AltaGas reports third quarter earnings and status on NGL separation facility

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AltaGas reported third quarter earnings of $125 million, compared to $105 million in third quarter 2014.

Normalized funds from operations were $102 million for the third quarter 2015 compared to $80 million in third quarter 2014 – which are $.075 per share and $0.63 per share, respectively.

AltaGas says they are continuing progress on its integrated northeast British Columbia strategy on several different fronts.

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Locally, they added that development of a natural gas liquids separation and handling facility near Fort St. John are progressing. The company says this project will provide value-added services for producers in the Montney region.

AltaGas expects to receive permits, and to reach a final investment decision, by mid-2016.

Construction is also under way at the new 198 Mmcf/d Townsend shallow-cut processing facility, which is on track to be in service by mid-2016.

“We have made significant strides in delivering on our strategic plan with the completion of the Northwest hydroelectric facilities, progress in gas infrastructure to support exports, growing our gas-fired power generation in the US and steady growth in our utilities,” said David Cornhill, Chairman and CEO of AltaGas. “These steps will create growth and long-term shareholder value for years to come.”

Regarding energy exports, AltaGas has also entered into a definitive project agreement for the development of the propane export facility in Northwest in British Columbia.

They are negotiating other formal agreements and working to progress consultations with First Nations and stakeholders – and to commence the regulatory and permitting process for the propane export facility.

AltaGas continues to progress on the permitting process, project design and execution plans on this LNG project.

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