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TC Energy Corp. Q3-2020 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 $101.9B in assets as at Sept-30-2020, up from $99.2B at Dec-31-2019. The increase is mainly from capital development program of which $3.1B have been placed into service for 2020 to date. The capital program consists of $37B of secured projects which include commercially contracted projects that are either under construction or are in the permitting stage. An additional $11B of projects is still subject to receipt of final approvals. 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 34% of revenues, US natural gas pipelines-40%, Mexico natural gas pipelines- 6%, Oil pipelines-15% and Power Generation at 5%. 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 completion of 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 Nuclear facility upgrade. Keystone XL and the Coastal Gas Link are in the final stages of regulatory approval.

Business Segments

TC Energy Corp operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. TC Energy Corp. operates one of the largest natural gas transmission networks extending more 92,600 km (57,500 miles), tapping into virtually all major gas supply basins in North America. TC Energy Corp. is a leading provider of gas storage and related services with 653B cubic feet of storage capacity. A large independent power producer, TC Energy Corp. owns or has interests in 3876MW of power generation in Canada and the United States operating from 4 facilities. This is a decrease from 6,600MW a Dec-31-2019 due to dispositions. TC Energy Corp. is also the developer and operator of oil pipeline systems that extend 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. US natural gas pipelines now include the Columbia Pipeline acquisition in Jul-2016 for $10.3B.

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