TC Energy: Discipline and resilience

Research evidence excerpt

TC Energy: Discipline and resilience

Equity Research

North America Midstream and Refining

15 May 2026

TC Energy

Discipline and resilience

Our multi-city NDR with TRP management shed light on the

company's low-risk growth framework, involving brownfield

expansions to support major utility customers. We wait to see TRP.TO/TRP CN OVERWEIGHT North America Midstream

and Refininghow commercialization and execution proceed from here and NEUTRAL

Price Target CAD 92.00

continue to monitor developments related to Bruce C in Price (14-May-26) CAD 93.59

Canada. Potential Upside/Downside -1.7%

Source: Bloomberg, Barclays Research

TRP has undergone a clear transformation over the last ~2 years, emerging as a more

North America Midstream and Refiningdefensive and simplified, dry-gas name on a credible path to appropriate leverage. With an

Theresa Chen, CFA

irreplaceable asset network located along key corridors of power demand (e.g., the

+1 212 526 7195

Midwest), and visibility toward greater balance sheet capacity to support incremental theresa.chen@barclays.com

growth over time, we think TRP is poised to capture fundamental tailwinds for gas BCI, US

infrastructure at an opportune moment.

Eve Abraham

After painful lessons learned through previous large-scale and complex projects, TRP +1 212 526 7805

eveanna.abraham@barclays.comcontinues to lean into a much lower-risk approach to expansion: building laterals off

BCI, US

existing trunklines. Now that TRP has demonstrated its ability to effectively execute on

this strategy across several, relatively small projects, the company is beginning to test the Kelsey Zhu

waters with slightly larger, multi-phase opportunities, including the recently announced +1 212 526 5146

kelsey.zhu@barclays.comAppalachia Supply Project (ASP; US$1.5bn).