TC Energy with $24 billion of commercially secured projects

TC Energy

TC Energy, one of the top energy corporations in North America, announced this Tuesday it has $24 billion in commercially secured projects and will continue to push the energy transition. The announcement comes as the company reported a strong financial performance during the fourth quarter of 2021.

Firstly, the company reported net income attributable to common shares for the fourth quarter of 2021 of $1.1 billion. For the entire year, TC Energy secured a net income of $1.8 billion, attributable to common shares.

Moreover, annual funds from operations were $7.4 billion, with comparable earnings of $4.2 billion or $4.27 per common share. It also had a comparable EBITDA of $9.4 billion. As a result, TC Energy’s Board of Directors approved a 3.4 percent increase in the quarterly common share dividend to $0.90 per common share for the quarter ending March 31, 2022.

François Poirier, TC Energy’s CEO, said about the matter. “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.”

In addition, the company faced numerous challenges since the COVID-19 pandemic; still, it placed $4.1 billion of assets into service and sanctioned approximately $7.0 billion of new projects including maintenance capital. Consequently, it reached $24 billion in secured projects; $6.5 billion of which will enter service during 2022.

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TC Energy ahead with sustainability

The CEO also remarked. “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. Based on the confidence we have in our future outlook, our Board of Directors declared a dividend of $0.90 per common share for the first quarter of 2022. This equates to $3.60 per common share on an annualized basis, a 3.4 percent increase over the amount declared in 2021.”

On the other hand, the $24 billion of secured projects, combined with the strong performance of the company’s assets might result in average annual growth in comparable EBITDA1 of five percent through 2026.

Furthermore, about sustainability, Poirier said. “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.”

Finally, in October 2021, the company announced climate targets, including Scope 1 and Scope 2 GHG reduction targets; reducing the emissions intensity from operations 30% by 2030; and positioning to achieve net-zero emissions from operations by 2050.

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