Generating solid results and distributions while delivering essential servicesHOUSTON, May 06, 2020 (GLOBE NEWSWIRE) — TC PipeLines, LP (NYSE: TCP) (the Partnership) today reported net income attributable to controlling interests of $88 million and distributable cash flow of $88 million for the three months ended March 31, 2020.“We are living in a world of unprecedented events with the COVID-19 pandemic front and center coupled with significant recent challenges in the energy space,” said Nathan Brown, president of TC PipeLines, GP, Inc. “The events of the last two months have underscored the importance of resilience and stability and we believe the credit strength of our customer group, fundamental market strength of our assets’ locations, and the substantial utility demand-pull nature of our long-term, take-or-pay contracted capacity set the Partnership apart and will help us to maintain the momentum we have built across our geographic footprint. Our businesses provide critical energy delivery 24/7 to ensure the most important functions of our country can run uninterrupted, even in the most challenging times. We implemented business continuity plans across our operations and continue to deliver our services with employee health and safety as paramount values. That is never more important as we, through TC Energy Corporation, operate our assets with a coordinated approach to maintain our critical operations, maintenance and growth projects. “Our assets performed well in the first quarter of 2020 and generated solid operational results,” continued Brown. “We experienced uninterrupted demand for our services, although this year’s moderate winter impeded our ability to sell short-term services compared to the same period last year.“In these unprecedented times, TC PipeLines is focused on maintaining the current distribution level and self-funding operating and growth activities. Accordingly, we see substantial value for our investors moving forward in the near term with an enviable suite of opportunities for growth in the long term,” concluded Brown.First quarter highlights (unaudited)Generated net income attributable to controlling interests of $88 million;Paid cash distributions of $55 million, including $8 million paid to Class B units;Declared cash distribution of $0.65 per common unit for the first quarter of 2020;Generated Adjusted EBITDA of $138 million and distributable cash flow of $88 million;No outstanding balance on our Senior Credit Facility;Received FERC approval to begin construction of Phase III of PNGTS’ Portland XPress project in early March;Continued permitting, engineering and construction activities on our PNGTS, GTN XPress and Tuscarora XPress projects; andContinued to progress North Baja XPress and Iroquois’ ExC project.
The Partnership’s financial highlights for the first quarter of 2020 compared to the same period in 2019 were:
Recent business developments:
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