Q2 2024 TC Energy Corp Earnings Call Transcript
Key Points
- TC Energy Corp (TRP) reported a 9% increase in comparable EBITDA for Q2 2024 compared to Q2 2023.
- The company successfully placed $1.2 billion of projects into service and is on track to place approximately $7 billion of assets into service in 2024.
- TC Energy Corp (TRP) entered into Canada's largest ever indigenous equity ownership agreement, enhancing community relations and creating stable revenue for local indigenous communities.
- The company achieved unanimous support from customers for a five-year settlement agreement on the NGTL system, expected to add $150 million to $200 million in incremental EBITDA annually.
- TC Energy Corp (TRP) reaffirmed its 2024 comparable EBITDA target of $11.2 billion to $11.5 billion, driven by strong year-to-date performance and project completions.
- Comparable earnings for Q2 2024 were slightly lower than Q2 2023, impacted by FX derivative losses and increased deductions for non-controlling interest.
- The company's liquid segment saw lower contributions in Q2 2024 due to additional WCSB egress and reduced liquid marketing activity.
- TC Energy Corp (TRP) expects its earnings per common share to be lower in 2024 compared to 2023, primarily due to ongoing asset divestitures.
- The company faces potential challenges in achieving its 2025 leverage target, requiring continued strong EBITDA performance, capital expenditure savings, and possibly additional asset divestitures.
- The ongoing litigation related to the Columbia acquisition, with a $400 million verdict, could impact the company's deleveraging plans if the appeal is not successful.
Welcome to the TC Energy second-quarter 2024 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Gavin Wylie, Vice President, Investor Relations. Please go ahead.
Thanks very much. And good morning. I'd like to welcome you to TC Energy's 2024 second quarter conference call.
Joining me are François Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice President and Chief Financial Officer; along with other members of our senior leadership team. François and Sean will begin today with some comments on our financial results and operational highlights. A copy of the slide presentation that will accompany the remarks is available on our website under the investors section. Following their remarks, we'll take questions from the investment community. We ask that you limit yourself to two questions. And if you're a member of the media, please contact our
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