AltaGas Reports Record Q2 Earnings and Raises Full-Year Guidance
AltaGas Ltd. reported record second-quarter results for 2026 with normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) rising to CAD 391 million—a 14% increase year over year—and normalized EPS reaching CAD 0.31, up 15%. The company raised its full-year EBITDA guidance by 4%, now projecting a range of CAD 2.0 billion to CAD 2.1 billion and increasing EPS guidance to between CAD 2.35 and CAD 2.60 per share. The Midstream segment was the primary growth driver, with normalized EBITDA rising 33% year over year to CAD 285 million due to record liquefied petroleum gas (LPG) exports of 144,000 barrels per day and strong global export spreads. Approximately 91% of remaining 2026 LPG volumes are either tolled or financially hedged. However, the Ridley Island Export Facility (REEF), which is now 85% complete, faces delays with its startup pushed to before Q4 2027 and capital costs rising by 12% to CAD 1.5 billion. AltaGas also increased its full-year capital budget to CAD 1.8 billion.
Topics: capital_expenditure financial_results guidance_update