Compounding Long-term Dividends at 5-7% CAGR
The AltaGas West Coast Advantage
USD/BBL
$20
USGC to Japan
Baltic Freight to Japan
RIPET to Japan
$15
2
$5
$-
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
80
ARABIAN
GULF
18+
days
AltaGas' West
Coast Advantage
expands in times
of shipping
congestions.
AltaGas' structural shipping advantage
over the U.S. Gulf Coast and Arabian Gulf
expected to continue.
North American West Coast LPG exports have a
~60%
base case time savings
over the U.S. Gulf Coast.
10-11
days
25+
days
~45%
base case time savings
over the Arabian Gulf.
RIPET
OFERNDALE
USGC
1
Panama canal
congestion can add 10+ days
to shipping times (35+ days total).
This leads to increase in U.S. Gulf shipping costs 2
and strengthens the AltaGas West Coast Advantage.
Sources: Argus and Bloomberg. Notes:*See "Forward-looking Information"
AltaGas
Westcoast LPG Exports from AltaGas' Deepwater Ports Structurally Advantaged
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