Outlook
- TC Energy expects 2026 comparable EBITDA at the upper end of C$11.6 bln to C$11.8 bln range
- Company anticipates 2026 capital expenditures of C$6.0 bln to C$6.5 bln, or C$5.5 bln to C$6.0 bln net
- TC Energy sees strong North American natural gas demand supporting long-term growth outlook
Overview
- Canada energy infrastructure firm's Q2 adjusted EPS beat analyst expectations
- Comparable EBITDA rose 12% yr/yr, driven by strong asset performance
- Company sanctioned C$0.7 bln in new growth projects in Q2, totaling C$3 bln for 2026
Result drivers
- Pipeline throughput - Increased deliveries and flows on U.S. and Canadian natural gas pipelines, including record volumes to LNG facilities and power generation customers, supported Q2 results
- Project execution - Placement of C$1.8 bln in new projects into service, including capacity expansions on the NGTL System and Bison XPress, contributed to higher earnings
- Nuclear availability - Bruce Power achieved 98.5% availability in Q2, with Unit 3 refurbishment completed ahead of schedule and within budget, supporting stable power segment performance
Key details and analyst coverage
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