TC Energy Corp. has raised its earnings expectations for 2023 and 2024 as the Calgary-based energy company prepares to launch its liquids pipeline business spinoff.

The company announced the upgrade ahead of its annual investor day on Tuesday.

Its core earnings for 2023 are now expected to be around eight per cent higher than 2022, and earnings in 2024 are expected to be five to seven per cent higher than this fiscal year.

“TC Energy has made significant progress against its 2023 priorities, including project execution, deleveraging and maximizing the value of its asset base, which continues to generate excellent operational and financial results,” the company said in a Tuesday press release.

TC Energy shares were up 1.32 per cent as of mid-morning on Tuesday following the news.

The release cited a strong month of October and strength in the U.S. dollar as driving factors for the company’s increased growth outlook, as well as the establishment of South Bow Corp., its new liquids pipeline spinoff.

South Bow is expected to begin operating officially in the second half of 2024, TC Energy said, subject to shareholder and regulatory approvals.

TC Energy said it would “reaffirm the company’s long-standing value proposition” at its annual investor day, and tout South Bow’s growth potential.

“The spinoff will unlock the evident value we see from each company’s unique opportunity set. TC Energy will continue to cultivate a highly regulated, low-risk and utility-like portfolio with a balance of income and growth,” TC Energy CEO François Poirier said in the release.