CALGARY, Alberta, May 03, 2024 (GLOBE NEWSWIRE) -- TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy's President and Chief Executive Officer commented, "During the first three months of 2024, we delivered 11 per cent year-over-year growth in comparable EBITDA1 and approximately four per cent growth in segmented earnings, which was underpinned by the continued reliability, availability, and exceptional performance of our assets." Poirier continued, "Our clearly defined 2024 strategic priorities focused on maximizing the value of our assets, project execution and enhancing balance sheet strength remain unchanged as we progress throughout the year." Highlights (All financial figures are unaudited and in Canadian dollars unless otherwise noted) First quarter 2024 financial results: Comparable earnings1 of $1.3 billion or $1.24 per common share compared to $1.2 billion or $1.21 per common share in 2023 and net income attributable to common shares of $1.2 billion or $1.16 per common share compared to $1.3 billion or $1.29 per common share in first quarter 2023 Comparable EBITDA of $3.1 billion compared to $2.8 billion in 2023 and segmented earnings of $2.3 billion compared to $2.2 billion in first quarter 2023 Reaffirming 2024 outlook: Comparable EBITDA is expected to be $11.2 to $11.5 billion2 Comparable earnings per common share is expected to be lower than 20232 due to the net impact of higher net income attributable to non-controlling interests, partially offset by increased comparable EBITDA and higher AFUDC related to increased capital expenditures on the Southeast Gateway pipeline project Capital expenditures are anticipated to be approximately $8.0 to $8.5 billion on a net basis after considering non-controlling interests Advanced our $3 billion asset divestiture program with the agreement to sell the Portland Natural Gas Transmission System (PNGTS) for expected pre-tax proceeds of approximately $1.1 billion (US$0.8 billion), including the assumption by the purchaser of US$250 million of Senior Notes outstanding at PNGTS Announced the sale of Prince Rupert Gas Transmission (PRGT) entities to Nisga'a Nation and Western LNG demonstrating continued focus on our strategic priorities Remain committed to limiting annual net capital expenditures to $6 to $7 billion, with a bias to the lower end, in 2025 and beyond Published our 2024 Management Information Circular for our June 4, 2024 Annual and Special Meeting of shareholders with further details related to the spinoff of the Liquids Pipelines business (the spinoff Transaction) and related transactions Received favourable Canadian and U.S. tax rulings on the spinoff Transaction, and leading proxy advisor Institutional Shareholder Services (ISS) published a voting recommendation supporting the spinoff Transaction TC Energy's Board of Directors appointed Sean O'Donnell to succeed Joel Hunter as Executive Vice-President and Chief Financial Officer effective May 15, 2024 Declared a quarterly dividend of $0.96 per common share for the quarter ending June 30, 2024.     three months ended March 31 (millions of $, except per share amounts) 2024   2023         Income     Net income (loss) attributable to common shares 1,203   1,313   per common share – basic $1.16   $1.29         Segmented earnings (losses)     Canadian Natural Gas Pipelines 501   411   U.S. Natural Gas Pipelines 1,043   1,079   Mexico Natural Gas Pipelines 212   254   Liquids Pipelines 316   176   Power and Energy Solutions 252   252   Corporate (58 ) (2 ) Total segmented earnings (losses) 2,266   2,170         Comparable EBITDA     Canadian Natural Gas Pipelines 846   740   U.S. Natural Gas Pipelines 1,306   1,267   Mexico Natural Gas Pipelines 214   172   Liquids Pipelines 407   317   Power and Energy Solutions 320   281   Corporate (3 ) (2 ) Comparable EBITDA 3,090   2,775   Depreciation and amortization (719 ) (677 ) Interest expense included in comparable earnings (837 ) (757 ) Allowance for funds used during construction 157   131