TC Energy Announces Layoffs in Calgary and Houston Amid Strategic Shift

The layoffs are part of TC Energy's plan to integrate its natural gas pipeline units and reduce debt.

TC Energy is laying off employees primarily in Calgary and Houston as part of its strategy to integrate natural gas pipeline units.
The company has not disclosed the exact number of layoffs but is undergoing a significant overhaul, including spinning off its liquids business.
TC Energy's long-term debt reached approximately $49.98 billion by the end of last year, prompting efforts to reduce costs and debt.
The company recently sold the Portland Natural Gas System for $1.14 billion as part of its debt reduction strategy.
Despite the layoffs, TC Energy reported fourth-quarter FY23 results above estimates and raised its quarterly dividend.