Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2022dividend declaration▲ GoodMajor
AltaGas issued 2023 guidance: normalized EPS of $1.85-$2.05 and normalized EBITDA of $1.5-$1.6 billion, with a self-funded capital program of about $930 million (excluding asset retirement obligations) and no equity issuance. It plans a 6% dividend increase to $1.12 per share for 2023 and targets 5-7% annual dividend growth through 2027 (extended from 2026). Utilities rate base growth of up to 8-10% a year through 2027 is expected. The sale of the Alaskan Utilities to TriSummit Utilities is expected to close in the first quarter of 2023, and the company reiterates a net debt to EBITDA target below 5.0x with a long-term target of about 4.5x. The text is truncated.
AltaGas closed the $250 million 7.35% subordinated notes offering due August 17, 2082. The proceeds are intended to redeem or repurchase the series C preferred shares. The filing gives no savings estimate this time.
AltaGas priced a $250 million offering of 7.35% subordinated notes due August 17, 2082, expected to close about August 17, 2022, after announcing on August 3 that it was considering it. It plans to use the proceeds to redeem or repurchase its series C preferred shares, repeating the approach used in January for series K. The coupon is higher than the 5.25% on the January notes.
AltaGas bought the remaining 25.97% of Petrogas from Idemitsu Canada for C$285 million cash, closing July 5, 2022, so it now owns 100% (up from 74% after the December 2020 increase). It was funded mainly by proceeds from the recent sale of its non-operated Aitken Creek interest plus modest short-term credit facility draws, to be repaid later. The company expects it to add more than $0.10 per share to normalized EPS on a full-year basis, leaves 2022 guidance unchanged, and expects the full-year earnings contribution in 2023. Idemitsu stays a customer through the Astomos Energy Joint Venture. The release also refers to a planned sale of the Alaska utilities announced in late May.
AltaGas closed the $300 million 5.25% subordinated notes offering due January 11, 2082 (announced January 5). Proceeds are intended to redeem or repurchase the series K preferred shares. The company expects about $66 million of savings over the initial ten-year term from lower taxes and financing charges, and says the deal staggers, extends and de-risks its capital structure.
AltaGas priced a $300 million offering of 5.25% subordinated notes due January 11, 2082, expected to close around January 11, 2022. It had announced on January 4 that it was considering the offering. It plans to use the proceeds to redeem or repurchase its series K preferred shares, so this swaps one form of funding for another rather than adding new money for the business.
AltaGas issued 2022 guidance: normalized EPS of $1.80-$1.95 and normalized EBITDA of $1.50-$1.55 billion, with a self-funded $995 million capital plan (excluding asset retirement obligations), about 78% for Utilities, and no expectation of issuing equity. It restates the goal of net debt to EBITDA below 5.0x, possibly by the end of 2022 with certain asset sales, and targets 5-7% annual dividend growth through 2026 and 8-10% annual Utilities rate base growth through 2026. It says the U.S. Transportation and Storage business was divested in 2021 (the text gives the second quarter in one place and the first quarter in another) and had contributed about $115 million of 2021 EBITDA, and that Petrogas was acquired a year ago with increased ownership and ability to operate Ferndale. Also released a 2021 ESG report with emissions, diversity and safety goals; the text is truncated.
AltaGas will raise its annual common dividend 6% to $1.06 per share for 2022, and switch from monthly to quarterly payments of $0.265 in March, June, September and December, with the first due March 31, 2022 (record date March 16), subject to board approval. Monthly payments continue through 2021, with the December dividend of $0.0833 payable December 31, 2021 to holders of record December 22. This is the second yearly increase after the December 2020 rise; the company ties it to its continued focus on reducing debt.
AltaGas declared its October 2021 monthly dividend of $0.0833 per common share, payable November 15, 2021 to holders of record October 25, 2021, unchanged. The filing also includes a notice that third-quarter 2021 results will be released October 28, 2021, with a call the same day.
AltaGas declared its September 2021 monthly dividend of $0.0833 per common share, payable October 15, 2021 to holders of record September 27, 2021, unchanged from recent months.
AltaGas declared its July 2021 monthly dividend of $0.0833 per common share, payable August 16, 2021 to holders of record July 26, 2021, unchanged from recent months.
AltaGas declared its June 2021 monthly dividend of $0.0833 per common share, payable July 15, 2021 to holders of record June 25, 2021, the same amount as recent months.
AltaGas declared its April 2021 monthly dividend of $0.0833 per common share, payable May 17, 2021 to holders of record April 26, 2021. This is unchanged from the raised level set in December 2020.
AltaGas closed a $550 million sale of senior unsecured medium term notes: $350 million at 1.227% due March 18, 2024 and $200 million at 2.166% due March 16, 2027. Proceeds go to pay down existing debt, including its credit facility, and general corporate purposes. The company expects about $3.6 million a year in average cash savings and about $3.9 billion of available liquidity, and says the deal staggers and extends its debt maturities (this continues the deleveraging goal). The filing also carries a transfer-agent notice that the annual meeting will be a virtual meeting on April 30, 2021, with a March 11, 2021 record date.
AltaGas declared its February 2021 monthly dividend of $0.0833 per common share, payable March 15, 2021 to holders of record February 25, 2021, holding the raised level introduced in December 2020.
AltaGas declared its January 2021 monthly dividend of $0.0833 per common share, payable February 15, 2021 to holders of record January 25, 2021. This is the raised level announced in December 2020, up from $0.08.
The filing (headlined as the closing of AltaGas's increased interest in Petrogas, though the visible text is the December 10 release saying closing was still expected around year end) says Canadian Competition Act and Canada Transportation Act clearances were received and that closing will lift AltaGas's ownership of Petrogas to 74%. This follows the January 2020 put option from SAM Holdings and an October 16, 2020 announcement of the increased stake. The same release gives 2021 guidance (normalized EPS $1.45-$1.55, EBITDA $1.4-$1.5 billion, a self-funded $910 million capital plan) and raises the dividend 4% to $0.0833 per month ($1.00 a year) from the December dividend paid January 15, 2021, the first increase since the 2018-19 cut. It also targets net debt/EBITDA below 5x over the medium term, with faster non-core asset sales possibly speeding that up. The text provided is truncated, so the actual closing details are not shown.
AltaGas declared its October 2020 monthly dividend of $0.08 per common share, payable November 16, 2020 to holders of record October 26, 2020, unchanged from recent months.
AltaGas declared its September 2020 monthly dividend of $0.08 per common share, payable October 15, 2020 to holders of record September 25, 2020, unchanged from recent months.
AltaGas declared its July 2020 monthly dividend of $0.08 per common share, payable August 17, 2020 to holders of record July 27, 2020, the same amount as recent months.
AltaGas declared its June 2020 monthly dividend of $0.08 per common share, payable July 15, 2020 to holders of record June 25, 2020, unchanged from the level held since January 2019. The company's boilerplate description now says it connects NGLs and natural gas to domestic and global markets, a change from earlier releases.
A transfer-agent notice (Computershare) says AltaGas's annual general meeting will be held May 1, 2020 in Calgary, with a March 12, 2020 record date for notice and voting. This is a routine meeting notice with no financial or business news. (The cover page of the 6-K carries 2019 dates, apparently a carry-over error, while the notice itself is dated February 12, 2020.)
AltaGas declared its February 2020 monthly dividend of $0.08 per common share, payable March 16, 2020 to holders of record February 25, 2020, unchanged from the reduced level in place since January 2019. The same filing also carries a notice that fourth-quarter and full-year 2019 results will be released February 28, 2020.
AltaGas said SAM Holdings, which owns about one-third of Petrogas Energy Corp., exercised a put option forcing the AltaGas-Idemitsu joint venture (50% AltaGas, 50% Idemitsu), which owns the other roughly two-thirds, to buy that stake at fair market value set by independent valuators. The joint venture is still evaluating the notice. AltaGas expects to fund its share from internal cash flow, sales of remaining non-core assets and debt, so this adds a new, unpriced funding commitment alongside the planned asset sales.
AltaGas gave 2020 guidance of normalized EPS of $1.20-$1.30 and normalized EBITDA of $1,275-$1,325 million, with a self-funded $900 million capital plan (about 78% Utilities) and no expectation of raising common equity near-term. It also suspended the dividend reinvestment program, so the January 15, 2020 payment is the last eligible, which means the whole reinvestment plan is now suspended until further notice (the premium component was suspended at the end of 2018). The company says about $5 billion of non-core assets have been sold since the WGL acquisition, S&P revised its outlook to stable and affirmed BBB-, and 2020 sales are expected to include its roughly 37% interest in AltaGas Canada Inc. The release says the board will keep assessing the dividend but does not announce a change.
AltaGas declared its December 2019 monthly dividend of $0.08 per common share, payable January 15, 2020 to holders of record December 27, 2019, unchanged from recent months. A separate release a week later says this is the last dividend eligible for reinvestment under the plan.
AltaGas declared its October 2019 monthly dividend of $0.08 per common share, payable November 15, 2019 to holders of record October 25, 2019, unchanged from recent months.
AltaGas agreed to sell its indirect, non-operating interest in the Central Penn Pipeline (held through WGL Midstream, a 21% indirect interest) to a NextEra Energy Partners subsidiary for about $870 million (US$657 million), expected to close in Q4 2019 subject to regulatory approvals. The company says announced or completed 2019 sales now total about $2.2 billion, above the $1.5-2.0 billion target, and that the distributed generation sale closed in September. This resolves the 2019 asset sales target thread, though the Central Penn deal is still pending.
AltaGas declared its September 2019 monthly dividend of $0.08 per common share, payable October 15, 2019 to holders of record September 25, 2019, unchanged from recent months.
22 July 2019asset acquisition disposition▲ GoodMajor
AltaGas agreed to sell its U.S. distributed generation portfolio (322 MW of solar and fuel cell assets in 20 states and DC, held through WGL Energy Systems and WGSW) to TerraForm Power, a Brookfield affiliate, for about $940 million (US$720 million), expected to close in Q3 2019. Together with the roughly $379 million Stonewall Gas Gathering System sale earlier in 2019, announced or completed 2019 sales are about $1.3 billion of the $1.5-2.0 billion target set in December 2018, so this continues that program.
