TCP - Earnings call transcript Q1 2019

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Operator

Good morning, ladies and gentlemen. Welcome to the TC PipeLines, LP 2019 First Quarter Results Conference Call. I would now like to turn the meeting over to Ms. Rhonda Amundson. Please go ahead.

Rhonda Amundson

good and operator, you, morning, everyone. Thank the to TC PipeLines call. conference XXXX quarter first Welcome by Nathan Financial our and today joined I'm President, Janine and Morris. General Brown; Watson; our Chuck Principal Officer, Manager, VP our note heading available our be Events is found and a remarks it Investor the tcpipelineslp.com, on presentation accompany Presentations. website will Please their that Section and in where at can slide under the results. review begin of with TC our first XXXX will Nathan the quarter call PipeLines today Partnership's assets of will the an for provide on the will review Janine following environment, a the Chuck our and which update market results first provide quarter. financial Nathan of up our wrap some our discussion and strategies a close with brief will return growth key remarks and takeaways. with

to questions. Following coordinate your I the conference prepared remarks, will ask operator the

income respect discussed with our assumptions more detail and incorrect, I forward-looking future you and the with XX-K, various Before on are underlying views prove during us. current subject forward-looking distributable financial would Exchange statements cash results filings. made will our remind the the available subsequent our these the the currently measure related If All Securities of distributable provide XXXX conference or provided non-GAAP actual is events cash reconciliation a note a our cash our These regarding well by is filings as the and financial to of future I'll Please of as GAAP to our generated like during in presentation. approximate net as the as in measures EBITDA Nathan. that or to flow that, measures and risks now statements the period assumptions if directly and use those performance. certain are our we cash and to from risks, uncertainties, statements or our to results in most materialize, during to to period described Commission. SEC this as also materially in reflect statements. financial capability. to supplement With assumptions that events distribution evaluate reconciles call made turn These during operating provide flow be differ well to measures presented as are measure and over to based information and flow closely a cash beliefs future EBITDA we call and our one an begin, GAAP we forward-looking may uncertainties

Nathan Brown

us Thanks, Rhonda. Good joining today. for morning, everyone, thanks and

that I'm Pleased morning at where results this of our we is million quarter with revenue XXXX release, impact the of our pipeline results Portland project a came X increased to $XX FERC XPress revenue on X% despite strong and of actions generated due This solid in the X. in pipeline. primarily first PNGTS outlined in from decreased income million of the late to $XX slide during earned same additional a Phase last our had We looking very the news net perform to only quarter lower as portfolio expected. continued As report from TC XXXX, good assets PipeLines the Bison period from of year. together XXXX, from contracting, and GTN stream of with its

to were of QX equity compared Our higher quarter Northern earnings Border from this XXXX. also

year Iroquois time. and not were at as as Although, earnings our from last this quite strong Great Lakes

year-over-year, similarly for compared at lower XXXX. EBITDA the $XXX Our is quarter in million million to $XXX

the unitholders distribution XXXX, first lower the significantly strong its XXXX was is $XX of will common quarter units, results consistent quarter which was XXXX. distribution financial $XX increase our which of a with drove debt B result Our our quarter the during results from period and a Class $X.XX distributable partnership total to also for $XXX declared the first We together as cash $XX our distributions unit, of to continued paid million the in comparable and detail fourth for our quarters equity each QX interest out over our Border's quarter other X% distribution million million per call. expense, three reduction. other higher in in later with down lower XXXX. XXXX. overall little more paid a in The quarter a in flow of investees quite Northern which our for discuss this in offset distributions Chuck, a million the

excite report number organic projects of status. the We growth to continue in on progress and to

phase and third the X service earlier, Phase Project our Phase had results. day this expansions X great forward PNGTS year Portland XXX,XXX expected mentioned X year will this Demand last of I later a additional PNGTS As capacity in XPress moving late to as is late to that -- such as of dekatherms service scheduled service well day final year will in bottom Phase be XXXX. for is in of grow or it line in this an will Phase November XXX,XXX XXXX. in to November almost was X be per with Westbrook of capacity a X placed Phase XX,XXX total and project day. in XPress contributing of as to

response develops. to in to project this detail transportation this in advanced commercial project gas Janine in currently more discuss for June. more we developments future as and in market the third share in expansion region in details natural look demand North later Our will being Baja XPress forward

and resulting both early uncontested are at for These both settlements rate from of our first in regulatory continued for the the the final accrual completion step in During quarter, strategy actions May. FERC our projects received XXXX. regulatory Iroquois Tuscarora and the with settlements

our under our position credit financial such drawings outstanding reduced times. three we Our repay we And leverage debt senior distributions, cash balance bank is no ratio continue now approximately that our savings to our have facility. from

to results to the asset at very strategies, times our ended XX, of strong been now and also additional I are General together commercials on the value coverage these XXXX. Janine developments outlook. will ongoing with color provide quarter over testament VP and approximately call the create portfolio to turn market of our and for distribution commercial our to Manager our assets a X.X which our resiliency shareholders. continued success Our our These Watson, to combine March

Janine Watson

and Thanks, morning Nathan, good everyone.

quarter continued strong is November XXXX in on sold of to full Portland distributable benefited of demand contracts transportation for and the the assets. X, solid review to further the QX. revenue cornerstone on out in our I cash parking slide operating on continue loan Moving bit X into additional XXXX. of firm service TCPs in flow. pipeline, capacity In will from our first the project revenue from we GTN needs partnership's the and of Long-term therefore now Pacific and energy of XPress be our underpinning California service drill into sales last QX In northeast, results performance Phase serving is And a XX% Northwest. year. and interruptible X of in and West, solid after fundamental quarter commercial the GTN PNGTS a of effectively incremental XXXX benefited

at pipelines and operated now our Bison account the results demand for asset. few is incremental and was on once receipts liquid line. investment as firm has at commercial we for high seasonally them out by more revenue operating again in of successfully years, during interest explore and X.X expected for opportunities as team QX than of for have the capacity as time. strong climbed available maintenance to solid levels no basis. both, this very have to concrete generating this at X.X been to both although line on Bakken its commercial continue our in pipeline options sold continue generated We per day its There the past high bcf offering development and committed quarter. short-term remainder as to for equity capacity and half reversal receipts update experience Looking Northern the we capacity of case throughput. our and remain border continues daily advance our and The to the Its repurposing bcf both you

the to as April, FERC for incorporate for both. late amend the the Border X this Northern of amended early was X% settlement reduction part mentioned, received to through Section rate XXXX. and February FERC July and March XXXX to a our and year Border that life Tuscarora in in we for February agreement in with of Nathan its this of Turning limited year Also by in X filed of X% Northern The agreement into reduction approvals filing Iroquois regulatory filed update, made and the settlements settlement of XXXX.

complete. initiated that behind these responses our believe us, year actions to last With are the FERC actions we

actions FERC placed our of the side on convenience, the chart right your of pipeline our for of on we assets Now, it impact XXXX the our updated of our have on homepage. website hand and each

as earlier; on Nathan we Turning provide excited project. to touched slide are Portland update our an on expansion X, to

Our Phase market on phase project to year with and at have November with addition service of At any Westbrook Portland cost and Phase project requires is new respectively. New of to intended year border planned total Deep the need project XXXX. an bring multi-phase $XXX same existing about TQM our the will Island Phases this in construction activities initial plan facilities X to by Sable approximately recently construction. until $XX on affiliated been dekatherms dekatherms and XX,XXX service and of pipeline November last is on project a in day of this time, are system allowing capacity X an in Canada These our upstream Portland. November this a of to the on pressure Portland Portland XX,XXX budget the the This into XX,XXX in also is and production X a will pipeline that Northern X the of north station day dekatherms and time by we're Portland. for be X Panuke. designed offshore will advancing capacity by at facilities X firm proceeding system. of on This of system. associated Phase from million further supported add capital reliant to and this Xpress an in million to November bring This without approximately and service also be and compressor be XXXX, XPress expansion project gas Atlantic, England serve in per served service help is agreements

credit group the an north and day border does with by We for will on service not facility. enhancements spending projects Portland also this capacity full just will by of This of dekatherms required by capacity to almost significant be signed a financed in the of with November Xpress, PNGTS approximately Phase project the XX% its XXXX. is X add enabled capital per shippers Once together these mainline dekatherms and a from on of be Portland Canadian per increased The day. expansion cost through service additional dekatherms XXX,XXX XXX,XXX be have capacity at in PNGTS' XX,XXX to to agreement will system. the final phase of

highly generally pipeline nature of expect contracted that will produce of position, market a Looking a manner because to steady our we in with strong together perform thereby forward, result. continue their assets predictable and they

call successful in dekatherms Ehrenberg, open day project approximately service between with California. XXXX. The initiated We in mainline to North XXX,XXX we opportunities XXXX subject continue system. commercial season Morris, transport today in-service concluded a April We per conditions provide transportation move our additional such pipeline may A quarter discuss of and natural regulatory further Chuck estimated to potential that project response The an project existing and noted which our XPress Arizona to was in advantage Officer assess up demand in detail. Baja's of was more Baja’s Principal to the along situation financial various forward. to $XX gas arise we the Financial is volumes now developing of North to and release is will Ogilby, date network. project results market to other firm take one I million TCP's our earnings to first North are turn as to over opportunity. in Baja

Chuck Morris

everyone. good Thanks, morning, Janine, and

per unit XXXX. the QX a down to Moving the on million, results, I'll Partnership's unit $XX XXXX of the XXXX. X% million to $X.XX now the $XX XXXX approximately quarter year-over-year. which per results. from $X.XX in effect to quarter of Net income led slide in net first first impacted the X, review in factors quarter first equates This our Several decrease to compared was

decrease with in to First, pay of GTN, to in of were from of Phase higher was a went in additional markedly revenue million revenue agreements. Portland offset as XXXX demand election higher by from was XXXX. of service the result XXXX lower to revenues out Bison of project transportation lower however, of This at X of their the its QX into QX together two that leading earnings XPress PNGTS’s on customers $X system that Equity compared XXXX. by November

months in unit distributions in leading XXXX related for during winter ended due to the in both the Northern to were FERC XXXX of to XXXX not services the the As cold lower quarter actions. was paid of Iroquois’ XX, and Lakes. that of our able The short-term firm at however, $X.XX of year additional Border, was in earnings million as as offset result latter of XXXX higher common generate as Great and paid our primarily $XX the our XXXX. first million The decrease to and the equity Partnership unitholder, cash GTN other B which a million earnings was which December distributions Class in in to XX% the the of common results from investments. quarter distributions partially per low flow to paid two response from common unitholders decrease May sell unit QX $XX quarterly of to beginning XXXX $XX

of generated Class to not the million of none of GTN Class units During was the million exceeded. annual threshold B as QX which of units portion allocated XXXX, the with been XX% associated $XX the $XX had B

fourth EBITDA And were quarter first This first quarter to interest term-loan and facility same increase per in first quarter repayment the million consistent distributable XXXX, lower and the declared mentioned quarter just million distribution in the the in for partnerships $XXX that expense continued that The the flows in together million the repayment our was quarter $XXX due XXXX. cash XXXX. Nathan XXXX. due with The decrease period in higher of XXXX credit common X% XXXX XXXX to earlier, impacting in As in was year-over-year. fourth unit. proceeding the of of declared net of income of the $X we a same with senior quarter the $X.XX million factors our each than is $XXX quarter, of first in of

first Great the coming XXXX our were primarily due quarter than first Revenues X. in winter slightly higher winter to consolidated reasons offset same the in the this due were slide Bison approximately of Depreciation quarter to expense during quarter fourth the same the charges comparable XXXX XXXX further of were year. in our of recognized facility, the Equity lower quarter year of as northern by our maintenance pipelines earnings -- were outstanding year the XXXX. repayment earnings administrative normal to those $XXX $XXX and during million of XXXX. same versus first temperatures Turning from in same in our than slightly by loan were from the of this in impacted lower quarter those border. quarter weather in Lakes million credit lower QX impacting impairment the from and the quarter same Operating of was XX% first Iroquois of asset earnings. last the the XXXX $X of on the quarter and for balance to the period expenses lower of million will term reductions during resulting in senior Financial XXXX, be that

reflect The investment with our our grade flexibility the credit liquidity Moving believe available as funding May million of in slide condition we Consistent look self ratings to future. continue position we on onto XXXX. a financial We under grow and as X, our financial $XXX the partnership's build portfolio execute The financial our in us to our senior strong. remains portion on including during organically anticipate solid outlook. with our senior and facility ratings organic of of the partnership our to borrowing order capacity X, credit capacity our a going results. debt position model undrawn has profile. for growth leverage We we to our in three the deleveraging continue bank back with floating our indebtedness ratio end that of our Nathan. times. That available leverage cash credit have in rate first we'll quarter remarks quarter a repay facility approximately to regard, with program. In used repay I'll available a cash now resulting turn of repayment of the maintaining concludes outstanding conservative financial call over the goal my balances the that forward provide

Nathan Brown

now to Jeff. Thanks, XX. I'll slide refer

and good this outset, perform continue the strong very at a to year position. comparative mentioned assets I well resilient quarter out As we proving the our and had

infrastructure shipper of continue natural shippers. flow cash be worthy pipeline assets of portfolio derived critical from long-term credit contracts to underpinned our forward, gas Going by pay our

continued manage times We X.X times to ratio our that our reiterate to is very financial quarter bank With coverage this three Longer do such access term prudently financial area currently targeting healthy times to and our times. in we program. low ratio maintain our markets equity current positions approximate is coverage we of are X.X approximately growth ratio leverage our position fund three high capital distribution we times. solid that leverage than to the X.X four this to the not need distribution bank times

business of projects optimization Portland which current focus projects and time will. organic development and as Westbrook footprint. type project portfolio in to And on is the North a over such example of asset XPress XPress remains opportunities Our continue we our Baja within our advance the our good geographic we growth including of

and markets our the manner funding. American call to and to assets stakeholders. position so our I'll North in solid over continue be in serve we self back be portfolio to will then turn believe will Rhonda. our in pipeline with will now critical infrastructure size continue of progressed disciplined that these we're a a We be very of to All near-term sequence opportunities

Rhonda Amundson

now I'd up Nathan. the questions. to like please go Operator, ahead. Thanks, call to open

Operator

Thank ahead. from you. TJ is Capital The go Instructions] [Operator from RBC Please first Schultz question Markets.

TJ Schultz

Great. Thanks. Good morning.

be I if Baja met in there to does have supply commercial coincide export understand larger that the It Phase options in and is service to need then a And an that to on conditions expand first think X? Phase be right, understand that North I with the various LNG service? XXXX further bit? there express into that Just wanted hit essentially may a seems X. LNG to supply opportunity some to

Nathan Brown

for details we've say go disclosed. what it now, a of forward. TJ. further -- Baja footprint we've conditions certainly question, Xpress, we across met to with have that before for North already lot much Thanks be I'll in got stopped our pretty of terms around opportunities have Yes. There's the we've development to asset precedent

So as information we'll and we watch available. have those update come

TJ Schultz

you that And kind type like more to Okay, XPress added better or growth to fair change larger projects, to cost similar II to looks returns. that Phase projects enough. broadly any further? some was to next of III as there thinking. overall on then into And broadly are project flex scale or of that new the Phase Westbrook? improved so it what guess I that of the had that kind build scope Westbrook then there are no of options with alluded Or you also Is more wave you

Janine Watson

that think be going With Xpress, the limiting regard to factor of I is on to the TQM incremental border. of capacity north availability Westbrook the

find. – we're that -- easier are these for there say would getting getting the the in that they project only be of of But little of kinds that's more these of compression I respect. choice we to could that end room bit might So

looking Greenfield any at, on horizon. portfolio to Speaking large what no we're set larger the our have projects don't we our

things expansion our supply to are got. do type we market We the just environmental entire in in of can are the our up to relatively existing of this of The -- looking already we do what to link can footprint. across see geography, with already we minimal at kinds footprint we’ve the source

TJ Schultz

leave I Great. Thanks Appreciate there. just it. will it

Operator

from ahead. go is Holt. Taylor from Matthew question Pickering Please next The Tudor you. Thank

Matthew Taylor

Hi there. my here. Thanks for questions taking

next don’t starts forward with anything you a the sellout, you’re going I'm a have Bison, to Just if there thinking when on do I at just path contracts if to of think through just year you said roll have is I'm timeline? to construction you concrete to thinking there but update know terms of in end market the stay –

Janine Watson

that. contract. will Bison driven the The that I hear of for by solution thing our really driven, expiration on you be is the market dates not

So with and work got interests that. commercial to we the continue we've will to explore that continue

pathway we'll of As we less far these simpler well construction and as Align less do path be can construction -- these two have course requires the costs on reversal ultimately potential go. that -- we choose time. paths obviously competing is two -- and construction dependent

Matthew Taylor

announced the But about this early I'm for color Thanks even some project that Energies later days talked supply TC pipe us that expandability thinking, just great. year and then might so push sense there. there. give you a And Okay, GTN of can of doing that project? obviously still be on financing just

Nathan Brown

Yes.

design In the and done specific physical change. there’s has deliberate that of planning to constraints and all up terms expandability be down,

moves in capital link we're at scale of level or on any required, anticipating markets to in are But GTNs and be can TCP. what that depending So reiterate, the are can not volumes market again manageably GTN equity the the we at with financer within handled this We scope asset additional the chain. think that time.

of early a with the outlay again market So situation would got because be specific, the will of that deal going think it required push a and too what of because multi we say to I kind phase GTN facility precisely to type part on supply capital for it's of that's GTN. be premium

Matthew Taylor

Okay.

pipe? that it require or more looping cleared, you Just there pipe, still to -- can compression adds still and to be is room do does on

Chuck Morris

give localized expansion in on measure a of compression GTN. It's build us adds would

– not contemplating not complete it's loop. we’re So

Matthew Taylor

settlement? guidance impact in you since time you're recent amount of us FERC just color of how know and guidance on the then And to previously mentioned can that now moving you But light disclosed. about Okay. some impact, line thinking of give I the that,

Nathan Brown

chart our the has all So details.

at and as into FERC other million, keep us the say but to through say settlements side won't kind forward, of look I we'll prior impact and have on perks still actions, our list it’s on back rate, move operations. able number normal back at step the the accurate, anyone just terms an in to get is so specific I others The we to – we reaching what lose track commercial $XX still fairly been been successful kind into But our say as as move of we keep customers we we've then we of developing, would will the situations year So engaging other got impact million that settlement to be really of place, would the the our they is going then run hard the chart not in years. full into roll Westside, adjusted of normal been annualized come or we of $XX our in on through this settlements, had I’d later we as of may pipeline, and that change.

Matthew Taylor

on maybe your all XX% with Great risking tracking volumes Are Canadian in at Lakes Border lake great. those large Okay, even my used especially guidance, revenues from benefited threshold? some no it's have XXX-G are those Northern Great just about the Lakes, one, additional like for last One GTN, were like Border that XXXX revenues uptick highs ahead and in and filings, of you thinking that understanding lease our contracts that guys at Northern moratorium? that

Nathan Brown

it the impact to final numbers, of changes. of whatever process the an one was, purposes you that. maybe was quantify XXXX the but exercise the forward, really And FERC the was isolated doing it Look, for in that tax

So normal commercial treating engage addition customers to a always or We and to at condition. a the aspects our at in look we parts as we’re with extent other that are FERC look place that always evaluate. has

and the I into quantify certainly we've to was that past XXX-G going process to full specifically moved continue we're moving what the that the settlements and to disclose the position are see entered So, forward contemplated those going our there can. think we prudently it we be of we whatever risks we and continue of match each certainly as that into assets commercial

Matthew Taylor

Okay. Thanks questions. taking my for

Operator

Alex ahead. Thank you. next Please research. from is Wolfe The from go question Kania

Alex Kania

respect relative that do employment over Hi good leverage guess was you to some I year coverage. is morning. was you feel maybe of need with more it of to in to strong want the as you as before QX targets -- the Thanks. do the just I right you the need find that roll to course like those kind question of additional of look as you kind debt? the targets. targets Do very normal do a guess and the anything down mentioned now? FERC paying different settlement seasonality Or in you beyond to anything rate get you yourself you the and

Chuck Morris

is relative terms ratio. our the guess it’s target going speak of to range to leverage Alex, then in Yeah ratio leverage leverage bank here. forward Chuck and I'll too I that the that the reporting we’re

impact of calculation, So nuances and are ultimately, basis some here, XXXX to there at the flow the with QX the of through respect still months buyout having property XX last that tax the in adjusted debt will with of but calculation associated see XXXX. cash over terms calculation there we end on Bison the is as the of the calculations we're ourselves where based we

So as go to through as see we migrating roll that through force here. year area XXXX, we the ourselves reasonable height up we

kind artifact to again -- still times quarter an coverage all see migrate bases is average of I rate is looking a ourselves high to the reasonable going We to on run of bit an here. to respect sort to of force. the it again target ratio, that like With X.X migrating of still said times So that X.X forward.

Alex Kania

very Thanks Great. much.

Operator

from Goldman is question Michael Lapides from next ahead. The Instructions] [Operator Please Sachs. go

Michael Lapides

upside you the Can could your the Which year-over-year in direction? may guys. talk to kind rest terms upticks which the biggest thinking you the about to have specific made Which trends ones pipes then the surprised have expectations sell of other in quarter relative ones volume? for that you the surprised were? of of Hey what volume about are And how year?

Nathan Brown

we time such other, say some to I'd running that our upside parking essentially are we over loan surprised very have pipes greater Yeah, when real much versus surprises the performing border full, too so for primarily have that no there. years big we certainly but one GTN as come question. extent in services well, some by volumes thanks a northern

volume guys on to no But surprises. in lakes once sort go Ontario. and much some our toward varies great Great the be there. can you margins of couple the really season But exactly to services optimize with is underneath how Lakes have a season down customers. get Michigan storage can things or terms to precisely into marketing of departments said or years serve Yes, out flow, commercial well from around swing area markets pipe some done that volume of Our which real

real no say. surprises, I wouldn't real no anomalies, So

Michael Lapides

it. from add PNGTS keeping with done become when the of incremental kind Northeast the you then, When much How to the a using Got about system sizes adding constraint Westbrook, U.S. like. get you more how think capacity there? capacity more physically system. -- could just compression the of you And in you keep once outright does

Nathan Brown

Yes.

it’s as the own, being day, There's XXX way PXP north or But once compression the have both -- another could But as facilities PNGTS say. upstream. as pressure compression, for we being midpoint So midpoint to having day. definitely another PNGTS that's border XXX, its additional along, of off runs add a potentially to potentially constraint around modified on of shared early pick are and to Westbrook. rotate up. those now that a an Janine day. expandability compression volumes added right kind well But come first to continues not of them of think XXX the border mentioned, days actually I of early but

Michael Lapides

XXX-G? make revenue the unrelated of various Are XXX-G I all tied Got And then that the the it. some known? that I'm from the -- of they -- settlements changes want following in XXXX revenue still the just pipes, are the to changes potentially couple process the kick-in are last XXX-G. the were have all sure legacy over ones now thing, all that next revenue will are of the rate years that there coming any revenue all that reductions changes changes to and or Are have on off-shoot

Nathan Brown

Yeah.

the take Let’s latter.

some right chart upon. other We modify So, the our original places previously that in we rate as legacy we got as we of in settlements the terms and that well of separated discussion blend were existing sort XX-Q. the places a into of agreed in changes our

is yeah, there So, a blend.

Michael Lapides

Got it. guys. Thank you, appreciated. Much

Janine Watson

Thanks.

Operator

JPMorgan. Your ahead. go from is Jeremy Tonet Please next question from

Unidentified Analyst

one North in activity pipe short-term bought. of more was have guys. Hey, Tryon would driving [ph] and just kind no there to been related I last Jeremy. question a quarter This is of questions of our you been like wanted follow-up seems Baja on Most some lot. do for the Last didn’t pipe smaller dynamics It to have activity. the quick change asked. that

So in what maybe just curious that, any on you're if this you and seeing could quarter. provide color

Nathan Brown

those don’t it On disruptions valve Baja some North California want a quarters Baja there's into wrong and we’ve normal has system situation. specifically, North volumes system as but customers misquotes needs allow bit a seen And of been use. in that in commercial capacity some available additional that past southern for for I serves and relief that when optimized one. to it’s the flexibility some market

So back were history. can over state completed those as that in activities say for that used its But -- make now heads that as flows come I’d Baja is right that has to off. back happened study going

Unidentified Analyst

you. Fair Thank All enough. right.

Operator

question-and-answer Ladies to Rhonda I session. concludes there are and TC gentlemen, now please turn LP. Amundson. call over any at further will this questions, the contact PipeLines, the Investor If Relations

Rhonda Amundson

for Great. soon. we TC to again participation Thanks. forward in speaking your look everyone PipeLines, Thank you you, your and interest with We appreciate today.

Operator

conference for participation. you ended. now your and your at you. disconnect Thank thank this Please has lines time The

TC Pipelines (TCP) 8 May 192019 Q1 Earnings call transcript