Earlier today, TC Energy Corporation announced its net income for the fourth quarter 2020 of $1.1 billion or $1.20 per share compared to net income of $1.1 billion or $1.18 per share for the same period in 2019. Thus, this record is attributable to common shares, according to the company.
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TC Energy reports record earnings for 21st consecutive year
This Thursday, TC Energy Corporation announced its net income for the fourth quarter 2020 of $1.1 billion or $1.20 per share, attributable to common shares. Furthermore, comparable earnings for the fourth quarter of 2020 were $1.1 billion or $1.15 compared to $970 million or $1.03 per common share in 2019.
Moreover, TC Energy’s Board of Directors declared a quarterly dividend of $0.87 per common share for the quarter ending March 31, 2021. Hence, this result is equivalent to $3.48 per common share on an annualized basis, an increase of 7.4 percent. Indeed, this is the twenty-first consecutive year the Board raises the dividend.
“We are very pleased with the performance of our diversified portfolio of regulated and long-term contracted assets, which generated record financial results again in 2020,” said François Poirier, TC Energy’s President and Chief Executive Officer.
Furthermore, amid a global pandemic, our people and business remained healthy. Our services were essential given the critical role our infrastructure plays in providing energy to North Americans. Besides, our results demonstrate the resiliency of our assets and utility-like business model in these unprecedented times.”
The CEO added that “comparable earnings per share improved by 1.5 percent compared to what was a record 2019. Hence, the increases reflect the strong performance of our legacy assets and contributions; from approximately $5.9 billion of growth projects that entered service in 2020. Consequently, based on these strong results; we are pleased to announce a 7.4 percent increase in our common share dividend for 2021.”
Forecasts and plans
Besides, the CEO noted that despite the challenges brought about by COVID-19, TC Energy’s operating assets were largely unimpacted. Therefore, the company’s flows and utilization levels generally remain in line with historical and seasonal norms.
For these reasons, TC expects to remain primarily insulated from the volatility associated with volume throughput and commodity prices.
“While we were disappointed with the recent action to revoke the Presidential Permit for the Keystone XL pipeline; we have a large and diversified asset base that continues to perform extremely well. Thus, we are advancing $20 billion of secured capital projects; together with a substantive portfolio of other similarly high-quality opportunities under development,” continued Poirier.
Finally, the CEO said: “Our footprint includes irreplaceable corridors of binding energy to continue the replenishment of our growing portfolio in the years ahead; under all energy mix scenarios. Therefore, through prudent financial management, our balance sheet continues to exhibit its historical strength allowing us to self-fund our growth.”