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TC Energy Corp. Q2-2021 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 $101.2B in assets as at Jun-30-2021, up from $99.2B at Dec-31-2019. This includes $5.9B of growth projects into service in 2020 and $4.1B planned for completion in 2021 less reductions mainly from the cancellation of the US portion of the Keystone Pipeline. The forecast capital program to 2024 is $20B of secured projects.

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 29% of earnings, US natural gas pipelines-41%, Mexico natural gas pipelines- 7%, Oil pipelines-16% and Power Generation at 7%. 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 was mainly for Keystone XL and Bruce Power Nuclear facility upgrade. Keystone XL has been cancelled and the Coastal Gas Link pipline in under construction. It will connect to the LNG Canada facility located in Kitimat that is 50% completed.

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