Canada’s AltaGas reports Q1 strength
Canadian midstream and utilities operator AltaGas reported “strong” Q1 2021 results on April 29, with both its core areas contributing to normalised pre-tax earnings (Ebitda) of C$674mn (US$548mn), up from C$499mn in Q1 2020.
Normalised net income increased to C$361mn from C$220mn, but net income applicable to common shares slipped to C$337mn from C$464mn in Q1 2020, a period which saw gains on the sale of AltaGas Canada and certain distributed generation assets in the US.
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“AltaGas delivered robust first-quarter results and remains well-positioned to deliver on the company’s strong growth prospects in 2021 and beyond,” CEO Randall Crawford said. “Our midstream platform, including global exports, achieved record throughput and profits [and] our utilities segment continued to drive improved customer outcomes while controlling costs and improving returns.”
The midstream platform includes liquefied petroleum gas (LPG, primarily propane and butane) export terminals in BC and Washington state. Together, the two exported 85,000 b/d of LPG, including 50,700 b/d of propane across eight ships from the Ridley Island terminal in BC and 34,750 b/d of combined propane and butane across six vessels from the Ferndale terminal in Washington.