Q4 2024 TC Energy Corp Earnings Call Transcript
Key Points
- TC Energy Corp (TRP) reported the best safety performance in the past five years, which is believed to drive superior operational and financial results.
- The company increased comparable EBITDA from continuing operations by 6% compared to 2023.
- Successfully completed the spinoff of the liquids business and declared commercial service for Coastal GasLink.
- Placed $7 billion of assets into service while reducing net capital expenditures by 10%, with additional capital reductions identified for 2026 and 2027.
- Announced five new growth projects with attractive build multiples, including investments in coal-to-gas conversions and energy storage projects.
- Comparable earnings were 8% lower than the fourth quarter of 2023, primarily due to higher interest expenses and one-time charges.
- The company faces potential impacts from ongoing trade negotiations and tariffs between the US, Canada, and Mexico.
- Prolonged tariffs could impact capital allocation decisions, although the company is working to mitigate these risks.
- The company's debt-to-EBITDA ratio was slightly above the target due to FX timing differentials.
- There is uncertainty around the timing and cost of bringing mothballed capacity on the Canadian Mainline back into service.
Thank you for standing by. This is the conference operator. Welcome to the TC Energy fourth quarter 2024 results conference call. (Operator Instructions) And 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.
Thank you very much, and good morning. I'd like to welcome you to TC Energy's 2024 fourth 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 a copy of the slide presentation that will accompany their remarks is available on our website under the Investors Section. Following their remarks, we'll take questions from the investment community. We ask that you limit yourself to two questions. And if you're a
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