Weston family to acquire and donate Hudson's Bay Company Royal Charter to Canadian Museum of History under proposed agreement Français
Issued in 1670 by Charles II, King of England, Scotland and Ireland, HBC's Royal Proclamation Charter granted the company a trading monopoly over vast unceded lands that now make up much of contemporary Canada. The Royal Charter has played a pivotal role in Canadian history, having a profound and lasting impact on First Nations, Inuit, and Métis communities.
The Charter is widely considered by historians to be a founding document of Canada, recognized for its significance in shaping the country's early economic and territorial history.
Conditional on approval by the Court supervising HBC's CCAA proceedings, the family's holding company, Wittington Investments, Limited, would acquire the Royal Charter for immediate and permanent donation to the Canadian Museum of History. A hearing on the motion is scheduled for September 9, 2025.
The Museum of History will conduct a meaningful consultation process with Indigenous Peoples on how the Royal Charter can be shared, interpreted and contextualized in a manner that respects Indigenous perspectives and historical experiences. The Weston family has offered additional funding to support this process, to help facilitate the sharing of the Royal Charter, including with other museums, and to support the Museum's educational programs, public exhibitions, and outreach efforts with respect to the Charter.
"This donation is of enormous importance to Canada. It ensures the Royal Charter — one of the most significant documents in Canadian history — will remain permanently held in public trust and will serve as a catalyst for national dialogue, education and reconciliation for generations to come," said Museum President and CEO Caroline Dromaguet.
The Weston family issued a statement about the donation. "At a time when Canada is navigating profound challenges and seeking renewed unity, it is more important than ever that we hold fast to the symbols and stories that define us as a nation," said Galen Weston. "The Royal Charter is an important artifact within Canada's complex history. Our goal is to ensure it is preserved with care, shared with integrity, and made accessible to all Canadians, especially those whose histories are deeply intertwined with its legacy."
Located on the shores of the Ottawa River in Gatineau, Quebec, the Canadian Museum of History welcomes over 1.2 million visitors each year. The Museum's principal role is to enhance Canadians' knowledge, understanding and appreciation of the events, experiences, people and objects that have shaped Canada's history and identity, as well as to enhance Canadians' awareness of world history and cultures.
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ALTAGAS REPORTS STRONG SECOND QUARTER 2025 RESULTS
Robust Performance Across Platform Led by Midstream CALGARY, AB, Aug. 1, 2025 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) reported second quarter 2025 financial results and provided an update on its operations, projects and other corporate developments. SECOND QUARTER HIGHLIGHTS View PDF (all financial figures are unaudited and in Canadian dollars unless otherwise noted) FINANCIAL RESULTS Normalized EPS 1 was $0.27 in the second quarter of 2025 compared to $0.14 in the second quarter of 2024, while GAAP EPS 2 was $0.59 in the second quarter of 2025 compared to a loss of $0.14 in the second quarter of 2024. Normalized EBITDA 1 was $342 million in the second quarter of 2025 compared to $295 million in the second quarter of 2024, while income before income taxes was $226 million in the second quarter of 2025 compared to a loss of $46 million in the second quarter of 2024. The 16 percent year-over-year increase in normalized EBITDA was driven by strong performance across AltaGas' Midstream assets and Utilities growth from continued modernization investments. The Midstream segment reported normalized EBITDA of $215 million in the second quarter of 2025 compared to $175 million in the second quarter of 2024, while income before taxes was $263 million in the second quarter of 2025 compared to $46 million in the second quarter of 2024. The 23 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global exports performance, higher gas processing volumes – particularly from AltaGas' Montney facilities, and improved earnings from the Mountain Valley Pipeline ("MVP"). The Utilities segment reported normalized EBITDA of $134 million in the second quarter of 2025 compared to $122 million in the second quarter of 2024, while income before taxes was $95 million in the second quarter of 2025 compared to $31 million in the second quarter of 2024. The 10 percent year-over-year increase in normalized Utilities EBITDA was driven by modernization investments, improved asset optimization, and colder weather in Michigan, partially offset by lower retail contributions. AltaGas' adjusted net debt to normalized EBITDA 1 exited the second quarter of 2025 at 4.6x on a trailing twelve-month basis, including 50 percent debt treatment for its subordinated hybrid notes and preferred shares. This is below the Company's long-term leverage target of 4.65x and compares to 5.1x at 2024 year-end. _______________________________________________________ (1) Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended June 30, 2025, which is available on (2) GAAP EPS is equivalent to Net income applicable to common shares divided by shares outstanding. OPERATIONAL AND BUSINESS HIGHLIGHTS AltaGas delivered record second quarter LPG export volumes of 127,814 Bbl/d to Asia, up four percent year-over-year despite a nine-day turnaround at the Ridley Island Propane Export Terminal ("RIPET"). This included 12 Very Large Gas Carriers ("VLGCs") shipped from RIPET and eight from the Ferndale Terminal ("Ferndale"). Midstream throughput was strong, with gas processing volumes up eight percent year-over-year, driven by a 12 percent increase from Montney assets, led by Townsend, Pipestone I, and Blair Creek. AltaGas' global exports business continues to benefit from robust demand for open-access terminal capacity under long-term tolling agreements with upstream and downstream customers. Recent agreements include: Keyera Corp ("Keyera") committing to an additional 12,500 Bbl/d of LPG tolling capacity over 15 years starting in 2028, doubling its total contracted capacity with AltaGas to 25,000 Bbl/d. Pembina Pipeline Corporation ("Pembina") signing a long-term tolling agreement to export an additional 10,000 Bbl/d of LPGs starting in April of 2026 and an additional 10,000 Bbl/d of LPGs starting in April of 2027 at AltaGas' global exports facilities. The agreement builds on Pembina's previous 10,000 Bbl/d of tolling capacity at RIPET. BASF Intertrade AG ("BASF") signing a long-term butane export capacity agreement at the Ridley Island Energy Export Facility ("REEF"). The agreement will provide BASF with reliable Western Canadian supply and diversify its cracker feedstock portfolio, and strengthen Canada-Asia trade ties. MVP delivered strong second quarter results, with higher year-over-year contributions as the comparative period only included a partial contribution when the pipeline was being brought into service. The 2.0 Bcf/d pipeline is backed by 20-year investment grade contracts and is expandable through additional compression and extendable into North Carolina through the Southgate project, both of which are progressing towards near-term final investment decisions ("FIDs"). AltaGas continues to advance a potential monetization of its interest in MVP with proceeds to be used for leverage reduction. On July 31, 2025, Washington Gas filed a rate case application to the Virginia State Corporation Commission ("SCC of VA") seeking a US$65 million increase to base rates, net of the transfer of US$39 million of charges currently being recovered under the modernization rider. Interim rates are expected by early 2026. PROJECT UPDATES REEF construction remains on budget and on track for a year-end 2026 in-service date ("ISD"). Site prep is effectively complete while LPG accumulators are 85 percent fabricated and expected on-site in the fourth quarter of 2025. Jetty progress includes nearly 60 percent of piles placed and 30 percent of trestle fabrication complete. Approximately 70 percent of project costs are incurred or committed, with nearly 60 percent of the total capital cost under fixed-price engineering, procurement and construction ("EPC") contracts. AltaGas is advancing engineering and other work to progress near-term optimization projects at REEF that will allow the Company to move incremental volumes through Phase I, which is currently under construction. This includes evaluating options to increase throughput by 15,000–20,000 Bbl/d within the first year following REEF's 2026 year-end ISD as well as advancing engineering, permitting and stakeholder work to move up to another 60,000 Bbls/d of exports by the end of the decade, when there is sufficient demand for additional export capacity. Pipestone II construction continues to be on budget and on track for a late 2025 ISD, with the facility construction now over 85 percent complete and the remaining work under fixed price contracting. The gas gathering system is currently in operation and being utilized to optimize throughput at AltaGas' Pipestone I deep cut facility. Pipestone II is fully contracted under long term take-or-pay agreements and will provide critical gas processing and liquids handling capacity in one of the most active liquids-rich natural gas producing regions in Canada. AltaGas continues to advance growth projects across its Utilities and has received regulatory approval for the Keweenaw Connector Pipeline in Michigan's Keweenaw Peninsula. The 30-mile pipeline is expected to have an approximate capital cost of US$120 million with a 2027 ISD. SEMCO has also been awarded a contract to construct a natural gas interconnect for DTE Energy's Belle River coal-to-natural gas power plant conversion project in Michigan, which is expected to be completed in the fourth quarter of 2025. AltaGas' Utilities continue to work with a number of data center developers and are actively advancing projects with front-end engineering and design ("FEED") studies across Virginia, Michigan and Maryland. The Company is focused on pursuing these ventures on a de-risked basis by building pipeline interconnects to onsite power generation through rate regulated investments. 2025 GUIDANCE Following AltaGas' strong second quarter of 2025, the Company is reiterating its 2025 full-year guidance, including normalized EBITDA of $1,775 million to $1,875 million and normalized EPS of $2.10 to $2.30. CEO MESSAGE "We're pleased with our strong second-quarter performance, which reflects continued execution of our strategic priorities and positions us well to meet our 2025 guidance," said Vern Yu, President and CEO of AltaGas. "As demonstrated this quarter, we continue to make meaningful progress on our strategic priorities. We've optimized our asset base to maximize returns by increasing Midstream throughput and reducing operating costs in our Utilities segment. We continue to actively de-risk our portfolio through long-term tolling agreements and by pursuing weather normalization in the District of Columbia. Our balance sheet is stronger, with trailing leverage now below our target. We're maintaining disciplined capital allocation while executing on our growth through network modernization and expansion in the Utilities and construction of our Pipestone II and REEF projects. "Customer demand for our open-access export terminals is robust, as reflected in the agreements we've announced with Keyera, BASF, and Pembina. We're advancing optimization projects at REEF that will enable us to move incremental volumes through Phase I. This includes finalizing detailed engineering and costing to increase near-term throughput by 15,000 to 20,000 Bbl/d within the first year of the terminal's year-end 2026 in-service date, as well as progressing engineering, permitting, and pre-engagement stakeholder work to support up to an additional 60,000 Bbl/d of export capacity by the end of the decade, when there is sufficient demand for export capacity. "We're excited about the long-term outlook for our Utilities, which continue to deliver the most reliable and cost-effective energy for space heating across our jurisdictions. The delivered cost of electricity is almost four times that of natural gas, and we're operating in a period of growing energy insecurity, particularly in the PJM market, where concerns about power capacity shortfalls are rising. In response, we're making significant investments to connect new customers and modernize our network to enhance long-term safety, reliability, and energy security. This includes securing regulatory approval for projects like the Keweenaw Connector Pipeline and advancing infrastructure to serve emerging opportunities such as data centers. We will continue to advocate on behalf of our customers against public policies that undermine reliability, affordability, and consumer choice – as the economic future of these regions depends on it. "We're excited about AltaGas' future and the value we can unlock through disciplined execution of our long-term strategy. We remain confident in the strong macro-outlook for natural gas, NGLs, and the enterprise." (1) Non‑GAAP financial measure; see discussion in Non‑GAAP Financial Measures section of this news release. BUSINESS PERFORMANCE Midstream The Midstream segment reported normalized EBITDA of $215 million in the second quarter of 2025 compared to $175 million in the second quarter of 2024, while income before income taxes was $263 million in the second quarter of 2025 compared to $46 million in the second quarter of 2024. The 23 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global exports, higher gas processing volumes – particularly from AltaGas' Montney facilities, and stronger earnings from MVP. The quarter was also aided by lower processing operating expenses and stronger realized frac spreads. AltaGas exported 127,814 Bbl/d of LPGs to Asia through its open access terminals in the second quarter of 2025 across a total of 20 VLGCs, which included 12 ships at RIPET and eight at Ferndale. This represented a second quarter record with volumes up four percent year-over-year as the Company continues to focus on operational execution and logistics and expects to deliver year-over-year volume growth over the balance of 2025. AltaGas is positioned to benefit from the long-term fundamentals of growing Canadian natural gas and NGL production, strong Asian LPG demand, and the Company's structural shipping advantage from the west coast of North America to Asia. Performance across the balance of the Midstream platform was strong with gas processing volumes up eight percent year-over-year, driven by the Company's Montney exposed infrastructure, which saw 12 percent year-over-year volume growth. Extraction volumes increased by eight percent year-over-year with AltaGas benefiting from exposure to some of North America's leading gas resource plays, which continue to grow, despite soft Canadian natural gas prices. AltaGas continues to advance regulatory, engineering and commercial work for the Company's backlog of Midstream growth projects. This includes Pipestone III, North Pine, and the Dimsdale natural gas storage expansion project. The Company is advancing engineering and capital cost work for two optimization initiatives that will increase REEF's phase I throughput capacity. REEF is a multi-phased project that is positioned to meet Canada's long-term LPG export needs through low-cost capacity additions that will ensure Canada's excess LPGs are delivered to the strongest markets globally, which will benefit all stakeholders. Consistent with the Company's de-risking focus, AltaGas' Midstream operations are well-hedged for 2025 with approximately 98 percent of the remaining 2025 expected global export volumes tolled or financially hedged. Merchant volumes are hedged at an average Far East Index ("FEI") to North American financial hedge price of US$18.00/Bbl while tolling volumes are in line with historical rates. Approximately 84 percent of the Company's 2025 expected frac exposed volumes are hedged at US$26.48/Bbl, prior to transportation costs. AltaGas continues to actively manage risk across the Midstream platform through commercial contracting and a systematic hedging program to manage its commodity price exposure. For the remainder of 2025, AltaGas has materially hedged all of its expected Baltic freight exposure through time charters, financial hedges, and tolled volumes. (1) Approximate expected volumes hedged based on AltaGas' internally assumed export volumes. Hedged amounts include contracted tolling volumes and financial hedges. (2) Does not include physical differential to FSK for C3 volumes. Butane is hedged as a percentage of WTI. (3) Approximate average for the period. Utilities Utilities reported normalized EBITDA of $134 million in the second quarter of 2025 compared to $122 million in the second quarter of 2024, while income before income taxes was $95 million in the second quarter of 2025 compared to $31 million in the second quarter of 2024. The 10 percent year-over-year increase in normalized Utilities EBITDA was driven by modernization investments, stronger asset optimization, and colder weather in Michigan, partially offset by lower retail contributions. Washington Gas recently filed a new rate case in Virginia with the SCC where requested rates are designed to collect an incremental US$65 million in annual revenue, net of US$39 million in ARP surcharge related to Washington Gas' SAVE rate rider. The filing uses a December 2024 test year with select forward looking adjustments. Interim rates are expected to come into effect by early 2026. The Company also continues to work with the PSC of D.C. on the August 2024 rate case and anticipates resolution by year-end 2025. Washington Gas continues to work with the PSC of D.C. on the US$215 million asset modernization extension application under review in D.C. through its Strategic Accelerated Facilities Enhancement ("District SAFE") plan. The Company is continuing ARP work in the PROJECTpipes 2 modernization program with the program extended to December 31, 2025 with the additional US$34 million of modernization capital added from May 1, 2025. The extension of PROJECTpipes 2 ensures uninterrupted pipeline modernization work continues while District SAFE is being reviewed. AltaGas' Utilities continue to see progress on key growth initiatives and received regulatory approval for the Keweenaw Connector Pipeline in Michigan. The 30-mile transmission line is expected to be in service in early 2027 with the majority of the US$120 million capital spend expected to take place through 2026. AltaGas' Utilities continue to work with a number of data center developers and are actively advancing projects with front-end engineering and design ("FEED") studies across Virginia, Michigan and Maryland. The Company is focused on pursuing these ventures on a de-risked basis by building pipeline interconnects to onsite power generation through rate regulated investments. AltaGas continued to actively invest in its Utilities business during the second quarter of 2025 with $160 million of capital deployed across the Company's Utilities network. This included investing approximately $96 million in the quarter toward the Company's asset modernization programs. These investments improve the safety and reliability of the system while connecting customers to the critical energy they continue to rely on. AltaGas remains committed to making these investments, while balancing the need for ongoing customer affordability. The Corporate/Other segment reported normalized EBITDA for the second quarter of 2025 of a loss of $7 million, compared to a loss of $2 million in the same quarter of 2024. Loss before income taxes in the Corporate/Other segment was $132 million in the second quarter of 2025, compared to $123 million in the same quarter of 2024. The year-over-year decrease in normalized EBITDA was primarily driven by higher expenses related to employee incentive plans. (1) Non‑GAAP financial measure; see discussion in Non-GAAP Financial Measures section at the end of this news release. (2) "Other" includes accretion expense, net income applicable to non-controlling interests, foreign exchange gains (losses), and unrealized foreign exchange losses (gains) on intercompany balances. (3) Weighted average. Normalized EBITDA for the second quarter of 2025 was $342 million compared to $295 million for the same quarter in 2024. The largest factors contributing to the year-over-year increase are described in the Business Performance sections above. Income before income taxes was $226 million for the second quarter of 2025 compared to a loss of $46 million for the same quarter in 2024. The increase was mainly due to higher unrealized gains on risk management contracts, the same previously referenced factors impacting normalized EBITDA, and lower transition and restructuring costs, partially offset by higher depreciation and amortization expense and higher interest expense. Please refer to the "Three Months Ended June 30" s ection of the Q2 2025 Management's Discussion and Analysis ("MD&A") for further details on the variance in income before income taxes and net income applicable to common shareholders. Normalized net income was $81 million or $0.27 per share for the second quarter of 2025, compared to $41 million or $0.14 per share reported for the same quarter of 2024. Normalized FFO was $228 million or $0.76 per share for the second quarter of 2025, compared to $180 million or $0.61 per share for the same quarter in 2024. The increase was mainly due to the same previously referenced factors impacting normalized EBITDA, higher distributions from equity investments, and lower normalized current income tax expense, partially offset by higher non-cash items included in normalized EBITDA and higher interest expense. Cash from operations in the second quarter of 2025 was $365 million ($1.22 per share), compared to $452 million ($1.52 per share) for the same quarter of 2024. The decrease was mainly due to unfavourable variances in the net change in operating assets and liabilities, primarily as a result of fluctuations in commodity prices and sales volumes, partially offset by higher net income after taxes (after adjusting for non-cash items) and higher distributions from equity investments. Please refer to the Liquidity section of the MD&A for further details on the variance in cash from operations. Interest expense for the second quarter of 2025 was $114 million, compared to $111 million for the same quarter in 2024. The increase was mainly due to the issuance of additional subordinated hybrid notes in the third quarter of 2024 as well as a higher average Canadian/U.S. dollar exchange rate, partially offset by a decrease in average debt balances, higher capitalized interest, and lower average interest rates. Interest expense recorded on the subordinated hybrid notes in the second quarter of 2025 was $34 million, compared to $13 million in the second quarter of 2024. Income tax expense was $44 million for the second quarter of 2025, compared to an income tax recovery of $12 million for the same quarter of 2024. The increase in income tax expense was mainly due to higher income before income taxes. FORWARD FOCUS, GUIDANCE AND FUNDING AltaGas continues to focus on executing its corporate strategy of building a diversified platform that operates long-life energy infrastructure assets that connect customers and markets and are positioned to provide resilient and growing value for the Company's stakeholders. Following a strong second quarter of 2025, AltaGas is reiterating its previously disclosed 2025 guidance, including: 2025 Normalized EPS guidance of $2.10–$2.30, compared to normalized EPS of $2.18 and GAAP EPS of $1.95 in 2024; and 2025 Normalized EBITDA guidance of $1,775 million–$1,875 million, compared to actual normalized EBITDA of $1,769 million and income before taxes of $746 million in 2024. AltaGas is focused on delivering resilient and growing normalized EPS and normalized FFO per share while targeting lower financial leverage ratios. This strategy is designed to support steady dividend growth and provide the opportunity for continued capital appreciation for long-term shareholders. AltaGas is maintaining a disciplined, self-funded 2025 capital program of approximately $1.4 billion, excluding ARO. The Company is allocating approximately 51 percent of its consolidated 2025 capital to its Utilities business, approximately 45 percent to the Midstream business and the balance to the Corporate/Other segment. OPTION PLAN Shareholders approved the conversion of the rolling option plan to a fixed option plan at the last meeting of shareholders. The Board has not issued options since 2021 and currently has no intention of issuing options under the plan. Therefore, AltaGas has deferred listing the common shares issuable under the fixed plan with the TSX until such time as the Board resolves to resume issuing options. Shareholders will be advised, by way of future press release, if and when option grants under the plan will resume. The Board of Directors approved the following schedule of Dividends: (1) Dividends on common shares and preferred shares are eligible dividends for Canadian income tax purposes. CONFERENCE CALL AND WEBCAST AltaGas will hold a conference call today, August 1, 2025, at 9:00 a.m. MT (11:00 a.m. ET) to discuss second quarter of 2025 results and other corporate developments. Date: Friday, August 1, 2025 Time: 9:00 a.m. MT (11:00 a.m. ET) Webcast: Dial-in (Audio only): +1 437 900 0527 or toll free at +1 888 510 2154 Shortly after the conclusion of the call a replay will be available on the Company's website or by dialing +1 289 819 1450 or toll free +1 888 660 6345. Passcode 73282 #. AltaGas' Consolidated Financial Statements and accompanying notes for the second quarter of 2025, as well as its related MD&A, are now available online at All documents will be filed with the Canadian securities regulatory authorities and will be posted under AltaGas' SEDAR+ profile at NON-GAAP MEASURES This news release contains references to certain financial measures that do not have a standardized meaning prescribed by U.S. GAAP and may not be comparable to similar measures presented by other entities. The non-GAAP measures and their reconciliation to U.S. GAAP financial measures are shown below and within AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended June 30, 2025. These non-GAAP measures provide additional information that Management believes is meaningful regarding AltaGas' operational performance, liquidity and capacity to fund dividends, capital expenditures, and other investing activities. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to other measures of financial performance calculated in accordance with U.S. GAAP. Normalized EBITDA (1) Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, that are directly attributable to the acquisition or disposition. (2) Included in the "revenue", "cost of sales", and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income (Loss). Please refer to Note 12 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2025 for further details regarding AltaGas' risk management activities. (3) Included in the "other income" line item on the Consolidated Statements of Income (Loss). (4) Comprised of transition and restructuring costs (including CEO transition). These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). (5) Excludes unrealized losses (gains) on foreign exchange forward contracts that have been entered into for the purpose of cash management. These losses (gains) are included above in the line "unrealized gains (losses) on risk management contracts". EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income (Loss) using income (loss) before income taxes adjusted for pre-tax depreciation and amortization and interest expense. AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to enhance the understanding of AltaGas' earnings over periods, as well as for budgeting and compensation related purposes. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as it excludes items that can vary substantially between entities depending on the accounting policies chosen, the book value of assets, and the capital structure. (1) Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. The pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, which are directly attributable to the acquisition or disposition. (2) The pre-tax amounts are included in the "revenue", "cost of sales", and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income (Loss). Please refer to Note 12 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2025 for further details regarding AltaGas' risk management activities. (3) The pre-tax amounts are included in the "other income" line item on the Consolidated Statements of Income (Loss). (4) Comprised of transition and restructuring costs (including CEO transition). These pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). (5) Relates to unrealized foreign exchange losses (gains) on intercompany accounts receivable and accounts payable balances between a U.S. subsidiary and Canadian entity, where the impact to the U.S. subsidiary is recorded through accumulated other comprehensive income as a gain (loss) on foreign currency translation, and the impact to the Canadian entity is recorded through the "foreign exchange gains (losses)" line item on the Consolidated Statements of Income (Loss). Normalized net income and normalized net income per share are used by Management to enhance the comparability of AltaGas' earnings, as these metrics reflect the underlying performance of AltaGas' business activities. Normalized Funds from Operations (1) Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs exclude non-cash amounts and are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, which are directly attributable to the acquisition or disposition. (2) Comprised of transition and restructuring costs (including CEO transition). These pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). (3) Included in the "current income tax expense" line item on the Consolidated Statements of Income (Loss). Normalized funds from operations and funds from operations are used to assist Management and investors in analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate funds for capital investments, debt repayment, dividend payments, and other investing activities. Funds from operations and normalized funds from operations as presented should not be viewed as an alternative to cash from operations or other cash flow measures calculated in accordance with GAAP. Invested Capital and Net Invested Capital (1) Comprised of non-cash capital expenditures included in the "accounts payable and accrued liabilities" line item on the Consolidated Balance Sheets. Please refer to Note 18 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2025 for further details. (2) AFUDC is the amount that a rate-regulated enterprise is allowed to recover for its cost of financing assets under construction, and excludes any AFUDC within investments accounted for by the equity method. AFUDC is included in the "property, plant and equipment" line item on the Consolidated Balance Sheets. (3) Excludes cash received from advance cash calls related to forecasted capital spend. Invested capital is a measure of AltaGas' use of funds for capital expenditure activities. It includes expenditures relating to property, plant, and equipment and intangible assets, capital contributed to long term investments, and contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, adjusted for items such as non-cash capital expenditures, AFUDC, and contributions from non-controlling interests. Invested capital and net invested capital are used by Management, investors, and analysts to enhance the understanding of AltaGas' capital expenditures from period to period and provide additional detail on the Company's use of capital. Net Debt, Adjusted Net Debt, and Adjusted Net Debt to Normalized EBITDA ($ millions, except adjusted net debt to normalized EBITDA) June 30, 2025 December 31, 2024 Short-term debt $ — $ 10 Current portion of long-term debt (1) 452 858 Current portion of finance lease liabilities 24 23 Long-term debt (2) 7,189 6,992 Finance lease liabilities 126 126 Subordinated hybrid notes (3) 1,955 2,022 Total debt 9,746 10,031 Less: cash and cash equivalents (320) (85) Net debt $ 9,426 $ 9,946 Add (deduct): Current portion of finance lease liabilities (24) (23) Finance lease liabilities (126) (126) 50 percent debt treatment of subordinated hybrid notes (978) (1,011) 50 percent debt treatment of preferred shares 196 196 Adjusted net debt (4) $ 8,494 $ 8,982 Adjusted net debt to normalized EBITDA (4) (5) 4.6 5.1 (1) Net of debt issuance costs, unamortized premiums, and unamortized discounts of less than $1 million as at June 30, 2025 (December 31, 2024 - less than $1 million). (2) Net of debt issuance costs, unamortized premiums, and unamortized discounts of $28 million as at June 30, 2025 (December 31, 2024 - $29 million). (3) Net of debt issuance costs of $23 million as at June 30, 2025 (December 31, 2024 - $23 million (4) As noted on page 17 of the MD&A, in the second quarter of 2025, AltaGas changed its non-GAAP policy regarding the calculation of adjusted net debt to include 50 percent of subordinated hybrid notes and 50 percent of preferred shares. The amounts presented in this table reflect the restated figures to align with the revised policy. (5) Calculated as adjusted net debt at the balance sheet date, divided by normalized EBITDA for the preceding twelve month period. Net debt, adjusted net debt, and adjusted net debt to normalized EBITDA are used by the Corporation to monitor its capital structure and assess its capital structure relative to earnings. It is also used as a measure of the Corporation's overall financial strength and is presented to provide this perspective to analysts and investors. Net debt is defined as short-term debt, plus current and long-term portions of long-term debt, current and long-term portions of finance lease liabilities, and subordinated hybrid notes, less cash and cash equivalents. Adjusted net debt is defined as net debt adjusted for current and long-term portions of finance lease liabilities, 50 percent of subordinated hybrid notes, and 50 percent of preferred shares. Adjusted net debt to normalized EBITDA is calculated by dividing adjusted net debt as defined above by normalized EBITDA for the preceding twelve month period. (1) Non‑GAAP financial measure or non-GAAP financial ratio; see discussion in Non-GAAP Financial Measures section of the MD&A. (2) Dividends declared per common share per quarter: $0.2975 per share beginning March 2024, increased to $0.315 per share effective March 2025. (3) Weighted average. ABOUT ALTAGAS AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders. For more information visit or reach out to one of the following: Jon Morrison Senior Vice President, Corporate Development and Investor Relations [email protected] Aaron Swanson Vice President, Investor Relations [email protected] Investor Inquiries 1-877-691-7199 [email protected] Media Inquiries 1-403-206-2841 [email protected] FORWARD-LOOKING INFORMATION This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "potential", "target", "guarantee", "potential", "objective", "continue", "outlook", "guidance", "growth", "long-term", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: export tolling agreements, including the expected timing for commencement of volumes thereunder and the anticipated benefits thereof; the belief that the MVP expansion and Southgate expansion are advancing towards near-term FID; the potential monetization of AltaGas' interest in MVP and the use of proceeds therefrom; the potential District SAFE modernization program and the anticipated benefits therefrom; the expectation that REEF will remain on budget and on schedule to achieve its 2026 year-end in-service-date; the expectation that construction of Pipestone II will remain on schedule for a late 2025 in-service-date; anticipated benefits of Pipestone II; AltaGas' commitment to advancing growth projects across the Utilities segment including new customer growth and execution of existing asset monetization programs; progress on the Keweenaw Pipeline Connector project, projected capital cost of the project, the anticipated benefits therefrom and the estimated 2027 in-service date; SEMCO's construction of a natural gas interconnect for DTE Energy's Belle River coal-to-natural gas power plant conversion project and the anticipated timing for completion thereof; advancement of preliminary work with data center developers and AltaGas' plans with respect to such projects; AltaGas' commitment to advancing Midstream growth projects including Pipestone III, North Pine, the Dimsdale natural gas storage expansion project and their effect on the Midstream growth outlook; the Company's 2025 guidance including normalized EBITDA of $1,775 million to $1,875 million and normalized EPS of $2.10 to $2.30; the importance of building energy infrastructure that connects Canadian energy to global markets; optimization projects at REEF and the anticipated timing and benefits thereof; the belief that there will be sufficient demand for export capacity at REEF by the end of the decade to support future optimization projects; the belief that significant investments in Utilities to connect new customers and modernize our network will enhance long-term safety, reliability, and energy security; AltaGas' commitment to advocate for customers against public policies that undermine reliability, affordability and consumer choice; the anticipated benefits of REEF, including its ability to meet Canada's long-term LPG export needs and ensure Canada's excess LPGs are delivered to the strongest markets globally; the Company's focus on operational execution and its ability to deliver continued year-over-year export volume growth through 2025; the belief that AltaGas is positioned to benefit from the long-term fundamentals of growing Canadian natural gas and NGL production, strong Asian demand and the Company's structural shipping advantage from the west coast; the Company's hedging program and AltaGas' 2025 Midstream Hedge Program quarterly estimates; AltaGas' commitment to investing in its Utilities business to improve safety and reliability and connect customers to critical energy while balancing the need for customer affordability; expected filing, procedure and decision dates for rate cases in the Utilities business; timing of material regulatory filings, proceedings and decisions in the Utilities business; AltaGas' ability to execute its corporate strategy, including building a diversified platform that operates long-life energy infrastructure assets that are positioned to provide resilient and growing value for stakeholders and the Company's focus on growing normalized EPS and normalized FFO per share while targeting lower leverage ratios to support steady dividend growth and provide ongoing capital appreciation for long-term shareholders; AltaGas' commitment to maintaining a disciplined, self-funded 2025 capital program of approximately $1.4 billion, excluding ARO; the allocation of consolidated 2025 capital to the Company's Utilities, Midstream and Corporate/Other segments; the listing of common shares issuable under the fixed option plan on the TSX, and AltaGas' intention to issue a future press release in respect of any such listing; and AltaGas' dividend policy. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, and achievements to differ materially from those expressed or implied by such statements. Such statements reflect AltaGas' current expectations, estimates, and projections based on certain material factors and assumptions at the time the statement was made. Material assumptions include: effective tax rates; U.S./Canadian dollar exchange rates; inflation; interest rates, credit ratings, regulatory approvals and policies; expected commodity supply, demand and pricing; volumes and rates; propane and butane price differentials; degree day variance from normal; pension discount rate; financing initiatives; the performance of the businesses underlying each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on investments; dividend levels; and transaction costs. AltaGas' forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: health and safety risks; operating risks; infrastructure; natural gas supply risks; volume throughput; service interruptions; transportation of petroleum products; market risk; inflation; general economic conditions; cybersecurity, information, and control systems; climate-related risks; environmental regulation risks; regulatory risks; litigation; changes in law; Indigenous and treaty rights; dependence on certain partners; political uncertainty and civil unrest; risks related to conflict, including the conflicts in Eastern Europe and the Middle East; decommissioning, abandonment and reclamation costs; reputation risk; weather data; capital market and liquidity risks; interest rates; internal credit risk; foreign exchange risk; debt financing, refinancing, and debt service risk; counterparty and supplier risk; technical systems and processes incidents; growth strategy risk; construction and development; underinsured and uninsured losses; impact of competition in AltaGas' businesses; counterparty credit risk; composition risk; collateral; rep agreements; market value of the common shares and other securities; variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks; and the other factors discussed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2024 ("AIF") and set out in AltaGas' other continuous disclosure documents. Many factors could cause AltaGas' or any particular business segment's actual results, performance or achievements to vary from those described in this press release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and AltaGas' future decisions and actions will depend on management's assessment of all information at the relevant time. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by these cautionary statements. Financial outlook information contained in this news release about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on AltaGas management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
Cision Canada
2 hours ago
- Cision Canada
Under the Patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan ADFW 2025 Set to Double in Size at New Location
ABU DHABI, UAE, Aug. 1, 2025 /CNW/ -- Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council, Abu Dhabi Finance Week (ADFW), the largest financial event in the region, will return for an ambitious fourth edition, which will see it double in size, and cement its status as a top global gathering of financial leaders. The flagship financial event of the MEASA region, hosted by ADGM, the international financial centre of Abu Dhabi and headlined by ADQ, will run from 8 th December to 1 1 th December 202 5. The agenda for the 2025 edition is designed around the theme of ' Engineering the Capital Network '. 'Engineering' highlights the use of new technologies in re-architecting modern finance, particularly artificial intelligence and quantum technologies. 'Capital Network' reflects the evolving flows and dynamics of financial centres. In a world where gravitational forces from economic giants like China, India, the U.S., and Europe have increasingly centred the nexus of the global market in the Gulf, Abu Dhabi is at the heart of global capital flows and the destination of choice for global participants. The theme also underscores Abu Dhabi's evolution from primarily a capital exporter to a two-way system of capital flows, powered by leading institutions and a world-class regulatory ecosystem at ADGM. Commenting on this year's ADFW, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said, " ADFW 2025 is set to be our most ambitious edition of this hugely successful event. With this year's edition to be held at a new location and doubl e in size from last year's ADFW venue, we are setting a new standard for financial gatherings in the region and beyond. This reflects Abu Dhabi's growing influence in global capital markets and our commitment to continue creating a truly international financial platform." ADFW has become a launchpad and stage for international deals, partnerships and major announcements. In 2023, global financial institutions representing USD 450 billion of assets under management (AUM) announced at the event that they were setting up in ADGM. This momentum continued in 2024 and during last year's ADFW, institutions representing USD 650 billion in AUM announced they were joining the ADGM community. ADFW 2024 gathered over 20,000+ global leaders, experts, executives, and policymakers, collectively controlling USD 42.5 t rillion of assets, and featured over 350 sessions across more than 60 industry-shaping events and strategic forums, with leaders gathering to address major market challenges in economics, asset management, technology and sustainability. Last year, Abu Dhabi's sovereign wealth funds managed an unparalleled USD 1.7 trillion of assets, cementing its status as the world's wealthiest city and empowering its financial might to drive long-term investments and economic resilience.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Trump's new tariffs give some countries a break, while shares and US dollar sink
BANGKOK (AP) — U.S. President Donald Trump's new tariff rates of up to 41% on U.S. imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump's Aug. 1 deadline for striking deals with America's trading partners. The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the U.S., is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he'll extend an Aug. 12 pause on painfully high import duties on Chinese products. The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea's Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar. For Canada and Switzerland, regret and disappointment Canadian Prime Minister Mark Carney said his government was disappointed by Trump's move to raise the U.S. tariff on goods from America's northern neighbor to 35% from 25%, effective Friday. Goods transshipped from unspecified other countries face a 40% import duty. Trump cited what he said was a lack of cooperation in stemming trafficking in illicit drugs across the northern border. He also slammed Canada's plan to recognize a Palestinian state and has expressed frustration with a trade deficit largely due to U.S. oil purchases. 'Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes,' Carney said in a statement. Many of Canada's exports to the U.S. are covered by the U.S.-Mexico-Canada Agreement and face no tariff. But steel, lumber, aluminum and autos have been subject to still higher tariffs. Switzerland was reeling after Trump ordered a 39% tariff rate for the land of luxury watches, pharmaceuticals and financial services. That was up from his original proposal of a 31% duty. 'The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland's very constructive stance from the outset, the U.S. intends to impose unilateral additional tariffs on imports from Switzerland,' the government said in a post on X. It said it would continue to seek a negotiated solution. Still working on it New Zealand officials said Friday they would keep lobbying Trump to cut the 15% tariff he announced for their country's exports to the U.S., up from the original 10% baseline set in April. 'We don't think this is a good thing. We don't think it's warranted,' Trade Minister Todd McClay told Radio New Zealand. The exporter of meat, dairy, wind and farm machinery ran a $1.1 billion trade surplus with the U.S. in 2024, according to U.S. Trade Representative data. McClay said New Zealand exporters had reported they could absorb a 10% tariff or pass it on to U.S. consumers through increased costs. A further increase would 'change the equation,' he said. Neither New Zealand nor its neighbor Australia have struck tariff deals with the Trump administration. Australian steel and aluminum exports have faced a steep 50% tariff since June. Australian Trade Minister Don Farrell said the 10% overall tariff on Australia's exports to the United States was a vindication of his government's 'cool and calm negotiations.' But he said even that level was not justified. The U.S. exports twice as much to Australia as it imports from its bilateral free trade partner, and Australia imposes no tariffs on U.S. exports. Japan watches, while Taiwan keeps trying for a deal Japanese Chief Cabinet Secretary Yoshimasa Hayashi was cautious in welcoming Trump's executive order setting Japan's tariff at 15% after the two sides worked out an agreement, much to Tokyo's relief. 'We believe it is necessary to carefully examine the details of the measure,' Hayashi said. 'The Japanese government will continue to urge the U.S. side to promptly implement measures to carry out the recent agreement, including reducing tariffs on automobiles and auto parts.' Taiwan's President Lai Ching-te said the self-ruled island had yet to engage in final negotiations with the U.S. side owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks. The Trump administration lowered its tariff for Taiwan to 20% from the originally proposed 32%. Taiwan is a key supplier of advanced semiconductors needed for many products and technologies. '20% from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' Lai told reporters in Taipei Friday. The U.S. is Taiwan's largest ally even though it does not formally recognize the island. 'We want to strengthen U.S. Taiwan cooperation in national security, tech, and multiple areas,' Lai said. For some trading partners, relief that tariffs are lower than they might be Cambodia's Deputy Prime Minister Sun Chanthol, who led his nation's trade talks with the United States, thanked Trump for setting the tariff rate on Cambodian goods at 19% and said his country will impose zero tariffs on American goods. The rate for Cambodia that Trump proposed in April was 49%, one of the highest in the world. He said the U.S. estimated average Cambodian tariffs on U.S. exports at 97%. Cambodia has agreed to up purchases of U.S. goods. Sun said it would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages. Trump had threatened to withhold trade deals from Cambodia and Thailand if they didn't end an armed conflict over border territory. The two nations agreed on a ceasefire that began Tuesday. Thailand also is subject to a 19% tariff, a rate that its Finance Minister Pichai Chunhavajira said 'reflects the strong friendship and close partnership between Thailand and the United States.' That was down from 36% proposed earlier. 'The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead,' he said. For Bangladesh, a new 20% tariff warded off an earlier threat of a 35% import duty for the South Asian exporter of garments and other light manufactured goods. 'That's good news for our apparel sector and the millions who depend on it,' said Khalilur Rahman, the country's national security advisor and lead negotiator. 'We've also preserved our global competitiveness and opened up new opportunities to access the world's largest consumer market' Rahman said. 'Protecting our apparel industry was a top priority, but we also focused our purchase commitments on U.S. agricultural products. This supports our food security goals and fosters goodwill with U.S. farming states.' ___ AP journalists from around the world contributed to this report.
