Q3 2024 TC Energy Corp Earnings Call Transcript
Key Points
- TC Energy Corp (TRP) reported a 6% increase in comparable EBITDA for the third quarter compared to the same period last year, positioning the company well for the rest of 2024.
- The company successfully completed the spinoff of its Liquids Pipelines business into South Bow, marking a strategic milestone.
- TC Energy Corp (TRP) has placed $1.2 billion of projects in service year-to-date and expects to place approximately $7 billion of assets into service in 2024.
- The company has reduced its 2024 net capital expenditures outlook to between $7.4 billion and $7.7 billion, an 8% reduction from the initial outlook, enhancing financial strength and flexibility.
- The Southeast Gateway project is progressing well, with an updated estimated capital cost 11% lower than the initial estimate, contributing to overall capital program reduction.
- TC Energy Corp (TRP) expects its 2024 earnings per common share to be lower than in 2023, primarily due to non-controlling interest adjustments from asset divestitures.
- The liquid segment experienced a decrease in performance due to lower margins for marketing activities, despite higher volumes on the US Gulf Coast system.
- The company faces ongoing discussions and uncertainties regarding indigenous economic participation in the NGTL system.
- There is a need to manage customer concentration risk and overall exposure in Mexico, which may require bringing in partners or reducing exposure.
- Despite strong project execution, the company remains cautious about increasing its capital program size until it builds more cushion below the 4.75 debt to EBITDA metric.
Thank you for standing by. This is the conference operator. Welcome to the TC Energy third quarter 2024 financial results conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Mr. Gavin Wylie, Vice President and Investor Relations. Please go ahead, sir.
Thanks very much and good morning. I'd like to welcome you to TC Energy's 2024 third quarter conference Call. Joining me are Francois 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. Francois and Sean will begin today with some comments on our financial results and operational highlights.
A copy of the slide presentation that will accompany their remarks is available on our website under the investors section. Following their remarks, we'll take questions from the investment
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