AltaGas reports higher Q1 earnings

Calgary-based AltaGas, a North American energy infrastructure company active in utilities and the midstream, reported normalised Q1 2023 EBITDA of C$582mn (US$427mn) on April 26, a modest improvement over normalised EBITDA of C$574m in the same period a year ago.

Normalised EBITDA from the utilities segment slipped to C$401mn from C$408mn, but midstream EBITDA increased to C$183mn from C$174mn. Pre-tax income rose to C$619mn from C$504mn.

“Our midstream business delivered strong results which included the export of approximately 99,444 barrels/day of LPGs to Asia, delivered across 16 VLGCs,” CEO Randy Crawford said.

Subsequent to quarter end, AltaGas and Royal Vopak executed a definitive agreement to create a joint venture evaluate expansion of AltaGas’ Ridley Island Export Facility at Prince Rupert, on Canada’s west coast.

Pending a final investment decision, the expansion project would increase LPG export capacity and, in later phases, add capacity to export methanol and other bulk liquids.