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AltaGas Ltd - Q1-2021 Earnings, Price Target Update

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AltaGas Corp. (ALA) based in Alberta operates in two segments, Utilities and Midstream comprising total assets of $21B as at Mar-31-2021. Capabilities include: natural gas gathering and processing; NGL extraction and fractionation; storage, marketing and transport; propane export to global markets. Utilities contribute 60% of earnings, midstream 40%. Following the acquisition of WGL Utilities in Jul-2018, the US natural gas utility sector is the largest contributor to earnings; the balance is from midstream activities in western Canada including the recently completed Ridley Island (propane) Export Terminal in Prince Rupert and increased ownership of Petrogas Ltd. Total assets as of Dec-31-2017 were $10.3B, the increase to $21.5B 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, and a 33% ownership in Petrogas Corp, a privately held company who owns the Ferndale, Washington propane export terminal. This was increased to 75% in Q1-2021. Altagas Canada (ACI) was acquired by Public Sector Pension Investment Board in Q2-2020 marking the exit from the Canadian utilities sector. 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 75% (up from 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.

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