Earnings
October 24, 2021 - KBL
New! K-Bro Linen Inc. Q2-2021 Earnings, Price Target Update .....
October 23, 2021 - AW.UN
New! A&W Revenue Royalties Income Fund - Q3-2021 Earninngs, Price Target Update .....
October 22, 2021 - RCI.B
New! Rogers Communications Inc. Q3-2021 Earnings & Price Target Update .....
October 21, 2021 - CNR
Canadian National Railway Co. Q3-2021 Earnings, Price Target Update .....
October 20, 2021 - GRT.UN
Granite REIT - Q2-2021 Earnings, Price Target Update .....
October 17, 2021 - PBH
Premium Brands Holding Corp. Q2-2021 Earnings, Price Target Update .....
October 15, 2021 - GEI
Gibson Energy Inc. Q2-2021 Earnings, Price Target Update .....
October 14, 2021 - AQN
Algonquin Power & Utilities Corp.- Q2-2021 Earnings, Price Target Update .....
Recommendation Changes
GRT.UN, PBH, AGF.B, CIX, IGM, more...

AltaGas Ltd - Q2-2021 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 $20.3B as at Jun-30-2021. Capabilities include: natural gas gathering and processing; NGL extraction and fractionation; storage, marketing and transport; propane export to global markets. 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 from midstream activities in western Canada including the recently completed Ridley Island (propane) Export Terminal in Prince Rupert and increased ownership of Petrogas Ltd. who operate the LPG export terminal in Ferndale, Washington. Total assets as of Dec-31-2017 were $10.3B, the increase to $20.3B is mainly from the acquisition of WGL Utilities for approximately $10B and capital spending offset by dispositions.

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 applied to reduce debt incurred 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, and a 75% (up from 33%) ownership of Petrogas Energy Corp. This is owned by the AltaGas Idemitsu Joint Venture Limited Partnership (AIJVLP). 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
October 22, 2021
New! Coverage Universe - Weekly Price Change: Oct 15-22, 2021
October 19, 2021
New! ECN Capital Corp. 6% Debenture New Issue
October 15, 2021
Ag Growth International Inc. (AFN) 5% Convertible Debentures New Issue
October 15, 2021
Coverage Universe - Weekly Price Change: Oct 8-15, 2021
October 8, 2021
Coverage Universe - Weekly Price Change: Oct 1-8, 2021
October 6, 2021
Power Financial Corp. 4.5% Fixed Rate Preferred Share New Issue
October 2, 2021
Coverage Universe - Weekly Price Change: Sept 24-Oct 1, 2021
October 1, 2021
Great-West Lifec Inc. - 4.5% Preferred Share New Issue