TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company)
today announced net income attributable to common shares for third
quarter 2021 of $779 million or $0.80 per share compared to net
income of $904 million or $0.96 per share for the same period in
2020. Comparable earnings for third quarter 2021 were $1.0 billion
or $0.99 per common share compared to $893 million or $0.95 per
common share in 2020. TC Energy's Board of Directors also declared
a quarterly dividend of $0.87 per common share for the quarter
ending December 31, 2021, equivalent to $3.48 per common share on
an annualized basis.
"During the first nine months of 2021, our diversified portfolio
of essential energy infrastructure assets continued to perform very
well and reliably meet North America's growing demand for energy,"
said François Poirier, TC Energy’s President and Chief Executive
Officer. "Comparable earnings of $3.21 per common share were five
per cent higher compared to the same period last year while
comparable funds generated from operations totaled $5.3 billion.
Both amounts reflect the strong performance of our assets and the
utility-like nature of our business together with contributions
from projects that entered service in 2020 and 2021."
Our results are underpinned by strong demand for our services
along with a constant focus on operational excellence. Flows and
utilization levels across many of our systems are higher than
historical norms despite the ongoing impacts of COVID-19 and energy
market volatility. Given the strong performance year-to-date, we
now expect full-year 2021 comparable earnings per share to be
modestly higher than last year's record results.
"We are advancing our $22 billion secured capital program and
working on a substantive number of other similarly high-quality
opportunities," continued Poirier. "Importantly, all of our secured
capital projects are underpinned by long-term contracts and/or
regulated business models highlighting the fundamental need for
this critical new infrastructure while at the same time giving us
visibility to the earnings and cash flow they will generate as they
enter service."
Looking forward, TC Energy expects its industry leading
portfolio of secured capital projects to grow substantially in the
coming years as it continues to expand, extend and modernize its
existing natural gas pipeline network, advances the Bruce Power
life extension program and progresses plans to use renewable energy
to power certain of its proprietary energy loads. The Company is
also working on numerous other renewable energy projects – from
pumped hydro storage to solar to wind and progressing new
initiatives in carbon transportation and sequestration as well as
large-scale hydrogen production hubs. Success in advancing our
current slate of secured projects and various other growth
initiatives is expected to support long-term growth in earnings
before interest, taxes, depreciation and amortization, or EBITDA,
as well as earnings and cash flow per share. Given the capital
required to prudently fund this program, TC Energy is modifying its
dividend growth outlook.
“We are in the midst of an unprecedented period that is
providing a significant number of investment opportunities driven
by both the growing demand for energy and the transition to a
cleaner energy future,” added Poirier. “We expect to
sanction approximately $7 billion of new projects in 2021 with
a risk-adjusted return profile that is consistent
with previous investments and anticipate annual amounts of
more than $5 billion will be added to our secured projects
portfolio in each of the next several years.”
“In order to judiciously fund our attractive suite of growth
opportunities, maintain a strong financial position and enhance our
already conservative, utility-like dividend payout ratios, we have
modified our near-term dividend growth outlook,” continued Poirier.
“We now expect to increase our common share dividend at an average
annual rate of three to five per cent. While our previous outlook
remains affordable and supported by the strong underlying
performance of our business, we believe a modest change is
prudent given our vast opportunity set. It will allow us to fund a
larger portion of our future capital programs through internally
generated cash flow, moderate our leverage and continue to deliver
superior long-term total shareholder returns.”
TC Energy remains committed to the sustainable development of
its business. To be truly sustainable, we will continue to evolve
and innovate by finding creative ways to deliver the energy people
need while being positive agents of change within our society.
Modernizing our existing systems and assets, decarbonizing our own
energy consumption, and driving digital solutions and technologies
are some of the areas we are focused on while also seeking
opportunities to invest in low-carbon energy and infrastructure. We
recently released our 2021 Report on Sustainability which includes
targets for all our sustainability commitments. Notably we have set
Scope 1 and Scope 2 GHG reduction targets, including reducing the
emissions intensity from our operations 30 per cent by 2030 and
positioning to achieve net zero emissions from our operations by
2050. We are advancing numerous renewable energy projects and
proceeding with new ventures, like our partnerships with Pembina
Pipeline Corporation to jointly develop a carbon transportation and
sequestration system in Alberta, Irving Oil to jointly develop
clean energy projects in eastern Canada, and Nikola Corporation to
co-develop large-scale hydrogen production facilities in the United
States and Canada, while remaining committed to important projects
like Bruce Power’s multi-billion dollar life extension and
uprate programs which will continue to be a source of significant
emission-less power in Ontario for decades to come.
In all our operations and projects, we remain focused on
managing and reducing our GHG emissions and building constructive,
enduring relationships with our communities and stakeholders. We
believe our creativity, technical strength and unparalleled market
connectivity provide us the ability to prosper regardless of the
pace and direction of energy transition.
Highlights
(All financial figures are unaudited and in Canadian dollars
unless otherwise noted)
- Third quarter 2021 financial results
- Net income attributable to common shares of $779 million or
$0.80 per common share
- Comparable earnings of $1.0 billion or $0.99 per common
share
- Comparable EBITDA of $2.2 billion
- Net cash provided by operations of $1.7 billion
- Comparable funds generated from operations of $1.6 billion
- Declared a quarterly dividend of $0.87 per common share for the
quarter ending December 31, 2021
- Continued to advance our $22 billion secured capital program by
investing $1.7 billion in various growth projects
- Began construction on the 2022 NGTL System Expansion
Program
- Continued to actively develop projects on our U.S. Natural Gas
Pipeline network that will replace and upgrade certain facilities
while reducing emissions including the US$0.8 billion WR
project on ANR
- Uncontested GTN rate settlement filed with FERC which would set
new recourse rates for GTN effective January 1, 2022
- Filed Columbia Gas rate settlement with FERC in October which
includes continuation of its modernization program with approval
expected in early 2022
- Executed a 15-year Power Purchase Agreement (PPA) in September
for 100 per cent of the power produced and the rights to all
environmental attributes from the 297 MW Sharp Hills Wind Farm
- Advanced the Bruce Power Unit 6 MCR program on budget and on
schedule
- Project 2030 launched by Bruce Power with the goal of achieving
a site peak output of 7,000 MW by 2030 in support of climate change
targets and future clean energy needs
- Continued to develop a 1,000 MW pumped hydro storage project in
Meaford, Ontario which is designed to provide emission-free
electricity to the province while reducing greenhouse gas
emissions
- Signed a memorandum of understanding in August with Irving Oil
to explore the joint development of a series of proposed energy
projects focused on reducing greenhouse gas emissions and creating
new economic opportunities in New Brunswick and Atlantic
Canada
- Partnered with Nikola Corporation in October to collaborate on
developing, constructing, operating and owning large-scale hydrogen
production facilities in the United States and Canada
- Issued US$1.25 billion of 3-year and US$1.0 billion of 10-year
fixed rate Senior Unsecured Notes in October
- Released our 2021 Report on Sustainability in October which
includes targets for our sustainability commitments, including
reducing the emissions intensity from our operations 30 per cent by
2030 and positioning to achieve net zero emissions from our
operations by 2050.
Net income attributable to common shares decreased by $125
million or $0.16 per common share to $779 million or $0.80 per
share for the three months ended September 30, 2021 compared to the
same period last year. Per share results include the impact of
common shares issued for the acquisition of the remaining ownership
interests in TC PipeLines, LP in first quarter 2021. Net income
attributable to common shares includes a number of specific items
that we believe are significant but not reflective of our
underlying operations in the period. More information on these
items, which are excluded from comparable earnings, can be found in
the table entitled "Reconciliation of net income to comparable
earnings" in our third quarter MD&A.
Comparable EBITDA of $2.2 billion decreased by $54 million for
the three months ended September 30, 2021 compared to the same
period in 2020 primarily due to the net effect of the
following:
- lower EBITDA from Canadian Natural Gas Pipelines largely
attributable to the impact of lower flow-through depreciation and
financial charges on the Canadian Mainline, partially offset by
increased flow-through depreciation and income taxes along with
higher rate-base earnings on the NGTL System
- decreased earnings from Liquids Pipelines as a result of lower
contributions from liquids marketing activities, mainly
attributable to lower margins
- lower Power and Storage results attributable to decreased
earnings at Bruce Power in 2021 due to lower volumes resulting from
greater planned outage days and higher operating expenses,
partially offset by higher realized power prices
- increased earnings in U.S. Natural Gas Pipelines from Columbia
Gas following the application for higher transportation rates
effective February 1, 2021 and the settlement-in-principle that was
reached on July 28, 2021, subject to refund upon completion of the
current rate proceeding
- foreign exchange impact of a weaker
U.S. dollar on the Canadian dollar equivalent segmented earnings in
our U.S. dollar-denominated operations. U.S. dollar-denominated
comparable EBITDA increased by US$53 million to US$1.1 billion
compared to 2020, however, this was translated at a rate of 1.26 in
2021 versus 1.33 in 2020.
While the weakening of the U.S. dollar in 2021 compared to the
same periods in 2020 had a considerable negative impact on 2021
comparable EBITDA, the corresponding impact on comparable earnings
was not significant due to offsetting natural and economic
hedges.
Due to the flow-through treatment of certain expenses including
income taxes, financial charges and depreciation in our Canadian
rate-regulated pipelines, changes in these expenses impact our
comparable EBITDA despite having no significant effect on net
income.
Comparable earnings of $1.0 billion or $0.99 per common share
increased by $79 million or $0.04 per common share for the three
months ended September 30, 2021 compared to the same period in
2020 and was primarily the net effect of:
- changes in comparable EBITDA described above
- lower Depreciation and amortization primarily in Canadian
Natural Gas Pipelines on the Canadian Mainline, partially offset by
higher depreciation on the NGTL System from expansion facilities
that were placed in service
- decreased Non-controlling interests following the March 3, 2021
acquisition of all outstanding common units of TC PipeLines, LP not
beneficially owned by TC Energy
- higher Interest income and other mainly attributable to
realized gains in 2021 compared to realized losses in 2020 on
derivatives used to manage our net exposure to foreign exchange
rate fluctuations on U.S. dollar-denominated income
- higher Interest expense primarily
due to lower capitalized interest as a result of its cessation for
the Keystone XL pipeline project following the revocation of the
Presidential Permit in January 2021, partially offset by the
foreign exchange impact from a weaker U.S. dollar on translation of
U.S. dollar-denominated interest.
Comparable earnings per share also reflects the impact of common
shares issued for the acquisition of the remaining ownership
interests in TC PipeLines, LP in first quarter 2021.
Certain of our businesses generate all or most of their earnings
in U.S. dollars and, since we report our financial results in
Canadian dollars, changes in the value of the U.S. dollar against
the Canadian dollar directly affect our comparable EBITDA and may
also impact comparable earnings. As our U.S. dollar-denominated
operations continue to grow, this exposure increases. A portion of
the U.S. dollar-denominated comparable EBITDA exposure is naturally
offset by U.S. dollar-denominated amounts below comparable EBITDA
within Depreciation and amortization, Interest expense and other
income statement line items. The balance of the exposure is
actively managed on a rolling two-year forward basis using foreign
exchange derivatives, however, the natural exposure beyond that
period remains. As noted previously, the net impact of the U.S.
dollar movements on comparable earnings for the three months ended
September 30, 2021 compared to 2020, after considering natural
offsets and economic hedges, was not significant.
NOTABLE RECENT DEVELOPMENTS INCLUDE:
Canadian Natural Gas Pipelines
- Coastal GasLink: As a result of
scope changes, previous permit delays compared to the original
construction schedule and the impacts from COVID-19, including a
British Columbia provincial health order, we continue to expect
project costs to increase significantly along with a delay to
project completion compared to the original project cost and
schedule. Coastal GasLink has sought and will continue to mitigate
cost increases and schedule delays. Coastal GasLink expects
incremental costs will be included in the final pipeline tolls,
subject to certain conditions.Coastal GasLink is in dispute with
LNG Canada with respect to the recognition of certain costs and the
impacts on schedule. Construction activities continue and, at this
time, we do not expect any suspension of these activities while the
parties work toward a resolution. During this time, construction is
being funded in part by a subordinated demand revolving facility
with TC Energy which provides the project with additional
short-term funding and financial flexibility and, on which, $840
million was drawn at September 30, 2021. In October 2021, this
amount was fully repaid and further draws were made which resulted
in an outstanding balance of $175 million at October 29, 2021. As a
further interim measure, TC Energy has committed to providing
additional temporary financing to the project, if necessary, of up
to $3.3 billion as a bridge to a required increase in project-level
financing to fund incremental costs. This financing is expected to
be provided at market-based returns. While we do not anticipate our
future equity contributions will increase significantly, the
portion of this temporary financing that will ultimately be
required to be contributed as equity by Coastal GasLink LP
partners, including us, will be determined by the substance of a
resolution with LNG Canada.
- NGTL System: In the nine months
ended September 30, 2021, the NGTL System placed approximately $0.5
billion of capacity projects in service.Construction activities
began in September 2021 for the 2022 NGTL System Expansion Program
which received federal approval in second quarter 2021. With an
estimated capital cost of $1.1 billion, the program will provide
incremental capacity to meet firm-receipt and intra-basin delivery
requirements and consist of approximately 166 km (103 miles) of new
pipeline, one new compressor unit and associated facilities.
Anticipated in-service dates commence in fourth quarter 2022.
U.S. Natural Gas Pipelines
- Delivery Market Projects: We are
actively developing projects that will replace and upgrade certain
facilities while reducing emissions along portions of our pipeline
systems in principal delivery markets. The enhanced facilities will
improve reliability of the systems and allow for additional
transportation services to address growing demand under long-term
contracts while reducing direct carbon dioxide equivalent (CO2e)
emissions. Consistent with this initiative, the VR project on
Columbia Gas has been sanctioned, subject to customary conditions
precedent and normal-course regulatory approvals. This project
represents an approximate US$0.7 billion capital investment and is
targeted to be placed in service during the second half of 2025. In
addition, the WR project on ANR has also been sanctioned and will
serve markets in the midwestern U.S. This project has an estimated
capital cost of approximately US$0.8 billion and is expected to be
placed in service in fourth quarter 2025.
- GTN Rate Case Settlement: On
September 29, 2021, GTN filed an uncontested rate settlement which
would set new recourse rates for GTN effective January 1, 2022 and
institute a rate moratorium through December 31, 2023. The revised
rates are not expected to have a significant impact on our U.S.
Natural Gas Pipelines segment comparable earnings. In addition, GTN
must file for new rates no later than April 1, 2024.
- Columbia Gas Section
4 Rate Case: Columbia Gas filed a Section 4 Rate Case with FERC in
July 2020 requesting an increase to its maximum transportation
rates effective February 1, 2021, subject to refund upon completion
of the rate proceeding. On July 28, 2021, Columbia Gas notified
FERC that it reached a settlement-in-principle with its customers
addressing all remaining issues in the case, including but not
limited to the resolution of rates and continuation of Columbia
Gas's modernization program. On October 29, 2021, Columbia Gas
filed its settlement with FERC, and is now awaiting Commission
approval, with 2021 revenues expected to be generally consistent
with estimates recorded to date. We expect FERC approval of the
settlement in early 2022.
Mexico Natural Gas Pipelines
- Tula and Villa de Reyes: The CFE
initiated arbitration in June 2019 for the Tula and Villa de Reyes
projects, disputing fixed capacity payments due to force majeure
events. Arbitration proceedings are currently suspended through
December 31, 2021 while management advances settlement discussions
with the CFE.
Liquids Pipelines
- Northern Courier: On September 16, 2021, we announced the sale
of our remaining 15 per cent equity interest in Northern Courier
Pipeline to Astisiy Limited Partnership, comprised of Suncor and
eight Indigenous communities in the Regional Municipality of Wood
Buffalo, for gross proceeds of approximately $30 million before
post-closing adjustments. The transaction is anticipated to close
in fourth quarter 2021, subject to customary closing conditions and
the receipt of the required regulatory approvals.
Power and Storage
- Bruce Power Life Extension: The Unit
6 MCR program continues on budget and on schedule. The program is
nearing the end of the Inspection Phase and is about to enter the
Installation Phase. Preparation of the Unit 3 MCR program, which is
the next scheduled MCR outage, continues and Bruce Power expects to
submit its final cost and schedule duration estimate to the IESO in
fourth quarter 2021.
- Bruce Power Uprate Initiative: Bruce
Power recently launched Project 2030 with the goal of achieving a
site peak output of 7,000 MW by 2030 in support of climate change
targets and future clean energy needs. Project 2030 will focus on
continued asset optimization, innovation and leveraging new
technology, which could include integration with storage and other
forms of energy, to increase the site peak output at Bruce
Power.
- Bruce Power Outage: As part of the
planned inspections, testing, analysis and maintenance activities
at Bruce Power during the current Unit 6 MCR outage and the
recently completed Unit 3 planned outage, higher than anticipated
readings of hydrogen concentration in pressure tubes were detected.
These readings were limited to a very small area of the respective
pressure tubes and did not impact safety nor pressure tube
integrity as concluded following an assessment of all of the Bruce
Power units. On October 9, 2021, Unit 3 returned to service after
the Canadian Nuclear Safety Commission approved Bruce Power's
restart request following extensive inspections which demonstrated
that safety and pressure tube integrity continued to meet
regulatory requirements. Bruce Power will be incorporating
additional inspections as part of their normal surveillance
programs to address the new findings while progressing further
programs that demonstrate fitness for service at elevated hydrogen
concentration levels.
- Sharp Hills Wind Power PPA: On
September 20, 2021, we executed a 15-year PPA for 100 per cent of
the power produced and the rights to all environmental attributes
from the 297 MW Sharp Hills Wind Farm located in eastern Alberta.
The Sharp Hills Wind Farm is anticipated to be operational in 2023,
subject to customary regulatory approvals and conditions.
- Ontario Pumped Storage Project: As
part of our strategy to capture opportunities that capitalize on
the transition to a less carbon-intensive energy mix, we are
developing a 1,000 MW pumped hydro storage project in Meaford,
Ontario near Bruce Power. Once complete, this facility is designed
to provide emission-free electricity to the province while reducing
greenhouse gas emissions by an expected 490,000 tonnes and
delivering more than $250 million in annual electricity savings to
Ontario ratepayers. On July 28, 2021, we reached an agreement with
the Department of National Defence that, subject to conditions and
regulatory approval, allows for the development of this project on
the Meaford base. We will continue to consult with the Saugeen
Ojibway Nation, other Indigenous Rightsholders and communities
along with other local stakeholders as we continue to advance this
project, which remains subject to a number of conditions and
approvals, including approval of our Board of Directors.
- Renewable Energy Requests For
Information (RFI): Through an RFI process in second quarter 2021,
we announced that we were seeking to identify potential contracts
and/or investment opportunities in up to 620 MW of wind energy
projects, 300 MW of solar projects and 100 MW of energy storage
projects to meet the electricity needs of a portion of our U.S.
pipeline assets. The project team is currently evaluating
proposals, has commenced negotiations and expects to finalize
contracts by the end of the year.
Other Energy Transition Developments
- Irving Oil Decarbonization: On
August 12, 2021, we signed a memorandum of understanding to explore
the joint development of a series of proposed energy projects
focused on reducing greenhouse gas emissions and creating new
economic opportunities in New Brunswick and Atlantic Canada.
Together with Irving Oil, we have identified a series of potential
projects for exploration focused on decarbonizing current assets
and deploying emerging technologies to reduce overall emissions.
The partnership’s initial focus will consider a suite of upgrade
projects at Irving Oil’s refinery in Saint John, New Brunswick,
with the goal of significantly reducing emissions through the
production and use of low-carbon power generation.
- Hydrogen Hubs: On October 7, 2021,
we announced a partnership with Nikola Corporation to collaborate
on developing, constructing, operating and owning large-scale
hydrogen production facilities (hubs) in the United States and
Canada. We are actively collaborating to identify and develop
projects to establish the infrastructure required to deliver
low-cost and low-carbon hydrogen at scale in line with each
company’s core objectives. A key objective of the collaboration is
to establish hubs producing 150 tonnes or more of hydrogen per day
near highly traveled truck corridors to serve Nikola’s planned need
for hydrogen to fuel its Class 8 fuel cell electric vehicles
(FCEVs) within the next five years. Our significant pipeline,
storage and power assets can potentially be leveraged to lower the
cost and increase the speed of delivery of these hubs. This may
include exploring the integration of midstream assets to enable
hydrogen distribution and storage via pipeline and/or to deliver
carbon dioxide to permanent sequestration sites to decarbonize the
hydrogen production process.
Corporate
- Common share dividend: Our Board of
Directors declared a quarterly dividend of $0.87 per common share
for the quarter ending December 31, 2021. The quarterly amount is
equivalent to $3.48 per common share on an annualized basis.
- Voluntary Retirement Program (VRP):
In mid-2021, we offered a one-time VRP to eligible employees.
Participants in the program will retire by December 31, 2021 and
receive a transition payment in addition to existing retirement
benefits. For the three and nine months ended September 30, 2021,
we have expensed a total of $89 million before tax, mainly related
to the VRP transition payments, which was included in Plant
operating costs and other. Of the total program costs, $71 million
was excluded from comparable earnings and $18 million was recorded
in Revenues related to costs that are recoverable through
regulatory and tolling structures on a flow-through basis.
- Issuance of long-term debt: On
October 12, 2021, TCPL issued US$1.25 billion of Senior Unsecured
Notes due in October 2024 bearing interest at a fixed rate of 1.00
per cent and US$1.0 billion of Senior Unsecured Notes due in
October 2031 bearing interest at a fixed rate of 2.50 per
cent.
Teleconference and Webcast
We will hold a teleconference and webcast on Friday, November 5,
2021 to discuss our third quarter 2021 financial results. François
Poirier, President and Chief Executive Officer; Joel Hunter,
Executive Vice-President and Chief Financial Officer; and other
members of the executive leadership team will discuss TC Energy's
financial results and company developments at 9 a.m. (MDT) / 11
a.m. (EDT).
Members of the investment community and other interested parties
are invited to participate by calling 1.800.319.4610. No pass code
is required. Please dial in 15 minutes prior to the start of the
call. A live webcast of the teleconference will be available on TC
Energy's website at www.TCEnergy.com/events or via the
following URL: http://www.gowebcasting.com/11358.
A replay of the teleconference will be available two hours after
the conclusion of the call until midnight (EST) on November 12,
2021. Please call 1.855.669.9658 and enter pass code 7145.
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.
About TC EnergyWe 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, innovation,
responsibility, collaboration and integrity, our 7,500 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 www.TCEnergy.com.
Forward-Looking InformationThis release
contains certain information that is forward-looking, including the
sustainability commitments and targets contained in our 2021 Report
on Sustainability and our GHG Emissions Reduction Plan, 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 most recent Quarterly
Report to Shareholders and 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 and the
"Forward-looking information" section of our 2021 Report on
Sustainability and our GHG Emissions Reduction Plan which are
available on our website at www.TCEnergy.com.
Non-GAAP MeasuresThis 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 most recent
Quarterly Report to Shareholders.
Media Inquiries:Jaimie Harding / Hejdi
Carlsenmedia@tcenergy.com403.920.7859 or 800.608.7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mau investor_relations@tcenergy.com403.920.7911 or
800.361.6522
Download full report
here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2021/tc-2021-q3-quarterly-report.pdf
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