Tags
Industry News

AltaGas closes $9 billion acquisition of WGL

AltaGas Ltd. announced the closing of its approximately $9 billion acquisition of WGL Holdings, Inc. (WGL), creating a North American leader in the clean energy economy.  

The combination of AltaGas and WGL supports AltaGas' long-term vision and strategy, and results in a company with an enterprise value of over $17 billion, a presence in over 30 states and provinces, and approximately $6 billion in growth opportunities. AltaGas' diversified and balanced portfolio of assets provides stability and predictability, with approximately 80 percent of 2019 EBITDA expected to come from its regulated gas distribution utilities and medium to long-term contracts underpinning combined Midstream and Power assets. 

"AltaGas is well positioned to strengthen its North American clean energy platform and drive growth across all three business segments, Gas, Power and Utilities, while continuing to deliver exceptional customer service," said David Harris, President and CEO of AltaGas. "The combined forces of AltaGas and WGL will expand clean energy choices for our customers and enhance AltaGas' position as a leading North American clean energy infrastructure company." 

Combined Midstream Business Provides Producers with Global Market Access
AltaGas is now positioned to actively participate in energy export projects on both coasts of North America, and has a presence in the two most prolific gas plays - the Montney and Marcellus.  With its ownership interest in Canada's first west coast propane export terminal - the Ridley Island Propane Export Terminal which is scheduled to be completed in Q1 of 2019 - AltaGas is ideally positioned to move natural gas liquids to premium Asian markets. In the Marcellus region, AltaGas connects low cost producers with high growth U.S. end-use markets and the Cove Point liquefied natural gas (LNG) terminal, which provides access for LNG exports off the east coast. 

Serving approximately 1.8 million customers with a rate base of approximately $4.5 billion, AltaGas' utilities across North America deliver safe, reliable and clean natural gas to homes and businesses in eight jurisdictions.  Washington Gas serves high growth areas driving customer additions, general system betterment and accelerated replacement programs. AltaGas expects to grow its Utility rate base to approximately $7 billion by the end of 2021. 

With a clean power generation footprint covering hydroelectric, wind, small scale solar, biomass, and energy storage, AltaGas sees tremendous opportunity across North America to expand its clean energy offerings. The recent build and performance of the Pomona Energy Storage asset, as well as compelling value realization from the North West British Columbia Hydro Electric facilities, underscore our sustainable development capabilities as AltaGas continues to explore expansion opportunities. 

"We have a clear path for profitable growth in each of our businesses well into the future," continued Mr. Harris.  "We expect to maintain visible dividend growth and balance this with investments in growth opportunities in each of our business segments. Fundamental to all this is also strengthening our balance sheet and maintaining an investment grade credit rating. 

"Ultimately, we believe this approach will provide the greatest value creation for shareholders, while continuing to deliver on our commitments to our customers and other stakeholders," concluded Mr. Harris. 

With the closing of the WGL acquisition, Terry McCallister will be retiring as Chief Executive Officer of WGL after a career that spanned 18 years, including the last nine as Chairman and CEO. AltaGas has committed that at least one current member of the WGL board of directors will be recommended to the AltaGas board of directors. Mr. McCallister has agreed to join the AltaGas board of directors, subject to formal acceptance by the Board. Adrian Chapman will succeed Mr. McCallister as President and Chief Executive Officer of Washington Gas.  Mr. Chapman currently serves as President and Chief Operating Officer and has been a key part of WGL's team for more than 36 years.  

"This transaction is a powerful one," stated Mr. Terry McCallister, Chief Executive Officer of WGL.  "Our combined forces will allow us to capitalize on the important inflection point in the clean energy economy by investing in projects like battery storage and other renewables. The assets and opportunities of the combined companies will provide for our customers' energy needs today and tomorrow."

Company Info

Latest News

Tags
Industry News
Pipelines

TransCanada's Topolobambo project goes into service in Mexico

TransCanada's Topolobambo project goes into service in Mexico

TransCanada Corporation  announced its Topolobampo Pipeline project has been placed into service in northern Mexico, providing capacity for 670 million cubic feet of natural gas per day to markets in the states of Chihuahua and Sinaloa. The project represents an investment of approximately US$1.2 billion and provides the upstream interconnection with the company's Mazatlan Pipeline.

Read More

Tags
Instrumentation, Systems & Automation

Hand-held combustion emissions analyzer

Hand-held combustion emissions analyzer

The E1500 Hand-Held Combustion Emissions Analyzer from E Instruments is a new, rugged unit with the ability to measure CO & O2 from high efficiency & condensing boilers, burners, engines, turbines, kilns, furnaces, incinerators and other industrial combustion processes.  Featuring a new large COLOR display and expanded internal memory, the E1500 lets you easily see and save your sample data without worrying about running out of memory. The E1500 also features pre-calibrated, field replaceable sensors which allow for easy diagnostics and replacement to reduce "down-time" and costly repair charges.

Read More

Tags
Industry News

Vertex Resource acquires Three Star Trucking

Vertex Resource acquires Three Star Trucking

Vertex Resource Group Ltd. has acquired Three Star Trucking Ltd., an environmental service company providing fluid hauling service, pressure truck services, hot oilers and combo vac services throughout western Canada on July 12th, 2018. The acquisition of Three Star will add over 270 pieces of equipment to Vertex's fleet, making the company's fleet one of the largest in operations serving Saskatchewan, the Montney, and the Duvernay resource plays of Alberta and British Columbia. 

Read More

Tags
Asset Management

Baker Hughes, SGS agree on joint deployment of corrosion management solution

Baker Hughes, SGS agree on joint deployment of corrosion management solution

SGS and Baker Hughes, a GE company, announced a Strategic Alliance Agreement (SAA) for the joint deployment and commercialization of BHGE's real-time software and sensor-based Predictive Corrosion Management (PCM) solution. Leveraging the capability of the Industrial Internet of Things (IIoT), PCM will enable asset owners to increase their ability to monitor their facilities, and detect and predict corrosion issues using real-time data powered by BHGE's ultrasonic sensing technology and advanced analytics. 

Read More

Tags
Drilling & Production
Industry News

Petroteq to test equipment for non-conventional oil production

Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the energy industry, announced an agreement with Cavitation Technologies, Inc., a company providing highly scalable and cost-effective solutions to various fluids processing industries. The companies have entered into a licensing agreement to test its equipment during oil production for workflow efficiencies and to lower its cost of production obtained through Petroteq's oil sands extraction process.  

Read More

Tags
Industry News

Painted Pony receives encouraging results from Lower Montney test wells

Painted Pony receives encouraging results from Lower Montney test wells

Painted Pony Energy Ltd. has announced results from two recent Lower Montney wells drilled on the northern edge of the South Townsend block. Preliminary results indicate production levels higher than Painted Pony management's Townsend type curve and include higher liquid yields compared to previous wells in the Townsend block. Painted Pony is encouraged by the results to-date and anticipates re-directing a portion of drilling activity within the existing 2018 development budget to better capitalize on these well results.

Read More

Tags
Industry News

Terex RT cranes handle desert drill site project without downtime

"Five months of continuous back-breaking work without any downtime," Nabors Drilling Manager David Siljeg succinctly puts it while summarizing how well the Terex RT 90 rough terrain crane performed at a work site in Abqaiq, Saudi Arabia. The crane lifted numerous components for drilling rigs, generators, and a power distribution and control centre at the oil field while enduring challenging environmental conditions.

Read More

Tags
Industry News

Paramount, Strath close sale of Resthaven/Jayar assets for $340 million

Paramount, Strath close sale of Resthaven/Jayar assets for $340 million

Paramount Resources Ltd. has closed the previously announced sale of its oil and gas properties and related infrastructure at Resthaven / Jayar in the Kakwa region to Strath Resources Ltd. Consideration received by Paramount totaled $340 million, and included $170 million in cash (subject to customary post-closing adjustments), 85 million Strath common shares and 10-year warrants to acquire 8.5 million Strath common shares. As a result, Paramount holds an approximate 16% equity interest (undiluted) in Strath and Jim Riddell, Paramount's President and Chief Executive Officer, has joined Strath's Board of Directors. The cash consideration received will be used to reduce outstanding indebtedness under Paramount's credit facility.

Read More

Tags
Industry News
Offshore Technology

Decommissioning Leadership Group meets to set strategy

Industry leaders have, this month, joined together to shape the future of decommissioning through the formation of the Decommissioning Leadership Group (DLG). Conceived and managed by Decom North Sea, the DLG held its inaugural meeting at The Chester Hotel in Aberdeen earlier in June with the mission to set out a strategy for leading the development of an efficient and effective oil and gas decommissioning sector.

Read More

Tags
Instrumentation, Systems & Automation

Harting introduces Han-Smart modular connectors

In launching the first Han-Smart modules, HARTING is bringing new, intelligent capabilities to the highly esteemed, customer configurable Han-Modular connector system. Until now, industrial connectors have been used exclusively as passive devices for carrying power, signal, data transmission and pneumatics - functions they continue to provide. However, with Han-Smart solutions, connectors can provide added value while beginning to evolve into active devices to serve the needs of future manufacturing. These three modules are just the beginning:

Read More

Tags
Pipelines

Enbridge announces $4.3 billion deal to sell gas assets

Enbridge announces $4.3 billion deal to sell gas assets

Enbridge Inc. has entered into definitive agreements to sell its Canadian natural gas gathering and processing business in the Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta (the G&P business) to Brookfield Infrastructure and its institutional partners for a cash purchase price of CAN $4.31 billion, subject to customary closing adjustments and receipt of regulatory approvals.  

Read More