CALGARY, AB, Oct. 12, 2023 (Globe Newswire) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announces the appointment of renowned industry leader Hal Kvisle. We would like to announce that we have agreed to the following. He takes over as chairman of the new Liquid Pipeline Board of Directors. Today's announcement follows the July 27, 2023 disclosure that TC Energy plans to separate its Liquid Pipeline business into two separate investment-grade publicly traded companies through a spin-off (the Transaction or Spin-Off).
TC Energy's decision to proceed with the spinoff will allow TC Energy and the new liquid pipeline company to maximize the value of their assets by positioning both companies to take full advantage of growth opportunities and meet increasing demand for services. It will look like this. The transaction is expected to close in the second half of 2024 on a tax-free basis.
“Hal is an inspiring and experienced leader with extensive industry experience and deep knowledge of TC Energy's competitive North American fluid systems,” said Seem A. Banaseriya, Chairman of TC Energy's Board of Directors. Masu. “With his visionary leadership and strategic insight, we are confident that Hal's wise decisions and advice will help guide the new company to long-term success.”
A special committee of the TC Energy Board of Directors worked with an executive search firm to identify and evaluate outstanding candidates for the position of Chairman of the Board.
“I am honored to be named Chairman of the Board and look forward to working closely with the management team to deliver superior and lasting shareholder value,” said Mr. Kvisl. “There are tremendous opportunities ahead for the new company. Now is a critical time to maximize the value of these highly strategic assets that safely transport secure supplies to the markets where they are most in demand. ”
Mr. Kvisle has extensive experience serving as chair and director on the boards of companies such as Cenovus Energy, ARC Resources Ltd., Finning International Inc., Bank of Montreal, and Talisman Energy Inc. From 2001 until 2010, Mr. Kvisle was President and Chief Executive Officer of TransCanada Corporation (now TC Energy). Prior to joining the Company in 1999, he served as President of Fletcher Challenge Energy Canada Inc. Prior to that, he held engineering, finance and management positions at Dome Petroleum Limited. Mr. Kvisl has worked in the oil and gas industry since 1975 and in the utilities and power industry since 1999.
Maximize the value of your liquid pipeline business assets
TC Energy strengthens its strategic position through spin-offs, protecting the ultimate value of its liquid pipeline assets, increasing its ability to service and re-contract long-term take-or-pay contracts. The new liquid pipeline company will focus on the value of its unparalleled asset base. For more information on the transaction, including investor presentation materials, please visit our website at www.tcenergy.com/liquids-spinoff.
About TC Energy
We are a team of more than 7,000 energy problem solvers working to move, generate and store the energy North America depends on. Now we are taking action to make that energy more sustainable and safe. We innovate and modernize to reduce emissions from our business. We also help other businesses and industries decarbonize with new energy solutions, from natural gas and renewables to carbon capture and hydrogen. Along the way, we invest in our communities and partner with our neighbors, customers, and governments to build the energy systems of the future.
TC Energy's common stock trades on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. For more information, please visit TCEnergy.com.
Forward-looking information
This release contains certain forward-looking information (such statements generally include statements such as “expects,” “expects,” “believes,” “may,” and “will.” ”, “should”, “estimate”, “intend” or other similar words). Our forward-looking information is based on certain important assumptions and is subject to risks and uncertainties. the terms, timing and completion of the transaction, including the timely receipt of all necessary court, regulatory, third party and stockholder approvals; North American energy market growth. whether TC Energy and Liquids Company will be able to successfully implement their respective strategic priorities and whether they will deliver the expected benefits; and TC Energy and Liquid Company's ability to execute capital allocation strategies aligned with maximizing shareholder value. The forward-looking statements in this document provide TC Energy security holders and potential investors with information about TC Energy and its subsidiaries, including management's assessment of the future plans and financial prospects of TC Energy and its subsidiaries. is intended to provide. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements are made and are not guarantees of future performance. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on forward-looking information. Actual events and results may differ materially due to assumptions, risks or uncertainties related to our business, transactions or events that occur after the date of this release. The Company does not update forward-looking information as a result of new information or future events, except as required by law. For additional information regarding assumptions and risks and uncertainties that could cause actual results to differ from anticipated results, please refer to the most recent Quarterly Report to Stockholders filed on TC Energy's profile on SEDAR at www.sedar.com Please refer to the Annual Report. You may also contact the U.S. Securities and Exchange Commission (www.sec.gov).
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Media inquiries:
Media contact point
media@tcenergy.com
403-920-7859 or 800-608-7859
Investor and Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522
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