Altagas

AltaGas Ltd. has entered into definitive agreements for the sale of non-core midstream and power assets in Canada and power assets in the United States, for total proceeds of approximately $560 million.  The proceeds from the sale of these assets will be used to repay a significant portion of the bridge facility related to the acquisition of WGL Holdings Inc. 

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AltaGas Ltd. has entered into definitive agreements with Kelt Exploration (LNG) Ltd. to provide an energy infrastructure solution for the liquids-rich Inga Montney development located in northeast British Columbia. The Commercial Arrangements underpin the expansion of the Townsend Complex, including the addition of a 198 MMcf per day of C3+ deep cut gas processing capacity. The additional natural gas liquids will increase utilization in AltaGas' existing liquids pipelines, position the company well for an expansion of the North Pine fractionator to 20,000 bbls per day - which already has regulatory approval, and provide additional propane supply to the Ridley Island Propane Export Terminal. 

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AltaGas Ltd. reported results in line with its expectations and remains firmly focused on achieving its operational and financial objectives for 2018.  With normalized EBITDA of $166 million, and normalized funds from operations of $121 million, AltaGas remains well positioned to fund its capital program through internally generated cash flow, its dividend reinvestment program, and normal course borrowings under its credit facilities. AltaGas' net income applicable to common shares for the quarter was $1 million ($0.01 per share), with normalized net income of $23 million or $0.13 per share.

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AltaGas Ltd. President and CEO David Harris has resigned from his position, effective immediately, the company has announced. Mr. Harris has also resigned from his position on the AltaGas Board. The Board of Directors of AltaGas and Mr. Harris have mutually agreed to his resignation due to a complaint under review by the Board. This complaint is not related to AltaGas' strategy, operations or financial reporting. 

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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.  

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Birchcliff Energy and AltaGas have entered into a definitive agreement for a long-term natural gas processing arrangement at AltaGas' deep-cut sour gas processing facility located in Gordondale, Alberta. The new Processing Arrangement will be effective from January 1, 2018 and will replace the parties existing Gordondale processing arrangement. Under the Processing Arrangement, Birchcliff is being provided with up to 120 MMcf/d of natural gas processing on a firm-service basis, and Birchcliff's take-or-pay obligation is 100 MMcf/d. The term of the Processing Arrangement is for at least 15 years, subject to extension in accordance with the terms of the agreement. 

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Continuing a pattern of aggressive growth, Calgary's AltaGas is moving to expand its markets in the eastern United States by acquiring Washington, D.C.-based WGL Holdings in a transaction valued at CAD$8.4 billion.

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AltaGas Ltd. has entered into a non-binding Letter of Intent on January 20, 2017 with a significant Montney producer to construct a 120 Mmcf/d deep-cut natural gas processing facility and a natural gas liquids separation train, capable of processing up to 10,000 Bbls/d of NGL mix, and rail terminal. The Facilities, which are to be located in another area of the Montney separate from AltaGas’ current operations, are expected to have access to the CN rail network allowing for the transportation of propane to the Ridley Island Propane Export Terminal which AltaGas declared a positive Final Investment Decision on earlier this year. 

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AltaGas Ltd. has received regulatory approval from the British Columbia Oil and Gas Commission for the doubling of the Townsend Facility to 396 MMcf/d and to retrofit the existing 198 MMcf/d shallow-cut Townsend Facility to a deep-cut facility at a future date. The initial expansion will be a 100 Mmcf/d shallow-cut natural gas processing facility to be located on the existing Townsend site, adjacent to the currently operating Townsend Facility. The estimated cost of Townsend Phase 2 will be approximately $85 to $95 million. In addition, incremental field compression equipment, estimated to cost between $35 to $45 million, will be required to move raw gas production from the Blair Creek area to Townsend. Long-lead major equipment has been ordered and Townsend Phase 2 is expected to begin commercial operations in October 2017. It is expected that Townsend Phase 2 will be fully contracted with Painted Pony Petroleum Ltd. under a 20-year take-or-pay agreement.

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AltaGas Ltd. has announced that it has received the permit from the B.C. Oil and Gas Commission to construct, own and operate AltaGas' proposed North Pine Liquids Separation Facility.

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