The following is a summary of the TC Energy Corporation (TRP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TC Energy Corporation reported a record increase in comparable EBITDA of 11% relative to Q1 of last year.

• The company saw strong growth across all its business units with power and energy solutions increasing by 14%.

• A 4% rise in quarterly comparable earnings was noted compared to last year, thanks to an increase in comparable EBITDA, even though it was somewhat offset by higher net income attributable to non-controlling interests and a hike in interest expenses.

• The company's projected comparable EBITDA for 2024 is between $11.2 billion and $11.5 billion, mainly driven by an expansion in the NGTL system and roughly $7 billion worth of new projects expected to come online this year.

Business Progress:

• The company achieved multiple all-time records relating to project execution and high utilization of its asset base in Q1 2024.

• The construction of Southeast Gateway has reached significant milestones with over 70% of total offshore pipe installation now complete.

• The company declared a second quarter 2024 dividend of $0.96 per share, convertible to $3.84 per share on an annual basis.

• It continues to engage in positive talks with potential customers with the intention of extending existing contracts and starting new ones.

• It is focused on improving the return on invested capital on its existing assets and ensuring new projects are delivered on time and within budget.

• The company is considering strategies for increasing natural gas storage, such as enhancing and drilling new wells or building new storage or LNG peaking facilities.

• TC Energy is developing a cost and execution plan for the Cedar LNG project and does not anticipate the recent changes in the Alberta power market to directly impact its co-generation fleet in the province.

More details: TC Energy IR

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