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TD Securities London Energy Conference – Altagas Limited

Altagas Limited · Jan 14, 2019 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. TD Securities London Energy Conference – Altagas Limited – slide 1
    TD London Energy Conference January 14, 2019
  2. TD Securities London Energy Conference – Altagas Limited – slide 2
    World-Class Assets More than 21B 3 Bcf / d 4.4B 75% U.S. Utilities Normalized EBITDA1 Assets Natural Gas Rate Base backed by medium Transacted and long-term agreements 1 Non-GAAP measure; see discussion in the adv isories 3
  3. TD Securities London Energy Conference – Altagas Limited – slide 3
    Executing on our Strategy STRATEGY Leverage and enhance the strength of our asset footprint to provide customers with integrated solutions including global market access Grow footprint in Western Canadian Drive incremental returns…
  4. TD Securities London Energy Conference – Altagas Limited – slide 4
    Recapturing Shareholder Value Immediate Priorities 1 De-lever the balance sheet 3 Improve credit metrics 2 Create financial flexibility 4 Achieve a self-funded capital plan Long-Term Priorities 1 Drive operational excellence 2…
  5. TD Securities London Energy Conference – Altagas Limited – slide 5
    Stabilize Balance Sheet and Drive Performance Balancing prudent financial management with investment opportunities in Midstream and U.S. Utilities Steps Action Items Reshape AltaGas Closed 9.3 billion WGL acquisition 1 Focus on…
  6. TD Securities London Energy Conference – Altagas Limited – slide 6
    2019 Balanced Funding Plan Priorities Regain financial strength and flexibility to efficiently fund growth Financial Optimize cost Maintain capital Recapture flexibility + of capital + discipline = share value Accelerate…
  7. TD Securities London Energy Conference – Altagas Limited – slide 7
    Strengthening the Balance Sheet Accelerated de-leveraging (US billions) Asset sales 70% complete US2.3 Continued deleveraging includes next phase of assets sale of 1.5 - 2.0 billion Bridge facility refinanced with new US1.2…
  8. TD Securities London Energy Conference – Altagas Limited – slide 8
    Maintained Investment Grade Credit Rating FFO1/Debt Outlook - Illustrative Unsecured Debt Ratings 16% S&P Fitch Moodys DBRS AltaGas BBB- (Neg) BBB BBB (low) 15% 15% SEMCO BBB- (Neg) Baa1 FFO/Debt Medium-Term WGL Holdings BBB- (Neg)…
  9. TD Securities London Energy Conference – Altagas Limited – slide 9
    Dividend Reset Retains Cash Flow Designed to maximize long-term value and strengthen the cost of capital Cash Dividends Retained ( millions) Retained cash flow provides efficient source 1 300 of funding for attractive, low-risk,…
  10. TD Securities London Energy Conference – Altagas Limited – slide 10
    Asset Sales Efficient source of capital to strengthen balance sheet and fund growth Asset Sales ( billions) 1.5 - 2.0 Phase 3 2019 Targeted additional asset sales 1.39 Phase 2 55% Northwest Hydro 35% Northwest Hydro 2.4…
  11. TD Securities London Energy Conference – Altagas Limited – slide 11
    Capital Allocation Focused on Near Term Returns 1.3 Billion Top-Quality Projects Identified Projects: Approved system betterment across 33 all utilities Mountain Accelerated pipe Valley 9% replacement Pipeline programs in…
  12. TD Securities London Energy Conference – Altagas Limited – slide 12
    Balanced Funding Plan Eliminates Need for Near-Term Equity 2019 Sources and Uses ( millions) 4,940 4,940 Balanced funding plan eliminates the need 660 Hybrids & Preferreds for near-term common equity and provides funding…
  13. TD Securities London Energy Conference – Altagas Limited – slide 13
    Midstream Segment
  14. TD Securities London Energy Conference – Altagas Limited – slide 14
    Building a Premier Midstream Business Grow our footprint by developing assets that enhance our integrated midstream offering and connect producers to market Montney Basin Marcellus/Utica Basin Key Assets: Key Assets: Ridley…
  15. TD Securities London Energy Conference – Altagas Limited – slide 15
    Integrated Value Chain Optimizes Returns Global markets unlocked through export facilities on North America coasts From wellhead to markets North Pine NGL facility and other new processing infrastructure and liquids separation…
  16. TD Securities London Energy Conference – Altagas Limited – slide 16
    Maximizing Benefits of an Integrated Service Offering Cumulative capex per EBITDA multiple improves downstream 9x 10x Gas Processing Cumulative capex per EBITDA Liquids Handling Field Fractionation Ridley Island Propane…
  17. TD Securities London Energy Conference – Altagas Limited – slide 17
    Capitalizing on Growth Opportunities: Aitken Creek Processing Facilities Extending NGL capture area and enhancing liquids handling infrastructure Black Swan Agreement - 230 million: 50% interest in 210 MMcf/d Black Swan Aitken Creek…
  18. TD Securities London Energy Conference – Altagas Limited – slide 18
    Capitalizing on Growth Opportunities: Expanding the Townsend Gas Processing Complex Expansion of the Townsend Complex and capture area coupled with enhanced NGL recovery provides producers with more options for energy exports Townsend…
  19. TD Securities London Energy Conference – Altagas Limited – slide 19
    Ridley Island Propane Export Terminal: Strategic Infrastructure Provides Producers with Global Market Access Expected to be Canadas First West Coast Propane Export Terminal Connecting Western Canadian Producers to Premium Asian…
  20. TD Securities London Energy Conference – Altagas Limited – slide 20
    Utilities Segment
  21. TD Securities London Energy Conference – Altagas Limited – slide 21
    High-Quality Utility Assets with Significant Embedded Organic Growth CINGSA 1 1 SEMCO 4 Firm Storage Customers: 4 2 Total Customers: 300,088 Interruptible Storage Customers: 5 FY 2017 Rate Base: 497 million FY 2017 Rate Base: 119…
  22. TD Securities London Energy Conference – Altagas Limited – slide 22
    Supportive Regulatory Environment for U.S. Gas Utilities MARYLAND Next Rate Case Planned CINGSA January Decision on Redundancy Project Q1 Settlement Discussions April Hearing Scheduled July 24 Decision on Requested ROE / Equity…
  23. TD Securities London Energy Conference – Altagas Limited – slide 23
    Michigan Growth Opportunity Marquette Connector Pipeline (MCP) Proposed pipeline that will connect the Great Lakes Gas Transmission pipeline to the Northern Gas pipeline in Marquette, Michigan Approximately 42 miles mainly with 20…
  24. TD Securities London Energy Conference – Altagas Limited – slide 24
    2019 Financial Outlook 25
  25. TD Securities London Energy Conference – Altagas Limited – slide 25
    Secured Capital In-Service Drives 2019 EBITDA Growth Capital Into Service (Cmillions) 2500 Secured Capital Program (Cmillions unless otherwise specified) 2000 Power Expected Target Capital/EBITDA Utility 2019 Annual Capital Capex1,2…
  26. TD Securities London Energy Conference – Altagas Limited – slide 26
    2019 Outlook Segmented EBITDA 2019 EBITDA1 Guidance Normalized 2019 % of Segmented ( millions) EBITDA 2019e EBITDA Growth Drivers + Full year of WGL 1600 Utilities 650 - 700 51% + Utility capital and rate base growth 1,200 - 1,300 +…
  27. TD Securities London Energy Conference – Altagas Limited – slide 27
    2019 Financial Outlook UAFFO 2019 Guidance ( millions) FFO 2019e Maintenance Capital 2019e Normalized EBITDA1 1,200 - 1,300 Midstream Maintenance Capital 14MM Cash Interest (330) - (340) Other2 15 - 25 Power Maintenance Capital…

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