Two Core Businesses, One Strong Platform Gas Gathering NGL Extraction Transportation, Global Wellhead & Processing & Fractionation Storage & Rail Logistics Export Markets A leading energy infrastructure platform that Midstream GAS NGLs…
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation Low Risk Energy Infrastructure Visible, Industry- Disciplined Capital 1 2 3 Platform Providing Stable and Leading…
Strategic Priorities Focus on growing, de-risking, and strengthening the enterprise. 1 2 3 Optimize Assets For Active Continued Balance Maximum Returns De-risking Sheet Deleveraging Increase throughput, extend asset lives Increased…
AltaGas History Repositioning the Platform Since 2019 Three Pillar Infrastructure Platform WGL Acquisition 2016-2018 Repositioning the Platform 2019 Seven new Board members Management Added outside executive talent /…
Corporate Activity and Focus Since 2019 Divestitures Additions Distributed Generation Ferndale LPG Terminal 1 37.5% equity and controlling stake of Power Petrogas from SAM Holdings Generation Refocused 1 the Business Hydro…
Increasing Durability of the Platform A Divesting non-Core Assets B Increasing Commercial Length C Delivering a more Durable Business 2020 Normalized EBITDA1, 2024E Normalized EBITDA1, Long-term Normalized EBITDA1, By Contract…
Executing on Strategic Priorities to Compound Long-term Value Normalized Earnings Normalized Adjusted Net Debt1,2 / Share Price Per Share1 EBITDA1 Normalized EBITDA Performance 2018 2019 2020 2021 2022 2023 2024E 2025E 2018 2019…
Low-Risk Energy Infrastructure Steady and Reliable Growth Low Risk Energy Investment Grade Credit Rating Strong Commercial Constructs Infrastructure Platform Commercial Contract Type2 Credit Ratings 4% Long-life infrastructure S&P…
2025 Dividend Increase and Forward Outlook Plan to return capital through sustainable annual 1.26/Share DIVIDEND dividend increases 2025 Dividend PHILOSOPHY Compound at strong long-term rates that aligns with AltaGas long-term…
Commercial De-risking will Drive Long-term Value Global Exports tolling target of 60%+ in 2027 Active and systematic hedging for residual commodity exposure Focus on take-or-pay and fee-for-service contracting Customer and resource…
Macro Set Up Macro Data Points Interest Rates Inflation FX (USD/CAD) 2022 2025 2025 2022 2025 2022 Utility Key Macroeconomic Data Points nil 4x Low High Below Avg Above Avg Low High Cost of Gas Substitution Population Growth…
Fundamentals for Natural Gas and NGLs are Robust Natural Gas and NGL Adoption is Strong Across Emerging Markets, Driving Structural Tailwind Global Natural Gas Demand (1990-2040) Global NGL Demand (1990-2040) 90 18.0 Asia-Pacific…
Data Centers Usage Will Alter Use and Cost of Power Northern Virginia is the Epicenter for AI and Global Data Centers Data Centers US Power Demand Share of Top U.S. Data Center Locations PJM Data Center Power Demand Forecast 700…
DMV Population and Demographics Provide Strong Tailwind Population Growth Across WGL Service Territories1 Cumulative Customer Additions Across WGL2 (2012 - 2023) (2012 - 2023) 200,000 16% WGL service territories 180,000 WGL has…
Canadian Midstream Set-up is Compelling Rising WCSB Production and Global Connectivity Underpin Strong Multi-year Growth Trajectory WCSB NGL Supply Growth (2020-2030) Asian LPG Demand (2015-2050) 2.00 7.0 China India 6.0 Japan…
Asian LPG Import Demands to Grow 40% by 2040 Propane and Butane Imports to Grow to 4.0 MMBbl/d Asian Propane Import Demand (2022 2040) Asian Butane Import Demand (2022 2040) (Domestic Demand Domestic Supply = Import Requirements)…
Canada: Natural Gas and NGL Outlook is Robust Canadian Natural Gas Production (2020-2030) WCSB NGL Outlook, by Product (2020-2030) WCSB NGL Outlook, by Play (2020-2030) 25 2,000 2,000 Cardium Deep Basin Duvernay Cardium Deep Basin…
Alberta: Marked Montney Liquids-rich Growth on Horizon Alberta Montney NGL Outlook (2020-2030) Deep Basin NGL Outlook (2020-2030) 800 250 700 200 600 500 150 MBbl/d MBbl/d 400 100 300 200 50 Pipestone Growth…
BC: Progressing Resource Stewardship Efforts Supports Development B.C. Well Permits (2018-2023 YTD) B.C. Montney NGL Supply, by Area (2020-2030) B.C. Montney NGL Supply, by Product (2020-2030) 500 500 1,000 Blueberry/Northern BC 450…
Canadian LNG Developments Drive Adjacent Opportunities Associated LPGs1 Project Summary Export Capacity (Propane / Butane) Phase 1 Liquids Per Phase 48B Phase 1 LNG export 14 mmtpa facility in Kitimat, BC with 50 Mbbl/d an…
Excess Canadian LPGs Best Served in Premiere Asian Markets WCSB Propane Supply Available for Exports (2022-2040) 450 400 Traditional Regional Demand Eastern CAD Demand PDH Available to Export 350 WCSB LPG Available for Exports…
High Growth Rate Regulated Utilities Platform High Growth Utilities Platform 2024E Utility Revenues 1.6 million customers with population growing 40% faster than the national average1 70% of revenue from residential customers 70%…
Utilities Strategic Focus 1 2 3 4 Growth Improve Invest in Core Opportunities Policy / Returns Platform related to Advocacy Climate Leadership Initiatives Continue closing the Modernize network Focus on energy Build alliances…
1 Continuing to Improve Returns at WGL 40MM of C Lever to help partially offset D potential annual net income value creation1 C E Allowed ROE B C 70MM of D annual net income value creation1 A B 20-40 bps Operational Excellence:…
Address Aging Infrastructure 2 Utilities Positioned for Large Ongoing Investment Opportunities (Miles) 2,000 Iron Plastic Protected Steel Others 1,500 D.C. 1,000 500 0 2,000 1,500 Maryland 1,000 500 0 2,000…
Accelerated Replacement Programs 2 The Foundation for Improved Safety and Reliability with Better Outcomes for All Stakeholders Approximately US1.4 billion of System Reinforcement Projects over next 5 years1 APRP Maturity (Year) 2023…
2 Invest in Core Platform Investments in WGL since 2018 Material Decline in Leaks1 New Business WGL SEMCO System Betterment/Other C4.0 billion 55% reduction in ARP investments invested leaks over the in WGL are paying ARP Programs…
2 Advance System Expansion and Reliability Projects Advance pragmatic extension to service territory to bring natural gas to currently unserved customers A and progress long-term projects focused on improving system reliability B for…
3 3 RNG Advancements WGL is advancing several RNG opportunities across Pursuing various RNG interconnect opportunities the DMV within Michigan with two recently completed Currently, five to ten in-territory facilities are…
4 Advocating for Customer Choice Advocating for Energy Choice Washington Gas, along with local unions, restaurant associations, business counsels, housing and building associations, filed two AltaGas will be very active in statement…
Premiere, Globally Connected Midstream Platform Robust long-term fundamentals, supported by West Coast LNG Industry-leading Montney footprint positioned to attract volumes and value chain opportunities Visible near and long-term…
The AltaGas West Coast Advantage AltaGas West Coast Advantage results in significant increases in producers realized LPG prices and creates tailwinds for the broader energy industry. 10-11 days 18+ 25+ days days 1 North…
Battle of the Barrels Leaves Asian Tolling as Clear Winner RIPET Tolling has Averaged US5/Bbl Netback Premium Over Conway Over the Past Two Years Excess Canadian propane and butane that is available for exports at Fort Saskatchewan A…
North America Balancing the Global LPG Market Global LPG Exports, By Country (2014-2023 YTD) Japan Approximately 4.0 3.5 Home heating; more 90% environmentally-friendly of global LPG export delivers volumes are 19% alternative…
Midstream Strategic Focus 1 2 3 4 Leverage and De-risk Strengthen Evaluate Optimize Existing Operations the Midstream Growth Assets Framework Value Chain Opportunities Focus on growing Increased take- Strengthen Allocate…
1 Leverage and Optimize Existing Assets Low-to-No- Capital-Intensive Projects Medium Capital-Intensive Projects Larger Capital-Intensive…
2 Commercial De-risking 2024E Normalized EBITDA1, By Contract Type2 A Minimize Commodity Exposure Increase take-or-pay and fee-for-service contracting Take-or-Pay & Medium-term global exports tolling target of 60%+…
Global Exports Tolling 2 Building the Long-term Commercial Stack Strong fundamentals Global Export Tolling and structural pricing Agreement Commercial 2027+ advantage support tolling agreements as growing production increases…
3 Strengthening the AltaGas Value Chain The Multifaceted Approach to Strengthening the Franchise Gas Gathering NGL Extraction, Transportation, & Processing Fractionation & Storage and Global Exports Liquids Handling Logistics…
3 Global Exports Optimization and Growth 175+ MBbls/d 180,000 Near, medium, and long-term optimization opportunities 150,000 RIPET Ferndale across platform. Will build on track record of growing from 120,000 Bbl/d 35 MBbls/d in…
4 REEF - A Multi-Phased Growth Project Large-scale LPG and bulk liquids marine export terminal F Phased construction for a capital-efficient build-out E C B Phase 1: LPG and Dock A A Facility & balance of plant C Rail Offloading…
4 Ridely Island Energy Export Facility (REEF) 1.35 Billion Gross Capex Project Execution Commercial Capital with Minimized Onsite Work of AltaGas global exports Reduces Capital Risk 56% larger field execution will operate under…
4 REEF - Logistical Advantages Marine Deepest natural harbour in North America Ice free port year-round Easy VLGC access and movement Long-term multi vessel loading capabilities Shortest shipping distance to Japan and South…
Midstream Project Execution REEF In Service Date: Near 2026 Year-end Pipestone II In Service Date: 2025 Year-end Milestones Cleared To-Date Milestones Cleared To-Date Final Investment Decision FEED Final Investment Decision Site…
Proven Track Record of Midstream Project Execution Legend Key Project Project Targeted Completion Delivery Metrics Execution Actual Completion NEBC Program I -8 % 13 Townsend I Under Budget Total Projects 198 MMcf/d facility…
2025 Capex Budget 2025 Capital Budget: 1.4 Billion Increasing Midstream Allocation Capital deployment reflects the continued strong growth Strong organic growth opportunities across both platforms driving opportunities. Largest 2025…
2025 Capital Allocation Breakdown Capital focused on advancing short and long-term projects across portfolio. Capital Allocation Investment Focus Investment Return Low capital business development and asset optimization Mix of…
Recalibrated Leverage Targets Previous Leverage Target New Leverage Targets Trailing Metrics (Adjusted for Higher Hybrids) (As of Q3/24) 5.0x (including 50% (including 50% debt treatment for 4.65x debt treatment for prefs +…
2024 Guidance Puts and Takes Well-positioned to achieve our 2024 guidance figures. Expect midpoint of Normalized EPS1 of 2.05 - 2.25 and upper end of Normalized EBITDA1 of 1.675 billion to 1.775 billion. 2024 Guidance Intact Largest…
Mountain Valley Pipeline Update The Pipeline Q3/24 First full quarter of operations with strong operating performance and no surprises. Partners currently evaluating 475 MMcf per day expansion through additional compression. MVP…
2025 Hedging Increase tolling and reduce commodity exposure to further stabilize Midstream cashflows Hedging Philosophy Residual commodity exposures actively managed through hedging program NGL Extraction Transportation, Wellhead…
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