Altagas Ltd. mentioned it had one other “robust” quarter, reporting normalized EBITDA of CAD 294 million in comparison with CAD 252 million in the identical interval in 2023.
The 17 p.c year-over-year progress in normalized EBITDA was “principally pushed by robust Utilities efficiency,” Altagas mentioned in its newest earnings launch.
The corporate’s Utilities phase reported normalized EBITDA of CAD 117 million within the third quarter in comparison with CAD 71 million within the third quarter of 2023. Altagas mentioned the year-over-year progress was “principally pushed by the partial settlement of Washington Fuel’ post-retirement profit pension plan, contributions from price base and accelerated substitute packages (ARP) funding, and enhanced value controls”.
- Advertisement -
Its Midstream phase reported normalized EBITDA of CAD 181 million within the third quarter of 2024 in comparison with CAD 185 million within the previous-year interval. “Regardless of rail outages because of the Alberta wildfires and nationwide rail strike that drove larger one-time working prices,” AltaGas mentioned it was in a position to “ship robust monetary efficiency because of operational execution”.
AltaGas additionally reported exporting a document of 128,272 barrels per day (bpd) of liquified petroleum gases (LPGs) to Asia within the quarter, a 9 p.c year-over-year improve. The exports included 11 Very Massive Fuel Carriers (VLGCs) at Ridley Island Propane Export Terminal (RIPET) in Prince Rupert, British Columbia, and 10 VLGCs at Ferndale. The rise was principally pushed by Ferndale volumes growing by 22 p.c and offsetting nearly all of rail interruptions which largely impacted RIPET. “This robust working efficiency, regardless of these interruptions, reiterates the worth of getting a number of export terminals to beat short-term impacts,” the corporate famous.
Altagas said that “robust progress was made” on the Ridley Island Vitality Export Facility (REEF), particularly for in-water piling work for the jetty and the location’s overburden actions. Compression, refrigeration and vessel fabrication work is advancing in managed working environments at offsite manufacturing services.
At Pipestone II, the corporate mentioned that development is progressing as deliberate, together with completion of the 2 acid fuel injection wells and nearly all of the fuel gathering system, whereas compression, processing and fabrication work is advancing at offsite manufacturing services.
Each midstream progress tasks stay on schedule and on finances with 50 p.c of REEF and 92 p.c of Pipestone II undertaking prices both incurred or underneath mounted value contracts, in response to the discharge.
In Might, AltaGas and Royal Vopak made a constructive ultimate funding choice (FID) on the Ridley Island Vitality Export Facility (REEF), a large-scale LPG and bulk liquids terminal with rail, logistics and marine infrastructure on Ridley Island, British Columbia.
REEF will likely be developed on a 190-acre (77-hectare) web site adjoining to AltaGas’ and Vopak’s present RIPET, on lands administered by the Port of Prince Rupert (PRPA).
In January, AltaGas made a ultimate funding choice on the Pipestone Part II enlargement undertaking within the Montney Formation of Alberta.
Pipestone Part II is a completely permitted, shovel-ready enlargement undertaking that can present an extra 100 million cubic toes per day (MMcfpd) of bitter deep-cut pure fuel processing capability and an extra 20,000 bpd of liquids dealing with capability. The undertaking is anticipated to be absolutely dedicated underneath agency take-or-pay and fee-for-service service agreements.
The undertaking will ship important fuel processing and liquids dealing with capability within the Pipestone area, which is likely one of the quickest rising liquids-rich pure fuel developments in Canada, the corporate mentioned in an earlier assertion.
Altagas President and CEO Vern Yu mentioned that the outlook for the corporate’s midstream enterprise was robust. “Canadian pure fuel provide will improve considerably by way of 2030 because of Canadian LNG [liquefied natural gas] exports and rising native demand. This may ship robust related pure fuel liquids (NGLs) provide that can have to be exported to international markets. Asia will proceed to be the very best marketplace for Canadian LPGs the place demand is anticipated to develop 45 p.c by way of 2040”.
“As we glance forward, we proceed to count on the strategic significance of our belongings to develop as they serve to hyperlink growing power provide to excessive demand facilities, enabling AltaGas to ship continued worth for our clients,” Yu added.
To contact the writer, e mail rocky.teodoro@rigzone.com
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial evaluation. Off-topic, inappropriate or insulting feedback will likely be eliminated.
