2020-07-31 09:50:00
TC ENERGY NET INCOME $1.3 BLN
TCENERGY - July 30, 2020 — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share compared to net income of $1.1 billion or $1.21 per share for the same period in 2019. For the six months ended June 30, 2020, net income attributable to common shares was $2.4 billion or $2.59 per share compared to net income of $2.1 billion or $2.30 per share for the same period in 2019. Comparable earnings for second quarter 2020 were $863 million or $0.92 per common share compared to $924 million or $1.00 per common share in 2019. For the six months ended June 30, 2020, comparable earnings were $2.0 billion or $2.10 per common share compared to $1.9 billion or $2.07 per common share for the same period in 2019. TC Energy's Board of Directors also declared a quarterly dividend of $0.81 per common share for the quarter ending September 30, 2020, equivalent to $3.24 per common share on an annualized basis.
"During the first half of 2020, our diversified portfolio of essential energy infrastructure continued to perform very well,” said Russ Girling, TC Energy’s President and Chief Executive Officer. ”I am proud that in these unprecedented times we have continued to deliver the energy and advance projects vital to powering our industries and institutions as well as to the daily life and mobility of millions of North Americans. We have done this in a safe, reliable manner, maintaining our workforce, employing thousands of construction workers and with a commitment to fulfilling our obligations to people, communities, suppliers and governments on a full and timely basis."
Despite the challenges brought about by COVID-19, TC Energy's assets have been largely unimpacted. With few exceptions, flows and utilization levels remain in line with historical and seasonal norms, underscoring their criticality to North American consumers, institutions and commerce. With approximately 95 per cent of comparable EBITDA generated from regulated assets and/or long-term contracts, we continue to be largely insulated from short-term volatility associated with volume throughput and commodity prices. The Company's outlook for full year 2020 is essentially unchanged.
TC Energy also continued to advance its industry leading $37 billion secured capital program by placing approximately $3.0 billion of assets into service during the first half of 2020. In addition, the Company enhanced its liquidity by in excess of $11 billion during the second quarter by concluding the partial sale and project financing of Coastal GasLink along with the disposition of its Ontario natural gas-fired power plants for combined proceeds of approximately $4.9 billion, completing senior debt issuances of $2.0 billion and US$1.25 billion on compelling terms, as well as arranging US$2.0 billion of incremental committed credit facilities with its core banking group.
“Our significant internally generated cash flow, strong financial position and continued access to capital markets will enable us to prudently fund our secured capital program in a manner that is consistent with maintaining our strong credit ratings and targeted credit metrics," added Girling. "Once completed, approximately 98 per cent of the Company’s consolidated comparable 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)
- Second quarter 2020 financial resultsDeclared a quarterly dividend of $0.81 per common share for the quarter ending September 30, 2020
- Net income attributable to common shares of $1.3 billion or $1.36 per common share
- Comparable earnings of $863 million or $0.92 per common share
- Comparable EBITDA of $2.2 billion
- Net cash provided by operations of $1.6 billion
- Comparable funds generated from operations of $1.5 billion
- Placed approximately $2.9 billion of NGTL System and $0.1 billion of Canadian Mainline capacity projects in service in the first half of 2020
- Reached a five-year negotiated revenue requirement settlement for the NGTL System in April
- Continued construction activities on the Coastal GasLink pipeline. Also sold a 65 per cent equity interest in the project and entered into secured long-term project financing credit facilities to fund the majority of the construction costs resulting in combined net proceeds of $2.1 billion
- Announced that we will proceed to build Keystone XL and commenced construction in April
- Approved the US$0.4 billion Elwood Power Project/ANR Horsepower Replacement on July 29 to replace, upgrade and modernize certain ANR facilities
- 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.
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Earlier:
2020, May, 26, 10:15:00
TC ENERGY SELLS $2.1 BLN
TC Energy Corporation has completed the sale of a 65 per cent equity interest in the Coastal GasLink Pipeline Project
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2020, May, 6, 11:45:00
TC ENERGY NET INCOME $1.15 BLN
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) 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.
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2020, April, 1, 12:20:00
TC ENERGY INVESTMENT $8 BLN
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that it will proceed with construction of the Keystone XL Pipeline Project (the Project), resulting in an investment of approximately US$8.0 billion into the North American economy.
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