Welcome to our dedicated page for TC Energy Corporation news (Ticker: TRP), a resource for investors and traders seeking the latest updates and insights on TC Energy Corporation stock.
TC Energy Corporation (TRP) is a leading energy infrastructure company headquartered in Calgary, Alberta, Canada. With a robust portfolio of natural gas, oil, and power generation assets across North America, TC Energy plays a pivotal role in safely delivering the energy that powers homes, businesses, and industries. The company operates more than 60,000 miles of oil and gas pipelines and has over 650 billion cubic feet of natural gas storage capacity. Additionally, it boasts around 4,300 megawatts of electric power generation capacity.
For over 60 years, TC Energy has committed to sustainable operations, focusing on safety, environmental stewardship, and economic efficiency. This dedication is evident in their proactive approach to addressing global energy demands and driving innovation in energy conservation and efficiency. The company's operations are divided into three primary business segments: natural gas pipelines, liquid pipelines, and energy.
TC Energy is not only significant for its extensive infrastructure but also for its collaborative engagement with stakeholders, ensuring a balanced consideration of societal, environmental, and economic factors in its operations. Recently, the company announced a plan to spin off its Liquids Pipelines business, forming a new entity named South Bow Corporation, which will focus on independent, investment-grade opportunities.
On the financial front, TC Energy continues to deliver solid performance, evidenced by its recent increase in common share dividends for the twenty-fourth consecutive year. Moreover, the company’s management team actively engages with the investment community and stakeholders through regular updates and transparent reporting. Notably, TC Energy's first quarter 2024 financial results will be discussed in an upcoming webcast, showcasing the company's ongoing developments and financial health.
As TC Energy forges ahead, it remains committed to advancing strategic priorities aimed at maximizing shareholder returns and creating long-term value for communities. The company’s common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. For more information, visit TC Energy.
On February 26, 2021, TC Energy Corporation (TRP) announced that TCP unitholders overwhelmingly approved the merger with a wholly owned subsidiary of TC Energy. Approximately 70% of the units represented voted in favor, equating to 54.5% of total outstanding common units. Under the merger agreement, unitholders will receive 0.70 common shares of TC Energy for each TCP unit. The merger is set to complete on March 3, 2021, leading to the suspension of TCP units from NYSE trading.
On February 23, 2021, Energy Income Partners (EIP), the largest non-affiliated unitholder of TC PipeLines (TCP), expressed strong objections to the proposed merger with TC Energy (TRP). EIP, owning over 10% of TCP, announced its intent to vote against the merger, citing serious concerns about the fairness of the merger terms and potential undervaluation of TCP's assets. EIP's analysis questions the adequacy of the Conflicts Committee's decision and urges the postponement of the merger vote for further review, emphasizing that TRP's offer significantly undervalues TCP's growth prospects.
TC Energy Corporation (NYSE: TRP) has reaffirmed its exchange ratio of 0.70 common shares for each unit of TC PipeLines, LP (NYSE: TCP) amid unitholder concerns regarding its adequacy. This ratio reflects a 20.8% premium over TCP's closing price before the initial offer in October 2020. The exchange rate was unanimously approved by an independent committee. The special meeting for unitholder approval is scheduled for February 26, 2021. TC Energy's leadership emphasizes that the merger will maximize value for TCP unitholders and will not alter the terms of the agreement.
Energy Income Partners (EIP) has informed TC PipeLines, LP's Board of Directors of its opposition to the proposed merger with TC Energy Corporation. EIP, the largest non-affiliated unitholder of TCP with over 10% ownership, argues that the merger consideration of 0.70 common shares of TRP per unit of TCP significantly undervalues TCP's assets and growth opportunities. EIP has maintained its position in TCP for nearly 15 years, highlighting concerns over the adequacy of the offer.
On February 19, 2021, Cushing Asset Management and Swank Capital announced a change in constituents for the Cushing MLP Market Cap Index. TC PipeLines, LP (NYSE: TCP) is set to merge with TC Energy Corporation (NYSE: TRP), leading to TCP ceasing public trades. A special unitholder meeting is scheduled for February 26, 2021, to vote on the merger. If approved, Black Stone Minerals, L.P. (NYSE: BSM) will replace TCP in the Index starting March 1, 2021. This change will not affect other constituents.
Cushing Asset Management and Swank Capital have announced an interim change to The Cushing 30 MLP Index. Following a merger agreement between TC PipeLines (TCP) and TC Energy Corporation (TRP), TCP common units will cease public trading, pending unitholder approval on February 26, 2021. Effective March 1, 2021, EnLink Midstream (ENLC) will replace TCP in the Index at TCP's current weight. The Index tracks 30 midstream energy infrastructure companies and is calculated by S&P Dow Jones Indices.
TC Energy Corporation (NYSE: TRP) filed its audited consolidated financial statements and Annual Information Form for the year ended December 31, 2020, with Canadian securities authorities. Additionally, the company submitted its Form 40-F to the U.S. Securities and Exchange Commission. These documents encapsulate TC Energy's financial performance, management’s insights, and operational results. Shareholders can access the full reports online or request a paper copy. The company emphasizes its role in delivering essential energy across North America.
TC Energy Corporation (TRP) announced a quarterly dividend of $0.87 per common share for the quarter ending March 31, 2021, payable on April 30, 2021. Shareholders of record at the close of business on March 31, 2021 will receive this dividend. Additionally, dividends for Cumulative First Preferred Shares include amounts ranging from $0.08562069 to $0.243938, payable on various dates in March and April 2021. These dividends qualify as eligible dividends under the Income Tax Act (Canada).
TC Energy Corporation (TRP) reported a strong fourth quarter and full-year 2020 performance, with net income of $1.1 billion or $1.20 per share in Q4, up from $1.18 per share in 2019. For the year, net income rose to $4.5 billion or $4.74 per share, compared to $4.0 billion in 2019. The company announced a 7.4% increase in its quarterly dividend to $0.87, marking the 21st consecutive year of dividend growth. Despite challenges from COVID-19, TC Energy's diversified portfolio generated robust cash flow, driven by $5.9 billion in growth projects.
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