AltaGas Ltd. operates a diversified energy infrastructure portfolio across Canada and the United States, divided into Utilities and Midstream segments. The Utilities segment is the company's largest earnings driver, operating regulated natural gas distribution utilities such as Washington Gas and SEMCO Energy Gas Company, which serve approximately 1.6 million customers across multiple U.S. jurisdictions. The Midstream segment provides natural gas gathering, processing, extraction, and fractionation services, primarily in the Western Canadian Sedimentary Basin. A key competitive advantage is its global export platform, which includes the Ridley Island Propane Export Terminal (RIPET) and Ferndale Terminal, allowing the company to export liquid petroleum gases (LPGs) directly to premium Asian markets. By combining stable, regulated utility cash flows with high-growth midstream and export operations, AltaGas maintains a resilient and diversified business model.
