TC Energy Corporation - Company Profile

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TC Energy Corporation: Segment Analysis

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Business Description

TC Energy is one of the leading North American energy infrastructure companies, which transmits natural gas, crude oil and power. The company operates through five business segments: Canadian Natural Gas Pipelines, US Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Energy Solutions. The company's services include natural gas, crude oil, and electricity marketing and storage services. As of December 2024, the company owned over 63,322 KM of natural gas pipelines along with 30,365 KM of partially owned natural gas pipelines. It also operated natural gas storage facilities in the US with a total capacity of 532 Bcf. In FY2024, the company reported a capital expenditure of CAD7,904 which was 57.4% of the company’s total revenue and declined 35.7% YoY.

Business Segments

Overview

Includes investments in regulated natural gas pipelines and storage systems covering areas such as Alberta, British Colombia, Saskatchewan, Ontario, U.S. Midwest, Pacific Northwest, California and Nevada among others in the US and Canada. Its pipeline assets include NGTL System, Trans Quebec & Maritimes, Canadian Mainline, Ventures LP, Foothills and Great Lakes Canada. It’s under construction project includes Coastal GasLink and NGTL System 2023 Facilities. In FY2024, the segment incurred a capital expenditure of CAD2,100 million, which declined 66% YoY.

Performance

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Overview

Includes investments in natural gas pipelines covering areas such as Manzanillo, Colima, Guadalajara, Jalisco, Sinaloa, Central Mexico, Tamazunchale, San Luis Potosi and others in Mexico. Its pipeline assets include Guadalajara, Mazatlan, Tamazunchale, Topolobampo, Sur de Texas, Tula , East Section; and Villa de Reyes, north section. Its under-construction project includes Villa de Reyes, lateral and south sections, Tula, central and west section and Southeast Gateway. In FY2024, the segment incurred a capital expenditure of CAD2,228 million, which declined 2.8% YoY.

Performance

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Overview

Includes unregulated natural gas storage, power generation assets and new technologies which reduce our emissions footprint. Operates assets in Alberta, Ontario, Quebec and New Brunswick. Generates electricity through natural gas and nuclear fuel. Also operates through third party contract for additional storage capacity. In FY2024, the segment incurred a capital expenditure of CAD824 million, which declined 23.7% YoY.

Performance

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Overview

Includes investments in regulated and non-regulated natural gas pipelines and storage systems covering areas such as Midwest, Gulf Coast, Wyoming, North Dakota, Gulf Coast, Washington, Oregon, Michigan and California among others in the US and Canada. Its pipeline assets include ANR and ANR storage, Bison, Columbia Gas, Columbia Gulf, Crossroads, Gas Transmission Northwest (GTN), Great Lakes, Iroquois, Millennium, North Baja, Northern Border, Portland (PNGTS) and Tuscarora. Alberta XPress and North Baja XPress are under construction phase. In FY2024, the segment incurred a capital expenditure of CAD2,575 million, which declined 3.2% YoY.

Performance

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Geographical Segments

Performance

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Performance

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Performance

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Performance

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