TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company)
today announced net income attributable to common shares for first
quarter 2020 of $1.15 billion or $1.22 per share compared to net
income of $1.0 billion or $1.09 per share for the same period in
2019. Comparable earnings for first quarter 2020 were $1.1 billion
or $1.18 per common share compared to $1.0 billion or $1.07 per
common share in 2019. TC Energy's Board of Directors also declared
a quarterly dividend of $0.81 per common share for the quarter
ending June 30, 2020, equivalent to $3.24 per common share on an
annualized basis.
“We are living in unprecedented times with the COVID-19 pandemic
having a significant impact on millions of people around the
world,” said Russ Girling, TC Energy’s President and Chief
Executive Officer. “On behalf of everyone at TC Energy, I’d like to
express my appreciation to all the front-line health care and other
essential service workers who are risking their personal well-being
to ensure that testing, treatment and care is provided to those
directly impacted by COVID-19. We also offer our equally sincere
gratitude to those ensuring that critical delivery systems and
supply chains continue to operate. Your selfless acts to keep
people safe, fed and comfortable during this difficult time are
truly courageous.
“At TC Energy, we remain focused on the health and safety of our
employees, contractors and the communities in which we operate and
on maintaining the reliability of our critical energy delivery
systems,” continued Girling. “Business continuity plans were
implemented across all of our operations in early March and we
continue to effectively operate our assets and execute on our
capital programs which are essential to meeting the energy needs of
people across North America.
“The availability of our infrastructure has remained largely
unimpacted by recent events with utilization levels robust and in
line with historical norms. With approximately 95 per cent of our
comparable EBITDA generated from regulated assets and/or long-term
contracts, we are largely insulated from short-term volatility
associated with volume throughput and commodity prices,” added
Girling. “During the first quarter of 2020, our diversified
portfolio continued to perform very well. Comparable earnings per
share increased 10 per cent compared to the same period last year
while comparable funds generated from operations of $2.1 billion
were 17 per cent higher. The increases reflect the robust
performance of our legacy assets and contributions from the
approximately $1.6 billion of capacity projects that have entered
service to date in 2020.”
Despite near-term market uncertainty, we continue to believe
that access to abundant, responsibly-produced energy from one of
the world’s largest reserves and a country with top ESG performance
will be crucial to North America’s economy, energy security and
standard of living over the longer term. As a result, at the end of
March, the Company announced that it was moving forward with
construction of the Keystone XL pipeline project which will require
an additional investment of approximately US$8.0 billion. The
pipeline is expected to enter service in 2023 and will play a
critical role in connecting the world's third largest oil reserves
in the Canadian oil sands with the continent's largest refining
market in the U.S. Gulf Coast. It is underpinned by new 20-year
contracts for 575,000 barrels per day that are expected to generate
approximately US$1.3 billion of incremental EBITDA on an annual
basis when the pipeline enters service. TC Energy has partnered
with the Government of Alberta who will invest approximately US$1.1
billion in equity and fully guarantee a US$4.2 billion
project-level credit facility through construction. Once the
project is completed and placed into service, the Company expects
to acquire the Government of Alberta’s equity interest and
refinance the credit facility.
“We appreciate the ongoing backing of landowners, customers,
Indigenous groups and numerous partners in the U.S. and Canada who
helped us secure project support and key regulatory approvals as
this important energy infrastructure project is poised to put
thousands of people to work, generate substantial economic benefits
and strengthen the continent’s energy security,” said Girling. “In
addition, we thank the many government officials across North
America for their advocacy without which, individually and
collectively, this project could not have advanced.”
While capital markets conditions have been significantly
impacted by COVID-19, over the course of April, the Company has
enhanced its liquidity by in excess of $9 billion through offerings
of $2.0 billion of medium term notes in Canada and US$1.25 billion
of senior unsecured notes in the U.S., establishment of an
incremental US$2.0 billion of committed credit facilities and
completion of the $2.8 billion sale of its Ontario natural
gas-fired power plants. This is expected to be further supplemented
by funds received from closing the Coastal GasLink joint venture
and project financing transactions in the second quarter.
“Our strong financial position and continued access to capital
markets will enable us to prudently fund our now $43 billion
secured capital program in a manner that is consistent with
maintaining our solid credit ratings and targeted credit metrics,"
added Girling. "Once completed, approximately 98 per cent of the
Company’s consolidated EBITDA is expected to come from regulated
and/or long-term contracted assets. Success in advancing these and
other organic growth opportunities emanating from our five
operating businesses across North America is expected to support
annual dividend growth of eight to 10 per cent in 2021 and five to
seven per cent thereafter."
Highlights(All financial figures are unaudited
and in Canadian dollars unless otherwise noted)
- First quarter 2020 financial results◦ Net income
attributable to common shares of $1.15 billion or $1.22 per common
share◦ Comparable earnings of $1.1 billion or $1.18 per
common share◦ Comparable EBITDA of $2.5 billion◦ Net
cash provided by operations of $1.7 billion◦ Comparable
funds generated from operations of $2.1 billion
- Declared a quarterly dividend of $0.81 per common share for the
quarter ending June 30, 2020
- Placed approximately $1.5 billion of NGTL System and $0.1
billion of Canadian Mainline capacity projects in service
- Completed construction and commissioning activities and placed
Napanee in service on March 13
- Continued construction activities on the $6.6 billion Coastal
GasLink pipeline and advanced funding plans for the project
- Announced on March 31 that we will build Keystone XL and
commenced construction in April
- Received approval for all elements of the NGTL System Rate
Design and Services Application in March
- Received approval for the Canadian Mainline's six-year
negotiated settlement in April
- Reached a five-year negotiated revenue requirement settlement
for the NGTL System on April 24
- Completed the sale of the Ontario natural gas-fired power
plants for net proceeds of $2.8 billion on April 29
- Issued $2.0 billion of seven-year fixed-rate medium term notes
and US$1.25 billion of 10-year fixed-rate senior unsecured notes
and arranged for an additional US$2.0 billion of committed credit
facilities in April 2020.
Net income attributable to common shares increased by $144
million or $0.13 per common share to $1.15 billion or $1.22 per
share for the three months ended March 31, 2020 compared to the
same period last year. Per share results reflect the dilutive
impact of common shares issued under our Dividend Reinvestment and
Share Purchase Plan (DRP) in 2019. First quarter 2020 results
included an income tax valuation allowance release of $281 million
following our reassessment of deferred tax assets that are deemed
more likely than not to be realized as a result of our decision to
proceed with the Keystone XL project, and an incremental after-tax
loss of $77 million related to the Ontario natural gas-fired power
plant assets held for sale. First quarter 2019 results included an
after-tax loss of $12 million related to the U.S. Northeast power
marketing contracts which were sold in May 2019. These specific
items, as well as unrealized gains and losses from changes in risk
management activities, are excluded from comparable earnings as we
do not consider these transactions or adjustments to be a part of
our underlying operations.
Comparable EBITDA increased by $152 million for the three months
ended March 31, 2020 compared to the same period in 2019 primarily
due to the net effect of the following:
- increased contribution from Mexico Natural Gas Pipelines mainly
due to higher earnings from our investment in the Sur de Texas
pipeline which was placed into service in September 2019. This
includes revenues of US$55 million from one-time fees earned from
the Sur de Texas joint venture associated with our successful
completion of the pipeline compared to contract targets
- higher contribution from U.S. Natural Gas Pipelines primarily
due to incremental earnings from the Columbia Gas and Columbia Gulf
growth projects placed in service in 2019, offset in part by the
sale of certain Columbia midstream assets in August 2019
- higher Power and Storage earnings mainly attributable to
increased Bruce Power results due to a higher realized power price
and generation volumes as well as incremental earnings from Napanee
which was placed in service on March 13, 2020. These increases were
partially offset by losses in Bruce Power on funds invested for
post-retirement benefits and lower earnings in Canadian Power
largely as a result of an outage at our Mackay River cogeneration
facility and the sale of our Coolidge generating station in May
2019
- higher contribution from Canadian Natural Gas Pipelines
primarily resulting from increased rate base earnings, flow-through
depreciation and financial charges on the NGTL System from
additional facilities placed in service, partially offset by lower
flow-through income taxes on both the NGTL System and the Canadian
Mainline
- decreased contribution from Liquids Pipelines due to lower
uncontracted volumes on the Keystone Pipeline System, lower
contributions from liquids marketing activities and decreased
earnings as a result of the sale of an 85 per cent equity interest
in Northern Courier in July 2019.
Due to the flow-through treatment of certain expenses including
income taxes, financial charges and depreciation on our Canadian
rate-regulated pipelines, changes in these expenses impact our
comparable EBITDA despite having no significant effect on net
income.
Comparable earnings increased by $122 million or $0.11 per
common share for the three months ended March 31, 2020
compared to the same period in 2019 and was primarily the net
effect of:
- changes in comparable EBITDA described above
- lower allowance for funds used during construction (AFUDC)
primarily due to Columbia Gas growth projects placed in service and
the suspension of recording AFUDC on the Tula project due to
continuing construction delays
- higher depreciation largely in Canadian Natural Gas Pipelines
and U.S. Natural Gas Pipelines reflecting new projects placed in
service. Depreciation in Canadian Natural Gas Pipelines is
recoverable in tolls on a flow-through basis as discussed in
comparable EBITDA above, and therefore has no significant impact on
comparable earnings
- higher Interest income and other primarily from unrealized
foreign exchange gains on peso-denominated deferred income tax
liabilities reflecting the weakening of the Mexican peso in first
quarter 2020
- a decrease in income tax expense due to lower flow-through
income taxes on Canadian rate-regulated pipelines, partially offset
by lower foreign income tax rate differentials.
Comparable earnings per common share for the three months ended
March 31, 2020 also reflects the dilutive impact of common
shares issued under our DRP in 2019.
On March 11, 2020, the World Health Organization declared the
novel coronavirus or COVID-19 a global pandemic. Company
business continuity plans were put in place across our organization
and we continue to effectively operate our assets, conduct
commercial activities and execute on projects with a focus on
health, safety and reliability. At the current time, our businesses
are broadly considered essential or critical businesses in Canada,
the United States and Mexico given the important role our
infrastructure plays in delivering energy to North American
markets. We anticipate that changes to work practices and other
restrictions put in place by government and health authorities in
response to COVID-19 will have an impact on certain projects. We
generally believe this will not be material, but the ultimate
impact is uncertain at this time.
With approximately 95 per cent of our comparable EBITDA
generated from rate-regulated assets and/or long-term contracts, we
are largely insulated from the short-term volatility associated
with volume throughput and commodity prices. Aside from the impact
of maintenance activities and normal seasonal factors, to date we
have not seen any pronounced changes in utilization of our assets.
While it is too early to ascertain any long-term impact that
COVID-19 may have on our capital program, directionally we expect
some slowdown of our construction activities and capital
expenditures in 2020.
Capital market conditions in 2020 have been significantly
impacted by COVID-19 resulting in periods of heightened volatility
and reduced liquidity. Despite these challenging conditions, we
secured in excess of $9 billion of incremental liquidity in April
2020, demonstrating our continued access to capital markets under
stressed conditions. Combined with our predictable and growing cash
flows from operations, cash on hand, substantial committed credit
facilities, and various other financing levers available to us, we
believe we are well positioned to continue to fund our obligations,
capital program and dividends through a prolonged period of
disruption, should it occur.
The full extent and lasting impact of the COVID-19 pandemic on
the global economy is uncertain, but to date, has included extreme
volatility in financial markets and commodity prices and a
significant reduction in overall global economic activity,
including widespread extended shutdowns of businesses along with
supply chain disruptions. The degree to which COVID-19 has more
than a transitory effect on our operations and growth projects will
depend on future developments, policies and actions which remain
highly uncertain.
Other notable recent developments include:
Canadian Natural Gas Pipelines:
- Coastal GasLink Pipeline project: In December 2019, we entered
into an equity purchase agreement to sell a 65 per cent equity
interest in Coastal GasLink to KKR-Keats Pipeline Investors II
(Canada) Ltd. (KKR) and a subsidiary of Alberta Investment
Management Corporation (AIMCo), which is expected to close in
second quarter 2020 subject to customary regulatory approvals and
consents. As part of the transaction, we will be contracted by
the Coastal GasLink Pipeline Limited Partnership to construct and
operate the pipeline.On April 28, 2020, Coastal GasLink Pipeline
Limited Partnership executed a credit agreement with a syndicate of
banks extending non-recourse project-level financing to fund the
majority of the construction costs of the Coastal GasLink pipeline.
The credit facilities under this agreement will be available to be
drawn once conditions precedent have been met, including the
closing of the equity purchase agreement with KKR and
AIMCo. Draws on these facilities will reduce partner
contributions required to fund the project.Under the terms of the
equity purchase agreement, we will receive upfront proceeds that
include reimbursement of a 65 per cent proportionate share of
project costs incurred to the date of closing as well as additional
payment streams through construction and operation of the pipeline.
We expect to record an after-tax gain of approximately $600 million
upon closing of the transaction which includes the gain on sale,
recognition of previously unrecorded tax benefits and the required
revaluation of our 35 per cent retained ownership to fair value,
before considering derivatives. In addition, the final gain will be
adjusted to reflect the closing date fair value of a derivative
used to hedge the interest rate risk on the credit facilities noted
above. Upon closing, we expect to account for our remaining 35 per
cent investment using equity accounting.The introduction of
partners, establishment of dedicated project-level financing
facilities, recovery of cash payments through construction for
carrying charges on costs incurred and remuneration for costs to
date are expected to substantially satisfy our funding requirements
through project completion.We are also committed to working with
the 20 First Nations that have executed agreements with Coastal
GasLink to provide them an opportunity to invest in the project. As
a result, in conjunction with the equity purchase agreement, we
will provide an option to the 20 First Nations to acquire a 10 per
cent equity interest in Coastal GasLink on similar terms to what
has been agreed with KKR and AIMCo.Construction activities continue
along the pipeline route with approximately 75 per cent of clearing
completed and approximately 35 per cent of pipe stockpiled. Major
work is now complete for the winter season with crews waiting to
remobilize following spring breakup.While the project has been
designated an essential service by the B.C. provincial government,
we anticipate that changes in work practices and other restrictions
put in place by government and health authorities in response to
COVID-19 may have an impact on its progress, however, the extent is
uncertain at this time. We continue to work closely with these
authorities, as well as communities along our pipeline route, to
ensure the safety and well-being of our personnel and our host
communities.
- NGTL System: In the three months ended March 31, 2020, the NGTL
System placed approximately $1.5 billion of capacity projects in
service.On February 19, 2020, the Canada Energy Regulator (CER)
issued a report recommending that the Governor in Council (GIC)
approve the 2021 NGTL System Expansion Program and we are awaiting
a final decision from the GIC. The approximately 349 km (217 miles)
of new pipeline and three compressor units are required to connect
incremental firm-receipt supply commencing April 2021 and expand
basin export capacity by 1.1 PJ/d (1.0 Bcf/d).On January 31, 2020,
the $1.1 billion Aitken Creek section of the North Montney project
was placed in service. The final section of the project went into
service on April 18, 2020. The total project added approximately
206 km (128 miles) of new pipeline along with three compressor
units and 13 meter stations.In March 2019, the NGTL System Rate
Design and Services Application was filed with the National Energy
Board (NEB). The application addressed rate design, terms and
conditions of service for the NGTL System and a tolling methodology
for the North Montney Mainline. The CER (successor to the NEB) held
a public hearing in fourth quarter 2019 and issued a decision on
March 25, 2020 approving all elements of the application as
filed.The NGTL System's 2018-2019 Revenue Requirement Settlement
expired in December 2019. On April 24, 2020, the NGTL System
announced a five-year negotiated revenue requirement settlement
with its customers and other interested parties, encompassing a
term from January 1, 2020 through December 31, 2024. The settlement
maintains the equity return at 10.1 per cent on 40 per cent deemed
common equity, provides the NGTL System with the opportunity to
increase depreciation rates if tolls fall below projected levels
and includes an incentive mechanism for certain operating costs
where variances from projected amounts are shared between the NGTL
System and its customers. It also includes a mechanism to review
the settlement should tolls exceed a pre-determined level, without
affecting the equity return. The NGTL System expects to file an
application with the CER for approval in second quarter 2020. Until
new rates are approved, the NGTL System is operating under interim
tolls for 2020 that were approved by the CER in December 2019.
- Canadian Mainline: In the three months ended March 31,
2020, Canadian Mainline placed approximately $0.1 billion of
capacity projects in service.On April 17, 2020, the CER approved a
six-year unanimously supported negotiated settlement between the
Canadian Mainline and its customers. The settlement sets a base
equity return of 10.1 per cent on 40 per cent deemed common equity
and includes an incentive to either decrease costs and/or increase
revenues on the pipeline with a beneficial sharing mechanism to
both the shippers and us.
U.S. Natural Gas Pipelines:
- Alberta XPress: On February 12, 2020, we approved the Alberta
XPress project, an expansion project on the ANR Pipeline system
that utilizes existing capacity on the Great Lakes and Canadian
Mainline systems to connect growing supply from the Western
Canadian Sedimentary Basin to U.S. Gulf Coast LNG export markets.
The anticipated in-service date is 2022 with estimated project
costs of US$0.3 billion.
- Buckeye XPress: The Buckeye XPress project represents an
upsizing of an existing pipeline replacement project in conjunction
with our Columbia Gas modernization program. The US$0.2 billion
cost to upsize the replacement pipe and install compressor upgrades
will enable us to offer 290 TJ/d (275 MMcf/d) of incremental
pipeline capacity to accommodate growing Appalachian production.
The FERC certificate for Buckeye XPress was received on January 23,
2020 and we expect the project to be placed in service in late
2020.
Mexico Natural Gas Pipelines:
- Tula and Villa de Reyes: The arbitration process Comisión
Federal de Electricidad (CFE) initiated in June 2019 for Villa de
Reyes and Tula, and their fixed capacity payments under force
majeure, have been suspended while negotiations with respect to the
transportation services agreements progress. Similar to the
successful amending agreement reached for Sur de Texas that
resulted in CFE’s withdrawal of its arbitration request, we
anticipate agreements for Tula and Villa de Reyes will be reached
before the end of 2020. Construction on the Villa de Reyes
project is ongoing with a phased in-service anticipated to commence
in third quarter 2020, with full in-service by the end of
2020.
Liquids Pipelines:
- Keystone XL: On March 31, 2020, we announced that we will
proceed with construction of Keystone XL, resulting in an
additional investment of approximately US$8.0 billion. Construction
commenced in April and the pipeline is expected to be placed into
service in 2023.As part of the funding plan, the Government of
Alberta has agreed to invest approximately US$1.1 billion as equity
in Keystone XL which substantially covers planned construction
costs through the end of 2020. The remaining capital investment of
approximately US$6.9 billion is expected to be funded through the
combination of a US$4.2 billion project-level credit facility to be
fully guaranteed by the Government of Alberta and a US$2.7 billion
investment by us. Our capital investment is expected to be funded
through a combination of internally generated cash flows, hybrid
securities and common equity through the activation of our DRP in
2021 and 2022. We intend to also file a $1.0 billion equity shelf
to enable an at-the-market equity issuance program which will be
utilized if and as deemed appropriate. Once the project is
completed and placed into service, we expect to acquire the
Government of Alberta's equity investment under agreed terms and
conditions and to refinance the US$4.2 billion credit facility in
the debt capital markets.Keystone XL is underpinned by new 20-year
transportation service agreements for 575,000 bbl/day which are
expected to generate approximately US$1.3 billion of EBITDA on an
annual basis. In addition, once the project is in service, current
contracts for 115,000 bbl/day from Hardisty to the U.S. Gulf Coast
on the existing Keystone line will shift to the new facilities
under renewed 20-year contracts. Subject to terms and conditions
outlined in the agreements, 50 per cent of any difference between
the estimated capital cost and final cost of Keystone XL is subject
to a sharing mechanism and will be reflected in the pipeline
tolls.On April 15, 2020, the U.S. District Court in Montana ruled
that the USACE violated the Endangered Species Act when it reissued
the Clean Water Act Nationwide Permit 12 (NWP12) in 2017. The
ruling vacated NWP12 and enjoined the USACE from authorizing any
new activities under it, including Keystone XL construction across
wetlands and other water bodies in the U.S. The ruling is not
specific to Keystone XL as NWP12 is available to and utilized by a
broad spectrum of parties for the construction, maintenance or
repair of "utility lines", which include natural gas and liquids
pipelines, water pipelines and electric, telephone, internet, radio
and television lines. We are reviewing options to address the
impact of this ruling and to secure the necessary authorizations to
continue with planned Keystone XL construction.
Power and Storage:
- Ontario natural gas-fired power plants: On March 13, 2020, we
completed construction and commissioning activities and Napanee was
placed in service.On April 29, 2020, we completed the sale of our
Halton Hills and Napanee power plants as well as our 50 per cent
interest in Portlands Energy Centre to a subsidiary of Ontario
Power Generation Inc. for net proceeds of approximately $2.8
billion following closing price adjustments and prior to
post-closing adjustments, resulting in a pre-tax loss of
approximately $520 million ($370 million after tax). The increase
in the total loss from that disclosed at December 31, 2019 is
primarily the result of higher than expected costs to achieve
Napanee's March 13, 2020 in-service and the inclusion of
post-closing obligations. As these assets had been classified as
held for sale, $395 million of the pre-tax loss ($271 million after
tax) was recorded up to March 31, 2020, with $116 million of the
pre-tax loss ($77 million after tax) recognized in first quarter
2020. The remaining pre-tax loss of approximately $125 million ($99
million after tax) was recorded on close and will be reflected in
second quarter 2020 results.
- Bruce Power – Life extension: On March 25, 2020, as a result of
COVID-19 impacts, Bruce Power declared force majeure under its
contract with the Independent Electricity System Operator. This
force majeure notice covers the Unit 6 Major Component Replacement
(MCR) and certain Asset Management work. At the time force majeure
was declared, the Unit 6 MCR program was ahead of schedule. As a
result of the COVID-19 restrictions, Unit 6 has been placed in a
safe state and the Unit 6 MCR program has been limited to essential
tasks related to plant safety and system integrity. Limited
work on critical path activities is continuing, with strict
prevention measures in place to protect workers and to ensure
adequate provisions for ongoing operations within the
facility. At this time, it is too early to determine how long
the force majeure will last and what impact it will have to the
cost and duration of the program. Bruce Power has reduced its
personnel level at the site by over two-thirds in response to the
pandemic. Operations and core planned outage activities on all
other units continue as normal.
Corporate:
- Common share dividend: Our Board of Directors declared a
quarterly dividend of $0.81 per common share for the quarter ending
June 30, 2020 on TC Energy's outstanding common shares. The
quarterly amount is equivalent to $3.24 per common share on an
annualized basis.
- Issuance of long-term debt: In April 2020, TCPL issued $2.0
billion of medium term notes due in April 2027 bearing interest at
a fixed rate of 3.80 per cent and US$1.25 billion of senior
unsecured notes due in April 2030 bearing interest at a fixed rate
of 4.10 per cent.The net proceeds of these issuances were used for
general corporate purposes and to fund our capital program.
- Incremental credit facilities: In April 2020, we arranged for
an additional US$2.0 billion of 364-day committed bilateral credit
facilities.
Teleconference and Webcast:
We will hold a teleconference and webcast on Friday, May 1, 2020
to discuss our first quarter 2020 financial results. Russ Girling,
President and Chief Executive Officer, Don Marchand, Executive
Vice-President, Strategy & Corporate Development and Chief
Financial Officer, and other members of the executive leadership
team will discuss TC Energy's first quarter financial results and
Company developments at 1:00 p.m. MDT / 3:00 p.m. EDT.
Members of the investment community and other interested parties
are invited to participate by calling 800.806.5484 or 416.340.2217
(Toronto area) and enter pass code 3787694#. Please dial in 10
minutes prior to the start of the call. A live webcast of the
teleconference will be available on TC Energy's website at
TCEnergy.com/events or via the following URL:
http://www.gowebcasting.com/10572.
A replay of the teleconference will be available two hours after
the conclusion of the call until midnight (EDT) on May 8, 2020.
Please call 800.408.3053 or 905.694.9451 (Toronto area) and enter
pass code 6995164#.
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.sedar.com and with the U.S. Securities and
Exchange Commission on EDGAR at
www.sec.gov/info/edgar.shtml.
About TC Energy
We are a vital part of everyday life – delivering the energy
millions of people rely on to power their lives in a sustainable
way. Thanks to a safe, reliable network of natural gas and
crude oil pipelines, along with power generation and storage
facilities, wherever life happens – we’re there. Guided by our core
values of safety, responsibility, collaboration and integrity, our
more than 7,300 people make a positive difference in the
communities where we operate across Canada, the U.S. and
Mexico.
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 TCEnergy.com.
Forward-Looking Information
This release contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). 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 Quarterly Report to
Shareholders dated April 30, 2020 and the 2019 Annual Report filed
under TC Energy's profile on SEDAR at www.sedar.com and with
the U.S. Securities and Exchange Commission at www.sec.gov.
Non-GAAP Measures
This news release contains references to non-GAAP measures,
including comparable earnings, comparable earnings per common
share, comparable EBITDA and comparable funds generated from
operations, that do not have any standardized meaning as prescribed
by U.S. GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. These non-GAAP 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. For more information on non-GAAP measures,
refer to TC Energy's Quarterly Report to Shareholders dated April
30, 2020.
-30-
Media Inquiries:Jaimie Harding / Hejdi
Carlsen403.920.7859 or 800.608.7859
Investor & Analyst
Inquiries: David Moneta / Hunter
Mau403.920.7911 or 800.361.6522
Download full report here:
https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2020/tc-2020-q1-quarterly-report.pdf
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