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TC Energy Corp - Q3-2019 Earnings, Price Target Update

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TC Energy Corp. (TRP-TSX, TRP-NYSE) (formerly TransCanada Corp) is a North American energy infrastructure company with $99.6B in assets as at Sept-30-2019, up from $86.1B at Dec-31-2017. The increase is mainly from capital development spending of $10.9B during 2018 and $3.6B during the 1H-2019. The $51B capital program consists of $30B of secured projects and $21B in early development. The corporate name has been changed from TransCanada Corp. to TC Energy Corp. to better reflect their geographic presence in Canada, the US and Mexico. They operate in 5 segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines and Energy. Canadian natural gas pipelines contribute 30% of revenues, US natural gas pipelines-32%, Mexico natural gas pipelines- 5%, Oil pipelines-19% and Power Generation at 14%. They operate in seven Canadian provinces, 38 U.S. states and Mexico. During the next four years the major projects are the expansion of the NGTL system that gathers natural gas in the Western Canadian Sedimentary Basis for delivery on their mainline system and for planned connection to the Coastal Gas Link that runs to Kitimat. The budget for NGTL and Coastal Gas Link projects is $14.5B. Expansion of the US natural gas pipelines is budgeted at $11B. The longer term portion of the capital budget is mainly for Keystone XL and Bruce Power. Keystone XL and the Coastal Gas Link are in the final stages of regulatory approval.

For the nine months ended Sept-30-2019, $8.2B of projects were placed into service, including Mountaineer XPress, Gulf Xpress in the US, various NGTL System expansions and the White Spruce Pipeline in Canada and the Sur de Texas pipeline in Mexico.

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