CALGARY, A.B. — AltaGas has released its first quarterly report of 2017, and the company says that it achieved record gross earnings of $228 million, up 28 percent over the same time period in 2016.
In a press release, AltaGas said that in the first three months of the year, earnings jumped $50 million dollars over last year’s first quarter.
The company also added updates on several projects in the Peace Region.
AltaGas is expecting to have capital expenditures of between $600 and $650 million this year. The majority of the company’s capital expenditures will be allocated towards the Ridley Island Propane Export Terminal, the first train of Townsend Phase 2, the North Pine Facility, and the North Pine Pipelines.
AltaGas’ Board made a Final Investment Decision for the first train of Townsend Phase 2, a 99 million cubic feet per day gas processing facility that will be built next to the currently operating Townsend Facility. The estimated cost of Townsend 2A is approximately $80 million.
Commercial operation for Townsend 2A is expected to begin in October 2017.
In January, AltaGas signed a non-binding letter of intent with a Montney producer to build a 120 Mmcf/d deep-cut natural gas processing facility and a natural gas liquids separation train that is capable of processing up to 10,000 barrels/day of NGL mix, and a rail terminal. The company says that negotiations are currently on hold, but they continue to have discussions with other producers in the Montney.