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2d ago

TC Energy Raises Guidance on Strong Q2 Results, Prioritizes U.S. Expansion

Stronger returns in the U.S. will guide the company’s expanded capital program despite Ottawa’s new measures to accelerate Canadian energy projects.

TC Energy headquarters in Calgary, Alta., Tuesday, July 30, 2024. THE CANADIAN PRESS/Todd Korol
TC Energy headquarters in Calgary, Alta., Tuesday, July 30, 2024. THE CANADIAN PRESS/Todd Korol

Overview

  • Second-quarter net income rose to $862 million, up from $804 million a year earlier, with revenues climbing to $3.74 billion from $3.33 billion.
  • The company lifted its full-year comparable EBITDA outlook to a range of $10.8 billion to $11.0 billion.
  • Full-year capital spending guidance was increased by $600 million to between $6.1 billion and $6.6 billion.
  • About $8.5 billion of projects are on track for in-service delivery this year on time and roughly 15 percent below budget.
  • TC Energy has unveiled $4.5 billion in new growth projects over nine months and plans to focus on lower-risk U.S. expansions given superior risk-adjusted returns.