The following is a summary of the AltaGas Ltd. (ATGFF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• AltaGas achieved normalized EBITDA of $1.575 billion for the year, a 2.5% increase year over year.

• Normalized EPS was $1.90 per share, slightly below the guidance range due to higher short-term debt costs.

• AltaGas reported Q4 normalized EBITDA of $502 million and full year normalized EBITDA of $1.575 billion.

• The Q4 normalized EPS was $0.76, while the full year normalized EPS of $1.90 was slightly below the guidance range because of higher than expected interest rates.

• Midstream operations delivered Q4 normalized EBITDA of $182 million and a full year normalized EBITDA of $684 million.

• Utility segment posted Q4 normalized EBITDA of $311 million, representing a 6% YoY increase.

Business Progress:

• AltaGas advanced various growth projects, closed the sale of its Alaskan utility, and strengthened its balance sheet with more than $1 billion in cash for debt reduction.

• The company entered a five-year transportation agreement with CN to support its LPG exports and commissioned a new VLGC time charter to reduce total shipping costs by approximately 25%.

• It acquired Pipestone assets to expand its footprint in Alberta Montney and provide additional liquids for global exports.

• AltaGas invested $745 million in system modernization and new customer connections in its utilities business.

• There's progression on climate initiatives such as the deal with Opal Fields to provide low-carbon fuel for customers.

• The company plans to achieve a 4.5 times leverage target and operate under an equity self-funding model in 2024.

• The company anticipates deploying a CapEx of $1.2 billion in 2024 to further growth initiatives across Midstream and Utilities platforms.

• AltaGas is implementing strict cost discipline and aims to stay under the inflation run rate while prioritizing safety, reliability, and modernization of their systems.

More details: ALTAGAS LTD IR

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