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AltaGas Ltd - 2017 Earnings & Price Target Update

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AltaGas is a diversified Canadian energy infrastructure company with $10B in assets operating in three business segments: natural gas services, natural gas utilities, and electric power generation. The pending acquisition of WGL Utilities is planned to close by mid-2018 and capital budget of $1.3B for 2018 assets will increased to $22B by Dec-31-2018. Following the closing of the WGL acquisition earnings for 2019, the first full year of operation including WGL with be weighted 50% to utilities, 30% to gas services and 20% from power generation.

The Natural gas services segment gathers, processes, transports, stores and markets natural gas and natural gas liquids in Canada and for export. The power segment is comprised of 1,078MW of productive capacity mainly natural gas and hydro power in North America. Following completion of the WGL acquisition the utilities segment will includes seven utility distribution and storage businesses located in Alberta, British Columbia, Nova Scotia, Michigan, Alaska, District of Columbia, Maryland and Virginia that serve over 1.8M customers. In total earnings are split approximately equally between Canadian and US dollars.

The natural gas segment includes gathering systems to move natural gas from producing wells to processing facilities. The gas is then compressed for transportation. The extraction and field fractionation facilities reprocess natural gas to extract and recover ethane and NGL. The transmission pipelines deliver natural gas and NGL to distribution systems, end-users or other downstream pipelines. AltaGas buys and resells energy; provides gas transportation, storage and gas marketing for producers; and sources gas supply to some of its processing assets.

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