TC Energy returning to its roots

Leaner North American midstream behemoth looks to strategic success with renewed gas focus

Francois Poirier, president and CEO of North American midstream giant TC Energy Corporation, said 2023 was one of its “most transformational years” during the company’s fourth-quarter earnings call in February. TC Energy reached mechanical completion of its Coastal GasLink pipeline, shed billions of dollars of assets, and announced a plan to spin off its liquids pipeline business to regain confidence of investors and credit rating agencies spooked by its high debt load—caused partly by massive cost overruns constructing its newest pipeline. The projected cost of Coastal GasLink—the first new route to the Canadian west coast in seven decades and the first to directly ship Western Canadian gas