TC Energy (TRP) 29 Apr 222022 Q1 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the TC Energy First Quarter 2022 Results Conference Call.

As a reminder, I would like to remind you, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now Vice turn President, would to conference I Wylie, Gavin Investor Instructions] like the to over [Operator Relations. Please go ahead.

Thank everyone. I'd TC and good welcome much, Quarter to First Energy's you you XXXX Call. like very to Conference afternoon,

other available developments our or and and the me and the on Executive joined Joel financial along company's Events other will Joel certain under Joining senior Copy our -- Officer, Officer; members Financial be will results Chief comments of and website section the some of within and Poirier, sorry, slide accompany with Chief Company. management our on in that are today presentation Relations François with today Presentations. will remarks President begin Hunter, Investor is team. today François our

we yourself from participate, opportunity two equal community. Following the with provide limit take to to the questions you investment to everyone that remarks, order In an questions. we ask will

this Jaimie member a of you're after If please the contact Harding call. media,

Before forward-looking statements to François include and subject important to today are uncertainties. remind our risks remarks begins, you that will that I'd like

For Energy more regulators Canadian risks information with see uncertainties, Exchange and and U.S. Commission. with the Securities securities by filed on the reports please these TC and

measures. certain this other earnings, other we such operations. comparable comparable and during are common to share, EBITDA and as refer measures comparable to measures Finally, presentation, will comparable comparable per from non-GAAP be earnings funds These considered generated

turn ability over not funds be operating information measures call finance Energy's they to François. to on may These additional its are to that, operations. by With to liquidity a As provide entities. and generate performance, I'll its measures to the result, comparable similar presented used other TC

afternoon, for today. everyone, good joining and us thanks Gavin, Thanks, and

the geopolitical of to quarter, and acknowledging Before we going those to humanitarian global experiencing are now. such to our And the expect I be thoughts crisis all immense here extend suffering. we our start right during call, by about want tragic happening talking results I events we're discuss who this

the Now of our energy within energy context security and the our industry amplified the needs. meeting role these highlighted plays in today's events discussion around have industry, important

well While still lower to world's growth America shift, day, that positioned Energy critical intersection transition exports North decade. that carbon a and XX% This the over American represents serious is the most peaked also will the the growth the Bcf a America. demand we LNG North security believe and XX.X expect energy and by at rather by also exports amount business is end while energy role obstacle now confronts of world natural future. we Bcf meets to of required. a in play it's global grow a the that that support to TC not to We're XX a securing a North transitioning of in LNG particularly year one day significant energy catalyst. an to supply of drivers energy geopolitical this in to transition gas a cleaner the

premier America's infrastructure assets situated export well Our to North to connecting basins critical energy are LNG support facilities.

approximately significant network. pipeline Now Energy our through XX% player, is already exports apportioned extensive connecting a LNG U.S. supply TC for of

the for to and LNG our Going of fair win growth the compete expect share forward, we in market.

We projects. and to of potentials continue new sanctioned evaluate portfolio our execute expansion

in Pass. Pass that to Grand deliver the will LNG And LNG our directly Louisiana Louisiana. January facilities months, this support in Phase the and terminal. Calcasieu connects our already of Chenier coming deliveries service have be in X to project, two which fully year, in Sabine expected volumes XPress XPress to started project is example, For to we pipelines new service

Alberta support XPress just the the this on we've more in facility XPress supports Azul our finally, LNG-linked project, project on Louisiana. North Lateral project LNG The X system Baja projects. facility Phase And the will start. three into our XPress which with Now And Pass. ahead proposed of East Costa will Plaquemines addition, is to move Mexico. proposed approvals The Sabine the Columbia deliver recently also in received West Gulf Coast

are our Our the a the solvers, I And operationally, of safe, warmer-than-average gas record never market. LNG PNGTS GTN. it the natural performed solutions this of secure saw The daily energy average including Bcf XXXX, well tremendous winter U.S. of challenge. sendouts we energy it contributed problem Canada. And now. trends network similar to the season, off first pipeline sustainable and and top, world quarter. and to versus daily X% needed said system, delivering an that record company to for services stronger, flows extremely day, for up the Bcf to underlines volumes we Gas, never January. LNG our nearly unparalleled has XX today, the address way is and the Columbia does the quarter on XX has saw of demand to growing critical a in opportunity including supply have we the first system throughout our export in we delivery all-time This connect Like been assets Despite

highest day. since Bcf system XX.X on NGTL in averaged a demand Our XXXX Alberta record winter the was at

These additional is assets long-term are our capacity. that experienced system tremendous of essentially more results Mainline for the energy contracting and American reinforce in sold North quarter delivery the supply. out performance ever of Canadian Our critical

interest Coastal we recognize our of announce March, to historic in long-term to to We including reconciliation. one we advance We agreements projects, also In and portfolio include and opportunities, partnership of secured the ways enduring GasLink. signing the partners XX% of GasLink communities option can progressed Coastal economic indigenous project our this the corridor. relationships were the with proud developing is sell pipeline that limited indigenous equity across

every of and of final projects and Storage To to renewable Power's also the as energy duration cleared. the example, we of is represents use and to service solar lower approximately in cost supporting to to On construction anticipated as project exemplified to add for route goal make the mentioned we Storage, projects. program our carbon Power carbon MCR Power's with continue to and the spring progressing approach serve X reduce finalized X scheduled Overall, Bruce the XXXX. in energy In XXXX, with the complete power contracts is first advance kicked footprint Unit Unit mix MCR we the for reliable well is in enough completion of RFI we megawatts headway homes The and and Upon of over XXX,XXX our XXXX extension breakup. we schedule own Power the the will previously, Bruce completion, the front, continue low-cost And XX% step XXX% X in life next in the now begin expected ISO Bruce Company's operations, quarter own our off verified program. emission-less, with the Unit and business, year. MCR XXX energy program. megawatts life have be provide year. to extension and On date, X by X, as we for XXX Power Unit last and with renewables Ontario wind our March estimate to

to finalize contracts evaluate and continue expect additional XXXX. through in RFI to the We the proposals process received

have needed develop can and them. pivot and fuels also existing energy assets skills will to grid be power of the New to that we the future,

For hydrogen and developing long-haul serve hubs example, other pursuing uses. in economy, the industrial opportunities hydrogen we're to actively transportation

tons storage week, hydrogen day an per hub to we've XXX per produce our this a hub Crossfield would identified to location. tons of that the Just proposed potential XX estimated announced we existing with site hydrogen capacity day future. the in as The increase

joint into meet tons investment in lines and moving is successful. heartland opportunity constructed, end its industrial is fuel the the Pembina, next now from Carbon that Alberta's and fully ACG we XXXX. help entering their partner, venture was decision hub's carbon notice the XX It by COX of industries the the to to their vital anticipate serve industrial of significant evaluation a decarbonize Once and stage sustainability and hub development process, Our ACG an of play The customer government In to received carbon build aims cell to Alberta storage will anchor in with final the role Alberta businesses would March, long-haul our vehicles. our of annually, as proposal almost million operate emissions. electric We a have supporting XX% development lower a provinces Grid, and transport competitiveness and goals. Nikola, CCUS gathering of another joint the to into agreement. Alberta's economy. project a for of up operations sequester carbon Alberta's

will excellent The of growth. projects, transition emissions North hand, Keystone our strategy. an our existing refinery. There to is one innovate, from the largest Neches on America's the balance network between example our energy of the natural we reliability is And sustainable reliable, energy focusing stable energy and supply points are previously to help catalyst domestic security, sustainable for reach link also system. and source many gas for a regulated direct in-corridor to our while the Link pipeline Marketlink reducing increasing of provide mentioned, and project our a a to We're I hand, enhancing and opportunities on decarbonize other interconnectivity corridors. the of energy We're come. business. modernize As This decades solutions vital achieving to are capital-light Port system enable the access and pipeline on crude expanding identifying delivery returns maintain and while and developing

of example a that of this USA into on week intake hubs our where Gas contract an is Green We're transportation in-corridor would renewable capital-light systems. collaboration to for earlier announced investments our expand gas. the natural Another development we entering of RNG strategic initiative exciting

Ontario, Nikola Beyond also in and hubs and Hyzon. further energy pumped initiatives, Alberta with and in hydro hydrogen storage Oil production that, with Irving including projects progressing we're clean

years, approximately preferences. barriers recoverable As a levels the we be expected of historical in returns new of our $X areas each are high, set, result opportunity capital. And conservative sanction while to with the new next several entry to are because our to consistent billion to of maintenance including expect those adhering projects in rich risk

you highlighted our further I've continue progress to I'm goals look on towards these first this the I priorities quarter. forward priorities. to year. we as towards before, providing achieving slide the updates made in these XXXX pleased advance throughout As we've with see the

a we challenges. enabling the the a providing all meet We in energy transition needs. right In play reliable these role to have vital an energy opportunity safe, ingredients while energy world that cleaner to the and incredible have secure to summary,

We have locations. a strategic base assets world-class in of

We have commercial, engineering and technical capabilities.

a capital culture innovation, strength discipline. we and have of have and financial We

to over to strengthen investors. few our and I and Thank first for more secure to results efforts tireless and our make energy Joel our long-term for community sustainable quarter you will will the continue deliver existing results. attention, stakeholders, customers, business for now turn Our on more time a comments and our your

Thanks, François. everyone. afternoon, Good

As quarter the a $X.X billion common billion, period but growing share attributable to the assets or share first period $X.X XXXX. $X.X François of from resiliency won't $X.X common $X.X meeting remind and were share $X.X net mentioned, earlier to $X.XX reviewing net $X.XX our million in $XXX per billion compared demand in quarter published continue same common and the respectively, income I for Comparable both the to energy. first quarter highlights XXXX. shares the deliver for lot were compared funds and of $X XXXX. loss the in or billion per today, in per compared results for operations comparable $X.XX criticality results time strong was earnings share generated to same our This we in spend you footprint. or $X.XX asset billion of I'll today the EBITDA billion or the a reliably and billion first that to per Comparable while

charge related First Lakes quarter or tax per a Great and $X.XX income or tax the in settlement assessments $XXX principle in impairment expense included $X.XX million million Mexico. to after-tax results prior share for per share to income goodwill $XXX related year's

shareholders. to items as first outlined the discussed quarter our specific further and XXXX in quarter included XXXX also slide certain report on First

As comparable EBITDA $X.X five was few ago, First quarter billion. operating units moments from mentioned a our

details more find can variance business each explanations our financial highlights You release. unit on the for and

of Sur Mexico Pipelines Pipeline's Gas comparable flow-through So I'll partially primarily XXXX. U.S. purposes expenses U.S. declined by mainly Texas This increased Canadian result gain EBITDA and realized marketing the from February activities, primarily calculated revaluation to depreciation on the income due to deferred Gas a on Pipelines tax lower dollar-denominated just the offset loans. a storage Canadian principal a Natural foreign of as NGTL Storage comparable de reflecting to Pipelines due as decreased on was decreased on Mainline. to flow-through Natural result Gas margins liquids in Natural a lower from EBITDA and a lower comment rates earnings higher few tax seen due Liquids of Gas Mexico system. of effective and higher exchange for result Columbia transportation mainly EBITDA increased lower comparable changes Power a contributions volatility year-over-year. quarter. gas due as spreads, increased depreciation the income EBITDA X, comparable natural

a Mexico As and naturally EBITDA of U.S. hedged forward quarter, pipelines. the And our exposure a $X.XX U.S. U.S. gas reminder, Canadian of to a dollar-denominated period is rolling translated streams average our amounts the an exchange managed and part, dollars the actively note, are, which residual dollar-denominated revenue This U.S. similar included income in is as the below in dollar-denominated in on rate with first same in three-year basis. in pipelines XXXX. we the liquids majority our natural using

U.S. and XXXX, settlement. Gas Canadian for Now, reiterate depreciation being Pipelines, on tax the a in to partially in few lower Natural earnings XXXX, I our take XXXX. the in offset Northern from of timing I line compared moment lower the Depreciation and differentials adjustments to of largely included NGTL spend higher rate to a certain facilities tax at the fully offset taxes. portion and Mainline Ontario primarily tax want were system rate will of earnings due and first adjustment, the to flow-through foreign a U.S. in expense state Gas quarter opportunity related decreased primary Columbia that depreciated to below the by case to service placed expansion the highlighting by due due the amortization for outlook comparable partially decreased mainly variances Income to EBITDA.

comparable higher We expect per modestly in be XXXX to comparable consistent earnings EBITDA last to with be share year.

expect this due is XXXX to primarily spending, weather we labor on initial In NGTL to costs invest conditions, to billion regulatory materials, up terms approximately factors. The billion. $X reflecting pressures our and $X.X is of of capital relative and year. higher system, This outlook other additional the for inflationary increase

assess We capital for market to in of continue on cost work impact changes overall construction XXXX and program. developments mitigation COVID-XX our conditions, the and further strategies projects our to

extension projects, normal natural focused system and Bruce on course the expansions, maintenance Our program XXXX primarily capital is NGTL capital. U.S. gas pipeline life Power program

in of over funding This forecasted of illustrates our including total updated left uses graphic for and expenditures, capital program. $XX three dividends projected column, XXXX sources requirements be and $XX maintenance to $XX reflecting funds Turning our years of through the the billion, to are XXXX. our billion capital Starting approximately billion.

we of depicted recoveries. Today, expect of diversified generated second historical cash a program, and right XL risk internally of capital our billion, project consistent preferences. with billion are and combination billion, flow return The highlights need far $XX residual expected leaving Keystone a that approximately $X hybrids advancing we fund through $XX column incremental in commercial debt, column the our paper, to

IRR focuses of growing emissions service our to Importantly, our projects program and aimed projects underpinned and alternatives. them of low-emission not deliver average after-tax long-term energy approximately carbon-free expect on weighted but at we our core unlevered or only also business, in capital These offering modernizing a are and X%. regulation, reducing by contracts, cost advancing

of approximately will not contracted And Given remember, we assets in continue growth are of our and regulated into placing similar X% XXXX. ability service to deliver our that assets. long-term position of expectation from to through growth be XX% EBITDA our come $X.X to confident year, opportunity-rich linear. of and EBITDA will today, billion this But

Looking and our This expect enhancing capital and X%. program our to strong provide annual approach at return sizable is base performance the profile to we historical our while strength with plans, rate our consistent average flexibility. expected capital the risk-adjusted conservative organic fund share an business to and our continue growth to is financial allocation, to of capacity at grow continued common X% our to dividend of

by in Now expect per and growth growth the share coverage to cash always, ratios. earnings dividends we strong and in sustainable support as flow

So ahead. when we look I'm excited

of track have shareholder We average XXXX. total a record XX% return since

billion to $XX fund equipped program. our well are capital We

We to enduring financial we years, maintain solid common Q&A. Gavin remarks. to the consecutive on we back XX will and pair increased in of you'll my for financial turn now the delivering and This us. business potential capabilities, for organizational will the model have continue with our allow our flexibility environment position. are superior shareholder you opportunity-rich dividend our long-term to share over prepared our call differentiated When that and us footprint unmatched value. our the capitalize I'll That's before see end

Thanks, Joel.

it ask a to I Thank So two community, the the just yourself questions before to reminder, just we conference please. for investment you limit from that over turn coordinator questions, you.

Thank you.

comes session. begin question-and-answer We Instructions] now Please the ahead. first will The from Ezergailis with Securities. [Operator go TD Linda question

that in or potentially chain with to it. know there and out expectation dynamic in focus are that you place to directly you're we'll probably need what export factors North wondering, your about to NGL exports actually facilities. all value And transition, to indirectly but what will of But pivoting transporting for in also of down natural already I in we're thoughts more exports? to and just participating liquids LNG environment involved this export see support now, get your move other America be would right gas energy facilities? accelerate, the of exports I'm was this trend, And a already that hydrocarbon Very on is

proof in some we're provide it's market. Linda, on ask seeing François. and LNG export I'll started, the points get Stan to I'll what

transition between forward in balance additional better remarks. alluded all, -- we a -- of I has energy opportunities security my prepared balance and of brought The as First energy quite you're right. to

of LNG we of have -- down scale about value as have in LNG as natural commercial area. that LNG as past participating the recent and participants from in mentioned, various well area. an exports see chain involving market XX% as We in customer. the enjoyed benefited trading serve interest equity that LNG in aggregate supply who marketing have marketing demand and growth And exporters global with owner not -- significant as facilities. I sources, the in recently from We large considered that capabilities as a We've a gas

for So LNG our their expansions. there's that Stan perhaps of the plenty points. for facilities in with needed gas is us some growth supplying view ask their proof I'll to And provide opportunity here

several Linda, could this a he a for approved amount projects. our In three going to over million things weeks, Stan. X.X think can. of address I that as I to to and day, to so on and focus speak. online could LNG target-rich Bcf kick address then $XXX side. FERC, of just past aggregate, the LNG we over as safely we're in as is the side, the capital and a NGL the that environment, and getting quickly a they bit export-related Bevin investment us, I'll do we're capacity

Columbia And that it's built Permian ultimately has the Appalachia Gulf we to Point see million are to XX our Coast the facility Gulf than $X. our Azul network system specifically you our expanded, Haynesville directly our would transportation likely has facilities. the the these believe, system. Basin. XX the a with rate build also everywhere. you're in infrastructure But LNG has then gas there's range, to Coast on our And $XX the all their $X XX last-mile from Gas as while systems well. and bring rate I'd I Ukraine flows, natural leverage can of lastly, but Coast war of footprint to you the of pipeline advantage or for $XX we are interconnect question. as some do, ever pipeline tons currently Asia a to our just if Appalachian competitive extensive more to we Coast, again, and Columbia will a Gulf the LNG that Secondly, If more respect were the new pipe south take contracted example, XXXX, in on Coast the I Gulf to and an Gulf we they capacity is looping the pipelines prices for to is traverses expand -- that X the gas the that opportunities the I with our from Cove can built the to where on East is Coast see Instead, the to from and of a have Permian, those compressed of just out shift that caused Permian existing gas a Texas ability where, for tons, to Louisiana, expanded for that incremental that down further the But fully with north Baja fundamental that may the in Europe allies this have line North Costa a West Gulf If fully our million to of think if where out keep likelihood additional the AR pipes And way it leverage we existing Columbia not facilities the line do states, facility the which in And connectivity. out source would you'll to Coast ability directly the about have capacity generally likely to well to Louisiana as for clear note just we incremental to can where the advantage footprint. gas discount and going and given further Gulf are don't WB demand reach there system remind Coast European LNG facilities not respect XXXX market. transportation expand

of it things. NGL kick So I'll to that, the with to side over Bevin about talk

Linda. Thanks,

with On I'll the side, liquid system. oil our liquid go first

respect connects Western through and Coast, down Canadian additional additional footprint for corridor, Gulf and know, actively we're expanding has we've it affiliate you NGLs To do time, and in that businesses, experience to as though, into strategy marketing are to be address are our From have, opportunities evaluate asset or Tidewater pushing advancing Sedimentary our part those fit. to still time towards. points a that With classes access different products, that into team customers. whether any Both refined very delivery looking a we're would refined and points pursuing expertise and we our on NGL products not different the includes that markets. for not type portfolio. of brought to strategic in so, the they that at Basin at We export this point, capital

Maybe helpful That's things. on airtime, maybe update be areas. a follow-up one get just might a about you're not question, initiatives smaller I'm scalable to of that a hear how lot your but as interested maybe of could very thinking other into

locations the And power operate Your initiatives urban there? such in that might be TC involve? about picture what oil beyond us other a paint decarbonization what Energy initiative. generation would Can might facilities And you possible?

to Corey. Over you,

Hessen. This Corey is

I think the with renewable Oil about being think able when side of our -- the the starting energy. we businesses are to deliver obviously core opportunity, we and Irving power power

to best use that about American forward. and our many hydrogen us of strong opportunities, forward, them partnership their North our about assets how going another create oil with they think opportunities And footprint. as Irving with built Moving apply other for across opportunity we a talked we have will as with

-- think little all about for of technologies a it a think we evaluate bit fashion. an we in to is but like of that systematic our a us a creates road, opportunity longer that, it as So emerging

Robert ahead. The RBC from Kwan Please Capital go Markets. comes with next question

call If start last focuses can inflation. I with OpEx. on The

here increase to plan specifically cost increase, I is just ask and contractually cost a earns rate capital? this what off it the base on for all or CapEx NGTL has regulatory recovery about your where return of So CapEx. And backed? Generally, just wanted percentage either entire

here. Robert, take the Yes, question. it's Joel I'll

look and along projects, the pipeline there, our Pipelines, along with really first, major that program It's TMX you is gas at worth natural and including of That's all obviously it other CGL. when all for now right Power, competing Liquids Canada. noting with our unique Bruce time So U.S. project expansion on those it's footprint that remain in particular. labor, MCR two in budget. NGTL Western projects on the major is in projects

seeing and COVID materials as regulatory with ensure on result, we delays, So conditions, our labor to related in and, increases cost to workers are the slowing a that times, are weather work at pressures addition along to inflationary safe. down

So you're to result, as NGTL the system. that a seeing are primarily costs related

working keep to low possible. meet It's important our our as needs. are We as customer to tools

full So we're looking those any mitigate a Mainline, NGTL costs you the costs, associated of return Canadian as to ways to similar these But and costs. on system, a with earn those reminder, the capital for projects.

what mechanisms? percentage on all do projects, like recovery have you do Okay. And cost you those even though you're -- pressures other seeing not

clarify? projects, to the For other Robert, just

Yes. Yes.

turn Power. Stan the Maybe and Bruce any Corey for to U.S. It side maybe then I'll had to if over all over on you depends. it commentary

our this the specific a vast don't covered growth Robert, projects for is vast contractually. say, a percentage would -- have Stan. but you, underway, to I are respect that majority majority I With are

we're will customers. have the It's We recover capital for investing. be mechanism agreements sharing able into some with precedent us to very typical our to built sort cost that of our

is X Bruce completed, MCR Corey XXXX to know, be Hessen. going Yes, Unit to inside regards Power, early XXXX. of don't or Robert, with I

costs. X very MCR, materials for services, -- of So low no MCR, inflationary excess are for both Unit have fixed additional in there's risk fully and services already both and that been contracted. materials and of XX%

for for impacts risk well. that of limited as MCR those see we So units program inflationary

about talk you are recover more how Coastal can got now to mechanism still just you to on Got have And of Or GasLink, moved if be you've the timing, it. over finish costs? are you And Like update negotiating in of around would I where an with discussions? you the that? nature great. that

Specifically, agreement. go going you're strike of decision does matter when on Canada's terms LNG in how to no-go expansion an or much

customer our really is Bevin. So also LNG Robert, now of safely delivery LNG very facility. focus resolving But is deliver the dispute right with with working this the of project to towards prime our right now We're ahead Canada. quickly. the We're and the aligned

resolve Canada, from Bcf. to a path of So in move as put it's we'll X, opportunity, of the a ourselves fairly delivery agreement here basin sedimentary Canadian Phase great focus but to a a the negotiation we the will on export reach Western Bcf forward. With respect update as shareholders and to quickly, we basin the optimistic for north an X that LNG out I'm that position could to our X not only also see scenario the day us

decision, the that of of though, front. hands for LNG clearly in decision terms a that investment preparing final in customer, Canada, on So our is

The comes Ben Please ahead. go with next BMO. Pham from question

of on that, question you First how current share had. is way lose? that these at that to that today share? out you've XX-plus to able your you commentary your LNG projects positioned Bcf you as at market footprint are least look may positioned the Or be and visibility a enough a you've look market you When you the day. mentioned Do XX% have to maintain

day And that two approved that to market over or that is or only think a X.X grow Not maintain a Stan. Bcf scenario I when X three construction years, projects under but the you now, share, capacity that have, see next our adding on is we're terminals share. LNG you this if a we we're look X, going that fit's the other the FERC I Again, do systems. X the at look of market to Bcf day maybe to we're my going another could at are opportunities where right expectation Yes. the that of

that reason use to that numbers the you projects, opportunity? it is the assume CapEx to And to gauge those be can

clarify I'm question, your you could sorry. Ben, sorry, please?

Yes, sure.

-- numbers that you CapEx the the Let's we just gauge $X moving you've three billion. projects to opportunity? forward, investment have capital It's Can those as examples take attached.

million all They're Yes, $XXX $XXX to sense. to way very if build it Gulf type to the be we make with Coast. million, pipeline advantage a expansion good to the new a from yes, we're going the But really to $XXX Appalachian going $XXX million, our example leverage going the depends. that extent million, footprint, not would competitive we're existing the these have

follow-up then the Do a matter great. you to you That's projects it need that agreements? that? a LNG that project, that's -- $X Okay. more mitigating potential looping start that's price And Columbia. of mentioned Or about is on of talking on price, the just my project commercial some

I $X basically given to show it was for example that cost that using $X the high for not And price shipping be overall within today $X the an example think stack -- what you an and a as at look high an fits regas, is the the in-the-money in. and liquefaction, Again, rates cost we transportation like. it's for when as $X may environment we're proposition. the

question, the consider robust contracts. greenfield are new And expect shippers pipe Appalachian allocate the willingness that just typically where that way to Ben, for supplement given bit producers in the we you're our capital next going And a little the in with remain do long-term as ship-or-pay conversations Basin, I hear That's to environment robust usual, strength price several of seeing things, because we years. with on to we the contracts. the

next question Please comes The Robert from ahead. Scotia Bank. go with Hope

projects? assume can see these in I this And to of secondly, sharing U.S. when some of a idea into other that margin want with earning that commitments an to switch bit it Keystone Is it? plan? renewable ownership business kind going included and we secured you your capital guess, projects gears on this only you're the to for take it I capacity parties existing that eventually, or for. the be move do over a put in little And in would the you

level, Robert, detail. ask provide it's to Corey then high François. I'll some start a at and just I'll

in we we in very neighboring last incremental our own the successful As aggregating our load quarter, at were mentioned pump stations. to demand areas

the in as And so gradually up pump projects, demand stations various as well specific load a from is of the meeting as specific we're those contracting combination it areas. aggregated

we bit as towards And add contracting of goal a And our more overall of of volume gradual Corey, see a so there. you to can up you color for over gigawatts. little two-plus those both

Francios those serving very are set you vast the on we of of François. customers internal for about that corridor we load are serving our our point not Thank load, right are much, there. is we think across but Robert. America. assets way who was it in The only North

of secure those François own capacity across contract our gigawatts own to total our parties X stated, renewable secure to internal And third And to and XX% and phase of customers available through approximately then resources is goal, with additional of resources. footprint. X parties, party opportunities our so our our those then as gigawatts, of second have next and

the question we solid to where, continuing and are you follow-up we the we our progress end by feel a two year, those we have goals. ownership. outlined about very So date, also schedule the met that on earlier, of should Robert, asked about

capital for our these in third-party that partners the across approach assets be Thank with for desires. an partners our you. opportunity which these regularly for in own contemplated Energy we business project. of ownership TC of opportunity we investment co-invest who stack, owner include an goals CGL to our would our opportunity our also projects, we've make least which be as to footprint, opportunities well footprint the and participate mentioned, developed we assets to inclusive an of those renewable inclusive ensure to have is as As that not long-term have sense And to and it's our the for

of out. bit middle Robert, projects. And negotiations a number of on the to add commercial just to a in help We're little color of you

some mostly at acquire and that. of XX% part, And them the of most you of we'll us And looking we until our balance on that program interest in projects I get to between we going get our It aggregate that color as and and of most in XXX% in the those capital some we're bit XX% portfolio. expect into we'll get through can hold offer intention It's up. for the little reasons, But you provide to take year you at our in a is around timing deployment able may others we So the XXXX, Corey not detail. detail that to none with the being with mix be and for said. to once negotiations think equity more likely to commercial in until end we But late cases between. think capital be equity near the COD. additions overall But in somewhere development. before late-stage of some contract

of the And time. also look Is then list. just the cost system? a the clarification Or taking it's natural U.S. and at is a but -- follow-up. that bucket capital pipelines, just debottlenecking of has increased the window the In increased, you in project other projects new capital gas that extending kind added Have a The there? related?

KO We No. party we us have. going transmission and from million line going to to Kentucky to give third it future. into That's do acquire to in call Ohio Cincinnati, an a direct to expansions our about the We're with that related spend the the a $XX bolt-on markets additional opportunity Northern access that's project. acquisition

The next Tonet Jeremy with ahead. from go question comes JPMorgan. Please

want just NewCo bit I on to little here. touch a

done, you bit to factors decision and what there. at if bit this I kind just some think more it potential could in And in on the about little should your potential a little for the a something just of any evaluation how seeing a for this could that timeframe share about in wondering you be in of are comments, guess, play relates whether point? of could the As color Bruce we hydrogen, wondering, we're dive

that's Bruce of the And finish know, the to Power of position overall of capacity strong the the has the along in refurbishments overall their as the that an it's Jeremy, systematically as part units, of to as can capacity apply province. Power of regards province. growth program, new there all is fuel XXXX and creates opportunity their new technologies Bruce a to with Bruce plant, by Project the this Corey. creation and you growing technologies, is With investigating the efforts, additional for emerge Project of they and deliver being new XXXX MCR those the how the province driven for that that's virtue the sources to need

and will sort to the way these -- is the SMRs, allow technologies so evaluate position Industry Institute, a to I broad other And most time deliver systematically Nuclear about range them, they're looking think opportunities, of a province. programs their hope emerging through to of in to at other in the frame it hydrogen of XXXX that when be including

Got it.

hydrogen sum Bruce this is think it I up? pretty point, to at later-dated So

correct. that's Yes,

I so. think

to these of with apply to being able as program deliver a plant. it's entire to matter think got province. MCR upgrade program opportunities, being the a the I full they've experts and at plate process and the at the the with look them And information rigor and they

this one these the see done power-wise. this could. business, opportunity historically. have into TRP, you talked become of reactors wondering, on like really advances some over just for of could in at an the back oil the in just I'm more I'm TC maybe applied on We've to I coming ways and it. small think, NewCo involved bit seems to just the some if Energy down wondering there. more the other I past, Got maybe different in And SMRs. That's middle helpful. nuclear, maybe role the if And half than interesting point with of modular technologies things about lot a parts noticed and the a sands decade it focus of of decade, next have or feeding road be

you We and François. our with and relationships oil to commercial of power, think really steam needs have equally, oil technologies. the we really sands But the do. for is excellent context in it's producers. and Jeremy, Through Bruce about Power, use modular their an with case SMRs got reactors. When it small the sands for as we've the develop evaluate importantly, affiliation technical those I think expertise

than with a time the interested so I to We little which familiar the Alberta might market, provide have surrounding you're pursuing. Texas, dispatch and you're in think however, steam site very in if similar at our at to, energy into understand supporting of alluding infrastructure energy-only market we're there, power least all the And It's to From be bit structure view. needs. frame what that standpoint, a and something their how later is. to much we it

up. very lengthy costly It take to In a own years the its to expertise is five the Technology oil and purposes. and need view, producers up fleet that an still so operate sort of to in be license have a to buy our in process. common needs that. maintain can to do Just those sands getting technology requisite proven one would on they for operating

All take of going that time. to is

this as more we XXXXs. view So the of for an the half than the XXXXs second opportunity

bit a little Got thoughts you it. Got your there. Hopefully, it's earlier, see. Well, for but it. we'll all thank

with CIBC Markets. The comes Robert go Capital Please from Catellier next question ahead.

an change or solutions in risk what been change else? willing terms permitting allocation earlier energy whether And environment And I security. if the counterparties but LNG, back any to might anything in energy there has to accept address capital just want that's of to in the you required you're mentioned you other changes a you to on your appreciable there's be transfer are meaningful to maybe to market? these types can to pursuing? come there comments enable could And in project strategy, your speak of go some been

the requires Investor if strategy we be our our we and that And what that you has all-of-the-above many the permitting of would Yes. Robert, to all I validity Stan for Day that forms We of saying start, in with I transpired we've our Thanks, And of guess, Robert. back meet the LNG I'll some approach. experiences recently world's unchanged. seen I'll reflect security that FERC. We to transition were feel last to will confirmed is years. globally believers many get discussed at requisite demand. the strategy. parameters our look by that, and in energy started between on strategy our balance with for respects, the ask believe energy an on required and energy year, energy

renewables, do of profile they only same not gas, but lowest achieve the natural prosper. -- to billion our of have the we're hydrogen, to to otherwise we time, because possible industry emission $XX and CCUS also to pursuing alternate affordability, $XX order also program allow as at the for So reliability energy, or in comfortable approximately be on billion bullish allocating we're sources

front, new say of So, that has of that more on perspective, of as I frequency validation in increasing acceleration Stan in though really LNG certainly, the accelerated. bifurcated two infrastructure of terms it's conversations and our around a reflected, parts. would conversations from view, the pull

for the and is run, we to season? and long term. heating Western how infrastructure. reliance governments be Western which, it takes energy oil Russia about next as build the over in about longer-term there's And near years first the can done What help Europe's Ukraine Europe then do wanting The and the gas, we, reduce know, sanction on all is for its five to conversation

on permitting with the FERC. the reflect over I'll recent front, to to On turn experiences our Stan it

document that orders, a believe on. and its Yes. it's out the participation three and that you reversing And to actions issue the its we longer as congressional around course which seen policy, now applicable, pending various from are applications We projects of Robert, now part a early for making statement, policy policy certificate draft its such in for applaud are be statement may equal. implications and positive, into with familiar mentioned FERC comments FERC things draft ultimately with directionally are for to actually no which FERC's all the final listening really recent hearings that industry a that come François the of opposed you've rule. is the and

to remains like. what to respect United going be again, with in final for look It directionally is the however, new the need positive So, rule critically infrastructure to energy needed the States. seen,

the stakeholders properly we'll represented. with to that and our closely various work So sure to make monitor very interests that continue are

commentary on Canada. the provide perhaps in I'll some regulatory environment to Greg And ask

I Yes. Similarly, energy security stakeholders, with on lot of communities, regulatory a front local think piece. that momentum front, seeing François. we're from both positive the Thanks,

that East Coast demand, it that been the export coming Just need And more capacity a getting in when of of for peak kind for the and really, inter-province otherwise from and of the it's we're WCSB. reinforcing driving you seeing, otherwise, inbounds, reliability. look is whether levels of lot peak at there's ways gas we've out seeing Europe, looking

to figure add regulatory support a ways more help more make getting we trying are of as out we that try lot and to can process efficient capacity. So that we

I portend little on thinking increase potentially CapEx to was even just were GasLink And and was there you necessary to felt why you curious the commitment what bit loan higher -- Coastal than previously? -- -- it Okay. a higher

to loan that just billion. make Very had said similar Robert, subordinated Joel with funds sure facility. And in loan sure make Yes, we by for in subordinated a increase for place, to the just $XXX all funding place before to have credit this what in that there's it's facility the to million we for $X.X CGL do we project. quarter. have the order of It's We here. sufficiency

the be by expectation that, forward, billion the would increase facility, mentioned doing going $X.X credit by that higher. amount. I And same lower subordinated would though, Our to loan that the that

again, So temporary, did the being but facility appropriate view this have just it to we make that increase as funds project. we sure the to we fund

comes UBS. Brian question The next with Please from Reynolds go ahead.

open Maybe to about start off, talk the Marketlink season.

barrels? Cushing if Just far? export about a And seeing talk just capacity and Port given demand can maybe around U.S. bit and give so you're the color you interest clearly to and kind future market it Arthur Houston markets, for domestic and super more from more of demands Canadian curious little that demand

Glad Thanks. asked season. the sure. you open Yes, with

on an So ways have capacity example to this start latent the finding the -- is our to where new utilization strategy system. increase season Prior, open we of Richard by of This is way.

capital So, capital light, in this or case is this in through and core zero opportunities.

April X. reach crude in domestic enable mid-May, Port the markets and Arthur launched and It in Marketlink areas. an closes and open on season So Cushing the we going to to it's on Houston

Before a system. that pleased is. of with we'll contracts on we the with us the feedback, successful open based an committed the season, be market on quite response confident the extensively our worked I'm and And I'm we see that strong Marketlink understanding the gives in launch customers, which where had. we've we'll customer increase

a taken starting tank managing and North a way additional pull flowing doing the where adding that, on the see doing in Houston We're tool. and Coast. up and link spot all starting strategy I our pull mentioned. actively sure confident Coast. largest the that for increase extend heavies. to to for we're down that's think a the the That's future that Gulf Port comments increase to And And lot refinery. is increased we're And to system. of to down American Motiva's François bright system diversions the the result part our going I the refinery things of an around that uptick movements. different based we're are the that we've like that all the and about MarketLink as Neches Keystone a that fill We're marketplace. asked things we're system Cushing we're And very And to we're like barrels seen asset opening our terminal on we we Gulf to other Patoka, mentioned there's You his that, way demand going We've with facility. see Houston the to things to tool spot to in number capacity that light of manage position, volumes more make from going work

then color. to follow-up loan Great, maybe I capacity appreciate as a subordinated the And increase. the question

this While what the XX% the understand to gauge us project date needs potential GasLink at time, total complete potential could just spend been you to perhaps roughly on Costa Coastal the update this help there's time? us cost CapEx with know future no let project for at has GasLink for I

Yes, it's Brian. François,

contractual agreements disclose to what they market-sensitive information. as our have not We with customer view

fact the Bevin reach and our loans. be near and amicable happen relationship complete aggregation details. generally once to that an to the And additional we're a And of in the future. the linear between with we subordinated that financing XX% expect we'll provide customer, the hopefully, expect can here You -- project we mentioned, as we'll able solution

Sachs. next The Michael with ahead. Please Lapides comes go Goldman from question

that good neutral EBITDA. at impact growth. quarter would or of is that so, around Pipeline flat, bit earnings Canadian the I Gas around on mainline $XX have segment? flat Mainline. -- bulk was volume the And a one Canadian that look million. why so. the year-over-year I nuanced one quite And was thought a net that depreciation kind first make the year-over-year the I for segment just quarter why or assume million there -- of to not what just down comparable roll-off year-over-year the $XX for understand I first pretty earnings and If quarter at I But the imply EBITDA I sure want up if of

Yes, Michael. think and have And right from mainline. front. you Gas. quarter-to-quarter, consider is partially that tax EBITDA effects It there's some remember depreciation to is I that have Greg think to I Certainly, got Grant that. here and from offsetting But you that Canada the we moves also

I think to net the that see would net capacity a measure quite think And that the model we better income much income for will I as follow and closely you see the is our as and capital correlate that. business. in to you increased continue put ground, to continue and you

Got it.

but rounding spent value? slide then that. And mentioned guys slide, just know of relative is like funding that I today. Are you are fourth the need you your use of the walking you convertible you you the Joel, through I have to next amount XXXX of the if a and hybrids it's financing, financing couple at quarter fourth years? And the kind do look sizable the a bars, think when to of I of thinking -- When you all in showed time Or quarter in portion kind Okay. and error slide, I securities you did that XXXX enterprise how slide, two a bar? it of don't that think so in tiny for same it noticed good

subordinated always comprises it something look it's look that we at. always capital, Michael, you capital of XX% roughly When structure. No, our at

structure grows the it. with obviously, as subordinated balance capital the So grows, capital sheet of portion the

the we additional So, the as of as balance seeing as a -- growth of look we result certainly, sheet. hybrid couple we're over capacity next the years, see out in

share, we certainly in and the will in earnings down, we just that include component that metrics again, here, THE XX% move thought forward structure. an investors it make per order quarter it, and important our moving hybrids highlight our of capital line but at as it we for yes, to quarter, So fourth keep capped important was leverage that cash of didn't up with improving along the the this flow to in

Got it.

and appreciated. up follow offline. with I'll Okay. team Much Gavin

with Fargo. go next Satish The Please question Praneeth Wells from comes ahead.

know has your guess shipper feedback the very I I Bakken, the In production if growth some adjust what's weather, winter to strong. there's been far but outages been you weather, for so gas get severe project on point Bison production due been the in stop next years possibility the And few Northern Border? just do some the you Express project? just where more if accepting hypothetically, Bakken on at gas a constructed, think doesn't there's you

this Puneet, Stan. is

the day. noted and of minute alluded export day. for season in launch bids receive you And open The the up all I or week As last we XXX,XXX an did we as to some our capacity close open at season to for doesn't Bakken call last -- to tend another a of so. last our call, around is typical,

that could this Bcf would not now, point to of we're the I system. other supply don't gas commercially that Border a day sensitive respect the I into receiving share time. of XX% question, anything X about the at Bakken out with unfortunately, your of you So have that in be right comes With Northern

compete another XX% to supplies space north. of going from in the that there's come So against for that Canadian the capacity is that

filled So Once essentially competition for road. and is down just on. perhaps a a pipe signal up, gets goes the full, that another pipe gas-on-gas expansion that's the that little then

started in the last has at out now egress the months. just looking a to And then few Haynesville region. there's few pick And it. Got staying production U.S., up companies the of in building the

increase Do or is this on opportunities down to wondering, potentially have just ANR So you're Coast? that I'm as the CGT Gulf something any evaluating to capacity you well?

something out the LNG Yes. I'll we're is that not in not production different The from different beginning is Haynesville that It the of Louisiana back not from that Permian. the distance basin the to from Permian. terminals my looking to are is that Permian. go export in from opportunities different at. the with And growth The to respect remarks the the basin

the a the we systems, to I and lot of Columbia existing have there's lines our brownfield opportunity overlap expansion, it's So, Whether and there. greenfield Columbia A&R or the a on do with interconnect should say.

much So of top yes, very at something that's that minds. the is our

comes go Capital from IA question Matthew Weekes Markets. next Please with The ahead.

it looking talk just at then Just from talking about quarter looks the sort and bit to mind the natural marketing earnings timing commodity-related some here, of risk and gas little a on storage, like to liquids of some impacts management were some wondering, liquids there in factors that keeping I'm in activities. related EBITDA the environment you and to going on control subject if will these play factors you visibility results normalizing moderating these have progresses some we're the of factors forward your visibility of if on are lot any of maybe or year and for out have going how of forward. in, sort volatile these as factors a any

Bevin Matthew. and and commercial some proof do activities. Richard provide trading points. François. Thanks, I'll I'll marketing to We ask started, or undertake get It's

there's sometimes between the physical. financial the mismatch of a bit a and And

impact the until end quarter, next we're you And the between caught is the the of month, at the two one cost revenue quarter. the in if so not next which of the and see the impact might other of see in

bit what -- for of provide you see that our of -- as business. to year some can Richard, of you provide from the an example the maybe color rest So that. a happening then And

Yes, absolutely.

the quarter first So to on margin not other, mitigation. of pandemic business has the the seen and things one the the you on we've our with volatility prices then a crude the François as to that going and the between war end impact and really do in mentioned, couple specific the risk commodity right markets necessarily through. look Ukraine, there's way tremendous at And in

tight. first So the quite of all, transportation differentials remained

steep really Gulf in fact the So they that which we and the Hardisty marketing increase saw Cushing different that tight. differentials and be and between entity hubs, Gulf what margins our would for despite is very the Coast, stayed trading a prices, on flat the the between crude the sets Coast

tight a sets that so margin. And

Keystone the saw and due barrel exacerbates off In quarter. first barrel with further to month. a a in And following the transit throughout that, addition as the type receive times, system the we system onto you you that deliver the of differentials, backwardation the the to system steep then

as And $X so first we in as wide saw spreads at the quarter. the calendar points

Then around the strategy our that put compression risk commodities. on further we've So margins. got mitigation

deploy we financial a crude basis, the following disciplined the have when measures so hedge the timing crude, to risk financial this we exposure. And in commodity aspect month. minimize But sell on short-term purchase mitigation we our and then the place between

the so will we're timing over up is quarter. expecting what that likely next catch the And

QX then think XXX,XXX that, across mention what to expect thing and be day more that's of the the that decrease. though to anomaly, And flowing as that predictable. we've for to we of contracts, the we previous majority for be a the consistent excess I system, capacity. well, to One our things it's barrels We've to is southern try system, and consistent some our of note part entity. from we're because on the our so throughout already future seeing where would an saw the marketing the to and pipeline latent our in discussed And long-term the I'm is throughput Keystone to going continued I that's I And And suggesting that is in want seeing quarters two as year now we some business seen anything do in rest Gulf our system. been important our Coast quarters. not just think demand system liquids whole committed and increase I of that last doing we're have other business

are with pointed in just the generally to our our out line here. reaffirming What year, than higher we Joel be be confident to modestly it's our for where outlook EPS is and XXXX. why year Richard Matthew, in EBITDA last

I and the that. on really commentary detail appreciate the Okay.

Thanks, Matthew.

go comes with Kuske The Suisse. Andrew Credit ahead. from next question Please

spent Greg. And for for for I years an it's the time across be of fairly right from and Obviously, we've from of is of Stan robust lined certain some up volumes does portfolio the that that about to acceleration mean you DUCs, point activity and going in lot drilling talking in do certain now. they're over comes But question the guess no this to producer the just intended, submarkets opportunities health. serve, see or basins all at accelerating that time. pun upside but What you outright or maybe an returns? a

Yes. question. Great

at in in in Appalachian as bit If drilling Basin, about year thousand today, balance to it the going seeing is Producers gas capacity Coast. hundred capacity egress the there's put the be additional it little Gulf Daily transportation more couple think When that Gas this going I a Teco higher the about But success capacity, XPress and the is in seeing which right it have I that moment. do. clear a activity the way, their getting how increase, very our sheets, down critical That you'll Antero for means which to a we reinforcement Stan, chasing And their staying the think about are within service of compress their Permian. least They're their what are Buckeye the we project, further that was to seeing could that you ability not in see example, happens, forward, talking by ago. what and we're a up bring That's read Appalachian for the value we of we the of exactly do. I We're still of order. that's We're a in like and And to the things you're to there need see living do. Bakken. online and thing within likely short signals. think pool to for prices, into just Basin. day

are bullish. see So is to that value if absolutely, should capacity producer's back to and where it transportation to We're the that glad they be, we're brings. glad see recognize we health our the

And then maybe Greg. from

Yes.

is the do add. think the you. we're I'll have what here going seeing gas. of competitiveness the Thank to just Yes, that footprint back WCSB Sorry, the on I we unparalleled and

seeing lot a are the So of strength we basin. in

$X Day, the seeing capacity, that to we continue to near in growth that expect forward. fully from and $X back Q We our year November are we are guidance support to help going the regulated that billion side We of billion of the Investor operating business. a some provided on at

pure From I see growth migration, Stan. a producer on perspective, we As we supply absolute agree side. see the with expansion

the disciplined said, upwards in You in. in still we basin. here from are a But capital producer increase put XX% that very expect being seeing the do of capital community

should next maintain flows over the So especially we and on. we and to couple of see years, those CGL coming growth continue continue as see to LNGC

operational that, a is and drop an And this going the effectively to bottom the the and and And you question or of the capital line EBITDA is bit then down have then earnings. helpful. some building That's the I then, then where extension guess, increased maybe just do of where upon you that volumes and are mentioned and Stan, of looping this opportunities. compression enhances extension leverage

think ordering how that you do Just in your about business?

provide Stan François. then get and points. I'll Richard ask and some I'll to it's started proof Andrew,

on the two on the flow pipes enhancement we the was in and small our now Marketlink of on case talked the flow capital is efficiency existing it's learning. about Filadereas, revenue capital job our One talked in entirely the about in cost machine infinite already commercially initiatives where of on fill return throughput -- of Marketlink. ground the cash cash ground, ground. that's and and in And firstly, the about largely Day invested of talked in fill those return Filadereas through as and our to examples around increase case the Investor the of is is because incremental because things the assets, But we improving we

those got know on And maybe strategies. maybe, our where two leverage. great good you, to you Richard, an we've some examples Stan, again update can on ask comment other I and operating And are Marketlink areas. the then I'll of So, provide

Yes.

regarding just of part the So system. our Coast Gulf

now in the the used all originates flowing and lease way Gulf in down So a low our that barrel our is Coast at of Gulf and from liquids to typically is the pipeline Alberta that we're doing, that pull key at right more Things delivery we delivery for is Coast. at that accrued to are additional system strategy long-haul point looking southern into we're also on of increase lot and it -- system. to we into it's Marketlink are looking that either pull we that for can find to capital extra points Cushing delivers domestic significant options create a look that barrels so get through of And part can the it or can focus barrels a the receipt part toward increasing to the capital-light and Coast, that markets. so or more and the looking we points barrels Gulf bring is

earlier were that we've of a mention didn't into another recently I additional forward that entered Something example anticipating joint tariff some pipeline. that is we're seeing pull with

see we're way through isn't so by from volume. to that's a marketplace our I into market touched the could And to we Louisiana And incremental think going but necessarily as system, barrel be all Cushing currently able a well. that pull the adding

where just Keystone The it is other long-haul our mention system. place leave well should as and I

have where we're point through in the continue operations that We realize teams, the our confident field to that commercial point that in we back doing will in We be work and at We engineering on am our some still the our did just future, team, on some at open I we capacity. XX,XXX an that capacity future. with pipeline. in able barrels optimizing put season the work that to XXXX not of capacity. of delivered the marketplace put performance And on

And Andrew, this is Stan.

now on the segment. up real quick. North Just complete That to follow Lateral [indiscernible] and mechanically for both is

of with So I space lead complete thing couple the market, behind is to this discounts one innovation. the needed going things and the know likely would to And capacity, then increasing existing And less we're build value and portion critically we're is out things leave respect to really some I elasticity the some doing point to do here is respect discounts, see energy equal, we southern going we we're exponentially. have question innovation we're that all is And with of machine increasing glad your of the new is, We're less higher in infrastructure, guess given things of I would other to test you the us, optimization, of the headwinds around our to to learning. on I with have year. a have general the neat offered later in to pipe ground and around ability expect the to revenues. to things the going

pipeline, the to autonomous at us like pipe refer the a We our that as we're given day. the have to maximizing make tool use that of any sure out we intelligence artificial machine which helps value and learning

that's us dividends so for pay And far, well. beginning as to

Ladies further over go Please I If this at and Energy. please any questions, François call session. concludes gentlemen, are turn the TC now the question-and-answer Poirier. contact Relations Investor there Poirier. will Mr. to ahead,

ability return when a and look program are Thanks you consistent risk much. much key you $XX attention a be deploy you pumped to consumption, we're on storage, growth, appreciate responsible at very hydrogen, at I year for you our continue afternoon very and billion at $X historical time your look attendance. hydro Thank capital, you RFI billion confident own you look at CCUS, Friday. our opportunity everyone's look with LNG our to messages we recoverable a maintenance at rich our program, electrify our Look, at you mid look power our manner, to very when preferences. existing look to in beyond export in late

very businesses, not contemplate One here transport our valuable, and liquids hydrogen with key but that is we're we existing way, ground, extremely the incumbency is third becoming I of learning the is things in to assets gas and only then production as respect the increasingly to relationships, mention of cetera, want valuable. is having And capital et is COX regulatory important. rights thing sequestration, discipline all

the same grow debt-to-EBITDA to multiple business. long-term We going as deleverage about our X.XX. are time at we We of targets talked

be horizon. five-year Our our will expectation we within that planning that achieve continues to

can in bullish and on on bullish we be our also we're opportunity future. the opportunities for we're to opportunistic the So sheet set, balance strong so that ability maintain

much So today, your time everyone. for thanks very

call. This concludes today's conference

disconnect Thank for day. and lines. may have You your pleasant participating, you a