HOUSTON, Feb. 20, 2020 (GLOBE NEWSWIRE) — TC PipeLines, LP (NYSE: TCP) (the Partnership) reported today fourth quarter 2019 net income attributable to controlling interests of $76 million and distributable cash flow of $76 million. For the year ended December 31, 2019, net income attributable to controlling interests was $280 million and distributable cash flow was $340 million. “2019 was a solid, constructive year for our partnership. We worked hard to take full advantage of our existing natural gas infrastructure and to deliver disciplined capital projects, and as a result we finished 2019 in a very healthy financial position,” said Nathan Brown, president of TC PipeLines, GP, Inc. “Our commercial team succeeded in finding incremental transportation revenue opportunities across our portfolio, largely recouping the reduction in revenues that arose from the 2018 FERC actions. Although adjusted earnings and distributable cash flow were lower year-over-year, this was largely the result of Bison’s contract terminations at the end of 2018.”“We continue to execute on our growth projects. Phase II of Portland’s PXP project went into service in November of 2019 as did Phase I of its Westbrook XPress project,” continued Brown. “We announced our largest-ever project last fall, the GTN XPress project, which we are progressing and expect to be fully in-service through a multi-phase construction process by November 2023. We’re also proceeding with an expansion on our Tuscarora project as well as the final phases of PNGTS’ projects. As we’ve announced previously, we see continued potential for organic growth on other systems in our existing footprint via compression-only expansions. Iroquois’ ExC project and the potential North Baja XPress project are good examples of this type of responsible expansion and development. We continue to build a strong and diversified asset base of strategically located assets and believe that this strong foundation of sustainable energy infrastructure will deliver unitholder value well into the future.”Full year and fourth quarter 2019 highlights (unaudited)Full year highlightsgenerated net income attributable to controlling interests of $280 millionpaid cash distributions of $189 million to the common unitholders and the General Partner and $13 million to the Class B unitholderdeclared cash distributions of $2.60 per common unitgenerated EBITDA of $460 million and distributable cash flow of $340 millionreduced long-term debt by $106 millionannounced the approximately $335 million GTN XPress project in November 2019 which will transport approximately 250,000 Dth/day of additional volumes in late 2023announced $13 million Tuscarora XPress projectsuccessfully concluded binding open season for North Baja XPress project in April 2019 to transport additional volumes of natural gas along the North Baja mainline systemreceived approval from the Federal Energy Regulatory Commission (FERC) in July 2019 to increase the certificated capacity on PNGTS for Phase I of its Westbrook XPress projectStandard & Poor’s (S&P) upgraded credit rating to BBB/Stable from BBB-/Stable in July 2019Fourth quarter and other recent highlightsgenerated net income attributable to controlling interests of $76 millionpaid cash distributions of $47 milliondeclared cash distributions of $0.65 per common unitgenerated EBITDA of $119 million and distributable cash flow of $76 millionplaced Phase II of Portland XPress and Phase I of Westbrook XPress projects into service on November 1, 2019filed an application with FERC to authorize the construction of the North Baja XPress project and the Iroquois Enhancement by Compression project (ExC Project) The Partnership’s financial highlights for the fourth quarter and full year of 2019 compared to the same periods in 2018 were:(a) Net income (loss) per common unit is computed by dividing net income (loss) attributable to controlling interests, after deduction of amounts attributable to the General Partner and Class B units, by the weighted average number of common units outstanding. Adjusted earnings per common unit is computed by dividing Adjusted earnings, after deduction of amounts attributable to the General Partner and Class B units, by the weighted average number of common units outstanding. Refer to Financial Summary-Consolidated Statements of Operations section of this release.
(b) Distributable cash flow, EBITDA, Adjusted EBITDA, Adjusted earnings and Adjusted earnings per common unit are non-GAAP financial measures. Refer to the description of these non-GAAP financial measures in the section of this release entitled “Non-GAAP Measures” and the Supplemental Schedule for further detail, including a reconciliation to the comparable GAAP measures.Recent business developments:
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