TC Energy Raises Earnings Outlook to C$12 Billion and Announces Projects Worth About C$3 Billion
Key Facts
On November 5, 2026, TC Energy raised its full-year comparable EBITDA outlook to a range of C$11.8–12.0 billion and announced new growth projects worth about C$3 billion. The announcement accompanied third-quarter results, in which the company said comparable earnings rose 13% and segment earnings increased 17% from the same period in 2025. The move reflects an improved outlook for the current year alongside new investment to expand its gas networks. TC Energy said performance benefited mainly from strong asset availability and commercial settlements and agreements across its U.S. gas systems. It added that storage revenue and gas transportation services, along with Canadian settlement incentives and projects that entered service early and on budget, supported results.
Among the major projects approved by the company is the Crossroads expansion, with an estimated cost of US$1.8 billion, to add capacity of 1.4 billion cubic feet per day. The expansion is backed by long-term take-or-pay contracts, supporting revenue tied to contracted capacity. The company is targeting an in-service date in 2030. It said the expansion will serve demand from power generation and data centers in the U.S. Midwest. The project links transportation expansion plans to rising energy demand in the region.
TC Energy also approved the American Midwest project, tied to the Crossroads expansion, to expand the Northern Border system and add capacity of 1.0 billion cubic feet per day. The company said the project aims to support growing U.S. demand for power generation, including demand from data centers. The two plans place transportation expansion in the U.S. market alongside the Crossroads project, with its additional capacity of 1.4 billion cubic feet per day. More broadly, the company expects North American natural gas demand to grow by about 51 billion cubic feet per day between 2025 and 2035. According to the company, the expected increase is driven by liquefied natural gas exports and gas-fired power generation.
In a separate announcement in the release, the board said it approved a quarterly dividend of C$0.8775 per share for the quarter ended December 31, 2026. The company's shares closed at $62.61 on November 4, 2026. The dividend announcement coincides with the higher earnings outlook and approval of expansion projects. The announced plans include projects aimed at meeting demand for gas and power generation in North America. The Crossroads expansion is scheduled to enter service in 2030.