TC Energy Corp. is prioritizing investments in the United States due to higher returns, while remaining hesitant about new Canadian pipeline projects, CEO François Poirier said during a recent earnings call, according to the Financial Post. 

“Right now, we see the highest risk-adjusted returns being in the United States,” Poirier stated. “The vast majority of our discretionary capital is going, and we expect that it will continue to go, into the United States.”

This US-centric strategy comes as the previous administration imposed a 10 percent tariff on Canadian energy imports, effective February 4. This policy has spurred discussion about Canada's energy export infrastructure, including the potential revival of TC Energy's abandoned Energy East project. 

However, TC Energy noted that the Canadian Mainline pipeline, initially considered for Energy East, is now fully contracted for natural gas. One segment, Line 2, remains offline but could be reactivated depending on market conditions.

In October 2024, TC Energy spun off its oil pipeline assets into South Bow Corp. to concentrate on natural gas and energy solutions. Regarding a potential national energy corridor, Poirier deferred questions about liquid transport to South Bow.

While cautious about new Canadian oil pipeline projects, TC Energy is optimistic about liquefied natural gas (LNG) opportunities. Poirier expressed confidence that LNG Canada's expansion could be approved this year, requiring additional compressor stations on the Coastal GasLink pipeline. 

“There is absolutely demand for more LNG export and market opportunity for us to prosecute,” Poirier said. “We're very bullish about the prospects for CGL phase two happening.”

The company also announced the mechanical completion of its Southeast Gateway pipeline project in Mexico. The 715-kilometer offshore natural gas pipeline, completed 13 percent under budget, is scheduled to begin operations on May 1.

Other Canadian energy companies are also addressing the tariff issue. Enbridge Inc. reported higher fourth-quarter profits, driven by higher tolls and strengthened utility operations following acquisitions, and said potential US tariffs are not expected to significantly impact its financial outlook, according to a Reuters report. 

Suncor Energy CEO Rich Kruger also highlighted the company's resilience against potential tariffs, noting that much of its production is refined domestically or exported via alternative routes, such as the Trans Mountain pipeline to Asia, Reuters reported.