SCHEDULE: Goldman Sachs Discloses 8.4% Stake in TC Energy

The Goldman Sachs Group and its subsidiary have reported an 8.4% beneficial ownership stake in TC Energy Corporation.

Summary

• The Goldman Sachs Group, Inc. and its subsidiary, Goldman Sachs & Co. LLC, have jointly filed an Amendment No. 1 to Schedule 13G.
• The filing reports their beneficial ownership of Common Shares (including Rights under Shareholder Rights Plan) of TC Energy Corporation.
• As of September 30, 2025, the aggregate amount beneficially owned by the reporting persons is 86,902,668.04 shares.
• This ownership represents 8.4% of the class of TC Energy Corporation's common shares.
• The reporting persons hold 0.00 sole voting power and 86,898,145.04 shared voting power.
• They also hold 0.00 sole dispositive power and 86,898,387.04 shared dispositive power.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The disclosure of a significant 8.4% beneficial ownership by a prominent institutional investor like Goldman Sachs is generally viewed positively, indicating confidence in the issuer. However, as a passive ownership report, it doesn't provide operational or financial performance details.

Positives

• A significant 8.4% stake by a major institutional investor like Goldman Sachs can signal confidence in TC Energy Corporation's long-term prospects.
• The acquisition of shares in the ordinary course of business, as certified by Goldman Sachs, suggests a strategic investment rather than an activist position.

Negatives

• This filing primarily reports a factual ownership position and does not inherently contain negative information regarding TC Energy Corporation's operations or financial health.

Risks

• This Schedule 13G filing does not detail specific risks related to TC Energy Corporation's business operations or financial performance; it is a disclosure of beneficial ownership.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding TC Energy Corporation's future outlook.

Management Comments

• The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of TC Energy Corporation.

Industry Context

TC Energy Corporation operates in the energy infrastructure sector, primarily involved in natural gas pipelines, oil pipelines, and power generation. Goldman Sachs' significant stake indicates a notable institutional investment in a key player within the North American energy infrastructure landscape, potentially reflecting a long-term view on the sector's stability and growth.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Goldman Sachs may be viewed positively, potentially increasing investor confidence and signaling a vote of confidence in TC Energy's value proposition.
• Management: Awareness of a large institutional holder may influence strategic decisions, though Goldman Sachs has certified its intent is not to influence control.

Key Dates

Keywords

TC Energy Corporation, Goldman Sachs, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Shares, Energy Sector, Pipeline Company