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.
TC Energy (TSX, NYSE: TRP) announced that South Bow has closed a $7.9 billion Canadian-dollar equivalent notes offering related to the spinoff of TC Energy's Liquids Pipelines business. The offering includes various senior unsecured notes and junior subordinated notes with maturities ranging from 2027 to 2055. This debt structure establishment is a key milestone for the spinoff transaction, which is expected to close in early Q4 2024.
Additionally, South Bow has established a C$2.0 billion four-year senior unsecured revolving credit facility. The notes were offered to qualified institutional buyers in the U.S. and accredited investors in Canada. South Bow will host a virtual corporate update on September 9, 2024, to provide an overview of its business and strategic priorities.
TC Energy (TSX, NYSE: TRP) and its partner Northern New England Investment Company, Inc., a subsidiary of Énergir L.P., have completed the sale of Portland Natural Gas Transmission System (PNGTS) for a gross purchase price of US$1.14 billion. The deal includes the buyers assuming US$250 million of outstanding Senior Notes. TC Energy will receive pre-tax cash equity proceeds of approximately $750 million (US$545 million), representing its 61.7% ownership interest. This transaction is part of TC Energy's strategy to achieve $3 billion in asset divestitures in 2024 and strengthen its balance sheet. The company aims to reach a 4.75 times debt-to-EBITDA upper limit by year-end. TC Energy will provide transition services to ensure a safe and orderly transfer of the natural gas system.
UGI (NYSE: UGI) has announced the election of Tina Faraca to its Board of Directors, effective August 7, 2024. Ms. Faraca, currently serving as Executive Vice President and President of U.S. Natural Gas Pipelines at TC Energy , brings extensive experience in energy infrastructure and strategic planning. Her appointment is expected to bolster UGI's leadership with her industry expertise and operational knowledge.
Prior to her role at TC Energy, Ms. Faraca held key positions at Enable Midstream Partners and Enbridge, showcasing a strong background in commercial operations and strategic development within the energy sector. UGI's Interim President and CEO, Mario Longhi, expressed confidence that Ms. Faraca's experience will be a valuable asset to the company's board.
TC Energy (TSX, NYSE: TRP) has declared a quarterly dividend of $0.96 per common share for the quarter ending Sept. 30, 2024, payable on Oct. 31, 2024, to shareholders of record as of Sept. 27, 2024. The company also announced dividends on various series of Cumulative First Preferred Shares, with different payment dates and amounts. These dividends are designated as eligible dividends for Canadian tax purposes, offering an enhanced dividend tax credit for Canadian residents.
TC Energy's Dividend Reinvestment and Share Purchase Plan (DRP) allows for the purchase of common shares on the Toronto Stock Exchange at 100% of the weighted average purchase price using reinvested cash dividends. The DRP is available for both common and preferred share dividends.
TC Energy (TSX, NYSE: TRP) reported strong Q2 2024 results, with 10% year-over-year growth in comparable EBITDA and 35% growth in segmented earnings. Key highlights include:
- Comparable earnings of $1.0 billion or $0.94 per share
- Comparable EBITDA of $2.7 billion, up from $2.5 billion in 2023
- Reaffirmed 2024 outlook with comparable EBITDA expected at $11.2 to $11.5 billion
- Shareholders approved the spinoff of Liquids Pipelines business
- Announced $2.6 billion in asset divestitures
- Declared quarterly dividend of $0.96 per common share
The company made significant progress on strategic initiatives, including the Southeast Gateway pipeline project and advancing its deleveraging efforts. TC Energy remains focused on maximizing asset value, project execution, and streamlining operations for the remainder of 2024.
TC Energy (TSX, NYSE: TRP) has announced a historic $1 billion equity interest purchase agreement for a 5.34% minority stake in its NGTL System and Foothills Pipeline assets. This partnership, backed by the Alberta Indigenous Opportunities (AIOC), will enable up to 72 Indigenous Communities across Alberta, British Columbia, and Saskatchewan to become equity owners in the 25,000-kilometer natural gas infrastructure network.
The AIOC will provide a $1 billion equity loan guarantee to support the newly-formed Indigenous-owned investment partnership. This agreement is expected to create long-term revenue sources for Indigenous Communities, fostering economic sovereignty and prosperity. The transaction is anticipated to close in the third quarter of 2024, subject to Community approvals and financing.
TC Energy (TSX, NYSE: TRP) will release its second quarter 2024 financial results on Aug. 1, 2024. A teleconference and webcast will be held at 6:30 a.m. MDT / 8:30 a.m. EDT, led by CEO François Poirier and CFO Sean O'Donnell. The event will cover both financial results and company developments, accessible via toll-free numbers or international dial-ins, with no passcode required. Pre-registration is available to secure a unique PIN for quick access. The webcast will be live-streamed on TC Energy’s website and available for replay post-event. A teleconference replay will be available until Aug. 8, 2024.
TC Energy (TSX, NYSE: TRP) announced that shareholders approved the spinoff of its Liquids Pipelines business into a new public company, South Bow Shareholders will receive one common share of TC Energy and 0.2 shares of South Bow for each TC Energy share held. The separation is anticipated to occur in late Q3 to mid Q4 2024. The spinoff aims to create two focused energy infrastructure companies, each promising compelling dividends. The vote also saw the election of TC Energy's Board of Directors, with strong support for all nominees. The spinoff is subject to regulatory and court approvals.
TC Energy (NYSE: TRP) plans to appeal a Delaware Chancery Court decision regarding its 2016 acquisition of Columbia Pipeline Group. The court ruled that the former CEO and CFO of Columbia breached their fiduciary duties to shareholders, and that TC Energy aided and abetted these breaches. Consequently, TC Energy and the former Columbia executives are each responsible for half of the awarded damages, totaling US$398.4 million. TC Energy's share amounts to US$199.2 million, plus an estimated US$179.5 million in interest. TC Energy disputes the court's findings and aims for the appeal to conclude by mid-2025, posting a bond to cover the damages in the meantime.
TC Energy (TRP) declared a quarterly dividend of $0.96 per common share for the quarter ending June 30, 2024. The Board also declared dividends on various Cumulative First Preferred Shares. These dividends are designated as eligible dividends for tax purposes, with an enhanced dividend tax credit for Canadian residents. The company's Dividend Reinvestment and Share Purchase Plan (DRP) allows shareholders to reinvest cash dividends at a discounted price.
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