ALTAGAS ANNOUNCES CFO TRANSITION AND MIDSTREAM UPDATES

Executive Summary

• AltaGas announced the retirement of CFO James Harbilas and the appointment of Sean Brown as incoming CFO, effective immediately.
• Pipestone Phase II achieved full commercial operations, with Train II operating at >90% design capacity and long‑term take‑or‑pay contracts in place.
• Positive final investment decision (FID) on Dimsdale Phase II gas storage expansion ($165 M capex, 30 Bcf added capacity, service start mid‑2027).
• U.S. FERC approved the shortened MVP Southgate pipeline route, supporting expected sub‑5.0× EBITDA build multiple for the project.

Key Details

• CFO Transition – James Harbilas will retire on April 1 2026; he will serve as Strategic Advisor until retirement. Sean Brown, former CFO of Gibson Energy and Managing Director at BMO Capital Markets, assumes the CFO role today.
• Pipestone Phase II Commercial Operations – Construction completed early Nov 2025; first gas in Dec 2025; full commercial operations declared late Dec 2025. Train II operating >90% of design capacity; long‑term take‑or‑pay contracts continue to grow, with additional interruptible capacity for natural gas and NGLs.
• Dimsdale Phase II Expansion – Positive FID for 30 Bcf storage expansion backed by multi‑year take‑or‑pay agreements (Tourmaline, Gunvor, plus four new customers). Project includes extra compression/dehydration units and drilling of five new storage wells. Estimated capital cost ≈ $165 M; in‑service target mid‑2027. Total gas‑storage spend over next 18 months ≈ $230 M.
• MVP Southgate FERC Approval – FERC unanimously approved a shortened pipeline route in late Dec 2025 following positive environmental assessments. Expected project‑level return: sub‑5.0× EBITDA build multiple; MVP Boost expected ~3.0× EBITDA build multiple.

Notable Quotes

“On behalf of the Board and the entire AltaGas team, I want to thank James for his strong contributions to AltaGas' success,” said Vern Yu, President & CEO.
“We are pleased to welcome Sean Brown as our next CFO… His proven leadership … will be instrumental as we continue to execute on our long‑term strategic plan.”

All forward‑looking statements are subject to risks and uncertainties detailed in the release.