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Altagas Ltd - Q3-2019 Earnings, Price Target Update

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AltaGas Corp. (ALA) based in Alberta operates in three segments, Utilities, Midstream and Power Generation comprising total assets of $20.7B(US) as of Sept-30-2019. Utilities contribute 47% of earnings, midstream -38% and power generation-15%. Following the acquisition of WGL Utilities in Jul-2019, the US natural gas utility sector is the largest contributor to earnings, the balance is mostly from midstream activities in western Canada including the recent completed Ridley Island (propane) Export Terminal in Prince Rupert. Total assets as of Dec-31-2017 were $10.3B, the increase to $20.7B is mainly from the acquisition of WGL Utilities for approximately $10B and capital spending of $3B offset by dispositions of $4B.

The utilities segment serves 1.6M customers through ownership of regulated natural gas distribution utilities in five jurisdictions, and two regulated natural gas storage utilities in the US. During 2018, the WGL Utilities was acquired, effectively increasing total assets by $9B to $21B. This included a 37% retained interest in Altagas Canada Inc. (ACI-TSX) and 33% ownership in Petrogas Corp, a privately held company who owns the Ferndale, Washington propane export terminal. Altagas Canada has been acquired by Public Sector Pension Investment Board expected to close in Q2-2020. Altagas Canada primarily held their Canadian natural gas utility companies.

The Midstream segment includes natural gas gathering and processing, natural gas liquids (NGL) extraction and fractionation, transmission, storage, natural gas and NGL marketing, a 50% interest in AltaGas Idemitsu Joint Venture Limited Partnership (AIJVLP), an a 33% ownership of Petrogas Energy Corp. Petrogas, a privately held company owns the Ferndale (propane export)Terminal. The midstream segment also holds an interest in four regulated pipelines in the Marcellus/Utica gas formation in northeast United States and WGL's retail gas marketing business. Petrogas has been in operation since 1986 provides crude oil and NGL marketing and supply services to propane retailers, refiners and petrochemical producers across North America, and also own and operate the Ferndale, Washington LPG export facility, which is the only operating LPG export terminal on the US Pacific Coast.

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