AltaGas Business Summary

AltaGas Ltd. (ATGFF) operates a diversified North American energy infrastructure business, generating revenue through two primary segments: Utilities and Midstream. The Utilities division provides stable, rate-regulated returns by owning and operating natural gas distribution assets, including Washington Gas and SEMCO, serving approximately 1.7 million customers across the U.S. and Canada. The Midstream segment focuses on natural gas liquid (NGL) processing, fractionation, and logistics, leveraging a high-growth global export platform that connects North American supply to Asian markets via the Ridley Island Propane Export Terminal (RIPET). Revenue is primarily derived from regulated distribution rates, fee-for-service processing contracts, and take-or-pay export agreements. Within the midstream and utility landscape, AltaGas competes directly with Pembina Pipeline, Keyera, Gibson Energy, and Enbridge, positioning itself as a premier connector of North American energy to global demand centers. The company is led by President and CEO Vern Yu, a 30-year energy veteran who previously served as Executive Vice President and CFO at Enbridge Inc. In January 2026, the leadership team was further strengthened by the appointment of Sean Brown as Executive Vice President and CFO; Brown brings over 25 years of experience, including a nine-year tenure as CFO of Gibson Energy and a background in investment banking at BMO Capital Markets. The company was founded in 1994 by David Cornhill, who remains a significant figure as a founding shareholder and former long-term Chairman. The current Board of Directors is chaired by Pentti Karkkainen and includes notable industry leaders such as Bill Bullock, the former CFO of ConocoPhillips, and Derek Evans, providing deep expertise in capital allocation and energy infrastructure governance.