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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TC Energy Corporation | TSX:TRP | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.63 | 3.27% | 51.44 | 51.30 | 51.49 | 51.73 | 50.58 | 50.69 | 5,033,643 | 21:12:24 |
"During the first nine months 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. ”Results once again highlight the resiliency of our assets despite significant volatility in global energy markets. We continue to deliver the energy and advance projects vital to powering the North American economy in a safe and reliable manner, employing thousands of people and fulfilling our obligations to all stakeholders in these unprecedented times."
Despite the challenges brought about by COVID-19, TC Energy's assets have been largely unimpacted. Across our extensive North American operations, flows and utilization levels generally remain in line with historical and seasonal norms, underscoring the importance of our assets to the North American economy. Given the regulated and/or long-term contracted nature of our portfolio, we continue to be largely insulated from volatility associated with volume throughput and commodity prices. As a result, the Company's outlook for full year 2020 is essentially unchanged.
TC Energy also continues to advance its industry leading $37 billion secured capital program and placed over $3 billion of assets into service during the first nine months of 2020. Importantly, all of our capital projects are underpinned by long-term contracts highlighting the market 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 over the next four years. Looking beyond the current suite of projects, we are well positioned to capture future growth opportunities associated with our extensive asset footprint and deep organizational capabilities as well as others that may arise as the world both consumes more energy and transitions to a cleaner energy future.
“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 profile and targeted metrics," added Girling. "Once completed, approximately 98 per cent of the Company’s 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 in this historically low-interest rate environment."
Highlights(All financial figures are unaudited and in Canadian dollars unless otherwise noted)
Net income attributable to common shares increased by $165 million or $0.17 per common share to $904 million or $0.96 per share for the three months ended September 30, 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. Third quarter 2020 results included an incremental after-tax loss of $45 million related to the sale of the Ontario natural gas-fired power plants on April 29, 2020 and a $6 million reduction to the after-tax gain related to the sale of a 65 per cent equity interest in Coastal GasLink. Third quarter 2019 included an after-tax loss of $133 million related to the sale of the Ontario natural gas-fired power plants, an after-tax loss of $133 million due to the sale of certain Columbia Midstream assets and an after-tax gain of $115 million related to the partial sale of Northern Courier. 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 them to be reflective of our underlying operations.
Comparable EBITDA decreased by $50 million for the three months ended September 30, 2020 compared to the same period in 2019 primarily due to the net effect of the following:
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 decreased by $77 million or $0.09 per common share for the three months ended September 30, 2020 compared to the same period in 2019 and was primarily the net effect of:
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. Similarly, the interest income and our share of the interest expense on the Sur de Texas inter-affiliate loans offset within each reporting period, resulting in no impact on comparable earnings. Comparable earnings per common share for the three months ended September 30, 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 are 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. Our businesses are broadly considered essential in Canada, the United States and Mexico given the important role our infrastructure plays in providing energy to North American markets. We are confident that our robust continuity and business resumption plans for critical teams, including liquids and gas control as well as commercial and field operations, will continue to ensure the safe and reliable delivery of energy for our customers.
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 fluctuations in 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 the utilization of our assets, with the exception of the Keystone Pipeline System which has experienced a reduction in uncontracted volumes that we expect to remain until market conditions rebalance and normalize. To date, we have not encountered any significant impacts on our supply chain. While it is too early to ascertain any long-term impact that COVID-19 may have on our capital program, directionally we have observed some slowdown of our construction activities and capital expenditures in 2020, largely due to permitting delays as regulators have been unable to process permits and conduct consultations in time frames that were originally anticipated. In March 2020, as a result of COVID-19 impacts, Bruce Power declared force majeure with respect to its Unit 6 MCR and certain Asset Management work. As the MCR and Asset Management activities continue to progress, the ultimate impact of the Unit 6 force majeure will depend on the extent and duration of the pandemic and their ability to implement mitigation measures.
The full extent and lasting impact of the COVID-19 pandemic on the global economy is as yet undetermined but to date has included extreme volatility in financial markets and commodity prices, a significant reduction in overall economic activity, widespread extended shutdowns of businesses and supply chain disruptions. The degree to which COVID-19 has a more pronounced longer-term impact on our operations and growth projects will depend on future developments, policies and actions, all of which remain highly uncertain.
Other notable recent developments include:
Canadian Natural Gas Pipelines:
U.S. Natural Gas Pipelines:
Mexico Natural Gas Pipelines:
Liquids Pipelines:
Power and Storage:
Corporate:
Teleconference and Webcast:
We will hold a teleconference and webcast on Thursday, October 29, 2020 to discuss our third quarter 2020 financial results. Russ Girling, President and Chief Executive Officer, Don Marchand, Executive Vice-President, Strategy & Corporate Development and Chief Financial Officer, François Poirier, Chief Operating Officer and President, Power & Storage along with other members of the executive leadership team will discuss TC Energy's financial results and Company developments at 9:00 a.m. MDT / 11:00 a.m. EDT.
Members of the investment community and other interested parties are invited to participate by calling 1.855.327.6838. 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/10883.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EDT) on November 5, 2020. Please call 1.855.669.9658 and enter pass code 5322.
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 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 7,500 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 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 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.
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 most recent Quarterly Report to Shareholders.
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-q3-quarterly-report.pdf
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