Compounding Long-term Dividends at 5-7% CAGR
Driving Towards Our Targeted Capital Structure
■
■
Sale of MVP is the quickest path to accelerate
deleveraging: ~4.5x net debt / normalized EBITDA
Additional financial flexibility also expected once
Pipestone II and REEF are fully online
Asset optimization, organic growth, cost
management, and disciplined capital allocation
will further enhance financial flexibility
8.0x
7.0x
Canadian Midstream - 2024E
Net Debt/ Normalized EBITDA
6.0x
5.0x
3.50x
4.0x
3.0x
2.0x
1.0x
0.0x
U.S. Gas LDCs - 2024E Net
Debt/ Normalized EBITDA
5.25x
• Additional financial flexibility post Pipestone
.
II and REEF developments coming online
Build dry powder and natural deleveraging
overtime
I
Peer Range
- Low,
Average,
High
I
|
More ideal
Long-term
Range
--
45% Weighted to
Canadian Midstream
Notes: 1) Non-GAAP measure; see discussion in the advisories; *See "Forward-looking Information"
AltaGas
Clear Path to Achieve 4.5x Net Debt/Normalized EBITDA Leverage Target
Peer Range
- Low,
Average,
High
More ideal
Long-term
Range
I
55% Weighted to
U.S. Gas LDCs
4.5x
Target
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