TC Energy Q1 EBITDA Up 14% to $3.1B with Record Flows, Approves $1.5B Expansion
TRP•TC Energy’s Q1 comparable EBITDA rose 14% to $3.1 billion, with comparable earnings of $1.03 billion ($0.99 per share) and record deliveries of 29.7 Bcf/d in Canada and 32.6 Bcf/d in the U.S. TC Energy approved a US$1.5 billion Appalachia Supply Project adding 0.8 Bcf/d under a 20-year contract.
1. Q1 Financial Results
TC Energy’s comparable EBITDA rose 14% year-over-year to $3.1 billion in Q1 2026, and comparable earnings reached $1.03 billion, or $0.99 per share. Net income attributable to common shareholders was $899 million, down from $978 million a year earlier.
2. Record Pipeline Deliveries
The company set seven North American delivery records, with Canadian Natural Gas Pipelines averaging 29.7 Bcf/d (up 3%) and U.S. pipelines averaging 32.6 Bcf/d (up 5%). LNG deliveries increased 12% to 3.9 Bcf/d, highlighting rising export demand.
3. Appalachia Supply Project Approval
Approval of a US$1.5 billion expansion on the Columbia Gas system will add 0.8 Bcf/d of capacity under a 20-year take-or-pay contract starting in 2030. The project carries a projected build multiple of 7.3x and could expand to 2.0 Bcf/d in the future.
4. Growth Strategy and Risk Management
TC Energy advanced Coastal GasLink Phase 2 through commercial agreements that limit capital commitments and construction risk. Management emphasized rising electricity demand, data center load growth and industrial expansion as drivers for further pipeline capacity.
