Q3 2025 TC Energy Corp Earnings Call Transcript
Key Points
- TC Energy Corp (TRP) reported a significant increase in safety incident rates, trending at five-year lows.
- The company successfully placed $8 billion of assets into service on schedule, tracking approximately 15% under budget.
- An additional $700 million in new growth projects was announced, with a weighted average build multiple of 5.9 times.
- The company expects 2025 net capital expenditures to be at the low end of their $5.5 billion to $6 billion range.
- TC Energy Corp (TRP) has set 14 new natural gas pipeline flow records across its systems in 2025, reflecting operational excellence.
- The power and energy solutions segment saw an 18% reduction in EBITDA, partially offsetting gains in other areas.
- Bruce Power's equity income was lower quarter over quarter due to planned outages, impacting financial results.
- The strengthening peso resulted in lower equity earnings from Sur de Texas, affecting the Mexico business segment.
- Some projects have been delayed due to increased demand, requiring scope adjustments and pushing announcements into the next year.
- Market pressures and industry backlogs are building, which could impact future project execution and cost management.
Thank you for standing by. This is the conference operator. Welcome to the TC Energy third-quarter 2025 results conference call. (Operator Instructions) I would now like to turn the conference over to Gavin Wylie, Vice President of Investor Relations. Please go ahead.
Thanks very much, and good morning. I'd like to welcome you to TC Energy's third-quarter 2025 conference call. Joining me are Francois Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice President and Chief Financial Officer; Tina Faraca, Executive Vice President and Chief Operating Officer, Natural Gas Pipelines, and Greg Grant, Executive Vice President and President, Power and Energy Solutions. Our agenda for today will start with Francois and our strategic update.
Tina and Greg will walk you through our business in more detail, and we'll wrap up with Sean's quarterly update and financial outlook before moving to Q&A. A copy of the slide presentation is also available on our website under the investors
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