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TC Energy Corp. Q1-2022 Earnings, Price Target Update

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TC Energy Corp. (TRP-TSX, TRP-NYSE) is an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. Its pipeline network consists of over 92,600km (57,500 miles) of natural gas pipelines, along with 4,900km (3,000 miles) from the Keystone Pipeline oil pipeline system. They also own or have interests in 11 power-generation facilities with a capacity of 6,600 megawatts. Assets totaled $104.2B as at Dec -31-2021, up from $100.3B at Dec-31-2020. This includes $4.1B of capital projects brought into service ($7B of 2020). The increase primarily was from 2021 capital spending program, partially offset by the Keystone XL write down and a stronger Cdn dollar.

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 is under construction. It will connect to the LNG Canada facility located in Kitimat that is 50% completed.

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