billion compared to segmented losses of CAN$0.9 billion in 2021 and comparable EBITDA of CAN$2.4 billion compared to CAN$2.5 billion in 2021.
  • Net cash provided by operations of CAN$1.7 billion was consistent with 2021 results and comparable funds generated from operations was CAN$1.9 billion compared to CAN$2.0 billion in 2021.

Other highlights

  • Declared a quarterly dividend of CAN$0.90 per common share for 2Q22.
  • Consistent with TC Energy’s 2021 Annual Report outlook, 2022 comparable EBITDA is expected to be modestly higher than 2021, while 2022 comparable earnings per common share are expected to be consistent with 2021.
  • Continued to advance their CAN$25 billion secured capital programme by investing CAN$1.7 billion in various growth projects.
  • Filed ANR rate case with FERC in January and filed Great Lakes unopposed rate settlement in March 2022.
  • Received FERC approval for Alberta XPress and North Baja XPress projects in April 2022.
  • Received verification of final cost and schedule estimates for the Bruce Power Unit 3 MCR programme from IESO in March.
  • To date in 2022, finalised contracts for approximately 160 MW and 240 MW from TC Energy’s wind energy and solar projects, respectively, following the RFI process initiated in 2021. Expect to finalise additional contracts in 2022.
  • Received notice on 29 March 2022 from the Government of Alberta that the final project proposal to build and operate the Alberta Carbon Grid, a joint-venture with Pembina Pipeline Corp., moves forward to the next stage.
  • Announced a plan to evaluate a hydrogen production hub in Crossfield, Alberta in April 2022.
  • Issued US$800 million of Junior Subordinated Notes through TransCanada Trust in March 2022.

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