TransCanada drops "Canada" and rebrands itself as a North American midstream titan
TransCanada announced plans to change its name to TC Energy, in order to "better reflect the scope of the company’s operations" across North America.
The company operates pipelines and storage terminals across Canada, the US and Mexico. Following its US$13 billion acquisition of Columbia Pipeline in 2016, TransCanada became a lot more American, and greatly expanded its footprint in the natural gas distribution business.
The company now operates almost 92,000 km of gas pipelines across North America, delivering 25% of gas demand into both the US and Mexico. Several major expansions are planned over the next few years, including 8 pipelines in the US, and three new projects in Mexico.
Natural gas now accounts for 70% of TransCanada's revenues. In 2018, 52% of total revenues were generated in the US, with only 40% coming from Canada.
The name change is subject to shareholder approval at the company's next Annual General Meting, to be held sometime in the second quarter.