10 July 2019dividend declaration● Neutral
AltaGas declared its July 2019 monthly dividend of $0.08 per common share, payable August 15, 2019 to holders of record July 25, 2019, the same reduced amount as recent months.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2019dividend declaration● Neutral
AltaGas declared its June 2019 monthly dividend of $0.08 per common share, payable July 15, 2019 to holders of record June 25, 2019. This is unchanged from the reduced level in place since the January 2019 declaration. The release describes only the 3% discount reinvestment component of the plan.
10 Apr 2019dividend declaration● Neutral
AltaGas declared its April 2019 monthly dividend of $0.08 per common share, payable May 15, 2019 to holders of record April 25, 2019, unchanged from the reduced level of recent months. The reinvestment plan description now lists only the 3% discount reinvestment component, with no mention of the Premium Dividend component.
11 Feb 2019dividend declaration● Neutral
AltaGas declared its February 2019 monthly dividend of $0.08 per common share, payable March 15, 2019 to holders of record February 25, 2019. This holds the reduced level first seen in the January 2019 declaration. The Premium Dividend component of the reinvestment plan remains suspended.
1 Feb 2019asset acquisition disposition▲ GoodMajor
AltaGas completed the sale of its remaining indirect interest of about 55% in its Northwest B.C. hydro facilities for net proceeds of about $1.37 billion (purchase price $1.39 billion before adjustments), to entities tied to Axium Infrastructure and Manulife, the same buyers of the 35% stake in June 2018. AltaGas says it has now monetized $3.8 billion of non-core assets since the WGL closing in July 2018, ahead of the roughly $2 billion originally targeted. In December 2018 it announced plans to sell a further $1.5 to $2.0 billion of non-core assets in 2019, with proceeds usable to reduce debt and fund growth. The company is now fully out of the hydro facilities and describes a focus on Midstream and U.S. Utilities; the release names Randy Crawford as President and CEO.
10 Jan 2019dividend declaration▼ BadMajor
AltaGas declared its January 2019 monthly dividend of $0.08 per common share, payable February 15, 2019 to holders of record January 25, 2019. That is down sharply from the $0.1825 paid through the October 2018 declaration, so the dividend has been cut (the filing itself does not explain the reduction or give the date of the decision). The filing also notes that on October 30, 2018 the board suspended the Premium Dividend component of the reinvestment plan, effective December 18, 2018; the 3% discount reinvestment component continues.
11 Oct 2018dividend declaration● Neutral
AltaGas declared its October monthly dividend of $0.1825 per common share, payable November 15, 2018 to holders of record October 25, 2018, the same amount as before. The filing also announced that third quarter 2018 results will be released October 30, 2018, with a conference call the same day.
26 Sept 2018business combination▲ GoodMajor
AltaGas agreed with Black Swan Energy to buy a 50% interest in the Aitken Creek gas processing plants in northeast B.C. (the 110 MMcf/d North Aitken Creek plant and a 100 MMcf/d plant under construction), with long-term processing, transportation and marketing agreements. Total AltaGas investment is expected at about $230 million, including $136 million in 2018, about $50 million in Q4 2019 and $40 million in 2019 for new liquids handling infrastructure; closing is expected in early October 2018. The deal expands the Montney gas business and supports supply for the Ridley Island propane terminal, with more than 50% of Black Swan's North Pine propane to be exported through it. It also triggers expanding North Pine fractionation from 10,000 to 20,000 bbl/d. This is growth spending alongside the asset sales; the release names David Cornhill as Chairman and interim co-CEO.
11 Sept 2018dividend declaration▲ GoodMajor
AltaGas declared its September monthly dividend of $0.1825 per common share, payable October 15, 2018 to holders of record September 25, 2018, unchanged from prior months. The same filing also carried a separate release announcing agreements to sell non-core assets for about $560 million in total: roughly $165 million to Birch Hill Equity Partners (smaller Canadian midstream and power assets, the commercial and industrial customer portfolio, and its 43.7 million Tidewater Midstream shares) and about US$300 million (about C$400 million) to Middle River Power III for the Tracy, Hanford and Henrietta plants in California (523 MW). The proceeds are meant to repay a significant portion of the WGL bridge facility; AltaGas says announced or completed asset sales now total about $1.5 billion against a target of at least $2 billion by fourth quarter 2018. Both sales still need regulatory and other approvals, with the Canadian deal expected by year-end and the California deal in Q4 2018. This continues the bridge repayment effort begun with the June hydro stake sale.
9 Aug 2018business combination● Neutral
AltaGas filed the formal business acquisition report for the WGL purchase completed July 6, 2018. It states net cash consideration of about $6.0 billion (US$4.6 billion), funded by subscription receipt proceeds, the $922 million hydro stake sale, draws on the $3.0 billion (US$2.3 billion) acquisition credit facility and cash on hand. It says the credit facility could stay in place 12 to 18 months and that certain assets are under review for sale to repay it.
10 July 2018dividend declaration● Neutral
AltaGas declared its July monthly dividend of $0.1825 per common share, payable August 15, 2018 to holders of record on July 25, 2018. This matches the $0.1825 amount used for the subscription receipt dividend-equivalent payment, so the dividend level was unchanged by the WGL closing.
9 July 2018business combination● NeutralMajor
AltaGas closed its approximately $9 billion acquisition of WGL Holdings; WGL shareholders receive US$88.25 in cash per share and WGL's stock is being delisted from the NYSE. AltaGas drew US$2.3 billion on its US$3 billion bridge facility at closing and says it expects to repay that quickly through further asset sales and senior debt and hybrid securities offerings. Subscription receipts converted into common shares, and Terry McCallister retires as WGL CEO, with Adrian Chapman succeeding him as head of Washington Gas.
3 July 2018regulatory community update▲ GoodMajor
AltaGas and the other parties accepted the DC commission's June 29, 2018 written order, so all approvals needed for the WGL acquisition are now in hand and closing is scheduled for July 6, 2018. The settlement commits about $41 million in direct benefits to the District of Columbia. Each AltaGas subscription receipt will convert into one common share, with a final dividend-equivalent payment of $0.1825 per receipt.
29 June 2018business combination▲ GoodMajor
The Public Service Commission of the District of Columbia said orally that it will approve the AltaGas acquisition of WGL Holdings, with some modifications to the May 8, 2018 settlement agreement. AltaGas said final approval follows once the settling parties accept the written conditions within five days. This is a step toward closing the deal that the hydro stake sale was funding.
25 June 2018asset acquisition disposition● NeutralMajor
AltaGas closed the sale of a 35 percent indirect stake in its Northwest British Columbia hydro facilities for $922 million (implying $2.6 billion for 100 percent), to a joint venture indirectly owned by Axium Infrastructure and Manulife. AltaGas stays the majority holder and keeps running the facilities. The sale is part of funding the pending WGL Holdings acquisition and is described as almost half of the roughly $2 billion of asset sales to be raised.