TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company)
today announced net income attributable to common shares for fourth
quarter 2021 of $1.1 billion or $1.14 per share compared to net
income of $1.1 billion or $1.20 per share for the same period in
2020. For the year ended December 31, 2021, net income attributable
to common shares was $1.8 billion or $1.87 per share compared to
net income of $4.5 billion or $4.74 per share for 2020. Comparable
earnings1 for fourth quarter 2021 were $1.0 billion or $1.06 per
common share compared to $1.1 billion or $1.15 per common share in
2020. Comparable earnings for the year ended December 31, 2021 were
$4.2 billion or $4.27 per common share compared to $3.9 billion or
$4.20 per common share for the comparable period in 2020. Net cash
provided by operations for the year ended December 31, 2021 was
$6.9 billion compared to $7.1 billion for 2020. Comparable funds
generated from operations1 for the year ended December 31, 2021
were $7.4 billion, in-line with 2020 results. TC Energy's Board of
Directors also declared a quarterly dividend of $0.90 per common
share for the quarter ending March 31, 2022, equivalent to $3.60
per common share on an annualized basis, an increase of 3.4 per
cent. This is the twenty-second consecutive year the Board has
raised the dividend.
“Our $100 billion diversified portfolio of
high-quality, long-life energy infrastructure assets continued to
perform extremely well in 2021 as evidenced by our strong financial
results,” said François Poirier, TC Energy’s President and Chief
Executive Officer. “Comparable earnings of $4.2 billion or $4.27
per common share and comparable funds generated from operations of
$7.4 billion reflect the strong demand for our services,
contributions from new assets placed into service and our constant
focus on operational excellence.”
During 2021, TC Energy continued to reliably
deliver the energy people need. Flows and utilization levels across
many of our systems continued to exceed historical norms despite
the ongoing impacts of COVID-19 and energy market volatility. We
also placed $4.1 billion of assets into service and sanctioned
approximately $7.0 billion of new projects including maintenance
capital.
"Today we are advancing $24 billion of commercially
secured projects including approximately $6.5 billion that are
expected to enter service in 2022. These projects will expand and
extend our asset footprint across North America and are expected to
generate attractive returns for our shareholders in the years
ahead,” added Poirier. “Based on the confidence we have in our
future outlook, our Board of Directors declared a dividend of $0.90
per common share for first quarter 2022. This equates to $3.60 per
common share on an annualized basis, an 3.4 per cent increase over
the amount declared in 2021.”
TC Energy's $24 billion of secured capital projects
are underpinned by strong industry fundamentals as well as
cost-of-service regulation and/or long-term, take-or-pay contracts.
This capital program, combined with the strong performance of our
existing assets, is expected to result in average annual growth in
comparable EBITDA1 of five per cent through 2026. Additional
sanctioned projects that enter service by 2026, along with other
revenue enhancements and cost savings, would add to the Company’s
growth outlook. Based on the confidence we have in our business
plans we expect to continue to grow the common share dividend at an
annual rate of three to five per cent. This is consistent with our
established conservative approach to capital allocation and is
expected to provide the capacity to fund our sizable capital
program while enhancing our financial strength and flexibility.
“Our vision is to be the premier energy
infrastructure company in North America, now and in the future,”
continued Poirier. “Looking forward, we expect that our network of
critical energy infrastructure will be used for decades to come and
continue to generate significant in-corridor growth potential. We
also remain committed to the sustainable development of our
business. Modernizing our existing systems and assets along with
the decarbonization of our own energy consumption are some of the
areas we are focused on while also seeking opportunities to invest
in low-carbon energy infrastructure. We believe our creativity,
technical strength and unparalleled market connectivity will allow
us to prosper regardless of the pace and direction of energy
transition.”
TC Energy is uniquely positioned to continue
advancing projects involving new energy types and technologies
emerging through energy transition. The Company is progressing the
electrification of our systems including a Request for Information
to meet the electricity needs of the U.S. portion of the Keystone
Pipeline System assets as well as the Canyon Creek Pumped Hydro
Storage Project and the long-term Bruce Power life extension
program. Through partnerships both within and outside of our
industry, we have identified emerging technology opportunities such
as partnering with Pembina on the Alberta Carbon Grid, signing
agreements with Nikola Corporation and Hyzon Motors to explore the
co-development of hydrogen hubs, working with Irving Oil focused on
reducing emissions, reaching an agreement with the Department of
National Defence for land access to develop the world-class Ontario
Pumped Storage Project and executing a 15-year power purchase
agreement for wind energy with EDP Renewables.
In October 2021 we also released our latest Report
on Sustainability which includes targets for all our sustainability
commitments. Notably, we set Scope 1 and Scope 2 GHG reduction
targets, including reducing the emissions intensity from our
operations 30 per cent by 2030 and positioning to achieve net zero
emissions from our operations by 2050. In all our operations and
projects, we will remain focused on managing and reducing our GHG
emissions and building constructive, enduring relationships with
communities and stakeholders for decades to come.
Highlights
(All financial figures are unaudited and in
Canadian dollars unless otherwise noted)
- Fourth quarter 2021 financial results
- Net income attributable to common shares of $1.1 billion or
$1.14 per common share
- Segmented earnings of $1.9 billion
- Net cash provided by operations of $1.8 billion
- Comparable earnings of $1.0 billion or $1.06 per common
share
- Comparable EBITDA of $2.4 billion
- Comparable funds generated from operations of $2.1 billion
- For the year ended December 31, 2021
- Net income attributable to common shares of $1.8 billion or
$1.87 per common share
- Segmented earnings of $4.1 billion
- Net cash provided by operations of $6.9 billion
- Comparable earnings of $4.2 billion or $4.27 per common
share
- Comparable EBITDA of $9.4 billion
- Comparable funds generated from operations of $7.4 billion
- TC Energy's Board of Directors approved a 3.4 per cent increase
in the quarterly common share dividend to $0.90 per common share
for the quarter ending March 31, 2022
- Continued to advance our $24 billion secured capital program by
investing $2.1 billion in the quarter
- Submitted final cost and schedule estimates for the Bruce Power
Unit 3 MCR program to the IESO in December 2021.
- Administrative Law Judge recommended the Columbia Gas
settlement for approval and certified it as uncontested to FERC for
its review and approval
- Filed ANR rate case in January 2022. Uncontested GTN rate
settlement was approved by FERC in November 2021
- Continued to develop a 1,000 MW
pumped hydro storage project in Meaford, Ontario with Ontario's
Minister of Energy instructing the IESO to progress the project to
Gate 2 of the Unsolicited Proposals Process in November 2021.
Net income attributable to common shares decreased
by $6 million or $0.06 per common share to $1.1 billion or $1.14
per share for the three months ended December 31, 2021 compared to
the same period in 2020. Per share results reflect the impact of
common shares issued for the acquisition of the remaining ownership
interests in TC PipeLines, LP in first quarter 2021. Net income
attributable to common shares includes a number of specific items
that we believe are significant but not reflective of our
underlying operations in the period. More information on these
items, which are excluded from comparable earnings, can be found in
the table entitled "Reconciliation of net income to comparable
earnings" below.
Comparable EBITDA of $2.4 billion increased by $81
million for the three months ended December 31, 2021 compared to
the same period in 2020 primarily due to the net effect of the
following:
- increased earnings in U.S. Natural Gas Pipelines primarily from
higher Columbia Gas transportation rates effective February 1, 2021
as a result of the subsequently uncontested rate case settlement,
lower operating costs across a number of pipelines and improved
earnings from our mineral rights business
- higher Power and Storage comparable EBITDA resulting from
increased Canadian Power earnings mainly due to contributions from
trading activities and higher realized margins, as well as
increased earnings from Bruce Power due to higher volumes resulting
from fewer outage days
- decreased earnings from Liquids Pipelines attributable to lower
volumes on the U.S. Gulf Coast section of the Keystone Pipeline
System, partially offset by increased contributions from liquids
marketing activities reflecting higher margins and volumes
- lower comparable EBITDA from Canadian Natural Gas Pipelines due
to the net effect of lower flow-through depreciation and financial
charges, partially offset by higher incentive earnings and the
elimination of the TC Energy contribution on the Canadian Mainline,
offset in part by higher flow-through income taxes as well as
increased rate-base earnings on the NGTL System
- foreign exchange impact of a weaker
U.S. dollar on the Canadian dollar equivalent segmented earnings in
our U.S. dollar-denominated operations. U.S. dollar-denominated
comparable EBITDA increased by US$92 million to US$1.2 billion
compared to US$1.1 billion in 2020; however, this was translated at
a rate of 1.26 in 2021 versus 1.30 in 2020.
While the weakening of the U.S. dollar in fourth
quarter 2021 compared to the same period in 2020 had a negative
impact on comparable EBITDA for the three months ended December 31,
2021, the corresponding impact on comparable earnings was not
significant due to offsetting natural and economic hedges.
In addition, due to the flow-through treatment of
certain expenses including income taxes, financial charges and
depreciation in our Canadian rate-regulated pipelines, changes in
these expenses impact our comparable EBITDA despite having no
significant effect on net income.
Comparable earnings of $1.0 billion or $1.06 per
common share decreased by $45 million or $0.09 per common share for
the three months ended December 31, 2021 compared to the same
period in 2020 and was primarily the net effect of:
- changes in comparable EBITDA described above
- higher Income tax expense mainly due to the impact of lower
foreign tax rate differentials, Mexico inflationary adjustments, as
well as increased flow-through income taxes on Canadian
rate-regulated pipelines
- higher Interest expense primarily due to lower capitalized
interest as a result of its cessation for the Keystone XL pipeline
project following the revocation of the Presidential Permit on
January 20, 2021, partially offset by the foreign exchange impact
from a weaker U.S. dollar on translation of U.S. dollar-denominated
interest
- lower AFUDC, predominantly due to suspension of recording AFUDC
on the Villa de Reyes project effective January 1, 2021 resulting
from ongoing delays, partially offset by NGTL System expansion
projects under construction
- lower Non-controlling interests following the March 3, 2021
acquisition of all outstanding common units of TC PipeLines, LP not
beneficially owned by TC Energy
- decreased Depreciation and amortization in our Canadian Natural
Gas Pipelines due to one section of the Canadian Mainline being
fully depreciated in 2021, partially offset by new projects in U.S.
Gas Natural Gas Pipelines placed in service and certain fourth
quarter 2021 adjustments related to the Columbia Gas uncontested
rate case settlement
- higher Interest income and other
mainly attributable to higher realized gains in 2021 compared to
2020 on derivatives used to manage our net exposure to foreign
exchange rate fluctuations on U.S. dollar-denominated income.
Comparable earnings per share also reflects the
impact of common shares issued for the acquisition of the remaining
ownership interests in TC PipeLines, LP in first quarter 2021.
Certain of our businesses generate all or most of
their earnings in U.S. dollars and, since we report our financial
results in Canadian dollars, changes in the value of the U.S.
dollar against the Canadian dollar directly affect our comparable
EBITDA and may also impact comparable earnings. As our U.S.
dollar-denominated operations continue to grow, this exposure
increases. A portion of the U.S. dollar-denominated comparable
EBITDA exposure is naturally offset by U.S. dollar-denominated
amounts below comparable EBITDA within Depreciation and
amortization, Interest expense and other income statement line
items. The balance of the exposure is actively managed on a rolling
forward basis up to three years using foreign exchange derivatives;
however, the natural exposure beyond that period remains. Despite
the decrease in the average exchange rate for the three months
ended December 31, 2021 compared to 2020, the net impact of U.S.
dollar movements on comparable earnings over this period, after
considering natural offsets and economic hedges, was not
significant.
NOTABLE RECENT DEVELOPMENTS
INCLUDE:
Canadian Natural Gas Pipelines
- NGTL System: In the
year ended December 31, 2021, the NGTL System placed approximately
$1.1 billion of capacity projects in service.
- Coastal GasLink:
The project is currently more than 59 per cent complete. The entire
route has been cleared, grading is more than 70 per cent complete
and more than 240 km (149 miles) of pipeline has been installed,
with reclamation activities underway in many areas.We continue to
expect project costs to increase significantly along with a delay
to project completion compared to the original project cost and
schedule. Coastal GasLink has sought to mitigate cost increases and
schedule delays and will continue to do so.Coastal GasLink is in
dispute with LNG Canada with respect to the recognition of certain
costs and the impacts on schedule; however, the parties are in
active and constructive discussions toward a resolution of this
matter. We do not expect any suspension of construction activities
while discussions continue. The ultimate level of debt financing
and the amounts to be contributed as equity by Coastal GasLink LP
partners, including us, will be determined by the substance of a
resolution with LNG Canada.During this time, in addition to using
funds from its $6.8 billion project-level credit facility and the
recovery of construction carrying costs from LNG Canada,
construction is also being funded in part by a subordinated demand
revolving facility with TC Energy which has a current capacity of
$500 million and provides the project with additional short-term
funding and financial flexibility. At December 31, 2021, $1 million
was outstanding on this revolving facility. In fourth quarter 2021,
as a further interim measure, TC Energy executed a subordinated
loan agreement to provide additional temporary financing to the
project, if necessary, of up to $3.3 billion as a bridge to a
required increase in the $6.8 billion project-level financing to
fund incremental costs. This financing will be provided through a
combination of interest-bearing loans and loans that are subject to
a return to TC Energy under certain conditions at the time the
final cost of the project is determined. At December 31, 2021, $238
million was outstanding on these loans.
U.S. Natural Gas Pipelines
- Columbia Gas Section 4 Rate
Case: Columbia Gas filed a Section 4 rate case with FERC
in July 2020 requesting an increase to its maximum transportation
rates effective February 1, 2021, subject to refund upon completion
of the rate proceeding. On July 28, 2021, Columbia Gas notified
FERC that it reached a settlement-in-principle with its customers
addressing all remaining issues in the case, including but not
limited to the resolution of rates and continuation of Columbia
Gas's modernization program. On October 29, 2021, Columbia Gas
filed its settlement with FERC, and is now awaiting approval, with
2021 revenues expected to be generally consistent with estimates
recorded to date. On December 17, 2021, the presiding
Administrative Law Judge recommended the settlement for approval
and certified it as uncontested to FERC for its review and
approval. While there is no timeframe in which FERC must act on the
settlement, in-line with other recent rate case settlement approval
timelines, we expect to receive approval of the settlement in early
2022.
- Modernization III:
Subject to FERC approval as part of the Columbia Gas uncontested
rate settlement, Columbia Gas and its customers entered into a
settlement arrangement (Modernization III) which provides recovery
and return on investment to modernize its system, improve system
safety, integrity, compliance and reliability. The Modernization
III program includes, among other things, replacement of aging
pipeline and compressor facilities, enhancements to system
inspection capabilities and improvements in control systems as well
as projects designed to increase energy efficiency and reduce
emissions. The program was approved for up to US$1.2 billion of
work starting in 2021 and is to be completed through 2024. As per
the terms of the arrangement, facilities in service by November 30
of each year collect revenues effective April 1 of the following
year until the arrangement is terminated. New rates will become
effective once Columbia Gas files a subsequent Section 4 rate case
under the Natural Gas Act.
- Delivery Market
Projects: We are actively developing projects that will
replace and upgrade certain facilities while reducing direct carbon
dioxide equivalent (CO2e) emissions along portions of our pipeline
systems in principal delivery markets. Consistent with this
initiative, in November 2021 we sanctioned the WR project on ANR to
serve markets in the midwestern U.S. This project has an estimated
capital cost of approximately US$0.8 billion and is expected to be
placed in service in fourth quarter 2025.
- ANR Section 4 Rate
Case: ANR filed a Section 4 rate case with FERC on January
28, 2022 requesting an increase to ANR's maximum transportation
rates effective August 1, 2022, subject to refund upon completion
of the rate proceeding. As the rate process progresses, we expect
to engage in a collaborative process to achieve settlement with our
customers, FERC and other stakeholders.
- GTN Rate Case
Settlement: On September 29, 2021, GTN filed an
uncontested rate settlement which would set new recourse rates for
GTN effective January 1, 2022 and institute a rate moratorium
through December 31, 2023. The uncontested rate settlement was
approved by FERC on November 18, 2021. The revised rates are not
expected to have a significant impact on our U.S. Natural Gas
Pipelines segment comparable earnings. In addition, GTN must file
for new rates no later than April 1, 2024.
- GTN XPress: The GTN
XPress expansion project filed its FERC certificate application in
fourth quarter 2021 and is expected to be placed in service in the
second half of 2023.
- Grand Chenier
XPress: Phase II of Grand Chenier XPress, an expansion
project on ANR connecting supply directly to U.S. Gulf Coast LNG
export facilities, was placed in service in January 2022.
Mexico Natural Gas Pipelines
- Tula and Villa de
Reyes: In 2021, we advanced the resolution of disputed
contract terms for the Tula and Villa de Reyes projects with the
signing of an MOU on July 30, 2021 outlining main settlement
principles. Villa de Reyes construction is ongoing but completion
has been delayed due to COVID-19 contingency measures and
challenges gaining access to land in certain local communities.
Management is working closely with state and local governments to
complete negotiations and achieve access to land so that
construction can be completed. We expect to complete the
construction of Villa de Reyes in phases during 2022.
Liquids Pipelines
- Northern Courier:
On November 30, 2021, we received $35 million in proceeds from the
monetization of our remaining 15 per cent equity interest in
Northern Courier Pipeline to Astisiy Limited Partnership, a
partnership comprised of Suncor Energy Inc. and eight Indigenous
communities in the Regional Municipality of Wood Buffalo. As a
result, we recorded a pre-tax gain on sale of $13 million ($19
million after tax).
Power and Storage
- Bruce Power Life
Extension: The Unit 6 MCR program continues on schedule
and on budget; however, COVID-19 may have an impact on cost and
schedule contingency. As applicable, Bruce Power will seek recovery
of any impacts in accordance with the force majeure provisions of
the IESO contract. The program is nearing the end of the Inspection
Phase and has entered the Installation Phase. Preparation of the
Unit 3 MCR program, which is the next scheduled MCR outage,
continues and Bruce Power submitted its final cost and schedule
duration estimate to the IESO in December 2021. As well, Bruce
Power submitted its initial preliminary cost and schedule duration
estimate report for the Unit 4 MCR program, which is the next unit
scheduled after Unit 3.
- Renewable Energy Requests
for Information (RFI): Through an RFI process in 2021, we
announced that we were seeking to identify potential contracts
and/or investment opportunities in up to 620 MW of wind energy
projects, 300 MW of solar projects and 100 MW of energy storage
projects to meet the electricity needs of the U.S. portion of the
Keystone Pipeline System assets. We also identified meaningful
origination opportunities to supply renewable energy products and
services to industrial and oil and gas sectors proximate to our
in-corridor demand. We received a significant number of responses
to our RFI and are currently evaluating proposals and expect to
finalize contracts during the first half of 2022.
- Ontario Pumped Storage
Project: As part of our strategy to capture opportunities
that capitalize on the transition to a less carbon-intensive energy
mix, we continue to progress the development of the Ontario Pumped
Storage project, an energy storage facility located near Meaford,
Ontario that would provide 1,000 MW of flexible, clean energy to
Ontario's electricity system. Two key milestones on the project
were reached in 2021. On July 28, 2021, the Federal Minister of
National Defence granted long-term land access to the fourth
Canadian Division Training Centre for development of the project on
this site. On November 11, 2021, Ontario’s Minister of Energy
instructed the IESO to progress the project to Gate 2 of the
Unsolicited Proposals Process. Once in service, this project will
store emission-free energy when available and provide it to Ontario
during periods of peak demand, thereby maximizing the value of
existing emissions-free generation in the province. We also
continue to consult with the Saugeen Ojibway Nation and other
Indigenous groups along with other local stakeholders as we
continue to advance this project, which remains subject to a number
of conditions and approvals, including approval of our Board of
Directors.
Corporate
- Common share
dividend: Our Board of Directors declared a quarterly
dividend of $0.90 per common share for the quarter ending March 31,
2022. The quarterly amount is equivalent to $3.60 per common share
on an annualized basis, an increase of 3.4 per cent.
- Recent management changes: Bevin Wirzba’s role
has expanded to Executive Vice-President, Strategy and Corporate
Development and Group Executive, Canadian Natural Gas and Liquids
Pipelines following the news that Tracy Robinson, former Executive
Vice-President and President, Canadian Natural Gas Pipelines and
President, Coastal GasLink has decided to pursue a significant
leadership role with another organization. Bevin will be supported
by Greg Grant, President, Canadian Natural Gas Pipelines and
Richard Prior, President, Liquids Pipelines.
Teleconference and WebcastWe will
hold a teleconference and webcast on Tuesday, February 15, 2022 to
discuss our fourth quarter 2021 financial results. François
Poirier, President and Chief Executive Officer; Joel Hunter,
Executive Vice-President and Chief Financial Officer; and other
members of the executive leadership team will discuss TC Energy's
financial results and company developments at 2 p.m. (MST) / 4 p.m.
(EST).
Members of the investment community and other
interested parties are invited to participate by calling
1.800.319.4610. No pass code is required. Please dial in 15 minutes
prior to the start of the call. A live webcast of the
teleconference will be available on TC Energy's website at
www.TCEnergy.com/events or via the following URL:
http://www.gowebcasting.com/11706.
A replay of the teleconference will be available
two hours after the conclusion of the call until midnight (EST) on
February 22, 2022. Please call 1.855.669.9658 and enter pass code
8338.
The audited annual consolidated financial
statements and Management’s Discussion and Analysis (MD&A) are
available on our website at
www.TCEnergy.com and will be filed
today under TC Energy's profile on SEDAR at
www.sedar.com and with the U.S.
Securities and Exchange Commission on EDGAR at
www.sec.gov.
About TC EnergyWe are a vital part
of everyday life – delivering the energy millions of people rely on
to power their lives in a sustainable way. Thanks to a safe,
reliable network of natural gas and liquids pipelines, along with
power generation and storage facilities, wherever life happens –
we’re there. Guided by our core values of safety, innovation,
responsibility, collaboration and integrity, our people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
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 www.TCEnergy.com.
Forward-Looking InformationThis
release contains certain information that is forward-looking,
including the sustainability commitments and targets contained in
our 2021 Report on Sustainability and our GHG Emissions Reduction
Plan, 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 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 Annual Report filed under TC Energy's
profile on SEDAR at www.sedar.com and with the U.S. Securities
and Exchange Commission at www.sec.gov and the
"Forward-looking information" section of our 2021 Report on
Sustainability and our GHG Emissions Reduction Plan which are
available on our website at www.TCEnergy.com.
Non-GAAP MeasuresThis release
contains references to non-GAAP measures, including comparable
earnings, comparable earnings per common share, comparable EBITDA
and comparable funds generated from operations, that do not have
any standardized meaning as prescribed by U.S. GAAP and therefore
are unlikely to be comparable to similar measures presented by
other companies. These non-GAAP measures are calculated on a
consistent basis from period to period and are adjusted for
specific items in each period, as applicable except as otherwise
described in the Annual consolidated financial statements and
MD&A. Refer to: (i) each business segment for a reconciliation
of comparable EBITDA and comparable EBIT to segmented earnings;
(ii) the Consolidated results section for reconciliations of
comparable earnings and comparable earnings per common share to Net
income attributable to common shares and Net income per common
share, respectively; and (iii) the Cash provided by operating
activities section for a reconciliation of funds generated from
operations and comparable funds generated from operations to Net
cash provided by operations. Refer to the About this document –
Non-GAAP measures section of the MD&A in our 2021 Annual Report
to Shareholders for more information about the non-GAAP measures we
use, which section of the MD&A is incorporated by reference
herein. The MD&A can be found on SEDAR (www.sedar.com) under TC
Energy's profile.
Media Inquiries:Jaimie Harding /
Suzanne Wiltonmedia@tcenergy.com403.920.7859 or 800.608.7859
Investor & Analyst
Inquiries: David
Moneta / Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com403.920.7911 or 800.361.6522
________________________________________________1
Comparable earnings, comparable earnings per common share,
comparable funds generated from operations and comparable EBITDA
are non-GAAP measures used throughout this news release. These
measures do not have any standardized meaning under U.S. GAAP and
therefore are unlikely to be comparable to similar measures
presented by other companies. The most directly comparable U.S.
GAAP measures are Net income attributable to common shares, Net
income per common share, Net cash provided by operations and
Segmented earnings, respectively. For more information on non-GAAP
measures, refer to the Non-GAAP section of this news release.
Download full report here:
https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2021/tc-2021-q4-quarterly-report.pdf
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