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1Q 2025 Conference Call – TC Energy Corp.

TC Energy Corp. · May 1, 2025 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2025 Conference Call – TC Energy Corp. – slide 1
    TC ENERGY FIRST QUARTER 2025 CONFERENCE CALL First quarter 2025 conference call M AY 1 , 2 0 2 5
  2. 1Q 2025 Conference Call – TC Energy Corp. – slide 2
    TC ENERGY FIRST QUARTER 2025 CONFERENCE CALL Franois Poirier President and Chief Executive Officer Sean ODonnell Executive Vice-President and Chief Financial Officer CALL PARTICIPANTS Tina Faraca Executive Vice-President and…
  3. 1Q 2025 Conference Call – TC Energy Corp. – slide 3
    TC ENERGY FIRST QUARTER 2025 CONFERENCE CALL FRANOIS POIRIER President and Chief Executive Officer
  4. 1Q 2025 Conference Call – TC Energy Corp. – slide 4
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Delivering on 2025 priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF…
  5. 1Q 2025 Conference Call – TC Energy Corp. – slide 5
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L MAJOR PROJECT EXECUTION Southeast Gateway: ready to deliver natural gas to fuel Mexicos economic growth Southeast Gateway pipeline ready…
  6. 1Q 2025 Conference Call – TC Energy Corp. – slide 6
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L MAJOR PROJECT ANNOUNCEMENT Northwoods Project Project highlights Well positioned for future opportunities on the ANR system(2) Planned data…
  7. 1Q 2025 Conference Call – TC Energy Corp. – slide 7
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Long-lived value creation through Bruce Power MCR and Project 2030 Bruce Power capacity forecast MCR program highlights MW 7,200…
  8. 1Q 2025 Conference Call – TC Energy Corp. – slide 8
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Disciplined and strategic sanctioned capital spending Net capital expenditures(1) Billions Targeted 6 7 billion annual net capital…
  9. 1Q 2025 Conference Call – TC Energy Corp. – slide 9
    TC ENERGY FIRST QUARTER 2025 CONFERENCE CALL SEAN ODONNELL Executive Vice-President and Chief Financial Officer
  10. 1Q 2025 Conference Call – TC Energy Corp. – slide 10
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Q1 HIGHLIGHTS High utilization underpins resilient and repeatable performance CANADIAN NATURAL GAS PIPELINES Comparable EBITDA from…
  11. 1Q 2025 Conference Call – TC Energy Corp. – slide 11
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Funding our capital program 2025E 2027E Billions Net long-term debt, hybrids, commercial paper & other: 7.3 Low-risk business model…
  12. 1Q 2025 Conference Call – TC Energy Corp. – slide 12
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Comparable EBITDA(1) outlook demonstrates solid, repeatable growth Comparable EBITDA Incremental comparable EBITDA 1.45 from continuing…
  13. 1Q 2025 Conference Call – TC Energy Corp. – slide 13
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L 2025 Strategic priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF…
  14. 1Q 2025 Conference Call – TC Energy Corp. – slide 14
    T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 5 C O N F E R E N C E C A L L Appendix Appendix A: Year-over-year comparable earnings waterfall Non-GAAP reconciliations Appendix B: Comparable EBITDA Appendix C:…
  15. 1Q 2025 Conference Call – TC Energy Corp. – slide 15
    Appendix A Year-over-year comparable earnings waterfall Comparable earnings(1) from continuing operations Millions -7% 39 -43 91 -53 1,055 -60 -24 -11 -6 -5 983 Q1 2024(2) Comparable Depreciation Interest AFUDC FX gains…
  16. 1Q 2025 Conference Call – TC Energy Corp. – slide 16
    Appendix B Non-GAAP reconciliations Comparable EBITDA(1) Three months (Millions of dollars) ended March 31 2025 2024(2) Total segmented earnings (losses) 1,966 1,947 Interest expense (840) (780) Allowance for funds used during…
  17. 1Q 2025 Conference Call – TC Energy Corp. – slide 17
    Appendix C Non-GAAP reconciliations Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) Three months ended March 31 2025 2024(2) Net income (loss) attributable to common shares from…
  18. 1Q 2025 Conference Call – TC Energy Corp. – slide 18
    Appendix D Non-GAAP reconciliations Net cash provided by operations to Comparable funds generated from operations(1,2,3) (Millions of dollars) Three months ended March 31 2025 2024 Net cash provided by operations 1,359 2,042…
  19. 1Q 2025 Conference Call – TC Energy Corp. – slide 19
    Appendix E Non-GAAP reconciliations Adjusted Debt/Adjusted Comparable EBITDA (Debt-to-EBITDA) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and…
  20. 1Q 2025 Conference Call – TC Energy Corp. – slide 20
    Appendix E Non-GAAP reconciliations Adjusted Debt/Adjusted Comparable EBITDA(1) (Debt-to-EBITDA) (Millions of dollars) Year ended December 31 2024 2023 2022 Reported total debt 59,366 63,201 58,300 Management adjustments: Debt…
  21. 1Q 2025 Conference Call – TC Energy Corp. – slide 21
    Appendix F Non-GAAP reconciliations Segmented earnings and Comparable EBITDA Comparable EBITDA(1) outlook from continuing operations (Billions of dollars) 11.7 11.9 10.7 10.9 10.0 8.0 2024 2024 2025E 2027E Segmented…
  22. 1Q 2025 Conference Call – TC Energy Corp. – slide 22
    Appendix G Non-GAAP measures Unlevered after-tax internal rate of return Unlevered after-tax internal rate of return represents the expected compound annual return of a project or investment, and prior to any assumption of debt and/or…
  23. 1Q 2025 Conference Call – TC Energy Corp. – slide 23
    Appendix H Non-GAAP reconciliations Comparable funds generated from operations (FGFO) Comparable FGFO or comparable funds generated from operations is a non-GAAP measure which does not have any standardized meaning under U.S. GAAP and is…
  24. 1Q 2025 Conference Call – TC Energy Corp. – slide 24
    Appendix H Non-GAAP reconciliations Comparable funds generated from operations (FGFO) Year ended December 31 (Millions of dollars) 2024 2023 Net cash provided by operations 7,696 7,268 Increase (decrease) in operating working…

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