AltaGas

What AltaGas does

AltaGas Ltd. is a Calgary-headquartered, publicly traded (TSX: ALA) North American energy infrastructure company that began operations in 1994 and was amalgamated under the Canada Business Corporations Act on January 1, 2020. The business operates through two reporting segments: Midstream and Utilities. The Midstream segment is an integrated platform spanning natural gas gathering and processing (Harmattan, Pipestone I/II, Townsend, Gordondale, Blair Creek), NGL extraction and fractionation (Younger, Edmonton Ethane, Joffre Ethane, North Pine), natural gas storage (Dimsdale), and global LPG export through RIPET (British Columbia), ALA Energy Ferndale Terminal (Washington), and the Ridley Island Energy Export Facility (REEF) currently under construction as a joint venture with Royal Vopak. The segment transacts more than 1.5 Bcf/d of natural gas and exported a record 126,572 Bbl/d of LPG in 2025.

The Utilities segment operates regulated natural gas distribution franchises — Washington Gas Light Company (Maryland, Virginia, Washington D.C.) and SEMCO (Michigan) — serving approximately 1.6 million residential, commercial, and industrial customers. Revenue is determined through periodic rate case proceedings before U.S. state public service commissions, generating stable, predictable cash flows tied to a growing rate base. Approximately 75% of consolidated normalized EBITDA is backed by medium- to long-term contracts, including producer take-or-pay agreements in Midstream and regulated rate base in Utilities. Total assets stood at $26.77 billion as of December 31, 2025, and FY2025 normalized EBITDA was $1.863 billion, a 5% year-over-year increase at the upper end of guidance.

The company makes money primarily through (i) regulated utility distribution rates determined by allowed return on equity and rate base capital investments, (ii) fee-based midstream services under take-or-pay contracts with Western Canadian producers, and (iii) LPG export tolling fees and merchant margins, with approximately 80% of expected global export volumes tolled or financially hedged. Approximately 45% of LPG export volumes shipped to China in 2025, making AltaGas a meaningful participant in trans-Pacific LPG supply. The company guides to a 5-7% dividend CAGR through 2030 and ended Q1 2026 with adjusted net debt to normalized EBITDA of 4.4x, below its 4.5x-5.0x target range. Leadership includes CEO Vern Yu (formerly of Enbridge), CFO Sean Brown (joined 2026 from Gibson Energy), and incoming Board Chair Derek Evans (effective May 2026).

Name

AltaGas

Legal name

AltaGas Ltd.

Website

https://altagas.ca

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

AltaGas Ltd. is a Calgary-based North American energy infrastructure company operating regulated natural gas utilities serving 1.6 million U.S. customers and an integrated midstream platform that processes 1.5 Bcf/d of natural gas and exports LPG to Asian markets.

Ownership category

akta.pro rank

Product category

Energy Infrastructure Services

NAICS

Natural Gas Distribution (221210), Natural Gas Distribution (2212), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Natural Gas (48621)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922), Natural Gas Distribution (4924)

akta.pro primary industry

Interstate & Intrastate Natural Gas Transmission Pipelines (EUAAACAB)

akta.pro secondary industries

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA), Distribution System Engineering & Design (Mains/Services/Stations) (EUAJAEAB), Gas Pipeline & Midstream Asset Management (EUAEAMAF)

Keywords

• Natural gas processing
• NGL extraction services
• LPG export terminals
• Regulated gas utilities
• Natural gas storage

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Regulated Utilities: Natural gas distribution utilities serving approximately 1.6 million customers across Maryland, Virginia, Washington D.C., Michigan, and other jurisdictions. Revenue is derived from regulated rate base investments approved by public service commissions, providing stable, predictable cash flows. Approximately 75% of normalized EBITDA is backed by medium to long-term contracts.
2. Midstream Services: Natural gas gathering, processing, NGL extraction and fractionation, transmission, and storage services provided to producers under long-term take-or-pay contracts. Revenue is fee-based with commodity exposure managed through hedging.
3. LPG Export and Marketing: Export of LPG (propane and butane) to Asian markets through RIPET, Ferndale Terminal, and REEF facilities. Revenue is derived from tolling fees and merchant margins on export volumes, with approximately 80% of expected global export volumes tolled or financially hedged.
4. Power Generation (Corporate/Other): Small portfolio of power assets including 508 MW of operational gross capacity from natural gas-fired power generation and energy storage assets located in Alberta, Canada, nine U.S. states, and Washington D.C. Non-core to strategy.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

AltaGas is a North American energy infrastructure company operating two segments: a Midstream business providing natural gas gathering, processing, NGL extraction and fractionation, storage, and LPG export services to producers and international buyers, and a Utilities business distributing natural gas to approximately 1.6 million residential, commercial, and industrial customers across five U.S. jurisdictions. The company transacts over 1.5 Bcf/d of natural gas and exports approximately 126,000 Bbl/d of LPG, primarily to Asian markets, while operating regulated utility franchises in Maryland, Virginia, Washington D.C., Michigan, and Colorado.

Product overview

AltaGas is a North American energy infrastructure company operating two core business segments: Midstream and Utilities. The Midstream business is an integrated platform spanning natural gas gathering and processing (Harmattan, Pipestone I/II, Townsend, Gordondale, Blair Creek), NGL extraction and fractionation (Younger, Edmonton Ethane, Joffre Ethane, North Pine), and global LPG exports through the Ridley Island Propane Export Terminal, Ferndale Terminal, and the Ridley Island Energy Export Facility (REEF) currently under construction. The company transacts over 1.5 Bcf/d of natural gas and exports approximately 126,000 Bbl/d of LPG to Asian markets, primarily China. The Utilities segment delivers natural gas to approximately 1.6 million customers through regulated utilities including Washington Gas Light Company (serving Maryland, Virginia, and Washington D.C.), SEMCO (Michigan), and Colorado-based utilities. AltaGas also has ownership interests in the Mountain Valley Pipeline and operates gas storage facilities at Dimsdale. The company maintains a non-core portfolio of power generation assets including the Blythe Energy Center in California.

Differentiator

Problem solved

Functional benefit

Products and services

• Regulated Natural Gas Distribution Utilities
• Midstream Gas Processing and NGL Services
• Global LPG Export Platform
• Natural Gas Storage Services
• VLGC Time Charter Fleet
• Mountain Valley Pipeline Ownership Interest
• Power Generation (Non-Core)
• Utilities Data Center Infrastructure Services

Quantifiable outcome

• Record annual LPG export volumes of 126,572 Bbl/d in 2025, up 4% year-over-year
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and major.

• Keyera Corp.coreStrategic or Co-development Partner · 20 May 2026Partnership to advance the Alberta Corridor Export (ACE) Rail Terminal Project. Keyera investing approximately $240 million to build and own the terminal on Keyera-owned lands in Alberta's Industrial Heartland. The terminal provides transportation capacity of approximately 45,000 Bbl/d of propane and butane from Fort Saskatchewan region to West Coast export markets via CN rail network and AltaGas' export platform.
• CNcoreStrategic or Co-development Partner · 20 May 2026Partnership with Keyera and AltaGas to develop the Alberta Corridor Export Rail Terminal Project. CN's rail network provides unit train loading capabilities connecting the ACE Rail Terminal to AltaGas' West Coast export platform for shipment to Asian markets.
• Tourmaline OilmajorChannel Partner/ Reseller/ Distributor · 4 March 2026Long-term natural gas storage agreement with AltaGas at Dimsdale facility. Tourmaline is taking additional storage capacity above previously disclosed Phase I commitments as part of the Dimsdale Phase II expansion, which is backed by multi-year take-or-pay firm storage service contracts.
• Pembina PipelinemajorChannel Partner/ Reseller/ Distributor · 20 February 2026Tolling agreement securing LPG export capacity with AltaGas facilities. Pembina's tolling arrangement provides access to AltaGas' export infrastructure for Canadian LPG exports to Asian markets.
• Royal VopakcoreStrategic or Co-development Partner · 10 November 2025Joint venture partnership for the Ridley Island Energy Export Facility (REEF) project. REEF is owned jointly by AltaGas Ltd. and Royal Vopak, designed to expand Canada's energy export capacity to Asian markets through a 56,000 Bbl/d LPG export terminal.

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Pembina Pipeline Corporation: Canadian midstream operator with integrated NGL, gas processing, and LPG export infrastructure. Directly comparable as a tolling partner to AltaGas and a competing supplier of propane/butane to Asian markets.
• Keyera Corp. Alberta-based midstream/NGL processor and fractionator with gathering, processing, and liquids handling assets that overlap AltaGas' Montney-focused midstream footprint. Partner on the ACE Rail Terminal project.
• ONEOK Inc. U.S. midstream operator focused on natural gas gathering/processing and NGL transportation, fractionation, and storage. Directly comparable business mix to AltaGas' Midstream segment, with overlapping customer base of large producers.
• Williams Companies: U.S. natural gas infrastructure operator with gathering, processing, storage, and long-haul pipeline assets. Closely analogous midstream model to AltaGas, including take-or-pay producer contracts and storage services.
• DCP Midstream: U.S. natural gas gathering/processing and NGL producer with significant Montney-adjacent and Permian exposure. Direct competitor in NGL fractionation and marketing to Asian LPG markets.
• Spire Inc. U.S. regulated natural gas utility serving ~1.7M customers across Missouri, Alabama, and Mississippi. Closely comparable to AltaGas' Utilities segment in scale, regulatory model, and modernization program structure.
• Southwest Gas Holdings: Regulated natural gas utility serving customers in Arizona, Nevada, and California with additional pipeline infrastructure. Comparable regulated gas distribution business model and rate case dynamics to Washington Gas/SEMCO.

Broad incumbents

• Enbridge Inc. Largest North American energy infrastructure company with liquids pipelines, gas transmission and distribution utilities, and renewable power. AltaGas' CEO Vern Yu spent three decades at Enbridge; business model and capital allocation approach are highly comparable though Enbridge is substantially larger and more diversified.
• TC Energy Corporation: Major North American pipeline, storage, and power generation operator. Comparable as a Canadian-domiciled energy infrastructure incumbent with regulated and contracted midstream assets, though TC Energy's footprint skews heavier to long-haul transmission.
• Cheniere Energy: Largest U.S. LNG exporter with Gulf Coast terminals. Comparable as a major North American hydrocarbon export franchise serving global energy markets; AltaGas' LPG exports to Asia tap into related structural demand growth from LNG-linked infrastructure build-outs.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/aui_alberta
• LinkedInlinkedin.com/company/altagas

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries17 records

Funding overview

Funding rounds17 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AltaGas