TC Energy to sell Mexico gas pipeline for $560M
TC Energy plans to sell its Guadalajara-Manzanillo gas pipeline for $560 million and redeploy capital into higher-value North American growth projects.
Rhea-AI Filing Summary
TC Energy Corporation (TRP) agreed to sell Energía Occidente de México, which owns the Guadalajara-Manzanillo natural gas pipeline, to affiliates of ESENTIA Energy Development for a gross purchase price of $560 million (US$400 million). The 313-kilometre pipeline can transport up to 500 MMcf/d of natural gas to power plants and industrial customers in Colima and Jalisco.
The transaction is expected to close in the first half of 2027, subject to customary closing conditions, regulatory approvals and consents. TC Energy states that the sale is part of its portfolio optimization and disciplined capital allocation strategy, with proceeds intended to be redeployed toward higher-value growth opportunities across its North American footprint.
After closing, TC Energy will continue to own and operate its broader Mexico natural gas network, including approximately 3,300 kilometres of pipeline and 8.7 Bcf/d of installed natural gas transportation capacity, and reiterates its commitment to supporting Mexico’s growing energy needs.
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Filing Explained
Although the release headline says the sale “Generates cash proceeds,” the filing describes approximately
Key Figures
Gross purchase price: $560 million (US$400 million)
Pipeline length: 313 kilometres
Pipeline capacity: 500 MMcf/d
+3 more
6 metrics
Gross purchase price
$560 million (US$400 million)
Sale of Energía Occidente de México, owner of the Guadalajara-Manzanillo Pipeline
Pipeline length
313 kilometres
Length of the Guadalajara-Manzanillo natural gas pipeline in Mexico
Pipeline capacity
500 MMcf/d
Maximum natural gas transportation capacity of the Guadalajara-Manzanillo Pipeline
Mexico network length
3,300 kilometres
Approximate length of TC Energy’s broader Mexico natural gas pipeline network post-transaction
Mexico transportation capacity
8.7 Bcf/d
Installed natural gas transportation capacity of TC Energy’s Mexico pipeline network
Expected closing period
First half of 2027
Anticipated closing timeline, subject to conditions and approvals
Key Terms
portfolio optimization, disciplined capital allocation, forward-looking information, foreign private issuer, +1 more
5 terms
portfolio optimization financial
"This transaction reflects our continued focus on portfolio optimization"
Portfolio optimization is the process of arranging and adjusting an investment collection to achieve the best possible balance between potential returns and risk. It’s like fine-tuning a recipe to get the most flavor with the least unwanted ingredients, helping investors make smarter choices about how to allocate their money to meet their financial goals efficiently.
disciplined capital allocation financial
"The transaction will support our disciplined capital allocation strategy"
forward-looking information regulatory
"This release contains certain information that is forward-looking"
Forward-looking information are predictions, plans, estimates or expectations about a company’s future performance, results or events, such as sales forecasts, project timelines, or anticipated costs. It matters to investors because these statements guide expectations but rely on assumptions and uncertain factors—like a weather forecast for a business—so investors should treat them as informed guesses rather than guarantees and consider the risks and possible changes behind the numbers.
foreign private issuer regulatory
"Report of Foreign Private Issuer Pursuant to Rule 13a-16"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.
natural gas transportation capacity technical
"including approximately 3,300 kilometres of pipeline and 8.7 Bcf/d of installed natural gas transportation capacity"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What asset is TC Energy (TRP) selling in this 6-K filing?
TC Energy is selling Energía Occidente de México, the entity that owns the 313-kilometre Guadalajara-Manzanillo Pipeline, which transports up to 500 MMcf/d of natural gas to power plants and industrial customers in Colima and Jalisco.
How much cash will TC Energy (TRP) receive from the Guadalajara-Manzanillo Pipeline sale?
TC Energy expects gross cash proceeds of approximately $560 million (US$400 million) from the sale of Energía Occidente de México to affiliates of ESENTIA Energy Development, S.A.B. de C.V.
When is the TC Energy (TRP) Guadalajara-Manzanillo transaction expected to close?
The transaction is anticipated to close in the first half of 2027, subject to customary closing conditions, regulatory approvals and required consents.
What does TC Energy (TRP) plan to do with the sale proceeds?
TC Energy states that proceeds from the approximately $560 million sale will support its disciplined capital allocation strategy, creating flexibility to redeploy capital from a mature asset into high-value growth opportunities across its North American footprint.
Will TC Energy (TRP) remain active in Mexico after this pipeline sale?
Yes. TC Energy will continue to own and operate its broader Mexico natural gas pipeline network, including about 3,300 kilometres of pipeline and 8.7 Bcf/d of installed natural gas transportation capacity.
Who is buying the Guadalajara-Manzanillo Pipeline from TC Energy (TRP)?
Affiliates of ESENTIA Energy Development, S.A.B. de C.V. are buying Energía Occidente de México, the owner of the Guadalajara-Manzanillo natural gas pipeline.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NewsRelease TC Energy announces sale of Guadalajara-Manzanillo Pipeline Generates cash proceeds of approximately $560 million (US$400 million) High-grading portfolio to redeploy proceeds towards accretive growth opportunities across TC Energy’s North American footprint CALGARY, Alberta, Sept. 21, 2026 – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced it has entered into an agreement to sell Energía Occidente de México (EOM), the entity that owns the Guadalajara-Manzanillo Pipeline, to affiliates of ESENTIA Energy Development, S.A.B. de C.V. (ESENTIA) for a gross purchase price of $560 million (US$400 million). The 313-kilometre Guadalajara-Manzanillo Pipeline transports up to 500 MMcf/d of natural gas, connecting imported LNG supply near Manzanillo and continental gas supply near Guadalajara to power plants and industrial customers in the states of Colima and Jalisco. This transaction is anticipated to close in the first half of 2027, and is subject to customary closing conditions, regulatory approvals and consents. "This transaction reflects our continued focus on portfolio optimization and long-term value creation," said François Poirier, President and Chief Executive Officer of TC Energy. "The transaction will support our disciplined capital allocation strategy, creating optionality to redeploy proceeds from a mature asset towards high-value growth opportunities across our North American footprint. With more than 30 years of history in Mexico, and as the largest Canadian investor in the country, TC Energy remains committed to reliably delivering the natural gas that supports the country's expanding energy needs, strengthens energy security and enables future economic development.” TC Energy and ESENTIA will work together to support a safe and orderly transition of operations of this critical natural gas system. Following closing, TC Energy will continue to own and operate its broader Mexico natural gas pipeline network, including approximately 3,300 kilometres of pipeline and 8.7 Bcf/d of installed natural gas transportation capacity. About TC Energy We are a leader in North American energy infrastructure, spanning Canada, the U.S. and Mexico. For over 75 years, we have proudly connected the world to the energy it needs. Every day, we move more than 30 per cent of the natural gas used across the continent and connect LNG exports to global markets—powering communities and industries. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure delivers affordable, reliable and sustainable energy across North America. We carry forward a legacy of nation-building energy infrastructure and strong partnerships. By working with communities, businesses and leaders across our extensive energy network, we create opportunities today and for generations to come. TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com. Exhibit 99.1
FORWARD-LOOKING INFORMATION This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document may include, but are not limited to, statements related to the anticipated closing of the transaction in the first half of 2027; expected cash proceeds of approximately $560 million (US$400 million); the expected use of proceeds; and TC Energy’s strategic priorities, disciplined capital allocation and financial flexibility. Our forward-looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: the timely receipt of all necessary regulatory and third-party approvals; the satisfaction of customary closing conditions or other conditions to the sale; fluctuations in interest, tax and foreign exchange rates and changes in regulatory, political or business environments. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward- looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2025 Annual Report filed under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the "Forward- looking information" section of our Report on Sustainability which is available on our website at www.TCEnergy.com. -30- Media Inquiries: Media Relations media@tcenergy.com 403-920-7859 or 800-608-7859 Investor & Analyst Inquiries: Investor Relations investor_relations@tcenergy.com 403-920-7911 or 800-361-6522
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of September 2026
Commission File No. 1-31690
TC Energy Corporation
(Translation of Registrant's Name into English)
450 – 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☐ Form 40-F ☑
Exhibit 99.1 to this report, furnished on Form 6-K, is furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended.
| EXHIBIT INDEX | ||
| 99.1 | A copy of the registrant’s news release dated September 21, 2026. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 21, 2026
| TC ENERGY CORPORATION | ||||||||
| By: | /s/ Jane M. Brindle | |||||||
| Jane M. Brindle | ||||||||
| Vice-President, Law and Corporate Secretary | ||||||||