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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 three months of 2021, our diversified portfolio of essential energy infrastructure continued to perform very well," said François Poirier, TC Energy’s President and Chief Executive Officer. "Robust comparable earnings and cash generation once again highlight the resiliency of our assets and how imperative they are to the North American economy as we deliver the energy and advance projects vital to our way of life in a safe and reliable manner."
Despite energy market volatility, weather events and the ongoing impacts of COVID-19, across our extensive operations, flows and utilization levels remain in line with historical and seasonal norms. Given the predictable nature of our cash flow streams, the Company's outlook for full-year 2021 comparable earnings remains generally consistent with last year's record results.
"While we were very disappointed by the revocation of the Presidential Permit for Keystone XL and the resulting after-tax impairment charge, we are well positioned to deliver sustainable, high-quality growth in the years ahead," continued Poirier. "We are advancing a $20 billion secured capital program and working on a substantive portfolio of other similarly high-quality opportunities under development. Importantly, all of our 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 in the coming years. Through prudent financial management, our balance sheet continues to exhibit its historical strength allowing us to effectively self-fund our growth program."
Looking beyond the current suite of projects, we are well positioned to capture future growth prospects associated with our extensive asset footprint and deep organizational capabilities as well as others that arise as the world both consumes more energy and transitions to a cleaner energy future. We are exploring opportunities to electrify and use renewable energy to power certain of the Company's proprietary energy loads, with the goal of a net reduction in emissions across our footprint. In all our operations and projects, we remain focused on managing, reducing or eliminating our greenhouse gas emissions to the fullest extent possible. Whether through modernizing and upgrading our expansive asset network, expanding our capacity to displace higher-emission fuel sources, or exploring new innovative clean energy technologies, we believe our creativity, technical strength and unparalleled market connectivity provide us the ability to prosper regardless of the pace of energy transition.
Success in advancing our current slate of secured projects and other organic growth opportunities emanating from our five operating businesses across North America is expected to support annual dividend growth of five to seven per cent in this historically low-interest rate environment.
Highlights (All financial figures are unaudited and in Canadian dollars unless otherwise noted)
Net (loss)/income attributable to common shares decreased by $2.2 billion or $2.33 per common share to a net loss of $1.1 billion or $1.11 per share for the three months ended March 31, 2021 compared to the same period last year. On January 20, 2021, the Presidential Permit for the Keystone XL pipeline was revoked and, as a result, we subsequently agreed with the Government of Alberta to formally suspend the Keystone XL pipeline project and have evaluated our investment for impairment along with those in related capital projects in development including Heartland Pipeline, TC Terminals and Keystone Hardisty Terminal. We determined that the carrying amount of these assets was no longer fully recoverable and, as a result, in first quarter 2021 we recognized an after-tax asset impairment of $2.2 billion, net of expected contractual recoveries and other contractual and legal obligations. The Keystone XL pipeline asset impairment does not reflect offsetting amounts with respect to the Government of Alberta's investment and guarantees which are expected to be recorded through the statement of equity in future periods and would serve to reduce our net financial exposure on the Keystone XL pipeline project to approximately $1.0 billion as at March 31, 2021. First quarter 2020 included an income tax valuation allowance release of $281 million following our reassessment of deferred tax assets that are deemed more likely than not to be realized, and an incremental after-tax loss of $77 million related to the Ontario natural-gas fired power plant assets held for sale. 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. Per share results also reflect the impact of common shares issued for the acquisition of TC PipeLines, LP in first quarter 2021.
Comparable EBITDA of $2.5 billion decreased by $43 million for the three months ended March 31, 2021 compared to the same period in 2020 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 of $1.1 billion or $1.16 per common share decreased by $1 million or $0.02 per common share for the three months ended March 31, 2021 compared to the same period in 2020 and was primarily the net effect of:
Comparable earnings per share reflects the impact of common shares issued for the acquisition of 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 can affect our comparable EBITDA and net income. 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.
NOTABLE RECENT DEVELOPMENTS INCLUDE:
Canadian Natural Gas Pipelines
U.S. Natural Gas Pipelines
Mexico Natural Gas Pipelines
Liquids Pipelines
Corporate
Teleconference and WebcastWe will hold a teleconference and webcast on Friday, May 7, 2021 to discuss our first quarter 2021 financial results. François Poirier, President and Chief Executive Officer, Don Marchand, Executive Vice-President, Strategy & Corporate Development and Chief Financial Officer, and other members of the executive leadership team will discuss TC Energy's financial results and company developments at 1 p.m. (MDT) / 3 p.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/11059
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EDT) on May 14, 2021. Please call 1.855.669.9658 and enter pass code 6572.
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, 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 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 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 Carlsen403.920.7859 or 800.608.7859
Investor & Analyst Inquiries: David Moneta / Hunter Mau 403.920.7911 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-q1-quarterly-report.pdf
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