(Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesOn September 09, 2024, TC Energy Corp (NYSE, TSX: TRP, $45.88, Market Capitalization: $47.5 billion) announced the distribution record date and timelines for a tax-free spin-off of the Liquids Pipelines business into South Bow Corporation (South Bow). As per the arrangement, TC Energy Corp. (TC Energy) shareholders will keep their stake in TC Energy and gain a proportional interest in South ...

Canada-based energy infrastructure provider TC Energy Corporation (TRP) is having a great run on the bourses lately. The stock closed Monday’s session at $47.07 after setting a new 52-week high of $47.39 earlier on that day. As shown in this chart, with the advance, TRP shares are up more than 20% since the start of the year, handily outperforming the sector and the S&P 500. The company has also fared better than other midstream operators like Pembina Pipeline (PBA) and Kinder Morgan (KMI) .YTD Price Compar ...

CALGARY, Alberta, Sept. 10, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) is providing an update on its previously announced equity interest purchase transaction with an Indigenous-owned investment partnership (the Purchaser), which was formed to acquire a minority equity interest in the NGTL System and the Foothills Pipeline assets. The previously announced equity interest purchase transaction with the Purchaser has been delayed due to an identifi ...

CALGARY, Alberta, Sept. 09, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced the setting of the distribution record date of Sept. 25, 2024 for the previously announced spinoff of TC Energy’s Liquids Pipelines business into South Bow Corporation (South Bow), by way of a plan of arrangement (the Arrangement). Pursuant to the Arrangement, TC Energy shareholders will retain their interest in TC Energy and receive a pro rata interest in Sou ...

CALGARY, Alberta, Aug. 28, 2024 (GLOBE NEWSWIRE) -- News Release — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) announced today that South Bow Corporation (South Bow) has closed a notes offering of approximately $7.9 billion Canadian-dollar equivalent in aggregate principal amount (the Notes Offering) related to the spinoff of TC Energy's Liquids Pipelines business (the spinoff Transaction). Establishing the independent, investment-grade debt capital structure was met with strong market interest and i ...

TC Energy Corporation (TRP) announced that it has concluded the sale of the Portland Natural Gas Transmission System (“PNGTS”) along with its partner Northern New England Investment Company, which is a subsidiary of Énergir LP. The gross purchase price for the deal was $1.14 billion, including outstanding Senior Notes worth $250 million (held by PNGTS), which will be assumed by the buyers as part of the sale. These Senior Notes were previously consolidated on TC Energy’s balance sheet.The cash proceeds from ...

文章核心观点 - 公司完成了对Portland Natural Gas Transmission System (PNGTS)的出售交易 [1][2][3] - 该交易有助于公司实现2024年30亿美元资产剥离目标,并增强公司资产负债表实力 [3] - 公司将继续努力在年底前将债务与EBITDA比率控制在4.75倍以内 [3] 交易概况 - 交易总价为11.4亿美元,其中2.5亿美元为PNGTS承担的优先票据 [2] - 现金收益约7.5亿美元(5.45亿美元)归公司所有 [1] - 现金收益将按公司和合作伙伴Énergir L.P.之前的股权比例(61.7%和38.3%)进行分配 [4] - 公司将提供过渡服务,并与买家合作确保该重要天然气系统的安全有序过渡 [4] PNGTS业务表现 - PNGTS 2023年和2022年的可比EBITDA分别为1.04亿美元和1.01亿美元 [9] - 公司美国天然气管道业务分部2023年和2022年的可比EBITDA分别为32.48亿美元和31.42亿美元 [9] - 公司美国天然气管道业务分部2023年和2022年的分部收益分别为35.31亿美元和26.17亿美元 [9] 财务指标 - 截至2023年12月31日,公司调整后债务为560.88亿加元 [14] - 截至2023年12月31日,公司调整后债务与调整后可比EBITDA比率为5.1倍 [16]

文章核心观点 - 中游公司在疫情后成为股市中最好的收益来源之一,因为它们的收入与油气价格波动无关,而是基于管道输送量或包销合同 [2] - 过去中游行业存在两大问题:北美页岩革命导致油气产量快速上升,需要大量投资建设新管道系统,但常常导致负自由现金流;油气价格大幅下跌也使投资者担忧 [2] - 现在情况有所好转,主要项目已完工,产生了大量自由现金流,且油气产量仍在上升,为管道基础设施需求提供支撑 [2] - 新兴趋势如人工智能带来的天然气需求增长、地缘政治因素以及预期利率下降等,也为中游公司带来新的机遇 [5] TC Energy公司概况 - TC Energy是一家加拿大中游巨头,在美国、加拿大和墨西哥拥有广泛的基础设施资产,是北美天然气需求增长的受益者 [11][12] - 公司正在投资约70亿加元新资产,以满足未来天然气需求增长 [16] - 公司正在出售部分非核心资产,以集中精力并改善资产负债表 [18][19] - 公司计划将液体管道业务分拆,成为纯天然气业务公司,这是一个明智的战略调整 [21] NGTL管道系统 - NGTL管道系统是公司最重要的资产之一,连接了加拿大西部盆地的低成本天然气供应与高需求市场 [27][28] - 公司与客户达成了5年收费协议,预计每年将增加1.5-2亿加元的EBITDA [31][33] - 该协议还为公司未来3年内320亿加元的管道扩建项目铺平了道路 [34] 财务表现 - 2024年二季度,公司EBITDA同比增长9%,主要受益于天然气管道业务的强劲表现 [35] - 公司预计全年将把净债务降至EBITDA的4.75倍,并将EBITDA提升至最少112亿加元 [36] - 公司股息连续24年增长,未来3-5%的年增长率也是可观的 [37] 估值与评级 - 公司预计未来5年每股经营现金流将以5-8%的年增长率增长,估值合理 [39][40] - 综合公司的稳定收益、战略定位和良好的财务状况,分析师维持买入评级 [41]

文章核心观点 - TC Energy公司第二季度业绩超预期 [1][2] - 公司各业务板块表现良好,但液体管道业务表现较弱 [4][5][6][8][9] - 公司宣布多项重大交易和资产剥离计划 [11][12][13] - 公司预计2024年全年业绩将优于2023年 [14][15] 公司业务表现 加拿大天然气管道业务 - 可比EBITDA增长8.5%,超出预期,主要受益于NGTL系统和Foothills系统收费率上升 [4] 美国天然气管道业务 - 可比EBITDA增长7.3%,符合预期,主要受益于新项目收益增加、权益收益上升和合同销售增加 [5] 墨西哥天然气管道业务 - 可比EBITDA大幅增长48.2%,超出预期,主要受益于Sur de Texas权益收益增加和Villa de Reyes管线新投产 [6][7] 液体管道业务 - 可比EBITDA下降9.6%,低于预期,主要受液体营销业务利润率下降影响 [8] 电力和能源解决方案业务 - 可比EBITDA增长4.6%,低于预期,主要受益于美国营销业务和加拿大电力业务收益增加 [9] 财务状况 - 截至2024年6月30日,资本支出为16亿加元 [10] - 现金及现金等价物为40亿加元,长期债务为491亿加元,资本负债率为61% [10] 重大事项 - 股东批准剥离液体管道业务 [11] - 就NGTL系统达成5年收费协议,获得客户一致支持 [11] - 完成约26亿加元资产出售计划,其中包括与加拿大原住民社区达成10亿加元的股权交易 [12] - 与墨西哥国家电力公司达成战略合作,出售13.01%TGNH资产权益 [13] - Coastal GasLink LP完成71.5亿加元私募债券融资 [13]

T C E N E R G Y 2 0 2 3 I N V E S T O R D A Y T C E N E R G Y S E C O N D Q U A R T E R 2 0 2 4 C O N F E R E N C E C A L L Second quarter 2024 conference call August 1, 2024 T C E N E R G Y 2 0 2 3 I N V E S T O R D A Y T C E N E R G Y S E C O N D Q U A R T E R 2 0 2 4 C O N F E R E N C E C A L L Call participants François Poirier – President and Chief Executive Officer Sean O'Donnell – Executive Vice-President and Chief Financial Officer Stanley G. Chapman, III – Executive Vice-President and Chief Operati ...