TC Energy Corporation reported solid third quarter 2024 operating and financial results, with comparable EBITDA for the first nine months of 2024 increasing approximately nine percent and segmented earnings rising approximately 81 percent compared to the same period in 2023. The company now expects its 2024 comparable EBITDA to be at the upper end of its $11.2 to $11.5 billion range, or $9.9 to $10.1 billion on a post-spin basis.
The company revised its overall net capital expenditure outlook for 2024 eight percent lower to $7.4 to $7.7 billion, reflecting strong project execution and optimization. The Southeast Gateway pipeline project's capital expenditures are now expected to be between US$3.9 to US$4.1 billion, approximately 11 percent below the original US$4.5 billion estimate, with mechanical completion of major onshore facilities achieved and commercial in-service targeted for no later than mid-2025.
TC Energy also announced a quarterly dividend of $0.8225 per common share for the quarter ending December 31, 2024, payable on January 31, 2025. This dividend reflects the company's proportionate allocation following the spin-off transaction of its Liquids Pipelines business. Additionally, the company is on track to achieve its 4.75 times debt-to-EBITDA target by year-end, supported by a $7.6 billion reduction in long-term debt.
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