TRANSCANADA NET INCOME $785 MLN

TRANSCANADA - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company)  announced net income attributable to common shares for second quarter 2018 of $785 million or $0.88 per share compared to net income of $881 million or $1.01 per share for the same period in 2017. Comparable earnings for second quarter 2018 were $768 million or $0.86 per share compared to $659 million or $0.76 per share for the same period in 2017. TransCanada's Board of Directors also declared a quarterly dividend of $0.69 per common share for the quarter ending September 30, 2018, equivalent to $2.76 per common share on an annualized basis.

"During the second quarter of 2018 our diversified portfolio of critical energy infrastructure assets continued to perform very well," said Russ Girling, TransCanada's president and chief executive officer. "Comparable earnings of 86 cents per share increased 13 per cent compared to the same period last year reflecting the strong performance of our legacy assets, contributions from approximately $7 billion of growth projects that entered service over the last twelve months and the positive impact of U.S. Tax Reform. For the six months ended June 30, 2018, comparable earnings were $1.83 per share, an increase of 17 per cent over the same period last year despite the sale of our U.S. Northeast power generation and Ontario solar assets in 2017."

"With our existing asset portfolio benefiting from strong underlying market fundamentals and $28 billion of nearterm growth projects including maintenance capital expenditures advancing as planned, earnings and cash flow are forecast to continue to rise. This is expected to support annual dividend growth at the upper end of an eight to ten per cent range through 2020 and an additional eight to ten per cent in 2021," added Girling. "We have invested approximately $10 billion in these projects to date and are well positioned to fund the remainder through our strong and growing internally generated cash flow along with a broad spectrum of financing levers including access to capital markets and further portfolio management activities. In second quarter we placed approximately $4.3 billion of long-term debt on compelling terms and year-to-date have raised approximately $1.2 billion of common equity through our dividend reinvestment plan and at-the-market program. Earlier today we also announced the sale of our interests in the Cartier Wind power facilities for approximately $630 million. Collectively through these
initiatives, we have raised $6.1 billion which represents a sizable component of our 2018 funding requirements." 

"In addition, we continue to methodically advance more than $20 billion of medium to longer-term projects including Keystone XL, Coastal GasLink and the Bruce Power life extension agreement. Success in advancing these and/or other growth initiatives associated with our vast North American footprint could extend our growth outlook beyond 2021," concluded Girling.

Highlights

(All financial figures are unaudited and in Canadian dollars unless noted otherwise)

• Second quarter 2018 financial results

• Net income attributable to common shares of $785 million or $0.88 per common share
• Comparable earnings of $768 million or $0.86 per common share
• Comparable earnings before interest, taxes, depreciation and amortization of $2.0 billion
• Net cash provided by operations of $1.8 billion
• Comparable funds generated from operations of $1.5 billion
• Comparable distributable cash flow of $1.3 billion or $1.46 per common share reflecting only nonrecoverable
• maintenance capital expenditures

• Declared a quarterly dividend of $0.69 per common share for the quarter ending September 30, 2018
• Received National Energy Board (NEB) approval for the NGTL System's 2018-2019 Settlement with customers
• Received approval from the Federal government for the $1.6 billion North Montney project
• Raised US$2.5 billion in 10, 20 and 30-year fixed-rate senior debt in May 2018
• Issued $1 billion of 10 and 30-year fixed-rate medium-term notes in July 2018
• Replenished the capacity available under the Corporate ATM program by $1 billion
• Announced the sale of our interests in Cartier Wind for approximately $630 million in August 2018.

Net income attributable to common shares decreased by $96 million to $785 million or $0.88 per share for the three months ended June 30, 2018 compared to the same period last year. Net income per common share in 2018 reflects the dilutive effect of common shares issued in 2017 and 2018 under our DRP and Corporate ATM program.

Second quarter 2018 results included an $11 million after-tax loss related to our U.S. Northeast power marketing contracts which were excluded from comparable earnings as we do not consider their wind-down part of our underlying operations. Second quarter 2017 results included a $265 million after-tax net gain related to the monetization of our U.S. Northeast power business, an after-tax charge of $15 million for integration-related costs associated with the acquisition of Columbia and an after-tax charge of $4 million related to the maintenance of Keystone XL assets. All of these specific items, as well as unrealized gains and losses from changes in risk management activities, are excluded from comparable earnings.

Comparable earnings for second quarter 2018 were $768 million or $0.86 per common share compared to $659 million or $0.76 per common share for the same period in 2017, an increase of $109 million or $0.10 per share.

Comparable earnings per share for the three months ended June 30, 2018 include the effect of common shares issued in 2017 and 2018 under our DRP and Corporate ATM program. The increase in second quarter 2018 comparable earnings over the same period in 2017 was primarily due to the net effect of:
• higher contribution from U.S. Natural Gas Pipelines mainly due to increased earnings from Columbia Gas and Columbia Gulf growth projects placed in service, additional contract sales on ANR and Great Lakes and the amortization of net regulatory liabilities recognized as a result of U.S. Tax Reform
• higher contribution from Liquids Pipelines primarily due to earnings from intra-Alberta pipelines placed in service in the second half of 2017, higher volumes on the Keystone Pipeline System and increased earnings from liquids marketing activities
• lower income tax expense primarily due to lower income tax rates as a result of U.S. Tax Reform
• higher interest expense primarily as a result of long-term debt and junior subordinated notes issuances, net of maturities, and lower capitalized interest, partially offset by the repayment of the Columbia acquisition bridge facilities in June 2017
• lower earnings from U.S. Power mainly due to the sale of the U.S. Northeast power generation assets in second quarter 2017
• lower earnings from Bruce Power primarily due to lower volumes resulting from increased outage days
• lower Eastern Power results mainly due to the sale of our Ontario solar assets in December 2017.

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Earlier:

2018, April, 30, 09:35:00 TRANSCANADA'S NET INCOME $734 MLN TRANSCANADA - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for first quarter 2018 of $734 million or $0.83 per share compared to net income of $643 million or $0.74 per share for the same period in 2017. Comparable earnings for first quarter 2018 were $870 million or $0.98 per share compared to $698 million or $0.81 per share for the same period in 2017. TransCanada's Board of Directors also declared a quarterly dividend of $0.69 per common share for the quarter ending June 30, 2018, equivalent to $2.76 per common share on an annualized basis

2018, February, 16, 23:10:00 TRANSCANADA NET INCOME $3.0 BLN TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

2017, November, 22, 11:15:00 TRANSCANADA'S CONSTRUCTION $8 BLN TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) confirmed that the Nebraska Public Service Commission (PSC) has approved an alternative route for the proposed Keystone XL Pipeline project through the state. TransCanada is evaluating the PSC's decision.

2017, November, 13, 10:10:00 TRANSCANADA NET INCOME $2.136 BLN TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for third quarter 2017 of $612 million or $0.70 per share compared to a net loss of $135 million or $0.17 per share for the same period in 2016. Comparable earnings for third quarter 2017 were $614 million or $0.70 per share compared to $622 million or $0.78 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending December 31, 2017, equivalent to $2.50 per common share on an annualized basis.

2017, October, 27, 19:00:00 TRANSCANADA SELLS SOLAR $540 MLN TransCanada Corporation has entered into an agreement to sell its Ontario solar portfolio comprised of eight facilities with a total generating capacity of 76 megawatts to Axium Infinity Solar LP, a subsidiary of Axium Infrastructure Canada II Limited Partnership, for approximately $540 million.

2017, October, 6, 12:30:00 TRANSCANADA'S CAPITAL PROGRAM: $24 BLN We will continue to focus on our $24 billion near-term capital program which is expected to generate growth in earnings and cash flow to support an expected annual dividend growth rate at the upper end of an eight to 10 per cent range through 2020.

2017, August, 1, 12:20:00 TRANSCANADA'S NET INCOME $881 MLN TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for second quarter 2017 of $881 million or $1.01 per share compared to net income of $365 million or $0.52 per share for the same period in 2016. Comparable earnings for second quarter 2017 were $659 million or $0.76 per share compared to $366 million or $0.52 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending September 30, 2017, equivalent to $2.50 per common share on an annualized basis