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1. Kinder Morgan (KMI) for North American natural gas and oil pipelines and infrastructure.

2. Enbridge (ENB) for continental oil and natural gas pipeline transportation.

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• Natural Gas Pipelines: Provides transportation services for natural gas across vast pipeline networks in North America.
• Liquids Pipelines: Offers transportation services for crude oil, natural gas liquids, and refined products through its pipeline systems.
• Power Generation: Operates various power generation facilities, including natural gas-fired, hydroelectric, solar, and wind, to produce electricity.
• Energy Storage: Develops and operates natural gas storage facilities that provide essential capacity and flexibility to the natural gas market.

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TC Energy (symbol: TRP) primarily sells its services to other companies (B2B) rather than directly to individuals. As a major North American energy infrastructure company, its revenues are generated through long-term contracts for the transportation and storage of natural gas and crude oil, as well as power generation.

According to its public filings, TC Energy has a diverse customer base, and no single customer accounted for 10 percent or more of its consolidated revenue in recent periods. Therefore, there are no individually named "major customers" that are publicly disclosed. Instead, its customer base consists of a broad range of energy companies across different segments of the industry.

The primary categories of customer companies that TC Energy serves include:

• Upstream Energy Producers and Marketers: These companies produce natural gas and crude oil and rely on TC Energy's pipeline systems to transport their products from production basins to market hubs, processing facilities, or export terminals. They enter into transportation service agreements for pipeline capacity.

  Examples of companies that operate in this space and utilize pipeline services include:

  • ExxonMobil (symbol: XOM)
  • Shell plc (symbol: SHEL)
  • Canadian Natural Resources Limited (symbol: CNQ)
  • EQT Corporation (symbol: EQT)

• Local Distribution Companies (LDCs) and Utilities: These entities purchase natural gas transported through TC Energy's pipelines for distribution to residential, commercial, and industrial end-users in various communities. They also represent customers for TC Energy's power generation assets.

  Examples of such companies include:

  • Enbridge Inc. (symbol: ENB) - (for its natural gas utility operations like Enbridge Gas Distribution)
  • Consolidated Edison, Inc. (symbol: ED)
  • National Grid plc (symbol: NGG)

• Midstream Processors, Downstream Refiners, and Large Industrial Consumers: These companies utilize TC Energy's infrastructure for processing natural gas, refining crude oil, or as large-scale industrial consumers of natural gas or electricity. Refiners are key customers for TC Energy's liquids pipelines.

  Examples of companies in these categories include:

  • Valero Energy Corporation (symbol: VLO)
  • Marathon Petroleum Corporation (symbol: MPC)
  • Phillips 66 (symbol: PSX)

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François Poirier, President and Chief Executive Officer

Mr. Poirier has been President and Chief Executive Officer (CEO) of TC Energy since January 2021. His previous role at the company was Chief Operating Officer and President, Power & Storage. He was responsible for successfully executing the acquisition of the Columbia Pipeline Group in 2016. Mr. Poirier joined TC Energy in 2014 as President, Energy East Pipeline. Before joining TC Energy, he spent 25 years in investment banking, consulting, and as a Corporate Director. He served as President and Head, Investment Banking and Capital Markets, for Wells Fargo Securities Canada, Ltd., and prior to that, was Group Head, Power and Pipelines Investment Banking, at J.P. Morgan Securities in New York. He also served as an Independent Director of Capital Power Income LP from 2007 to 2011.

Sean O'Donnell, Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer

Mr. O'Donnell was appointed Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer (CFO) effective May 15, 2024. He joined TC Energy in November 2023 as Senior Vice-President, Capital Markets and Corporate Planning. Prior to joining TC Energy, Mr. O'Donnell served as an Operating Partner of Quantum Capital Group, a leading energy-focused private equity firm, for 13 years. During his tenure at Quantum, he was a member of the firm's Investment Committee and served on the Board of Directors for over a dozen Quantum portfolio companies across North America and Europe. He also held the position of Chief Financial Officer for two of Quantum's portfolio companies in the power and midstream industries. Before his time at Quantum, Mr. O'Donnell was a Managing Director in the Power & Utility investment banking group at J.P. Morgan.

Stanley G. Chapman, III, Executive Vice-President and President, U.S. and Mexico Natural Gas Pipelines

Mr. Chapman serves as Executive Vice-President and President of U.S. and Mexico Natural Gas Pipelines for TC Energy, leading the U.S. natural gas business since April 2017 and the Mexico natural gas business since September 2020. He is responsible for all regulatory, commercial, and operational matters across TC Energy's regulated transmission and storage assets, as well as its unregulated midstream businesses. Mr. Chapman joined TC Energy in July 2016 as part of the Columbia Pipeline Group (CPG) acquisition. Prior to that, he served as Columbia's Executive Vice-President and Chief Commercial Officer from December 2011 to July 2016. Before joining CPG, he held various positions of increasing responsibility with El Paso Corp and Tenneco Energy.

Tina Faraca, Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines

Mrs. Faraca provides strategic leadership for all commercial, operational, safety & technical services, and project execution aspects of TC Energy's natural gas transmission and storage businesses across Canada, the United States, and Mexico. Before her current appointment, she served as Executive Vice-President and President of U.S. Natural Gas Pipelines, and previously as Senior Vice-President of Operations, Projects and Technical Services for the U.S. regulated natural gas transmission and storage business. Mrs. Faraca joined TC Energy in April 2020 as Senior Vice-President of Commercial, U.S. Natural Gas Pipelines. Prior to joining TC Energy, she was the Chief Commercial Officer at Enable Midstream Partners.

Dawn de Lima, Executive Vice-President, Corporate Services

Mrs. de Lima's role includes overseeing corporate services. She previously held the roles of Chief Administrative Officer and Chief Human Resources Officer, with responsibilities for executive compensation, talent and culture, leadership development, corporate communications, stakeholder relations, and information technology. Mrs. de Lima served on various board committees and as Chair of the Board for Junior Achievement Canada for nearly two decades, and currently serves on the audit and risk committee for Junior Achievement World Wide. She also sits on the Board of Directors for Axis Connects.

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1. Regulatory and Political Risks and the Energy Transition: TC Energy faces significant risks stemming from evolving regulatory and political landscapes, particularly those related to climate change and the global energy transition. The cancellation of major projects, such as the Keystone XL pipeline, highlights the impact of these risks on the company's ability to pursue new pipeline ventures and sustain long-term growth. Increased scrutiny on environmental, social, and governance (ESG) factors and intensified efforts by policymakers to decarbonize energy markets could lead to potential asset stranding for TC Energy's fossil fuel infrastructure. Shifting climate policies and a potential decline in long-term demand for fossil fuels also pose material threats to the business.
2. High Leverage and Financial Stability: The company carries a high debt-to-equity ratio, indicating a substantial reliance on debt financing, which elevates its financial risk. There are concerns regarding the coverage of interest payments and dividends by earnings, suggesting potential strain on financial health. Maintaining its investment-grade credit rating is crucial for TC Energy to ensure access to low-cost capital, which is necessary to fund its substantial growth projects and maintain its dividend growth trajectory.
3. Project Execution and Cost Management: TC Energy is exposed to risks associated with cost overruns and scheduling delays on its major infrastructure projects, such as the Coastal GasLink pipeline. Such issues can exert pressure on the company's balance sheet, potentially leading to higher leverage and impacting its capacity to fund future dividend increases. The successful execution of its secured capital program on time and within budget is critical for the company's financial performance and the preservation of its valuation premium.

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The accelerating global energy transition, driven by increasingly stringent climate policies, rapidly falling costs of renewable energy, and widespread electrification efforts, poses a clear emerging threat to TC Energy's long-term business model. As governments and industries pursue aggressive decarbonization targets, the demand for natural gas—TC Energy's primary transported commodity—is projected to plateau and eventually decline in key sectors such as power generation and industrial applications. This trend could lead to reduced utilization rates and lower returns on existing natural gas pipelines, increased regulatory hurdles and public opposition for new fossil fuel infrastructure projects, and the potential for stranded assets if the pace of the energy transition outstrips TC Energy's ability to adapt its infrastructure or significantly diversify its asset base away from natural gas transportation.

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TC Energy Corporation (TRP) operates primarily in natural gas pipelines, power and energy solutions, and is expanding into low-carbon solutions across North America.

The addressable markets for their main products and services are as follows:

• Natural Gas Pipelines: TC Energy's natural gas pipeline network transports more than 25% to 30% of the daily natural gas demand across North America. As of the third quarter of 2025, TC Energy's average daily natural gas flows were 23.0 billion cubic feet per day (Bcf/d) in Canada, 26.3 Bcf/d in the U.S., and 3.3 Bcf/d in Mexico. North American natural gas demand is projected to increase by approximately 40 to 45 Bcf/d by 2035. Considering TC Energy's market share, the current addressable market for natural gas transportation in North America is estimated to be over 175 to 210 Bcf/d. A significant driver for this growth is power generation, which is accelerating due to electrification, coal-to-gas conversions, and the increasing energy demands of data centers. TC Energy has identified over 7 Bcf/d of unsanctioned origination opportunities related to power generation in North America.
• Liquids Pipelines: TC Energy completed its exit from the oil pipeline business with the sale of South Bow approximately a year ago. Therefore, the addressable market for this product is null for TC Energy's current operations.
• Power and Energy Solutions (Power Generation): TC Energy owns or holds interests in 11 power generation facilities with a combined capacity of approximately 4,650 to 6,600 megawatts (MW), primarily in Canada. For example, their interest in Bruce Power alone supplies roughly 30% of Ontario's electricity. In the U.S., roughly 40 gigawatts of coal-fired generation are expected to retire over the next decade, with most of that capacity anticipated to be replaced by natural gas generation, representing a substantial market opportunity. The overall global power generation segment within the low-carbon energy technology market is projected to reach USD 608.82 billion by 2032.
• Power and Energy Solutions (Natural Gas Storage): TC Energy owns 535 billion cubic feet (Bcf) of natural gas storage facilities, and its network connects to over 653 Bcf of natural gas storage in North America. For instance, Columbia Gas Transmission Storage has a capacity of nearly 630 Bcf of natural gas. While a specific monetary market size was not identified, the capacity figures indicate a large addressable market for natural gas storage in North America.
• Low-Carbon Solutions: TC Energy is expanding its energy division to include more renewable sources and is investing in low-carbon energy technologies. The global low-carbon energy technology market was valued at USD 649.21 billion in 2024 and is projected to grow to USD 1,650.10 billion by 2032, with a compound annual growth rate (CAGR) of 12.53%. North America is a key region within this global market.

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TC Energy (TRP) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Strategic Capital Program and Asset Placements: TC Energy is actively investing in and placing new assets into service. The company successfully placed $8 billion of assets into service on schedule, tracking approximately 15% under budget. Additionally, TC Energy announced $700 million in new growth projects in the third quarter, bringing the total sanctioned projects to over $5 billion in the past 12 months. These projects, including the US$0.3 billion TCO Connector and US$0.1 billion Midwest Connector projects on its Columbia Gas system, and the in-service VR and WR projects on its Columbia and ANR systems, are underpinned by low-risk capital allocation and are expected to deliver a weighted average build multiple of approximately 5.9 times. The company has a $32 billion sanctioned capital program, which provides visibility for an expected comparable EBITDA growth rate of approximately five to seven per cent through 2027.
2. Surging North American Natural Gas Demand: Increased demand for natural gas across various sectors is a significant driver. North American natural gas demand is projected to increase by nearly 40 Bcf/d by 2035. This growth is fueled by a three-fold increase in LNG exports, strong growth in power generation due to coal retirements, and surging demand from North American data centers. TC Energy's portfolio of natural gas and power assets is strategically aligned to capitalize on this demand, as natural gas and electricity are projected to drive 75% of the growth in final energy consumption through 2035.
3. Expansion and Optimization of Pipeline Infrastructure: TC Energy's continued focus on its natural gas pipeline segments in Canada, the U.S., and Mexico will contribute to revenue growth. The company reported robust results from its Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, and Mexico Natural Gas Pipelines segments. Specifically, the U.S. Natural Gas Business saw LNG flows increase by 15% in the third quarter, reaching a new peak delivery record of 4 bcf per day. Daily gas imports in Mexico are also averaging 4% higher in 2025 compared to 2024. The completion of projects like the Southeast Gateway pipeline in Mexico, expected by mid-2026, further enhances the company's infrastructure and capacity.
4. Favorable Rate Case Outcomes and Contracted Assets: Revenue growth is also supported by positive regulatory outcomes and a strong contract base. TC Energy has multiple revenue-enhancing rate case outcomes in process and several more pending. The company's new growth projects are often backed by 20-year take-or-pay or cost-of-service contracts, providing stable and predictable revenue streams. For instance, FERC approved a settlement filing on the Section 4 Columbia Gas Rate Case, which includes an increase relative to pre-filed rates. This strategy, focused on long-term contracted assets, underpins a solid 5-7% annual growth rate for EBITDA through 2028.

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Capital Allocation Decisions (2020-2025)

Share Repurchases

• TC Energy's discretionary spending includes debt reduction and share buybacks, indicating these are part of their capital allocation strategy.

Share Issuance

• On August 10, 2022, TC Energy issued 28.4 million common shares at C$63.50 each, totaling approximately C$1.8 billion.
• As of November 2025, TC Energy's strong operating cash flows and balance sheet capacity are expected to eliminate the need for equity issuance through 2028.

Inbound Investments

• In August 2024, CFE acquired a 13.01% equity interest in TC Energy's TGNH assets for C$340 million in cash and non-cash consideration.

Outbound Investments

• In October 2024, TC Energy spun off its oil pipeline assets into a new independent public company, South Bow Corp., to focus on natural gas and energy solutions. Shareholders received 0.2 of a South Bow common share for each TC Energy common share held.
• In May 2020, TC Energy completed the sale of a 65% equity interest in Coastal GasLink Pipeline Limited Partnership.
• In March 2021, TC Energy acquired all remaining outstanding common units of TCLP not beneficially owned by the company, making TCLP an indirect, wholly-owned subsidiary.

Capital Expenditures

• TC Energy's capital expenditures for fiscal years 2020 to 2024 averaged C$5.324 billion, peaking at C$6.393 billion in 2020 and reaching a five-year low of C$4.422 billion in 2024.
• The company anticipates 2025 net capital expenditures to be at the low end of its US$5.5 billion to US$6 billion range, with approximately US$8.5 billion of projects expected to be placed into service during the year.
• Capital investments are primarily focused on expanding its existing natural gas pipeline network through brownfield projects, serving growing demand for natural gas (driven by LNG exports and data centers), and enhancing its power generation assets, including the Bruce Power Major Component Replacement program and the Northwoods project.