Q3 2024 AltaGas Ltd Earnings Call Transcript
Key Points
- AltaGas Ltd (ATGFF) reported a 17% year-over-year growth in normalized EBITDA, reaching $294 million in Q3.
- The company achieved record global export volumes, exporting over 128,000 barrels per day of LPGs to Asia.
- Strong performance in the utilities segment was driven by capital investments and active cost management, despite warmer weather conditions.
- Construction progress on major projects like Reef and Pipestone 2 is on track, with significant portions of capital costs locked in fixed-price EPC contracts.
- AltaGas Ltd (ATGFF) is actively pursuing long-term growth opportunities, including data center energy demands and regulatory filings to support system modernization.
- The company faced challenges from Alberta wildfires and potential national rail strikes, impacting operations and causing higher onetime operating costs.
- Despite strong export volumes, lower export margins and higher LTIP costs due to rising share prices affected financial performance.
- Mild weather in key regions like D.C. and Michigan posed a headwind for the utilities segment, impacting heating degree days.
- The company is still in the early phases of price discovery for its non-core Mountain Valley Pipeline stake, which could affect balance sheet improvements.
- There is uncertainty regarding the approval of weather variance accounts in D.C., which could impact future financial stability.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the AltaGas third quarter 2024 Financial Results Conference Call. My name is Ludy, and I will be your operator for today's call.
(Operator Instructions)
As a reminder, this conference call is being broadcast live on the Internet and recorded. I would now like to conference over to Aaron Swanson, Vice President, Investor Relations. Please go ahead, Mr. Swanson.
Good morning, and thank you for joining AltaGas third quarter 2024 Results Conference Call. Speaking this morning will be Vern Yu, President and Chief Executive Officer; and James Harbilas, Executive Vice President and Chief Financial Officer. We're also joined this morning by Randy Toone, President of our Midstream business; Blue Jenkins, President of our Utilities business, and Jon Morrison, Senior Vice President of Corporate Development and Investor Relations. This call is being webcast, and we encourage following along with the supporting
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