3Q22 results were underpinned by solid utilisation, safe operations and availability across their assets during peak demand. The continued need for energy security has placed renewed focus on the long-term role TC Energy believe their infrastructure will play in responsibly fulfilling North America's growing energy demand:

  • Louisiana XPress was phased into service during the quarter and has increased their market share from 25 to approximately 30% of volumes destined for export from third-party US LNG facilities.
  • Total NGTL System deliveries averaged 12.4 billion ft3/d, up 4% compared to 3Q21.
  • US natural gas pipelines flows averaged 25.8 billion ft3/d, up 6% compared to 3Q21.
  • Bruce Power provided emission-less power with approximately 95% availability during 3Q22.
  • The Keystone Pipeline System safely reached a record month in September, delivering approximately 640 000 billion bbl/d as TC Energy commercialised an incremental 10 000 bbl/d of contracts from the 2019 Open Season.

Additional highlights:

  • Executed definitive agreements in July 2022 with LNG Canada that addressed and resolved disputes over certain incurred and anticipated costs of the Coastal GasLink pipeline project.
  • Established a strategic alliance with the Comisión Federal de Electricidad (CFE) in August 2022 for the completion and development of natural gas infrastructure in central and southeast Mexico.
  • Placed the north section of the Villa de Reyes pipeline (VdR North) and the east section of the Tula pipeline (Tula East) into commercial service during the 3Q22.
  • Reached a final investment decision to proceed and build the US$4.5 billion Southeast Gateway pipeline, a 1.3 billion ft3/d, 715 km offshore natural gas pipeline to serve the southeast region of Mexico with an expected in-service date by mid-2025.
  • Issued common equity for gross proceeds of approximately CAN$1.8 billion in August 2022 to fund costs associated with the construction of the Southeast Gateway pipeline.