TC Energy Corp.

TRP · TSX TRP · NYSE

tcenergy

$67.2B

USD

Market cap · 2026–07 · week 28

🇨🇦 Canada, Calgary

Country

Oil & Gas

Sector

Midstream Infrastructure · Senior · Midstream · Canada · Mexico · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: TC Energy Corporation is a senior North American energy infrastructure company headquartered in Calgary, Alberta, Canada, operating across Canada, the United States and Mexico through its principal operating subsidiary TransCanada PipeLines Limited. Following the October 1, 2024 spinoff of its Liquids Pipelines business into South Bow Corporation, the company operates 2 core businesses — Natural Gas Pipelines and Power and Energy Solutions — reported through 4 operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines and Power and Energy Solutions, plus a Corporate segment. Key assets include the NGTL System and Foothills system in Western Canada, a 35% interest in the 671-kilometre Coastal GasLink pipeline serving LNG Canada (which TC Energy operates through 100% ownership of the general partner), the Columbia Gas and Columbia Gulf systems in the US (60% retained interest, operated by TC Energy), the ANR, GTN, Great Lakes, North Baja and Northern Border/Bison systems, the 1.3 Bcf/d, 715-kilometre offshore Southeast Gateway pipeline in Mexico developed in strategic alliance with the CFE, and an investment in Bruce Power, whose Ontario nuclear site closed 2025 at approximately 6,580 MW of capability. The business model is anchored in rate-regulated frameworks and long-term contracts: the NGTL System operates under a CER-approved five-year revenue requirement settlement with a 10.1% ROE on 40% deemed equity, Coastal GasLink service is underpinned by 25-year transportation service agreements with the five LNG Canada participants, Columbia Gas and ANR operate under FERC rate settlements, and power assets are supported by long-term contracts including Bruce Power's IESO arrangements. At Year End TCPL had 6,574 employees across Canada, the US and Mexico. Principal exposures include regulatory decisions and rate-case outcomes, construction cost and schedule risk on large projects, supply-basin production levels, counterparty credit, and energy-transition policy.

Strategy: TC Energy has repositioned itself as a pure-play natural gas and power infrastructure company following the South Bow spinoff, concentrating capital on regulated and long-term contracted expansions tied to LNG exports, coal-to-gas conversion and electrification-driven demand including data centres. In Western Canada, the CER-approved NGTL settlement supports a Board-approved allocation of up to $3.3 billion toward the Multi-Year Growth Plan, of which approximately $1.1 billion of expansion facilities have reached FID with in-service dates starting in 2026, expected to enable approximately 1.0 Bcf/d of incremental throughput; the Valhalla North and Berland River project adds approximately 400 MMcf/d, with Valhalla in service in the third quarter of 2025 and Berland River targeted for the second half of 2026. LNG-linked growth continues through Coastal GasLink's $1.2 billion Cedar Link expansion, sanctioned in June 2024 to deliver up to 0.4 Bcf/d to the Cedar LNG facility by 2028. In the US, sanctioned projects include the US$0.9 billion ANR Heartland project (late 2027), the US$0.9 billion, 0.4 Bcf/d ANR Northwoods project serving Midwest gas-fired generation and data centres (late 2029), the US$0.8 billion Pulaski and Maysville coal-to-gas conversion projects on Columbia Gulf (0.2 Bcf/d, 2029), the US$0.4 billion Gillis Access extension toward 1.9 Bcf/d (from fourth quarter 2026), the US$0.3 billion TCO Connector for power generation load (2030), the US$0.3 billion Southeast Virginia Energy Storage LNG peaking facility (2030) and the Bison XPress project (2026). In power, Bruce Power's Major Component Replacement program continues through 2033 with Unit 3 completion expected in 2026, Unit 4 in 2028 and Unit 5 returning to service in early 2030, while Project 2030 targets site peak output of 7,000 MW by 2033. Portfolio management funds growth: recent monetizations include the $5.3 billion sale of a 40% interest in Columbia Gas and Columbia Gulf to Global Infrastructure Partners, the $1.6 billion sale of PNGTS, and option agreements to sell up to a 10% Coastal GasLink equity interest to Indigenous communities, with a binding window through the end of 2026.

Management: Executive leadership is headed by President and Chief Executive Officer François L. Poirier, who assumed the role in January 2021 after serving as Chief Operating Officer and President, Power and Storage and Mexico, and who also sits on the board of the Canadian Imperial Bank of Commerce. The executive team includes Sean P. O'Donnell, Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer, formerly CFO of Mexico Pacific Holdings and a partner at Quantum Capital Group; Tina V. Faraca, the Houston-based Executive Vice-President leading the Natural Gas Pipelines business, formerly Chief Commercial Officer of Enable Midstream; Gregory D. Grant, Executive Vice-President and President, Power and Energy Solutions, previously President of Canadian Natural Gas Pipelines; Anita Dusevic Oliva, Executive Vice-President and General Counsel, formerly COO of Inter Pipeline; and Dawn E. de Lima, Executive Vice-President, Corporate Services. The Board of Directors comprises 12 members chaired by John E. Lowe, former non-executive Chair of Apache Corporation and long-time Phillips 66 director, and includes Una Power (director of Teck Resources and Scotiabank), William D. Johnson (former President and CEO of PG&E), Michael R. Culbert (former Vice-Chair of PETRONAS Canada), Dawn Madahbee Leach (General Manager of Waubetek Business Corporation and chair of the National Indigenous Economic Development Board) and Susan C. Jones (director of Canadian National Railway). There are 4 standing Board committees — Audit, Governance, Health, Safety, Sustainability and Environment, and Human Resources — with the Audit Committee chaired by Una Power; as CEO, Mr. Poirier sits on no committees. Directors and executive officers as a group beneficially owned 426,525 common shares (0.04%) as of February 12, 2026, and no material conflicts of interest or related party transactions were reported in 2025.

Sustainability: TC Energy's conduct framework is anchored by its four core values — safety in every step, personal accountability, one team and active learning — a Commitment Statement, and a Code of Business Ethics that applies to all employees, officers, directors and contingent workforce contractors across all countries of operation, with annual online training and compliance certification required, complemented by a Contractor COBE Policy imposing equivalent requirements on contractors. An Avoiding Bribery and Corruption Program adds annual training, instructor-led sessions in higher-risk locations, supplier and contractor due diligence and transaction auditing. The Indigenous Relations Policy commits the company to early and honest communication, incorporation of traditional and local knowledge in project design, local hiring and procurement, and partnership-oriented relationships, including a stated aim in Canada to expand Indigenous equity participation in projects; this is being put into practice through option agreements to sell up to a 10% equity interest in Coastal GasLink Limited Partnership to Indigenous communities across the project corridor, with a binding investor window open through the end of 2026. The company states it does not tolerate human rights abuses, including forced labour and child labour, across Canada, the US and Mexico. Emissions-reduction mechanisms are embedded commercially: the NGTL System settlement introduces an incentive mechanism to reduce physical emissions and emissions compliance costs with savings shared with customers, the Berland River expansion features a non-emitting electric compressor unit, the Columbia Gas VR and ANR WR delivery market projects replace and upgrade facilities while reducing emissions, and the Virginia Electrification Project converted compression to electric drive. Lower-carbon power investments include the 81 MW Saddlebrook Solar project (commercial operation January 2024, partially funded by Emissions Reduction Alberta and Lockheed Martin), a 15-year PPA for 100% of output from the 297 MW Sharp Hills Wind Farm, 24-by-7 carbon-free power contracts in Alberta, and Bruce Power's nuclear life-extension program supporting Ontario's climate targets. Board oversight is exercised through the Health, Safety, Sustainability and Environment Committee.

Structure: TC Energy Corporation, incorporated under the CBCA in 2003, is the parent of TransCanada PipeLines Limited, which holds substantially all operations; principal subsidiaries include TransCanada PipeLine USA Ltd., with certain subsidiaries 60% owned. The defining recent structural event is the October 1, 2024 spinoff of the Liquids Pipelines business into South Bow Corporation by plan of arrangement, with shareholders retaining TC Energy shares and receiving pro rata South Bow shares; a 2025 agreement with South Bow released TC Energy from certain indemnified liabilities under the separation agreement. In October 2023 the company sold a 40% equity interest in Columbia Gas and Columbia Gulf to Global Infrastructure Partners for $5.3 billion (US$3.9 billion), retaining control and operatorship, with each partner funding its proportionate share of maintenance, modernization and growth capital. TC Energy holds a 35% interest in Coastal GasLink Limited Partnership alongside 100% of its general partner and operator; its share of total partner equity contributions to fund the project's $14.5 billion capital cost was $5.3 billion at Year End, CGL LP completed a $7.15 billion private placement refinancing in June 2024 and repaid its $3,147 million subordinated loan from TC Energy in December 2024, and a commercial agreement declared commercial in-service effective October 1, 2024 with a $199 million payment to TC Energy. In Mexico, the TGNH strategic alliance with the CFE saw the CFE take a 13.01% equity interest in TGNH in 2024, expected to rise to a maximum of 15% and to approximately 35% upon contract expiry in 2055. Divestitures include the August 2024 sale of PNGTS to BlackRock-managed and Morgan Stanley Infrastructure funds for approximately $1.6 billion (US$1.1 billion). The capital structure comprises unlimited authorized common and first/second preferred shares, ten outstanding series of rate-reset and floating-rate preferred shares, hybrid notes issued by TCPL and trust notes of TransCanada Trust with dividend stopper provisions (not triggered), and a shareholder rights plan reconfirmed at the 2025 annual meeting. A dividend reinvestment and share purchase plan is maintained, and the Board determines dividends quarterly without a formal dividend policy.

Hedge: TC Energy's risk profile is managed primarily through regulated cost-of-service frameworks and long-term contracts rather than open commodity exposure: the NGTL System operates under a five-year CER-approved revenue requirement settlement with a 10.1% return on equity on 40% deemed common equity and incentive mechanisms that share operating cost and emissions-cost variances with customers, Coastal GasLink capacity is committed under 25-year transportation service agreements with renewal provisions, Columbia Gas and Columbia Gulf operate under FERC rate settlements with moratoria through March 2028 and February 2027 respectively, and Bruce Power sells under IESO contract prices that adjust for approved major component replacement and asset management investments plus annual inflation. The company's forward-looking assumptions explicitly include the nature and scope of hedging, inflation rates, commodity and labour prices, and interest, tax and foreign exchange rates among key planning variables, with exposure to interest and foreign exchange movements arising from its Canadian and US dollar capital structure. Financing risk management has included the unwinding of hedging arrangements associated with the Coastal GasLink construction credit facility, whose proceeds settled the remaining facility balance following the June 2024 $7.15 billion senior secured notes refinancing. Power and Energy Solutions manages market exposure through long-term offtake structures, including a 15-year power purchase agreement for 100% of Sharp Hills Wind Farm output and associated environmental attributes and 15-to-20-year contracts under the 24-by-7 carbon-free power offering in Alberta that bundle power with carbon credits. Dividend stopper provisions within TCPL hybrid notes and TransCanada Trust notes would restrict dividends if interest deferral were elected, but have not been triggered.

Source: TC Energy Corporation - Annual Information Form - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

TC Energy Consolidated Portfolio

Portfolio · Other · Operating

Canada

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Company portfolio

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Group-level rollup of TC Energy's two core businesses — Natural Gas Pipelines and Power and Energy Solutions — reported through four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines and Power and Energy Solutions, plus Corporate. Operated through principal subsidiary TransCanada PipeLines Limited with 6,574 employees at Year End across Canada, the US and Mexico. The Liquids Pipelines business was spun off into South Bow Corporation on October 1, 2024.

Portfolio Aggregate · Processing facilities

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Processing facilities · 25 projects

Bruce Power

District · Power Renewables · Operating

Canada, Ontario

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 100

Operator: No

Operator name: Bruce Power

Extraction: Processing Facility

Country: Canada

Region: Ontario

Facility kind: Power Renewables

Licensed capacity: 6580

Capacity unit: mw

Capacity period: Other

Capacity kind: Nameplate

Description

As at 31 December 2025

Investment in Bruce Power, operator of the Ontario nuclear generating site. The six-unit Major Component Replacement (MCR) life extension program continues: Unit 6 MCR completed Q3 2023; Unit 3 MCR (commenced Q1 2023) expected complete 2026; Unit 4 MCR (commenced Q1 2025) expected complete 2028; Unit 5 MCR expected to commence Q4 2026 with return to service in early 2030; investments in the remaining two units expected through 2033, subject to discrete decisions with off-ramps for Bruce Power and the IESO. Project 2030 targets site peak output of 7,000 MW by 2033; the site began the program at 6,430 MW in 2019 and closed 2025 at approximately 6,580 MW, with Stages 1, 2 and 3a fully approved and projected to reach 6,840 MW. Contract price increases occurred in April 2022, 2024 and 2025 under IESO terms.

Processing facilities

As at 31 December 2025

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ANR Pipeline

District · Pipeline Gas · Operating

United States, US Midwest and Gulf Coast

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Midwest and Gulf Coast

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

FERC-regulated interstate system. A 2022 rate settlement included a moratorium until November 1, 2025; ANR filed a new Section 4 rate case in April 2025 seeking higher maximum rates effective November 1, 2025, subject to refund, with settlement intended. Recent projects: Alberta XPress (in service January 2023); WR delivery market project (US$0.7 billion, in service November 2025); Ventura XPress reliability project (US$0.2 billion, in service October 2025). The US$0.9 billion Heartland looping/compression expansion targets late 2027.

Processing facilities

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NGTL System

District · Pipeline Gas · Operating

Canada, Alberta and British Columbia, Western Canadian Sedimentary Basin

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Alberta and British Columbia

Geological province: Western Canadian Sedimentary Basin

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

CER-regulated natural gas gathering and transportation system in the WCSB, owned through NGTL Limited Partnership following an April 2024 reorganization. Operates under a CER-approved five-year negotiated revenue requirement settlement effective January 1, 2025 maintaining a 10.1% ROE on 40% deemed common equity, with depreciation and emissions incentive mechanisms. Recent expansions: 2021 Expansion Program (344 km, ~1.45 Bcf/d incremental, $3.6 billion, completed 2024); 2022 Expansion Program (166 km, ~722 MMcf/d, $1.4 billion, completed 2023); Intra-Basin Expansion (23 km, ~238 MMcf/d, $0.5 billion, completed 2024); NGTL/Foothills West Path Delivery Program (107 km, ~258 MMcf/d under 30+ year contracts, $1.6 billion, completed 2023). The Board has approved up to $3.3 billion for the Multi-Year Growth Plan, with ~$1.1 billion at FID and ~1.0 Bcf/d of incremental throughput expected.

Processing facilities

As at 31 December 2025

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Northern Border and Bison Systems

District · Pipeline Gas · Operating

United States, US Midwest and Rockies

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Midwest and Rockies

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Interstate systems providing Bakken and WCSB egress. The Bison XPress Project, approved in Q3 2023 and FERC-certificated in October 2024, will replace and upgrade facilities and provide production egress from the Bakken basin to the Cheyenne Hub, with anticipated in-service in 2026.

Processing facilities

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Columbia Gas Transmission

District · Pipeline Gas · Operating · Ownership 60%

United States, Appalachia and US Northeast, Appalachian Basin

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 60

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Appalachia and US Northeast

Geological province: Appalachian Basin

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

FERC-regulated interstate system held with Global Infrastructure Partners (40% interest sold October 2023 for $5.3 billion; TC Energy retains control and operatorship). An April 2025 customer settlement (FERC-approved October 2025) includes a rate moratorium to March 31, 2028, rate step-ups in April 2026 and 2027 for modernization spend, and requires new rates by April 1, 2031. The VR delivery market project (US$0.5 billion) entered service November 2025; the Virginia Electrification Project entered service February 2024; KO Transmission assets (US$80 million) were integrated in 2023. The US$0.3 billion TCO Connector (approved October 2025) targets 2030 service for gas-fired generation and data centre growth.

Processing facilities

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Columbia Gulf Transmission

District · Pipeline Gas · Operating · Ownership 60%

United States, US Gulf Coast

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 60

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Gulf Coast

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

FERC-regulated interstate system held alongside Columbia Gas with GIP. A 2023 uncontested rate settlement set new recourse rates effective March 1, 2024 with a moratorium through February 28, 2027 and a new rate filing required by March 1, 2029. The East Lateral XPress expansion connecting supply to Gulf Coast LNG export markets entered service in May 2025 (US$0.3 billion). The Pulaski and Maysville mainline extensions (US$0.8 billion, 0.2 Bcf/d for full coal-to-gas conversion at two power plants) target 2029 service.

Processing facilities

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Valhalla North and Berland River Project

Asset · Pipeline Gas · Construction

Canada, Alberta and British Columbia, Western Canadian Sedimentary Basin

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Alberta and British Columbia

Geological province: Western Canadian Sedimentary Basin

Facility kind: Pipeline Gas

Licensed capacity: 400

Capacity unit: mmcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

NGTL System expansion sanctioned November 2022 and approved by the CER in December 2023, designed to provide ~428 TJ/d (400 MMcf/d) of incremental capacity. The Valhalla section (33 km of new pipeline, ~$0.2 billion) was placed in service in Q3 2025; the Berland River section, including a non-emitting electric compressor unit, targets in-service in the second half of 2026 with an estimated cost of $0.3 billion.

Processing facilities

As at 31 December 2025

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Saddlebrook Solar Project

Asset · Power Renewables · Operating

Canada, Aldersyde, Alberta

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Aldersyde, Alberta

Facility kind: Power Renewables

Licensed capacity: 81

Capacity unit: mw

Capacity period: Other

Capacity kind: Nameplate

Description

As at 31 December 2025

81 MW solar project near Aldersyde, Alberta; construction completed October 2023 with full commercial operation achieved January 5, 2024. Partially supported with funding from Emissions Reduction Alberta and Lockheed Martin.

Processing facilities

As at 31 December 2025

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Gillis Access Project

Asset · Pipeline Gas · Operating

United States, Louisiana, Haynesville

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Louisiana

Geological province: Haynesville

Facility kind: Pipeline Gas

Licensed capacity: 1.4

Capacity unit: bcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

68 km (42 mile) greenfield pipeline system connecting gas from the Gillis hub to downstream markets in southeast Louisiana, in service March 2024 at a cost of ~US$0.3 billion. A 63 km (39 mile), 1.4 Bcf/d extension to further connect Haynesville supplies was approved in February 2023 and expanded to 1.9 Bcf/d effective September 2024 after shipper conditions expired, with in-service dates starting Q4 2026 and total estimated costs of US$0.4 billion.

Processing facilities

As at 31 December 2025

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Southeast Gateway Pipeline (TGNH)

Asset · Pipeline Gas · Operating · Ownership 86.99%

Mexico, southeast Mexico (offshore)

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 86.99

Operator: Yes

Extraction: Processing Facility

Country: Mexico

Region: southeast Mexico (offshore)

Facility kind: Pipeline Gas

Licensed capacity: 1.3

Capacity unit: bcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

1.3 Bcf/d, 715 km (444 mile) offshore natural gas pipeline serving southeast Mexico, developed under the TGNH strategic alliance with the CFE announced August 2022. In service with toll collection commencing May 2025; in July 2025 the CNE approved regulated rates for potential future interruptible users beyond the CFE. The CFE became a 13.01% equity partner in TGNH in 2024, expected to rise to a maximum of 15% (subject to regulatory approvals) and to ~35% upon contract expiry in 2055.

Processing facilities

As at 31 December 2025

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ANR Northwoods Project

Asset · Pipeline Gas · Development

United States, US Midwest

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Midwest

Facility kind: Pipeline Gas

Licensed capacity: 0.4

Capacity unit: bcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

Expansion of the ANR system approved April 2025, designed to provide 0.4 Bcf/d of capacity to serve natural gas-fired electric generation demand in the US Midwest, including expected data centres. Involves pipeline looping, compressor additions and system updates; anticipated in-service late 2029 with an estimated cost of approximately US$0.9 billion.

Processing facilities

As at 31 December 2025

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Coastal GasLink Cedar Link Expansion

Asset · Pipeline Gas · Construction · Ownership 35%

Canada, Kitimat, British Columbia

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 35

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Kitimat, British Columbia

Facility kind: Pipeline Gas

Licensed capacity: 0.4

Capacity unit: bcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

Expansion of the Coastal GasLink pipeline sanctioned by CGL LP in June 2024 following Cedar LNG's positive FID, expected to enable delivery of up to 0.4 Bcf/d to the Haisla Nation / Pembina Pipeline Cedar LNG floating liquefaction facility. Estimated cost of $1.2 billion at FID, funded through up to $1.4 billion of project-level credit facilities, partner equity (TC Energy committed up to $37 million) and recovery of construction carrying costs. Adds a compressor station, connector pipeline and meter station; construction began July 2024 with planned in-service in 2028.

Processing facilities

As at 31 December 2025

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Pulaski and Maysville Projects

Asset · Pipeline Gas · Development · Ownership 60%

United States, US Southeast

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 60

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Southeast

Facility kind: Pipeline Gas

Licensed capacity: 0.2

Capacity unit: bcf

Capacity period: Per Day

Capacity kind: Nameplate

Description

As at 31 December 2025

Two mainline extension projects off Columbia Gulf approved November 2024, facilitating full coal-to-gas conversion at two existing power plants and expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. Anticipated in-service dates in 2029 with total estimated costs of US$0.8 billion.

Processing facilities

As at 31 December 2025

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ANR Heartland Project

Asset · Pipeline Gas · Development

United States, US Midwest

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Midwest

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Expansion of the ANR system approved February 2024 (US$0.9 billion) involving pipeline looping, compressor facility additions and upgrades, expected to increase capacity, improve system reliability and grow ANR's Midwest market share. Anticipated in-service late 2027.

Processing facilities

As at 31 December 2025

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Canadian Mainline

Asset · Pipeline Gas · Operating

Canada, Alberta to Eastern Canada

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Alberta to Eastern Canada

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

CER-regulated natural gas transmission system connecting WCSB supply to eastern markets; existing capacity is utilized by the Alberta XPress Project (in service January 2023) to connect growing WCSB supply to US Gulf Coast LNG export markets via Great Lakes and ANR.

Processing facilities

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Foothills System

Asset · Pipeline Gas · Operating

Canada, Alberta, British Columbia and Saskatchewan, Western Canadian Sedimentary Basin

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Alberta, British Columbia and Saskatchewan

Geological province: Western Canadian Sedimentary Basin

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

CER-regulated natural gas transmission system providing export capacity from the WCSB, expanded under the NGTL System/Foothills West Path Delivery Program (completed 2023) to facilitate incremental contracted export capacity connecting to the GTN pipeline system.

Processing facilities

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Gas Transmission Northwest (GTN)

Asset · Pipeline Gas · Operating

United States, US Pacific Northwest

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Pacific Northwest

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

FERC-regulated interstate system. The GTN XPress expansion, providing transport of incremental contracted export capacity facilitated by the NGTL/Foothills West Path Delivery Program, entered service December 2024 at a capital cost of approximately US$0.1 billion.

Processing facilities

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Grandview Cogeneration Plant

Asset · Power Renewables · Operating

Canada, New Brunswick

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: New Brunswick

Facility kind: Power Renewables

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Natural gas cogeneration plant in New Brunswick; a 10-year contract extension was executed in 2024.

Processing facilities

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Great Lakes Gas Transmission

Asset · Pipeline Gas · Operating

United States, US Midwest

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: US Midwest

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

FERC-regulated interstate system; filed a Section 4 rate case in April 2025 requesting increased maximum transportation rates effective November 1, 2025, subject to refund, with a collaborative settlement process intended. Provides capacity utilized by the Alberta XPress project connecting WCSB supply to Gulf Coast LNG markets.

Processing facilities

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Mackay River Cogeneration Plant

Asset · Power Renewables · Operating

Canada, Alberta

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Alberta

Facility kind: Power Renewables

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Natural gas cogeneration plant in Alberta; a 5-year contract extension was executed in 2024.

Processing facilities

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North Baja Pipeline

Asset · Pipeline Gas · Operating

United States, Arizona/California to Mexico border

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Arizona/California to Mexico border

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

FERC-regulated system; the North Baja XPress expansion to meet increased customer demand entered service in June 2023.

Processing facilities

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Villa de Reyes Pipeline

Asset · Pipeline Gas · Construction · Ownership 86.99%

Mexico, central Mexico

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 86.99

Operator: Yes

Extraction: Processing Facility

Country: Mexico

Region: central Mexico

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Pipeline developed with the CFE under the TGNH alliance. The lateral section entered commercial service in Q3 2023; completion of the south section continues with the CFE, with the in-service date to be determined upon resolution of outstanding stakeholder issues.

Processing facilities

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Southeast Virginia Energy Storage Project

Asset · Storage Gas · Development · Ownership 60%

United States, southeast Virginia

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 60

Operator: Yes

Extraction: Lng

Country: United States

Region: southeast Virginia

Facility kind: Storage Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

US$0.3 billion LNG peaking facility approved November 2024 to serve an existing LDC's growing winter peak day load, mitigate peak day pricing exposure and increase operational flexibility on the Columbia Gas system. Anticipated in-service 2030.

Processing facilities

As at 31 December 2025

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TCO Connector Project

Asset · Pipeline Gas · Development · Ownership 60%

United States, Appalachia, Appalachian Basin

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 60

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Appalachia

Geological province: Appalachian Basin

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

US$0.3 billion project on the Columbia Gas system approved October 2025, designed to provide capacity for new natural gas-fired power generation supporting forecasted electric generation growth, including data centre growth. Anticipated in-service 2030.

Processing facilities

As at 31 December 2025

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Coastal GasLink Pipeline

Asset · Pipeline Gas · Operating · Ownership 35%

Canada, British Columbia, Montney

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 35

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: British Columbia

Geological province: Montney

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

671 km (417 mile) pipeline transporting natural gas from the Dawson Creek area to LNG Canada's liquefaction facility near Kitimat, underpinned by 25-year TSAs (with renewals) with the five LNGC joint venture participants. TC Energy holds a 35% interest in CGL LP and 100% of the operating general partner. Project cost ~$14.5 billion; TC Energy's share of partner equity contributions was $5.3 billion at Year End; cumulative pre-tax impairments of $5,148 million recorded 2022-2023. Commercial in-service declared effective October 1, 2024; reclamation completed and all material claims resolved in 2025. Option agreements to sell up to a 10% equity interest to Indigenous communities entered a binding window in January 2026.

Processing facilities

As at 31 December 2025

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Oil & gas

1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Hydrocarbon commodity_code (normalized product streams)

Commodity

Physical idea

Benchmark / anchor

Typical relationship (rule-of-thumb)

Oil equivalent (BOE)

See commodity documentation in the domain package.

Oil

Generic crude (undifferentiated)

WTI

Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.

Natural gas

Pipeline natural gas

Henry Hub

Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.

NGL

NGL barrel (mixed NGLs)

Mont Belvieu NGL basket vs WTI

NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.

Shale gas

Gas from shale / tight reservoirs

Henry Hub plus regional basis

Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.

Light oil

Light sweet crude

WTI / Brent

WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.

Heavy oil

Heavy sour crude

WCS vs WTI

Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.

Bitumen

Oil-sands bitumen blend

WCS vs WTI

Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.

Synthetic crude

Upgraded oil-sands synthetic crude (SCO)

SCO vs WTI

Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.

Condensate

Field condensate / diluent

US condensate vs WTI

Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.

Coal bed methane

Coalbed methane (CBM)

Regional hub vs Henry Hub

CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.

Hydrocarbon commodity — notes

The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.

Crude grade primer

API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Natural gas

Score

Production

Resource base

1 / 5

0–4 Bcf/yr

0–50 Bcf

2 / 5

4–20 Bcf/yr

50–500 Bcf

3 / 5

20–75 Bcf/yr

500–2000 Bcf

4 / 5

75–180 Bcf/yr

2000–10000 Bcf

5 / 5

≥ 180 Bcf/yr

≥ 10000 Bcf

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.