TC Energy is like the UPS of North American energy infrastructure, primarily transporting natural gas and crude oil through its vast pipeline network.

Think of TC Energy as a major North American energy infrastructure company similar to Kinder Morgan (KMI), operating extensive pipelines for natural gas and crude oil.

• Natural Gas Pipeline Transportation: Operating an extensive network of pipelines to transport natural gas across North America for various customers.
• Liquids Pipeline Transportation: Moving crude oil and other liquids through pipeline systems from supply basins to refining markets.
• Natural Gas Storage: Providing storage services for natural gas in both regulated and non-regulated facilities.
• Power Generation: Generating electricity from natural gas and nuclear fuel sources at owned or co-owned facilities.

• Local distribution companies
• Power generation plants
• Industrial facilities
• LNG export terminals
• Refining markets (companies operating refineries)
• Interconnecting pipelines (other pipeline companies)

François Poirier, President and Chief Executive Officer

Mr. Poirier has served as President and Chief Executive Officer of TC Energy since January 2021. He joined the company in 2014 as President of Energy East Pipeline. Prior to his appointment as CEO, he held roles including Chief Operating Officer and President of the Power & Storage and Mexico business units. He was instrumental in successfully executing the acquisition of the Columbia Pipeline Group in 2016. Before joining TC Energy, Mr. Poirier spent 25 years in investment banking, consulting, and as a corporate director. His previous experience includes serving as President and Head of Investment Banking and Capital Markets at Wells Fargo Securities Canada, Ltd., and leading the Power and Pipelines Investment Banking division at J.P. Morgan Securities. He also served as an Independent Director of Capital Power Income LP.

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

Mr. O'Donnell was appointed Executive Vice-President and Chief Financial Officer of TC Energy, effective May 15, 2024. Prior to this role, he was the Senior Vice-President for capital markets and corporate planning at TC Energy. Before joining TC Energy, Mr. O'Donnell spent 13 years at Quantum, where he was a member of the firm's investment committee and served on the board of over a dozen portfolio companies across North America and Europe. During his time at Quantum, he oversaw investments in various sectors including upstream, midstream, liquefied natural gas (LNG), conventional and renewable power plants, and other energy transition infrastructure. He also held the position of CFO for Quantum's first U.S. independent power company and its LNG export facility in Mexico. Earlier in his career, he was a managing director in the Power & Utility investment banking group at J.P. Morgan. His professional background includes extensive experience in corporate finance and private equity.

Patrick Keys, Executive Vice-President and General Counsel, Chief Risk Officer, Chief Compliance Officer, and Chief Sustainability Officer

As Executive Vice-President and General Counsel, Mr. Keys holds overall responsibility for the management of TC Energy's legal, internal audit, compliance, enterprise sustainability, and regulatory strategy functions. He also serves as the company's Chief Risk Officer, Chief Compliance Officer, and Chief Sustainability Officer. Mr. Keys joined TC Energy in 1998 and has held various increasingly senior roles within the organization, including Senior Vice-President, Legal, and Vice-President of Canadian Gas Pipelines. He earned a Bachelor of Science degree in Chemical Engineering from the University of Calgary and worked as a Professional Engineer in the oil and gas industry before obtaining a Bachelor of Laws degree from the University of Calgary.

Tracy Robinson, Executive Vice-President and President, Canadian Natural Gas Pipelines and President Coastal GasLink

Ms. Robinson is the Executive Vice-President and President, Canadian Natural Gas Pipelines, and also serves as President of Coastal GasLink. In this capacity, she is responsible for the growth, operation, and profitability of TC Energy's federally and provincially regulated natural gas pipeline assets located in Canada.

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. He has been leading the U.S. natural gas business since April 2017 and the Mexico natural gas business since September 2020. Mr. Chapman holds a degree in Industrial Engineering from Texas A&M University and an MBA from the University of St. Thomas in Houston, Texas.

• Regulatory and Environmental Scrutiny, including Energy Transition Impacts

  TC Energy faces significant risks from evolving regulatory frameworks, environmental opposition, and public policy shifts related to climate change. Large-scale energy infrastructure projects, particularly pipelines, are subject to extensive permitting processes and environmental assessments, which can lead to project delays, cost overruns, or even cancellations due to public opposition, environmental concerns, or changes in governmental policies. The global push towards decarbonization and the transition to cleaner energy sources could also impact the long-term demand for natural gas and crude oil transportation, affecting the utilization and future growth opportunities for TC Energy's extensive pipeline networks.

• High Debt Burden and Exposure to Interest Rate Fluctuations

  TC Energy operates with a substantial net debt, which presents a significant financial risk. High interest rates increase the cost of servicing this debt, impacting the company's cash flow and potentially limiting its ability to fund new projects or deleverage its balance sheet effectively. The company's large capital expenditure programs create ongoing balance sheet pressure, and there are concerns about its ability to meet long-term debt-to-EBITDA targets and fund growth without potentially value-destructive asset sales.

• Operational and Safety Incidents

  Given TC Energy's vast network of natural gas and liquids pipelines across North America, there is an inherent risk of operational incidents such as leaks, ruptures, fires, and explosions. Such events can result from equipment failure, corrosion, or external factors. These incidents can lead to severe consequences, including fatalities, injuries, significant property damage, environmental contamination, regulatory fines, and substantial financial liabilities. They can also cause reputational damage and disrupt service, affecting the company's relationships with customers and regulators.

The accelerated global transition to renewable energy sources and decarbonization efforts poses a significant emerging threat to TC Energy's core business model. As governments, industries, and consumers increasingly shift towards cleaner energy alternatives like solar, wind, and battery storage, and pursue electrification initiatives, the long-term demand for natural gas and crude oil transportation and storage infrastructure, which forms the majority of TC Energy's assets, faces erosion. This shift could lead to underutilization or obsolescence of pipelines and gas-fired power generation facilities over time.

Natural Gas Pipelines

• The North American natural gas pipeline market revenue is estimated to be approximately USD 126.8 billion in 2025.
• The U.S. gas pipeline infrastructure market was valued at USD 1,149.26 billion in 2025 and is projected to reach around USD 2,431.55 billion by 2034.
• The market for oil and gas pipeline services in Canada was valued at US$ 9.2 billion in 2019.

Natural Gas Storage

• The North American natural gas storage market held a dominant share of 179.86 billion cubic meters (bcm) in 2025 and 186.11 bcm in 2026.
• The U.S. natural gas storage market was valued at 137.56 bcm in 2026.
• The total natural gas working storage capacity in Canada is approximately 0.80 trillion cubic feet (Tcf), or 800 billion cubic feet (Bcf).
• In terms of revenue, the North America natural gas storage market generated USD 227.3 million in 2024 and is expected to reach US$ 296.0 million by 2030. The Canadian natural gas storage market generated a revenue of USD 27.8 million in 2024 and is expected to reach US$ 35.3 million by 2030.

Liquids Pipelines

• The North American crude oil pipelines market generated approximately US$24.3 billion in 2024.
• The crude oil pipeline transport market in North America was the largest regional market in 2025, with the global crude oil pipeline transport market size growing from USD 72.93 billion in 2025 to USD 78.28 billion in 2026.

Power Generation

• The North America power generation market is estimated to reach USD 228.79 billion in 2026.
• The North America natural gas-fired electricity generation market is expected to reach a projected revenue of US$ 15,356.1 million by 2030.

TC Energy (TRP) is positioned for future revenue growth over the next 2-3 years, driven by its robust capital program, increasing North American natural gas demand, optimization of its existing pipeline network, and contributions from its power and storage assets.

1. Execution of Growth Projects and Capital Program: TC Energy has a substantial capital program with projects expected to come online, contributing to future revenue. The company anticipates placing approximately $4 billion of assets into service in 2026. Over the past year, TC Energy has sanctioned over $5 billion in new growth projects, primarily backed by long-term, low-risk contracts. Looking further ahead, the company has an approximately $8 billion portfolio of high-conviction projects pending approval and an additional $12 billion in origination opportunities, providing clear visibility for sustained growth. The company plans to invest around $18 billion in gross sanctioned and pending capital expenditures through 2028 and expects to allocate at least $6 billion annually in net capital expenditures through 2030, with potential to surpass this level.
2. Increasing North American Natural Gas Demand: A significant driver for TC Energy is the growing demand for natural gas across North America. This demand is projected to increase by 45 billion cubic feet per day by 2035, largely due to a tripling of liquefied natural gas (LNG) exports and substantial power demand from data centers and the conversion of coal-fired power plants to natural gas. TC Energy is strategically positioned to capitalize on this trend, as it currently delivers 25-30% of LNG feedgas and has set numerous natural gas pipeline flow records across its systems. The company's capital program heavily favors natural gas transmission, allocating 71% of its investments to this segment.
3. Expansion and Optimization of Natural Gas Pipeline Network: Growth in TC Energy's Canadian and U.S. Natural Gas Pipelines segments is expected to continue. The Canadian Natural Gas business has seen increased EBITDA from expansion projects, while the U.S. segment, including Columbia Gas, has benefited from new rate structures and incremental capacity projects. The company actively optimizes its capital plan, strategically shifting investments to capture in-year EBITDA and create capacity for higher-return growth in later periods. This includes pulling forward in-service dates for certain enhancements and adding new facilities and compression projects.
4. Contributions from Power and Storage Assets: TC Energy's power and storage assets also contribute to its revenue growth. The company holds a significant interest in Bruce Power, a nuclear facility, which is seen as a key asset providing exposure to the growing demand for 24/7 clean energy, potentially driven by sectors like artificial intelligence. While the Power and Energy Solutions segment can experience fluctuations due to planned maintenance, it represents 29% of the company's capital program.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• As of December 31, 2025, TC Energy's quarterly stock buybacks amounted to $233 million.

Share Issuance

• On October 1, 2024, TC Energy completed the spin-off of its Liquids Pipelines business into South Bow Corporation, distributing 0.2 shares of South Bow for every TC Energy share held by shareholders.
• In October 2025, TransCanada PipeLines Limited (a subsidiary of TC Energy) issued US$350 million of 6.250 percent Fixed-for-Life Junior Subordinated Notes due November 1, 2085, with proceeds intended to redeem its Cumulative Redeemable First Preferred Shares, Series 11.
• On November 28, 2025, TC Energy redeemed its issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11, at a price of $25.00 per share.

Inbound Investments

• In 2023, TC Energy completed the sale of a 40 percent non-controlling equity interest in Columbia Gas and Columbia Gulf for total cash proceeds of $5.3 billion (US$3.9 billion), contributing to debt reduction efforts.

Outbound Investments

• TC Energy has sanctioned a $1.1 billion emission-less nuclear investment for the Bruce Power Unit 5 Major Component Replacement (MCR) program in Q1 2025, which extends the unit's life by over 35 years.

Capital Expenditures

• TC Energy placed approximately $8.3 billion of projects into service in 2025 on schedule and over 15% under budget.
• The company anticipates net capital expenditures of $5.5 billion to $6.0 billion for 2025 and reaffirmed a commitment to annual net capital expenditures of at least $6 billion through 2030, with potential to surpass this in later years.
• Primary focus areas for capital expenditures include natural gas pipeline expansions in Canada (e.g., NGTL System), the U.S. (e.g., Northwoods Project, ANR system projects like WR Project, VR Project, TCO Connector, Virginia Electrification Project), and Mexico (e.g., Southeast Gateway pipeline), as well as investments in power generation, notably the Bruce Power nuclear facility's Major Component Replacement programs.