The following is a summary of the AltaGas Ltd. (ATGFF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AltaGas reported a normalized EBITDA of $294 million in Q3, reflecting a 17% growth rate year-over-year.

• Normalized earnings per share (EPS) reached $0.14, nearly doubling compared to the previous year.

• The company continues to see double-digit growth across its utilities and midstream operations despite weaker natural gas prices.

• A record for global export volumes was achieved, with over 128,000 barrels per day of LPG's exported to Asia.

Business Progress:

• Key capital investments focusing on modernization and safety enhanced utility reliability and customer growth.

• Successful negotiation of midstream commercial agreements and progress on major projects like REEF and Pipestone that are on schedule and budget.

• Noteworthy developments in the utilities sector include engaging with data center developers to potentially use natural gas as a primary or backup power source.

Opportunities:

• The worldwide demand for data centers is expected to triple by 2030, increasing total U.S. power demand significantly, with natural gas playing a crucial role. These developments represent substantial growth potential for AltaGas's utilities division, particularly in meeting energy needs.

Risks:

• Acknowledged risks include potential operational challenges due to environmental or regulatory changes, particularly in regions like Northeast BC, and adverse effects such as milder winters impacting utility demand.

• Legal challenges with gas bans in D.C. and Maryland represent regulatory risks that could impact customer energy choices and demand.

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