Earnings
February 25, 2021 - GEI
New! Gibson Energy Inc. 2020 Earnings, Price Target Update .....
February 24, 2021 - REI.UN
RioCan REIT - 2020 Earnings, Price Target Update .....
February 21, 2021 - IPL
Inter Pipeline Ltd - 2020 Earnings - Takeover Update .....
February 19, 2021 - AI
Atrium Mortgage Investment Corp. 2020 Earnings, Price Target Update .....
February 17, 2021 - ARX
Arc Resources Ltd(Seven Generations Energy) - Price Target Forecast .....
February 16, 2021 - FTS
Fortis Inc. 2020 Earnings, Price Target Update .....
February 14, 2021 - SRU.UN
SmartCentres REIT - 2020 Earnings, 2021 Price Target .....
February 12, 2021 - MFC
Manulife Financial Corp. 2020 Earnings, Price Target Update .....
Recommendation Changes
ARX, MFC, KEY, PEY, IMO, more...

AltaGas Ltd - Q3-2020 Earnings, Price Target Update

This is only a sample of the article, please login to view the entire article

AltaGas Corp. (ALA) based in Alberta operates in two segments, Utilities and Midstream comprising total assets of $19.8B(US) as at Sept-30-2020. Utilities contribute 70% of earnings, midstream -30%. Following the acquisition of WGL Utilities in Jul-2018, 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 $19.8B is mainly from the acquisition of WGL Utilities for approximately $10B and capital spending offset by dispositions.

The utilities segment serves 1.7M customers through ownership of regulated natural gas distribution utilities in Maryland, Washington DG, Virginia, Michigan and Alaska, and two regulated natural gas storage utilities in the US. During 2018, WGL Utilities was acquired, increasing total assets by $9B to $21B including a 37% retained interest in Altagas Canada Inc. (ACI-TSX)(sold in Q2-2020) and 33% ownership in Petrogas Corp, a privately held company who owns the Ferndale, Washington propane export terminal. Altagas Canada(ACI) was acquired by Public Sector Pension Investment Board in Q2-2020. Altagas Canada was mainly comprised of Canadian utility companies; the proceeds from sale were needed to fund the WGL acquisition.

The Midstream segment includes natural gas gathering and processing, natural gas liquids (NGL) extraction and fractionation, transmission, storage, natural gas and NGL marketing, including a 70% interest in the recently completed Ridley Island Propane Export Terminal, a 74% interest in AltaGas Idemitsu Joint Venture Limited Partnership (AIJVLP), an a 33% ownership of Petrogas Energy Corp. 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.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
February 26, 2021
New! Coverage Universe - Weekly Price Change: Feb 19-26, 2021
February 19, 2021
Coverage Universe - Weekly Price Change: Feb 12-19, 2021
February 12, 2021
Coverage Universe - Weekly Price Change: Feb 5-12, 2021
February 5, 2021
Coverage Universe - Weekly Price Change: Jan 29-Feb 5, 2021
January 29, 2021
Coverage Universe - Weekly Price Change: Jan 22-29, 2021
January 23, 2021
Coverage Universe - Weekly Price Change: Jan15-22, 2021
January 15, 2021
Coverage Universe - Weekly Price Change: Jan 8-15, 2021
January 9, 2021
Coverage Universe - Weekly Price Change: Jan 1-8, 2021