AltaGas CFO Harbilas to retire April 1

Executive Summary

• AltaGas announced a CFO transition, with Sean Brown succeeding retiring executive vice-president and CFO James Harbilas, who will serve as a strategic adviser until his April 2026 retirement.
• Pipestone Phase II has achieved full commercial operations, with Train II ramping to over 90% of design capacity and operating on a fully integrated basis with Pipestone I.
• The company secured a positive FID for the $165-million Dimsdale Phase II gas storage expansion, backed by long-term take-or-pay contracts, targeting mid-2027 in-service.
• The MVP Southgate pipeline extension received unanimous FERC approval, reaffirming AltaGas's ownership and expected attractive project-level returns.

Key Details

• CFO Transition: James Harbilas retiring April 1, 2026; Sean Brown appointed incoming CFO effective immediately; Harbilas to assume strategic adviser role for transition period.
• Pipestone Phase II Operations: Achieved first gas mid-December 2025 and full commercial operations late December 2025; Train II operating at >90% of design capacity; fully contracted under long-term take-or-pay agreements; integrated with Pipestone I as a single complex processing natural gas and NGLs in the Alberta Montney.
• Dimsdale Phase II Expansion: Positive FID secured for 30-billion-cubic-foot expansion; estimated capital cost ~$165-million; targeted in-service mid-2027; includes additional compression, dehydration capacity, and 5 new storage wells; backed by multiyear take-or-pay contracts with Tourmaline, Gunvor, and four new customers.
• MVP Southgate Regulatory Approval: Unanimous FERC approval for shortened pipeline route into North Carolina; follows positive environmental assessment from FERC and U.S. Fish and Wildlife Service; AltaGas retains ownership in MVP, MVP Boost, and MVP Southgate.
• Financial/Return Expectations: MVP Southgate expected to generate sub-5.0-times EBITDA build multiple; MVP Boost expected to achieve ~3.0-times EBITDA build multiple.
• Capital Deployment: Aggregate ~$230-million to be deployed over the next 18 months for gas storage capacity expansions in the Alberta Montney, all secured under long-term take-or-pay agreements.

Notable Quotes

• Vern Yu, President & CEO: "On behalf of the board and the entire AltaGas team, I want to thank James for his strong contributions to AltaGas's success... We are pleased to welcome Sean Brown as our next CFO. Sean has more than 25 years of experience spanning energy infrastructure, finance and capital markets... Sean's proven leadership in strategy, capital allocation, risk management and investor relations will be instrumental as we continue to execute on our long-term strategic plan..."