Q1 2025 TC Energy Corp Earnings Call Transcript
Key Points
- TC Energy Corp (TRP) reported a strong start to 2025 with safety incident rates at five-year lows.
- The company completed the Southeast Gateway project 13% below budget, enhancing long-term cash flow.
- TC Energy Corp (TRP) is on track to place $8.5 billion of assets into service in 2025, with projects tracking approximately 15% below budget.
- The Northwoods project, a $900 million expansion of the ANR pipeline system, is backed by a 20-year take-or-pay contract.
- The Bruce Power Major Component Replacement program is expected to add significant long-term value by extending the life of Unit 5 by over 35 years.
- Approval from the National Energy Commission (CNE) is still pending for the Southeast Gateway project, delaying its in-service date.
- The power and energy solutions business experienced lower contributions from Bruce due to planned outages and ongoing refurbishments.
- Natural gas storage contributions were lower compared to the exceptional performance in early 2024.
- The company remains above its 4.75 times debt-to-EBITDA target for 2025, indicating elevated leverage.
- There is uncertainty regarding the regulatory framework in Canada, which could impact future infrastructure development and LNG projects.
Thank you for standing by. This is the conference operator. Welcome to the TC Energy first-quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Gavin Wylie, Vice President, Investor Relations. Please go ahead.
Thanks very much and good morning. I'd like to welcome you to TC Energy's 2025 first quarter conference call. Joining me are Francois Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice President and Chief Financial Officer, along with other members of our senior leadership team.
Francois and Sean will begin today with some comments on our financial results and operational highlights. A copy of the slide presentation that will accompany their remarks is available on our website under the Investors section.
Following the remarks, we'll take questions from the investment community. We ask that you limit yourself to two
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