Delivering on our core objectives
We operate long-life energy infrastructure assets that connect customers and markets to reliable and affordable energy. By focusing on operational excellence and capital efficiency, we ensure that we continue to compound long-term value for our shareholders.
Our investment proposition
We own and operate long-life, lower-risk energy infrastructure assets that provide:
Stable and Growing Earnings and
Cash Flows
Long-term
Organic
Growth
Steady and
Growing
Dividends
Delivering on our Dividend
Over the past five years, AltaGas has provided industry-leading normalized EPS and FFO per share growth, which has allowed for compounding increases in our dividends per share. This includes AltaGas growing our common share dividends by an average of 6% per year since 2021.
Looking ahead, we believe we can continue to increase dividends per share by 5-7% per year for the next five years.
1) Dividend growth target aligns with medium-term normalized EPS growth.
2) 2026E onwards represents midpoint of 5-7% CAGR range.
5-7% Annual dividend CAGR Expected until 2029e1
1) Dividend growth target aligns with medium-term normalized EPS growth.
2) 2026E onwards represents midpoint of 5-7% CAGR range.
Midstream
Midstream growth thrives on our globally connected platform, powered by West Coast LPG export facilities and strategically positioned infrastructure in Montney and Deep Basin.
Our operations are strategically positioned to benefit from our West Coast shipping advantage to Asia. This generates substantial time savings over the U.S. Gulf Coast and Arabian Gulf. This geographic advantage increases our customers’ realized LPG prices and creates tailwinds for the broader energy industry.
Global Exports Throughput Growth
Utilities
Our rate-regulated Utilities offer lower-risk growth through customer additions, modernization, and system expansion. We've achieved a 9% CAGR in our rate base over the past 5 years and are poised for continued expansion with a multidecade investment runway.
These investments enhance system safety and reliability, ensuring customers receive the essential energy they need daily. AltaGas is dedicated to these improvements while maintaining customer affordability.
Utilities Rate Base Growth1
(9% CAGR 2019-2024)
1) Future rate base growth will be a function of customer growth, continued approval of asset modernization programs, system expansions, and competing calls on capital across the enterprise.
Low-Risk Commercial Framework
Our low-risk enterprise is characterized by highly-contracted cash flows and steady earnings growth, underpinned by high-quality, investment-grade counterparties
Utilities and Contracted Cash Flows
Utilities and Investment Grade Customers
Capital Discipline and Balance Sheet Strength
Our capital allocation strategy, including ongoing leverage reduction, is key to maintaining financial flexibility, driving growth, and supporting sustainable dividend increases. Our disciplined approach ensures we invest shareholder capital into projects with the best risk-adjusted returns.
Leverage Target
Adj. Net Debt / Normalized EBITDA1,2
Trailing Q4/24 Metric
(Last 12 Months)
Adj. Net Debt / Normalized EBITDA1,2
1) Non-GAAP financial measure.
2) Adjusted net debt includes hybrid and preferred capital using a 50% debt treatment.
Near-term Organic Growth Opportunities
- UTILITIES
-
Accelerated Pipeline Replacement Projects
Accelerated Pipeline Replacement Programs (“ARPs”) provide the foundation for improved safety and reliability leading to better outcomes for all stakeholders, including providing AltaGas with an appropriate return on capital avoiding considerable rate lag through rate riders.
- MIDSTREAM: PIPESTONE II & REEF
-
Pipestone II:
New 100 MMcf/d Sour Deep Cut Gas Processing Plant in the Alberta Montney that is scheduled to come on-line for 2025 year-end.
REEF:
LPG export facility with rail, dock and marine infrastructure – Ridley Island, B.C.
INVESTOR RESOURCES
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