The following is a summary of the AltaGas Ltd. (ATGFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AltaGas reported a Q1 normalized EPS of $1.14 and normalized EBITDA of $660 million, up 15% and 13% year-on-year, respectively, driven mainly by a stronger than expected performance in the Midstream sector.

• The company invested $179 million in its Utilities business towards enhancing network safety and reliability.

• For 2024, AltaGas expects to achieve a normalized EPS guidance range of $2.05 to $2.25, and normalized EBITDA of $1.675 to $1.775 billion.

• The company plans for a balance sheet at 4.5x debt to EBITDA, thus expecting to have about a $1.5 billion/year investment capacity for maintenance, pipe replacement, and discretionary investments.

Business Progress:

• The company is planning for an end-of-Q2 final investment decision on the REEF project, with an initial export capacity of 55,000 barrels/day.

• AltaGas continues to install the Mountain Valley pipeline, with one mile left, plans to file rate cases in D.C and Maryland in 2024, and progress discussions with producers for North Pine infrastructure usage.

• Their goal for 2027 includes having 100,000 barrels/day under tolling contracts in order to decrease the risk profile.

• AltaGas sees potentials in the increasing demands for power from data centers, exporting other bulk liquids such as diesel, biodiesel, and ammonia, and are in active discussions with customers for REEF project's first phase capacity.

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