Mr. Francois Poirier reports

TC ENERGY REPORTS STRONG THIRD QUARTER 2023 OPERATING AND FINANCIAL RESULTS AND ACHIEVES MECHANICAL COMPLETION ON COASTAL GASLINK AHEAD OF TARGET

TC Energy Corp. has released its third quarter results.

Francois Poirier, TC Energy's president and chief executive officer, commented: "During the third quarter, we made monumental progress on Coastal GasLink and have achieved mechanical completion ahead of our year-end target. The team's exceptional safety and construction execution on this challenging project means that we have reached 100-per-cent pipeline installation, including the successful hydro testing of the full 670-kilometre pipeline length. The project remains on track with the approximately $14.5-billion cost estimate."

Mr. Poirier continued: "We are also delivering on our 2023 strategic priorities, including strengthening the balance sheet with the recent receipt of $5.3-billion of asset sale proceeds that will be utilized for debt repayment and funding, along with maximizing the value of our assets with the announced intention to spin off our liquids pipelines business. Our focus on safety and the reliability of our assets continues to deliver strong year-over-year growth, and we remain on track to deliver a record year for 2023 comparable EBITDA [earnings before interest, taxes, depreciation and amortization] despite macroeconomic headwinds."

Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted):

• Delivered approximately 7-per-cent comparable EBITDA growth of $2.6-billion in the third quarter of 2023, compared with $2.5-billion in the third quarter of 2022; segmented earnings were $600-million in the third quarter of 2023 compared with $1.8-billion in the third quarter of 2022, largely due to the after-tax impairment charge of $1,179-million for the three months ended Sept. 30, 2023, related to TC Energy's equity investment in Coastal GasLink Pipeline Limited Partnership;
• Third quarter 2023 results were underpinned by solid utilization and reliability across the company's assets; while the company's natural gas pipelines business does not carry material volumetric or price risk, strong utilization rates demonstrate the demand for the company's services and the longer-term criticality of the company's assets;
• NGTL system receipts averaged 14.0 billion cubic feet per day, up 500 million cubic feet per day from the third quarter of 2022;
• NGTL system daily receipts reached 14.6 cubic feet on Aug. 6, 2023, the highest single-day average on the pipeline;
• U.S. natural gas pipelines LNG (liquefied natural gas) deliveries averaged 3.1 cubic feet per day, up 1.4 per cent from the third quarter of 2022;
• U.S. natural gas pipelines business achieved a new record of deliveries to power generators of 5.2 cubic feet on July 28, 2023;
• Gas Transmission Northwest (GTN) system achieved an all-time delivery record of 2.96 cubic feet on July 25, 2023;
• Keystone pipeline system achieved 93.7-per-cent operational reliability year to date;
• Successfully completed two open seasons on Marketlink, supporting the sustained demand for Canadian crude on the Keystone pipeline and Marketlink systems;
• Alberta cogeneration power plant fleet achieved approximately 98-per-cent peak price availability;
• Bruce Power achieved 94-per-cent availability and successfully completed the Unit 6 major component replacement (MCR) within budget and ahead of schedule.

Third quarter 2023 financial results:

• Net losses attributable to common shares of $200-million, or 19 cents per common share, compared with net income of $800-million, or 84 cents per common share, in the third quarter of 2022; comparable earnings of $1-billion, or $1 per common share, compared with $1.1-billion, or $1.07 per common share, in 2022;
• Comparable EBITDA of $2.6-billion, compared with $2.5-billion in 2022, and segmented earnings of $600-million, compared with $1.8-billion in 2022;
• Reflecting strong year-to-date operational and financial performance, the company now expects 2023 comparable EBITDA to be at the upper end of the 5-per-cent-to-7-per-cent outlook compared with 2022, while 2023 comparable earnings per common share are expected to be generally consistent with 2022;
• Year to date, the company has placed approximately $5-billion of projects into service on its natural gas and liquids pipeline systems, as well as the Bruce Power Unit 6 MCR, which was declared commercially operational on Sept. 14, 2023;
• Placed the lateral section of the Villa de Reyes (VdR) pipeline in commercial service;
• Placed substantially all assets of the NGTL system/Foothills West Path delivery program into service on Nov. 1, 2023;
• On Oct. 4, 2023, the company successfully completed the sale of a 40-per-cent non-controlling equity interest in Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC systems to Global Infrastructure Partners (GIP) for total cash proceeds of $5.3-billion ($3.9-billion (U.S.)), which were directed toward reducing leverage;
• Coastal GasLink has achieved mechanical completion, ahead of its year-end target, and the project remains on track with the cost estimate of approximately $14.5-billion;
• The Southeast Gateway pipeline project continues to progress to the company's $4.5-billion (U.S.) cost estimate and schedule; land rights and rights-of-way negotiations have closed and all critical permits for onshore construction have been received; the company is advancing construction of onshore facilities and landfalls; offshore engineering is complete and offshore installation expected to commence prior to the end of 2023;
• Approved the Bison XPress expansion project on Northern Border and Bison systems that will replace and upgrade certain facilities and provide production egress from the Bakken basin to a delivery point at the Cheyenne hub;
• GTN XPress project received FERC (Federal Energy Regulatory Commission) approval to expand the GTN system, which will provide for the transport of incremental contracted export capacity facilitated by the NGTL System/Foothills West Path delivery program;
• John E. Lowe will be appointed as TC Energy's board chair, effective Jan. 1, 2024;
• Progressing proposed liquids pipelines spinoff with the announcement of the board chair and company name, South Bow Corp.;
• Declared a quarterly dividend of 93 cents per common share for the quarter ending Dec. 31, 2023.

Chief executive officer message

In the third quarter of 2023, we made significant progress towards our 2023 strategic priorities that include safely executing on major projects including Coastal GasLink and Southeast Gateway, bringing other capacity capital projects into service, accelerating our deleveraging by advancing our $5+ billion asset divestiture program, and continuing to maximize the value and performance of our assets through safe operations and reliable service.

Project execution: Coastal GasLink achieves mechanical completion, while continuing to advance Southeast Gateway

We are pleased to announce that the Coastal GasLink project has achieved mechanical completion ahead of our year-end target. In October, the project achieved 100 per cent pipe installation following the final weld at the base of Cable Crane Hill. This monumental milestone includes the installation of all 800 water crossings and the successful hydrotesting of the full length of the 670 km pipeline. Achieving mechanical completion allows us to safely commence the introduction of natural gas. With the most challenging work completed, we have substantially mitigated the remaining risks associated with the project, and with the cost estimate of approximately $14.5 billion remains on track. Throughout the remainder of 2023, the project will complete pipeline commissioning activities to be ready to deliver commissioning gas to the LNG Canada facility by the end of the year, and we will continue reclamation work in 2024. In Mexico, our team made important progress on the Southeast Gateway Pipeline project. Land rights and rights of way negotiations have closed, and all critical permits for onshore construction have been received. Onshore construction at the three landfall sites continues to progress on plan, with all land acquisitions complete. Offshore engineering is complete and concrete coating is on track, supporting offshore installation which is expected to commence prior to the end of 2023. We also placed the lateral section of the VdR pipeline into commercial service, serving power generation in the state of Guanajuato. With the support of the Comision Federal de Electricidad (CFE) and state governments, we are targeting the south section of VdR to be in-service by the second half of 2024.

Accelerating deleveraging by advancing our $5+ billion asset divestiture program

On October 4, we announced the successful completion of the sale of a 40 per cent non-controlling equity interest in our Columbia Gas and Columbia Gulf systems to GIP, for total cash proceeds of $5.3 billion (US$3.9 billion). Cash proceeds from this transaction were directed towards reducing our year-end 2023 debt-to-EBITDA3 metric by over 0.4 times. Closing of this transaction is a major step towards reaching TC Energy's 2024 year-end leverage target of 4.75 times debt-to-EBITDA. As we announced in July, we continue to evaluate an incremental $3 billion of capital rotation opportunities to further support our deleveraging targets. Collectively, these actions are expected to enable TC Energy to continue strengthening its balance sheet and reinforce long-term, sustainable annual dividend growth of three to five per cent.

Demand for our services during nine months of the year drives nine per cent year-over-year growth in comparable EBITDA

Strong operational performance during the third quarter is a testament to our ability to safely and reliably deliver essential services across North America. Within our integrated Natural Gas Pipelines business, total NGTL System receipts averaged 14.0 Bcf/d and the NGTL System achieved record single-day receipts of 14.6 Bcf on August 6. U.S. Natural Gas (USNG) LNG deliveries averaged 3.1 Bcf/d during the quarter, up 1.4 per cent compared with third quarter 2022, and our USNG business achieved a new record for deliveries to power generators of 5.2 Bcf on July 28. Our GTN system also achieved an all-time delivery record of 2.96 Bcf on July 25. In October, FERC approved our GTN XPress project, an expansion of the GTN system that will provide for incremental contracted export capacity facilitated by the NGTL System/Foothills West Path Delivery Program with an anticipated in-service date in 2024. The Liquids Pipelines business has delivered approximately eight per cent comparable EBITDA growth year-to-date compared 2022. Ensuring the continued delivery of all contracted volumes, the Keystone Pipeline System has achieved 93.7 per cent operational reliability year-to-date. Marketlink throughput increased over 250,000 Bbl/d year-over-year, driven by strong demand and additional last-mile connectivity. Throughout the year we have successfully completed two open seasons on Marketlink, supporting the sustained demand for Canadian crude on the Keystone Pipeline and Marketlink systems. Within Power and Energy Solutions, the Alberta cogeneration power plant fleet reached approximately 98 per cent peak price availability, while Bruce Power achieved 94 per cent availability in the quarter. Highlighting our shared commitment to project execution, Bruce Power announced the successful completion of the Unit 6 MCR within budget and ahead of schedule. Unit 6 has fully returned to service, achieving a significant milestone in Ontario's largest clean-energy initiative and one of Canada's largest infrastructure projects.

2023 outlook and dividend declaration

Reflecting strong year-to-date operational and financial performance, we now expect 2023 comparable EBITDA to be at the upper end of the five to seven per cent outlook compared with 2022 and 2023 comparable earnings per share to be generally consistent with 2022. Total capital expenditures for 2023 are now expected to be approximately $12.0 billion to $12.5 billion. While the estimated capital costs associated with our major projects remains consistent, the increase from the range as outlined in our 2022 Annual Report is primarily related to shifts in timing for some of our growth projects and maintenance capital expenditures in our natural gas pipelines businesses, as well as the foreign exchange impact of a stronger U.S. dollar. We continue to work on cost mitigation strategies and assess developments in our construction projects and market conditions for changes to our overall capital program. To date, we have placed approximately $5 billion of assets into service on budget, further supporting comparable EBITDA growth. Beyond 2024, we remain committed to limiting annual sanctioned net capital expenditures to $6 billion to $7 billion. At this level, we believe we can continue to grow our business at a commensurate rate with our dividend growth outlook of three to five per cent, while also providing the optionality to further reduce leverage and/or return incremental capital to shareholders. TC Energy's Board of Directors declared a quarterly dividend of $0.93 per common share for the quarter ending December 31, 2023, equating to $3.72 on an annualized basis.

Executing on commitment of enhanced governance

On November 8, TC Energy announced on behalf of its Board of Directors that John E. Lowe will be appointed as Chair of the Board, effective January 1, 2024. Delivering on his commitment to align with TC Energy's revised governance guidelines regarding board commitments as outlined in the 2023 Management Information Circular, Siim A. Vanaselja has announced he will be stepping down as Board Chair effective December 31, 2023. Mr. Vanaselja joined the Board of Directors in 2014 and was appointed as Board Chair in 2017. He will continue to serve as a valued member of the Board to ensure an orderly succession and allow TC Energy the continued benefit of his expertise. Mr. Lowe has been a member of TC Energy's Board of Directors since 2015 and currently serves as Chair of the Governance committee, a member of the Health, Safety, Sustainability and Environment committee, and has previously served as Chair of the Audit committee. Mr. Lowe's extensive governance experience is paired with over 25 years of various executive and management positions within the midstream and energy industry.

Progressing our proposed Liquids Pipelines spinoff

We have already achieved significant milestones in the few short months following our July 27 announcement to spin off our Liquids Pipelines business to create two independent, investment-grade, publicly listed companies. First, we announced that Hal Kvisle has agreed to be appointed as Chair of South Bow Corporation Board of Directors. Hal has extensive industry experience and intimate knowledge of TC Energy's highly competitive North American liquids system. Second, we remain on track with all major separation activities to successfully execute the transaction during the second half of 2024, including required regulatory and tax status applications. And third, we are excited to announce South Bow Corporation as the name of the new Liquids Pipeline Company. This name symbolizes the historical roots of the company in Alberta, Canada, while acknowledging the pipeline system's strategic corridor, which enables the company to deliver a premium service to the strongest U.S. demand markets. This symbolism-grounded in history and pointing towards our future-is reflective of the new company's vision, which is rooted in safety and operational excellence and guided by a team dedicated to providing highly competitive service to our customers and ultimately, North America.

The series of announcements TC Energy has made in recent months are complementary efforts. When taken together, spinning off the Liquids Pipelines business, integrating our natural gas businesses and advancing deleveraging targets through asset sales, all directly serve our long-term strategy and commitment to maximizing the value of our assets. As we look forward, we are aligning our portfolio mix and strategy to protect and enhance the value of our strategic corridors to deliver long term enduring shareholder value.

Teleconference and Webcast

We will hold a teleconference and webcast on Wednesday, November 8, 2023 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our third quarter 2023 financial results and company developments. Presenters will include Francois Poirier, President and Chief Executive Officer; Joel Hunter, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1.800.319.4610. No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here.

Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy's website at www.TCEnergy.com/events or via the following URL: https://www.gowebcasting.com/12930. The webcast will be available for the replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on November 15, 2023. Please call 1.855.669.9658 and enter passcode 0502.

The unaudited interim Condensed consolidated financial statements and Management's Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov .

About TC Energy

We're a team of 7,000+ energy problem solvers working to move, generate and store the energy North America relies on. Today, we're taking action to make that energy more sustainable and more secure. We're innovating and modernizing to reduce emissions from our business. And, we're delivering new energy solutions - from natural gas and renewables to carbon capture and hydrogen - to help other businesses and industries decarbonize too. Along the way, we invest in communities and partner with our neighbours, customers and governments to build the energy system of the future.

TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com

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