AltaGas Value Proposition
3
Pipestone Acquisition
Strategic Acquisition that Strengthens Alberta Montney Footprint with High-quality Liquid-rich Assets
Strategic Fit
$650MM Purchase Price
50% cash and 50% AltaGas Shares
Gas Gathering
& Processing
Risk Accretion
Pipestone I: 110MMcf/d
Pipestone II: 100MMcf/d
NGL Liquids Handling
Dimsdale Gas Storage
Leverage and
Balance Sheet
40,000 Bbl/d
15 Bcf
Expandable to 69 Bcf
Financially
Attractive
On strategy.
■
Geographic diversification into the Alberta Montney that
expands customer base.
■ Growth accretive.
■
Augment global exports with liquids.
■ 100% take-or-pay and fee-for-service.
■ Adds meaningful long-term LPG supply; ~3,500 Bbls/d in 2024;
~6,500 Bbls/d post Pipestone II; 11,500 Bbls/d potential long-term.
■ Credit accretive; reduces net debt to normalized EBITDA¹ by 0.1x in
2025+.
■ 5% normalized EPS¹ accretion once Pipestone II is onstream.
Notes: 1) Non-GAAP measure; see discussion in the advisories. *See "Forward-looking Information"
AltaGas
Strategic and Financially Accretive Acquisition
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