Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| We achieved record levels here at the end of the year and early this year |
| So essentially, the drivers of performance for us are operational excellence through strong availability of our assets and bringing in our projects on time and on budget |
| And so that underpins our ability to have our own capital structure to attend to those opportunities is a really strong opportunity for our shareholders |
| Our focus on safety and operational excellence resulted in high availability and several utilization records across our systems that contributed to 2023 comparable EBITDA being 11% higher compared to 2022, another record year for operational and financial results |
| There's a tremendous opportunity for South Bow to address the tremendous demand that we've been seeing in the Gulf Coast |
| And we're going to continue to see strong demand for our assets across the LDC, power generation, and LNG export sector |
| But I continue to point out to you to growth in the power generation sector and our Heartland project that we just announced today is another example of that where coal fired power generation is retiring, demand for energy continues to grow and our assets are uniquely positioned to fill that gap |
| Just sort of a bigger picture pulling up to 40,000 feet, we've had very good success getting permits for our projects |
| And with this positive momentum, building into 2024, we have increased our dividend for the 24th consecutive year and reaffirmed 2024 comparable EBITDA outlook to be between $11.2 billion and $11.5 billion |
| So we expect continued strong performance |
| This was one of the most technically challenging pipelines ever built in Canada, and our team applied project execution and safety excellence to deliver this project ahead of our year-end target |
| So we definitely did see strong performance from Bruce Power last year across both the operating units as well as with the performance of Unit 6 MCR program |
| First, we'll continue to maximize the value of our assets through safety and operational excellence and by successfully executing the spin-off of South Bow |
| This is the 24th consecutive year the Board has raised a dividend which is foundational to the enduring value proposition of TC Energy |
| So quite happy with the health of the basin |
| That is -- we believe we'll be able to underwrite that growth consistently and that's what we want to be as a very predictable deliverable -- deliverer of EBITDA growth for our shareholders |
| But right now I would say it's more constructive than what we would have thought last July, so that's a good thing for the outlook of both entities |
| Now, while our utility-like assets do not carry any material of volumetric or commodity price risk, continued high utilizations throughout the fourth quarter continue to reflect volume growth and the incremental demand for our services that underpins our future investments |
| We also delivered a 24% increase in quarterly comparable earnings relative to last year |
| In the US, various pipelines achieved record throughput volumes, including our GTN system, which achieved an all-time delivery record of 3.1 Bcf in November |
| As I said in Theresa's prior question, these transactions tend to have their own cadence and momentum is a very powerful thing |
| Strong operational performance during the fourth quarter delivered 16% year-over-year growth in comparable EBITDA |
| So our operational excellence is allowing us to continue to deliver strong performance |
| And Bruce Power also had strong performance and averaged a 92% availability throughout 2023, which is well above our historical averages |
| Based on conversations we're having and how our processes are going to date, we're very confident on achieving the $3 billion number in 2024 and we are steadfast in achieving that amount of deleveraging |
| So we've had, as I mentioned earlier, outstanding performance operationally here year-over-year |
| As Francois mentioned, our base business performed exceptionally well during the fourth quarter and throughout 2023, our team safely placed approximately $5.3 billion of projects into service on budget |
| Underpinned by our strong performance last year, TC Energy's Board of Directors has declared a first quarter 2024 dividend of $0.96 per common share, which is equivalent to $3.84 per share on an annualized basis, representing a 3.2% year-over-year increase |
| The South Bow team expects to see comparable EBITDA growth averaging 2% to 3% out to 2026, delivering low-risk, double-digit shareholder returns |
| We had a great success in 2023 focusing on executing a clearly defined set of priorities that directly align to our strategic vision and value proposition |
| Statement |
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| Comparable earnings per common share is expected to be lower than 2023, largely due to higher net income attributable to non-controlling interests related to the Columbia sale |
| As you know, we have a marketing affiliate that optimizes the utilization of our Gulf Coast system primarily, and we have some basically accounting differences between physical and financial trades that we think will have a bit of a headwind here in Q1 |
| Particularly, it makes it more challenging on the permitting and construction front |
| On northern border, switching to the gas side, nat gas constraints seem to get into a pretty tough level at this point with expansion really needed soon |
| Given that, this could lead to more of the tedious outcomes, we may have to build in longer lead times for originating and constructing our projects |
| So I just temper our results here in the near term |
| I do want to temper our outlook for Q1 of this year |
| When you look at our projects and the impact of the pause on the capital stack, as Dan mentioned, one of our projects, Gillis, could be impacted by any meaningful delays in its sanctioning |
| Questions on Mexico |
| As you pointed out, there is a need for additional egress capacity out of the basin |
| I mean, I know you mentioned you expect to potentially transact at least one deal in the first half of this year, but I think the general consensus is that interest rates will fall over the balance of the year |
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