TC Energy Corporation (NYSE:TRP) Q4 2019 Earnings Conference Call - Final Transcript
Feb 13, 2020 • 04:00 pm ET
Good afternoon, ladies and gentlemen. Welcome to the TC Energy 2019 Fourth Quarter Results Conference Call. I would now like to turn the meeting over to Mr. David Moneta, Vice President Investor Relations. Please go ahead, Mr. Moneta.
Thanks very much, and good afternoon, everyone. I'd like to welcome you to TC Energy's 2019 fourth Quarter Conference Call. With me today are Russ Girling, President and Chief Executive Officer; Don Marchand, Executive Vice President, Strategy and Corporate Development and Chief Financial Officer; Francois Poirier, Chief Operating Officer and President, Power and Storage and Mexico; Tracy Robinson, President, Canadian Natural Gas Pipelines; Stan Chapman, President, U.S. natural gas pipelines; Paul Miller, President of our Liquids Pipelines business; and Glenn Menuz, Vice President and Controller. Russ and Don will begin today with some of our some opening comments on our financial results and certain other company developments. A copy of the slide presentation that will accompany their remarks is available on our website. It can be found in the Investors Section under the heading Events and Presentations. Following their prepared remarks, we will take questions from the investment community. If you are a member of the media, please contact Jamie Harding, following this call and she'd be happy to address your questions. [Operator Instruction] Also, we ask that you focus your questions on our industry, our corporate strategy, recent developments and key elements of our financial performance.
If you have detailed questions relating to some of our smaller operations or your detailed financial models, Duane and I would be pleased to discuss them with you following the call. Before Russ begins, I'd like to remind you that our remarks today will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the reports filed by TC Energy with Canadian securities regulators and with the U.S. Securities and Exchange Commission. And finally, during the presentation, we'll refer to measures such as comparable earnings; comparable earnings per share; comparable earnings before interest, taxes, depreciation and amortization or comparable EBITDA; and comparable funds generated from operations. These and certain other comparable measures are considered to be non-GAAP measures. As a result, they may not be comparable to similar measures presented by other entities. They are used to provide you additional information on our operating performance, liquidity and ability to generate funds to finance our operations.
With that, I'll turn the call over to Russ.
Thanks, David. Good afternoon, everyone, and thank you very much for joining us late in the afternoon. As highlighted in our fourth quarter news release, during 2019, our $100 billion portfolio of high-quality, long-life energy infrastructure assets continue to profit from strong supply and demand fundamentals, and we continue to realize the growth expected from our industry-leading capital expansion program. As a result, despite significant asset sales that accelerated the strengthening our balance sheet, we produced record financial results again in 2019. Today, we are advancing $30 billion of secured capital