TC Energy's Q2 2025 Performance: A Look at Growth and Impact

TC Energy Announces Impressive Q2 2025 Results

TC Energy Corporation (TSX, NYSE: TRP) has shared its strong financial performance for the second quarter of 2025, affirming the company’s commitment to operational excellence. François Poirier, the President and CEO of TC Energy, highlighted the impressive financial outlook, stating that the comparable EBITDA for the year is now expected to be between $10.8 to $11.0 billion. This marks an increase from previous forecasts which were set at $10.7 to $10.9 billion.

Robust Financial Highlights

In continuing operations for the second quarter, the company reported:

• Comparable earnings on a per-share basis rose to $0.82 from $0.79 in the previous year.
• Net income attributable to common shares increased to $0.9 billion, or $0.83 per common share.
• Comparable EBITDA rose to $2.6 billion, displaying a significant rise from $2.3 billion in Q2 2024.
• Segmented earnings also posted a robust growth, reaching $2.0 billion, compared to $1.7 billion in the same quarter of the previous year.

Strong Operational Efficiency

During the second quarter, TC Energy's Canadian Natural Gas Pipelines achieved an impressive delivery average of 23.4 Bcf/d, marking a five percent increase compared to Q2 2024. Notably, the NGTL System set a new record for receipts with 15.5 Bcf on April 13, 2025. Additionally, deliveries through the U.S. Natural Gas Pipelines maintained a stable flow of 25.7 Bcf/d.

Investment in Growth Projects

TC Energy is actively investing in the future, having announced $4.5 billion in new growth projects over the past nine months. The company is expected to place around $8.5 billion of capital projects into service this year, with 15 percent of those projects running below budget. The successful addition of the Southeast Gateway pipeline is a critical element of this strategy, promising to enhance service and reliability.

Insights into Future Endeavors

The company continues to drive significant growth opportunities across its North American network. By advancing a selective portfolio of growth projects underpinned by long-term contracts, TC Energy aims to maximize asset value while addressing the increasing demand for natural gas infrastructure. The expansion projects are crucial in supporting data center developments and Oklahoma’s gas-to-coal conversions.

Financial Forecast and Strategic Focus

With an eye on future performance, TC Energy is maintaining a net capital expenditure range of $6.0 to $7.0 billion, focusing mainly on brownfield projects. This deliberate approach is designed to support sustained organic growth while ensuring low-risk investments.

Commitment to Sustainability

In line with its broader commitments, TC Energy has released its 2025 Report on Sustainability. This document highlights the company’s efforts in reducing methane emissions while increasing natural gas throughput, demonstrating a commitment to balancing energy needs with environmental stewardship.

Teleconference for Investors

On July 31, 2025, TC Energy hosted a teleconference to discuss its financial results among analysts and investors, providing further insights into its operations and forward-looking strategies. Participants in the call were encouraged to engage, reflecting the company’s transparency and commitment to stakeholder communication.

Frequently Asked Questions

What were TC Energy's comparable earnings for Q2 2025?

Comparable earnings for Q2 2025 were $0.82 per common share, an increase from $0.79 in Q2 2024.

How much new growth projects has TC Energy announced?

In the last nine months, TC Energy has announced $4.5 billion in new growth projects to enhance its service capabilities.

What is the forecast for TC Energy's EBITDA in 2025?

TC Energy expects its comparable EBITDA to be between $10.8 and $11.0 billion for 2025.

How has TC Energy performed in terms of pipeline delivery?

TC Energy's Canadian Natural Gas Pipelines averaged 23.4 Bcf/d in deliveries during Q2 2025, which represents a five percent increase compared to the previous year.

What are TC Energy's future investment plans?

TC Energy is focusing on low-risk, brownfield projects with a net capital expenditure range of $6.0 to $7.0 billion aimed at achieving long-term value for shareholders.

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