ALTAGAS REPORTS STRONG SECOND QUARTER 2025 RESULTS
ALTAGAS REPORTS STRONG SECOND QUARTER 2025 RESULTS |
| [01-August-2025] |
Robust Performance Across Platform Led by Midstream CALGARY, AB, Aug. 1, 2025 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) reported second quarter 2025 financial results and provided an update on its operations, projects and other corporate developments.
SECOND QUARTER HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) FINANCIAL RESULTS
OPERATIONAL AND BUSINESS HIGHLIGHTS
PROJECT UPDATES
2025 GUIDANCE
CEO MESSAGE "We're pleased with our strong second-quarter performance, which reflects continued execution of our strategic priorities and positions us well to meet our 2025 guidance," said Vern Yu, President and CEO of AltaGas. "As demonstrated this quarter, we continue to make meaningful progress on our strategic priorities. We've optimized our asset base to maximize returns by increasing Midstream throughput and reducing operating costs in our Utilities segment. We continue to actively de-risk our portfolio through long-term tolling agreements and by pursuing weather normalization in the District of Columbia. Our balance sheet is stronger, with trailing leverage now below our target. We're maintaining disciplined capital allocation while executing on our growth through network modernization and expansion in the Utilities and construction of our Pipestone II and REEF projects. "Customer demand for our open-access export terminals is robust, as reflected in the agreements we've announced with Keyera, BASF, and Pembina. We're advancing optimization projects at REEF that will enable us to move incremental volumes through Phase I. This includes finalizing detailed engineering and costing to increase near-term throughput by 15,000 to 20,000 Bbl/d within the first year of the terminal's year-end 2026 in-service date, as well as progressing engineering, permitting, and pre-engagement stakeholder work to support up to an additional 60,000 Bbl/d of export capacity by the end of the decade, when there is sufficient demand for export capacity. "We're excited about the long-term outlook for our Utilities, which continue to deliver the most reliable and cost-effective energy for space heating across our jurisdictions. The delivered cost of electricity is almost four times that of natural gas, and we're operating in a period of growing energy insecurity, particularly in the PJM market, where concerns about power capacity shortfalls are rising. In response, we're making significant investments to connect new customers and modernize our network to enhance long-term safety, reliability, and energy security. This includes securing regulatory approval for projects like the Keweenaw Connector Pipeline and advancing infrastructure to serve emerging opportunities such as data centers. We will continue to advocate on behalf of our customers against public policies that undermine reliability, affordability, and consumer choice – as the economic future of these regions depends on it. "We're excited about AltaGas' future and the value we can unlock through disciplined execution of our long-term strategy. We remain confident in the strong macro-outlook for natural gas, NGLs, and the enterprise." RESULTS BY SEGMENT
BUSINESS PERFORMANCE Midstream The Midstream segment reported normalized EBITDA of $215 million in the second quarter of 2025 compared to $175 million in the second quarter of 2024, while income before income taxes was $263 million in the second quarter of 2025 compared to $46 million in the second quarter of 2024. The 23 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global exports, higher gas processing volumes – particularly from AltaGas' Montney facilities, and stronger earnings from MVP. The quarter was also aided by lower processing operating expenses and stronger realized frac spreads. AltaGas exported 127,814 Bbl/d of LPGs to Asia through its open access terminals in the second quarter of 2025 across a total of 20 VLGCs, which included 12 ships at RIPET and eight at Ferndale. This represented a second quarter record with volumes up four percent year-over-year as the Company continues to focus on operational execution and logistics and expects to deliver year-over-year volume growth over the balance of 2025. AltaGas is positioned to benefit from the long-term fundamentals of growing Canadian natural gas and NGL production, strong Asian LPG demand, and the Company's structural shipping advantage from the west coast of North America to Asia. Performance across the balance of the Midstream platform was strong with gas processing volumes up eight percent year-over-year, driven by the Company's Montney exposed infrastructure, which saw 12 percent year-over-year volume growth. Extraction volumes increased by eight percent year-over-year with AltaGas benefiting from exposure to some of North America's leading gas resource plays, which continue to grow, despite soft Canadian natural gas prices. AltaGas continues to advance regulatory, engineering and commercial work for the Company's backlog of Midstream growth projects. This includes Pipestone III, North Pine, and the Dimsdale natural gas storage expansion project. The Company is advancing engineering and capital cost work for two optimization initiatives that will increase REEF's phase I throughput capacity. REEF is a multi-phased project that is positioned to meet Canada's long-term LPG export needs through low-cost capacity additions that will ensure Canada's excess LPGs are delivered to the strongest markets globally, which will benefit all stakeholders. Consistent with the Company's de-risking focus, AltaGas' Midstream operations are well-hedged for 2025 with approximately 98 percent of the remaining 2025 expected global export volumes tolled or financially hedged. Merchant volumes are hedged at an average Far East Index ("FEI") to North American financial hedge price of US$18.00/Bbl while tolling volumes are in line with historical rates. Approximately 84 percent of the Company's 2025 expected frac exposed volumes are hedged at US$26.48/Bbl, prior to transportation costs. AltaGas continues to actively manage risk across the Midstream platform through commercial contracting and a systematic hedging program to manage its commodity price exposure. For the remainder of 2025, AltaGas has materially hedged all of its expected Baltic freight exposure through time charters, financial hedges, and tolled volumes.
Utilities Utilities reported normalized EBITDA of $134 million in the second quarter of 2025 compared to $122 million in the second quarter of 2024, while income before income taxes was $95 million in the second quarter of 2025 compared to $31 million in the second quarter of 2024. The 10 percent year-over-year increase in normalized Utilities EBITDA was driven by modernization investments, stronger asset optimization, and colder weather in Michigan, partially offset by lower retail contributions. Washington Gas recently filed a new rate case in Virginia with the SCC where requested rates are designed to collect an incremental US$65 million in annual revenue, net of US$39 million in ARP surcharge related to Washington Gas' SAVE rate rider. The filing uses a December 2024 test year with select forward looking adjustments. Interim rates are expected to come into effect by early 2026. The Company also continues to work with the PSC of D.C. on the August 2024 rate case and anticipates resolution by year-end 2025. Washington Gas continues to work with the PSC of D.C. on the US$215 million asset modernization extension application under review in D.C. through its Strategic Accelerated Facilities Enhancement ("District SAFE") plan. The Company is continuing ARP work in the PROJECTpipes 2 modernization program with the program extended to December 31, 2025 with the additional US$34 million of modernization capital added from May 1, 2025. The extension of PROJECTpipes 2 ensures uninterrupted pipeline modernization work continues while District SAFE is being reviewed. AltaGas' Utilities continue to see progress on key growth initiatives and received regulatory approval for the Keweenaw Connector Pipeline in Michigan. The 30-mile transmission line is expected to be in service in early 2027 with the majority of the US$120 million capital spend expected to take place through 2026. AltaGas' Utilities continue to work with a number of data center developers and are actively advancing projects with front-end engineering and design ("FEED") studies across Virginia, Michigan and Maryland. The Company is focused on pursuing these ventures on a de-risked basis by building pipeline interconnects to onsite power generation through rate regulated investments. AltaGas continued to actively invest in its Utilities business during the second quarter of 2025 with $160 million of capital deployed across the Company's Utilities network. This included investing approximately $96 million in the quarter toward the Company's asset modernization programs. These investments improve the safety and reliability of the system while connecting customers to the critical energy they continue to rely on. AltaGas remains committed to making these investments, while balancing the need for ongoing customer affordability. Corporate/Other The Corporate/Other segment reported normalized EBITDA for the second quarter of 2025 of a loss of $7 million, compared to a loss of $2 million in the same quarter of 2024. Loss before income taxes in the Corporate/Other segment was $132 million in the second quarter of 2025, compared to $123 million in the same quarter of 2024. The year-over-year decrease in normalized EBITDA was primarily driven by higher expenses related to employee incentive plans. CONSOLIDATED FINANCIAL RESULTS
Normalized EBITDA for the second quarter of 2025 was $342 million compared to $295 million for the same quarter in 2024. The largest factors contributing to the year-over-year increase are described in the Business Performance sections above. Income before income taxes was $226 million for the second quarter of 2025 compared to a loss of $46 million for the same quarter in 2024. The increase was mainly due to higher unrealized gains on risk management contracts, the same previously referenced factors impacting normalized EBITDA, and lower transition and restructuring costs, partially offset by higher depreciation and amortization expense and higher interest expense. Please refer to the "Three Months Ended June 30" section of the Q2 2025 Management's Discussion and Analysis ("MD&A") for further details on the variance in income before income taxes and net income applicable to common shareholders. Normalized net income was $81 million or $0.27 per share for the second quarter of 2025, compared to $41 million or $0.14 per share reported for the same quarter of 2024. Normalized FFO was $228 million or $0.76 per share for the second quarter of 2025, compared to $180 million or $0.61 per share for the same quarter in 2024. The increase was mainly due to the same previously referenced factors impacting normalized EBITDA, higher distributions from equity investments, and lower normalized current income tax expense, partially offset by higher non-cash items included in normalized EBITDA and higher interest expense. Cash from operations in the second quarter of 2025 was $365 million ($1.22 per share), compared to $452 million ($1.52 per share) for the same quarter of 2024. The decrease was mainly due to unfavourable variances in the net change in operating assets and liabilities, primarily as a result of fluctuations in commodity prices and sales volumes, partially offset by higher net income after taxes (after adjusting for non-cash items) and higher distributions from equity investments. Please refer to the Liquidity section of the MD&A for further details on the variance in cash from operations. Interest expense for the second quarter of 2025 was $114 million, compared to $111 million for the same quarter in 2024. The increase was mainly due to the issuance of additional subordinated hybrid notes in the third quarter of 2024 as well as a higher average Canadian/U.S. dollar exchange rate, partially offset by a decrease in average debt balances, higher capitalized interest, and lower average interest rates. Interest expense recorded on the subordinated hybrid notes in the second quarter of 2025 was $34 million, compared to $13 million in the second quarter of 2024. Income tax expense was $44 million for the second quarter of 2025, compared to an income tax recovery of $12 million for the same quarter of 2024. The increase in income tax expense was mainly due to higher income before income taxes. FORWARD FOCUS, GUIDANCE AND FUNDING AltaGas continues to focus on executing its corporate strategy of building a diversified platform that operates long-life energy infrastructure assets that connect customers and markets and are positioned to provide resilient and growing value for the Company's stakeholders. Following a strong second quarter of 2025, AltaGas is reiterating its previously disclosed 2025 guidance, including:
AltaGas is focused on delivering resilient and growing normalized EPS and normalized FFO per share while targeting lower financial leverage ratios. This strategy is designed to support steady dividend growth and provide the opportunity for continued capital appreciation for long-term shareholders. AltaGas is maintaining a disciplined, self-funded 2025 capital program of approximately $1.4 billion, excluding ARO. The Company is allocating approximately 51 percent of its consolidated 2025 capital to its Utilities business, approximately 45 percent to the Midstream business and the balance to the Corporate/Other segment. OPTION PLAN Shareholders approved the conversion of the rolling option plan to a fixed option plan at the last meeting of shareholders. The Board has not issued options since 2021 and currently has no intention of issuing options under the plan. Therefore, AltaGas has deferred listing the common shares issuable under the fixed plan with the TSX until such time as the Board resolves to resume issuing options. Shareholders will be advised, by way of future press release, if and when option grants under the plan will resume. QUARTERLY COMMON SHARE DIVIDEND AND PREFERRED SHARE DIVIDENDS The Board of Directors approved the following schedule of Dividends:
CONFERENCE CALL AND WEBCAST AltaGas will hold a conference call today, August 1, 2025, at 9:00 a.m. MT (11:00 a.m. ET) to discuss second quarter of 2025 results and other corporate developments.
Shortly after the conclusion of the call a replay will be available on the Company's website or by dialing +1 289 819 1450 or toll free +1 888 660 6345. Passcode 73282 #. AltaGas' Consolidated Financial Statements and accompanying notes for the second quarter of 2025, as well as its related MD&A, are now available online at www.altagas.ca. All documents will be filed with the Canadian securities regulatory authorities and will be posted under AltaGas' SEDAR+ profile at www.sedarplus.ca. NON-GAAP MEASURES This news release contains references to certain financial measures that do not have a standardized meaning prescribed by U.S. GAAP and may not be comparable to similar measures presented by other entities. The non-GAAP measures and their reconciliation to U.S. GAAP financial measures are shown below and within AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended June 30, 2025. These non-GAAP measures provide additional information that Management believes is meaningful regarding AltaGas' operational performance, liquidity and capacity to fund dividends, capital expenditures, and other investing activities. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to other measures of financial performance calculated in accordance with U.S. GAAP. Normalized EBITDA
EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income (Loss) using income (loss) before income taxes adjusted for pre-tax depreciation and amortization and interest expense. AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to enhance the understanding of AltaGas' earnings over periods, as well as for budgeting and compensation related purposes. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as it excludes items that can vary substantially between entities depending on the accounting policies chosen, the book value of assets, and the capital structure. Normalized Net Income
Normalized net income and normalized net income per share are used by Management to enhance the comparability of AltaGas' earnings, as these metrics reflect the underlying performance of AltaGas' business activities. Normalized Funds from Operations
Normalized funds from operations and funds from operations are used to assist Management and investors in analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate funds for capital investments, debt repayment, dividend payments, and other investing activities. Funds from operations and normalized funds from operations as presented should not be viewed as an alternative to cash from operations or other cash flow measures calculated in accordance with GAAP. Invested Capital and Net Invested Capital
Invested capital is a measure of AltaGas' use of funds for capital expenditure activities. It includes expenditures relating to property, plant, and equipment and intangible assets, capital contributed to long term investments, and contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, adjusted for items such as non-cash capital expenditures, AFUDC, and contributions from non-controlling interests. Invested capital and net invested capital are used by Management, investors, and analysts to enhance the understanding of AltaGas' capital expenditures from period to period and provide additional detail on the Company's use of capital. Net Debt, Adjusted Net Debt, and Adjusted Net Debt to Normalized EBITDA
Net debt, adjusted net debt, and adjusted net debt to normalized EBITDA are used by the Corporation to monitor its capital structure and assess its capital structure relative to earnings. It is also used as a measure of the Corporation's overall financial strength and is presented to provide this perspective to analysts and investors. Net debt is defined as short-term debt, plus current and long-term portions of long-term debt, current and long-term portions of finance lease liabilities, and subordinated hybrid notes, less cash and cash equivalents. Adjusted net debt is defined as net debt adjusted for current and long-term portions of finance lease liabilities, 50 percent of subordinated hybrid notes, and 50 percent of preferred shares. Adjusted net debt to normalized EBITDA is calculated by dividing adjusted net debt as defined above by normalized EBITDA for the preceding twelve month period. CONSOLIDATED FINANCIAL REVIEW
ABOUT ALTAGAS AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders. For more information visit www.altagas.ca or reach out to one of the following: Jon Morrison Aaron Swanson Investor Inquiries Media Inquiries FORWARD-LOOKING INFORMATION This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "potential", "target", "guarantee", "potential", "objective", "continue", "outlook", "guidance", "growth", "long-term", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: export tolling agreements, including the expected timing for commencement of volumes thereunder and the anticipated benefits thereof; the belief that the MVP expansion and Southgate expansion are advancing towards near-term FID; the potential monetization of AltaGas' interest in MVP and the use of proceeds therefrom; the potential District SAFE modernization program and the anticipated benefits therefrom; the expectation that REEF will remain on budget and on schedule to achieve its 2026 year-end in-service-date; the expectation that construction of Pipestone II will remain on schedule for a late 2025 in-service-date; anticipated benefits of Pipestone II; AltaGas' commitment to advancing growth projects across the Utilities segment including new customer growth and execution of existing asset monetization programs; progress on the Keweenaw Pipeline Connector project, projected capital cost of the project, the anticipated benefits therefrom and the estimated 2027 in-service date; SEMCO's construction of a natural gas interconnect for DTE Energy's Belle River coal-to-natural gas power plant conversion project and the anticipated timing for completion thereof; advancement of preliminary work with data center developers and AltaGas' plans with respect to such projects; AltaGas' commitment to advancing Midstream growth projects including Pipestone III, North Pine, the Dimsdale natural gas storage expansion project and their effect on the Midstream growth outlook; the Company's 2025 guidance including normalized EBITDA of $1,775 million to $1,875 million and normalized EPS of $2.10 to $2.30; the importance of building energy infrastructure that connects Canadian energy to global markets; optimization projects at REEF and the anticipated timing and benefits thereof; the belief that there will be sufficient demand for export capacity at REEF by the end of the decade to support future optimization projects; the belief that significant investments in Utilities to connect new customers and modernize our network will enhance long-term safety, reliability, and energy security; AltaGas' commitment to advocate for customers against public policies that undermine reliability, affordability and consumer choice; the anticipated benefits of REEF, including its ability to meet Canada's long-term LPG export needs and ensure Canada's excess LPGs are delivered to the strongest markets globally; the Company's focus on operational execution and its ability to deliver continued year-over-year export volume growth through 2025; the belief that AltaGas is positioned to benefit from the long-term fundamentals of growing Canadian natural gas and NGL production, strong Asian demand and the Company's structural shipping advantage from the west coast; the Company's hedging program and AltaGas' 2025 Midstream Hedge Program quarterly estimates; AltaGas' commitment to investing in its Utilities business to improve safety and reliability and connect customers to critical energy while balancing the need for customer affordability; expected filing, procedure and decision dates for rate cases in the Utilities business; timing of material regulatory filings, proceedings and decisions in the Utilities business; AltaGas' ability to execute its corporate strategy, including building a diversified platform that operates long-life energy infrastructure assets that are positioned to provide resilient and growing value for stakeholders and the Company's focus on growing normalized EPS and normalized FFO per share while targeting lower leverage ratios to support steady dividend growth and provide ongoing capital appreciation for long-term shareholders; AltaGas' commitment to maintaining a disciplined, self-funded 2025 capital program of approximately $1.4 billion, excluding ARO; the allocation of consolidated 2025 capital to the Company's Utilities, Midstream and Corporate/Other segments; the listing of common shares issuable under the fixed option plan on the TSX, and AltaGas' intention to issue a future press release in respect of any such listing; and AltaGas' dividend policy. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, and achievements to differ materially from those expressed or implied by such statements. Such statements reflect AltaGas' current expectations, estimates, and projections based on certain material factors and assumptions at the time the statement was made. Material assumptions include: effective tax rates; U.S./Canadian dollar exchange rates; inflation; interest rates, credit ratings, regulatory approvals and policies; expected commodity supply, demand and pricing; volumes and rates; propane and butane price differentials; degree day variance from normal; pension discount rate; financing initiatives; the performance of the businesses underlying each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on investments; dividend levels; and transaction costs. AltaGas' forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: health and safety risks; operating risks; infrastructure; natural gas supply risks; volume throughput; service interruptions; transportation of petroleum products; market risk; inflation; general economic conditions; cybersecurity, information, and control systems; climate-related risks; environmental regulation risks; regulatory risks; litigation; changes in law; Indigenous and treaty rights; dependence on certain partners; political uncertainty and civil unrest; risks related to conflict, including the conflicts in Eastern Europe and the Middle East; decommissioning, abandonment and reclamation costs; reputation risk; weather data; capital market and liquidity risks; interest rates; internal credit risk; foreign exchange risk; debt financing, refinancing, and debt service risk; counterparty and supplier risk; technical systems and processes incidents; growth strategy risk; construction and development; underinsured and uninsured losses; impact of competition in AltaGas' businesses; counterparty credit risk; composition risk; collateral; rep agreements; market value of the common shares and other securities; variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks; and the other factors discussed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2024 ("AIF") and set out in AltaGas' other continuous disclosure documents. Many factors could cause AltaGas' or any particular business segment's actual results, performance or achievements to vary from those described in this press release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and AltaGas' future decisions and actions will depend on management's assessment of all information at the relevant time. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by these cautionary statements. Financial outlook information contained in this news release about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on AltaGas management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. Additional information relating to AltaGas, including its quarterly and annual MD&A and Consolidated Financial Statements, AIF, and press releases are available through AltaGas' website at www.altagas.ca or through SEDAR+ at www.sedarplus.ca. 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Company Codes: Toronto:ALA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
