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TC Energy - President and CEO François Poirier
President and CEO François Poirier
Source: TC Energy
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  • TC Energy (TRP) has released its financial results for the third quarter of 2021
  • The company announced net income of $779 million or $0.80 per share
  • TC Energy also began construction on its 2022 NGTL System Expansion Program during the quarter
  • The company has announced a quarterly dividend of $0.87 per share that will be released on January 31, 2022
  • Shares in TC Energy Corporation (TRP) are down 2.72 per cent, trading at $64.85 per share

TC Energy (TRP) has released its financial results for the third quarter of 2021.

The company continues to progress several growth initiatives, including $1.7 billion in various growth projects.

The company announced net income of $779 million or $0.80 per share in Q3 compared to $904 million or $0.96 per share for the same period in 2020.

“During the first nine months of 2021, our diversified portfolio of essential energy infrastructure assets continued to perform very well and reliably meet North America’s growing demand for energy,” said TC Energy president and CEO François Poirier.

Other third-quarter financial highlights include:

  • Comparable earnings of $1.0 billion or $0.99 per common share;
  • Comparable EBITDA of $2.2 billion;
  • Net cash provided by operations of $1.7 billion; and
  • Comparable funds generated from operations of $1.6 billion.

During the quarter, TC Energy began construction on its 2022 NGTL System Expansion Program and continued to actively develop projects on its U.S. Natural Gas Pipeline network.

“We are in the midst of an unprecedented period that is providing a significant number of investment opportunities driven by both the growing demand for energy and the transition to a cleaner energy future,” said Mr. Poirier.

Looking forward, TC Energy expects its industry-leading portfolio of secured capital projects to grow substantially in the coming years.

In addition to the quarterly results, TC Energy has announced a quarterly dividend of $0.87 per share that will be released on January 31, 2022.

The board also declared quarterly dividends on the company’s outstanding Cumulative First Preferred Shares as follows:

For the period up to but excluding Dec. 31, 2021, payable on Dec. 31, 2021, to shareholders of record at the close of business on Nov. 30, 2021:

  • Series 1 (TSX: TRP.PR.A) – $0.2174375 per share
  • Series 2 (TSX: TRP.PR.F) – $0.13421301 per share
  • Series 3 (TSX: TRP.PR.B) – $0.105875 per share
  • Series 4 (TSX: TRP.PR.H) – $0.09344589 per share

For the period up to but excluding Jan. 30, 2022, payable on Jan. 31, 2022, to shareholders of record at the close of business on Dec. 31, 2021:

  • Series 5 (TSX: TRP.PR.C) – $0.1218125 per share
  • Series 6 (TSX: TRP.PR.I) – $0.10624110 per share
  • Series 7 (TSX: TRP.PR.D) – $0.243938 per share
  • Series 9 (TSX: TRP.PR.E) – $0.235125 per share

For the period up to but excluding Nov. 30, 2021, payable on Nov. 30, 2021, to shareholders of record at the close of business on Nov. 15, 2021:

  • Series 11 (TSX: TRP.PR.G) – $0.2094375 per share
  • Series 15 (TSX: TRP.PR.K) – $0.30625 per share

TC Energy is an energy infrastructure company consisting of pipeline and power generation assets in Canada, the United States, and Mexico.

Shares in TC Energy Corporation (TRP) are down 2.72 per cent, trading at $64.85 per share as of 12:20 pm ET.

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