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) generates a steady stream of news related to its North American natural gas infrastructure and power assets. As an energy infrastructure company with operations in Canada, the United States and Mexico, its disclosures cover topics ranging from quarterly financial performance to major pipeline and power project milestones.
Investors following TRP news can expect regular updates on quarterly and annual results, including comparable earnings, EBITDA and segmented performance across Canadian, U.S. and Mexican natural gas pipelines and power and energy solutions. The company frequently issues releases on its financial outlook, capital spending plans and growth project pipeline, highlighting new natural gas pipeline expansions and power-related investments backed by long-term contracts.
TC Energy’s news flow also includes announcements about major infrastructure projects. Recent examples described by the company include the completion and toll collection on the Southeast Gateway pipeline in Mexico, expansions on systems such as Columbia Gulf and NGTL, and projects designed to serve LNG export markets and natural gas-fired power generation. These updates provide context on how TC Energy’s assets support natural gas demand, LNG exports and power markets across North America.
Capital markets and balance sheet developments are another key news theme. TC Energy issues releases on dividends for its common and preferred shares, preferred share redemptions and features such as conversion rights between fixed and floating rate preferred series. The company also reports on debt offerings, including junior subordinated notes issued by TransCanada PipeLines Limited, and how proceeds are intended to be used within its capital structure.
In addition, TC Energy publishes notices of investor events such as teleconferences and webcasts for quarterly results, where management discusses financial performance, strategic priorities and long-term outlook. For investors and observers, the TRP news page offers a consolidated view of these financial, operational and capital structure developments over time.
TC Energy (TSX, NYSE: TRP) has announced the distribution record date of Sept. 25, 2024 for the spinoff of its Liquids Pipelines business into South Bow . The spinoff, expected to be effective on Oct. 1, 2024, has received necessary tax rulings and approvals. The TSX and NYSE will implement 'due bill' trading for TC Energy shares from Sept. 25 to Oct. 1, 2024. South Bow shares are expected to commence 'regular way' trading on the TSX on Oct. 2, 2024, and on the NYSE around Oct. 7, 2024. Both companies plan to declare independent dividends on Nov. 7, 2024, payable on Jan. 31, 2025.
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.