TC Energy posts strong Q1 results on strong asset demand, forecasts…

TC Energy posts strong Q1 results on strong asset demand, forecasts…

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  • TC Energy Corp TRP reported comparable earnings per share for Q1 2023 of C$1.21, Growth from CAD$1.12 a year ago.
  • Revenue was $3.9 billion compared to $3.5 billion a year ago.
  • Comparable EBITDA increased 16% Y/Y to CA$2.8 billion on strong demand across assets. Segment profit increased to $2.2 billion from $1.2 billion a year ago.
  • US Natural Gas Pipelines reported comparable EBITDA growth of 14% Y/Y to C$1.3 billion, with average throughput of 28.5 Bcf/day in the first quarter.
  • Canadian Natural Gas Pipelines’ comparable EBITDA increased to C$740 million from C$644 million, with total NGTLSystem shipments averaging 14.5 Bcf/d.
  • Canadian Natural Gas Pipelines commissioned projects valued at C$1.1 billion in Q1 2023, allowing for an additional market entry of 700 MMcf/d, with an additional 500 MMcf/d expected in Q2 2023.
  • Net cash flow from operations increased to $2.1 billion from $1.7 billion in the prior year.
  • Capital expenditures increased to $3.0 billion from $1.7 billion in the first quarter of 2022.
  • The company declared a quarterly dividend of $0.93 per share.
  • outlook: TRP reiterated its guidance of 5% to 7% higher comparable EBITDA in 2023 than in 2022.
  • The Company is on track to bring $6 billion of projects online in 2023 and is advancing the $5 billion+ asset divestment program.
  • price action: TRP shares trade up 1.77% at $41.31 on the latest check Friday.



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