AltaGas Delivers Strong 2021 Financial Results and Remains Focused on Executing its Long-term Strategic Plan.
HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)
- Normalized EPS1 was
$0.38 in the fourth quarter and$1.78 for the full year in 2021 while GAAP EPS2 was$(0.56) in the fourth quarter and$0.82 for the full year in 2021. Full year normalized EPS increased 25 percent year-over-year and was in the upper end of the Company'sApril 2021 increased guidance range of$1.65 -$1.80 . - Normalized FFO per share1 was
$1.03 in the fourth quarter and$4.28 for the full year in 2021 while GAAP FFO3 per share was$(0.56) in the fourth quarter and$2.64 for the full year in 2021. Normalized FFO per share increased 19 percent year-over-year in 2021 and continued to provide the foundation to fundAltaGas' significant organic growth opportunities and increase returns of capital to shareholders over the long-term. - Normalized EBITDA1 was
$341 million in the fourth quarter and$1.490 billion for the full year 2021 while income before taxes was$(162) million in the fourth quarter and$446 million for the full year in 2021. Full year normalized EBITDA increased approximately 14 percent year-over-year and was slightly below the mid-point of the Company'sApril 2021 increased guidance range of$1.475 billion -$1.525 billion . - The Midstream segment reported normalized EBITDA of
$102 million in the fourth quarter and$734 million for the full year in 2021 while income before taxes in the segment was$(151) million in the fourth quarter and$242 million for the full year in 2021. This includedAltaGas exporting 76,609 Bbls/d of liquified petroleum gas (LPG) toAsia during the fourth quarter of 2021 while the Company's average 2021 LPG exports were relatively in line with its 90,000 Bbls/d target, despite logistical challenges during the fourth quarter due to the devastating impacts of the west coast flooding. - The Utilities segment reported normalized EBITDA of
$238 million in the fourth quarter and$771 million for the full year of 2021 while income before taxes in the segment was$64 million in the fourth quarter and$538 million for the full year in 2021. The Utilities segment continued to focus on modernizing its network to enhance safety and reliability and provide other long-term benefits to our customers. As part of this focus,AltaGas increased the company's 2021 average rate base by approximately 8 percent year-over-year to approximatelyUS$4.7 billion . - As a result of the ongoing legal and regulatory challenges on the Mountain Valley Pipeline (MVP),
AltaGas recorded a pre-tax provision on its equity investments in the project by approximately$271 million ($209 million after-tax) in the fourth quarter of 2021, bringing the carrying value in-line withAltaGas' US$352 million cost cap. AltaGas' subsidiary WGL issuedUS$200 million of 2.98 percent 30-year senior unsecured notes onDecember 15, 2021 , andAltaGas issued$300 million of 5.25 percent fixed-to-fixed rate subordinated hybrid notes atAltaGas onJanuary 11, 2022 , with plans to redeem its higher cost Series K Preferred Shares. The latter issuance and redemption plans continue to reduce the Company's long-term financing costs while staggering and extending maturities and de-risking its capital structure.AltaGas released its 2021 ESG Report onDecember 15, 2021 , which included a number of sustainability goals within the core areas of climate, diversity and inclusion, and safety. These were meaningful steps to markAltaGas' progression along the path of continuous improvement.AltaGas has agreed to sell an interest in certain Midstream processing facilities to a customer for total consideration of approximately$234 million . The transaction is expected to close in the second quarter of 2022.- Subsequent to quarter-end,
AltaGas closed the sale of the 60 MW Goleta stand-alone energy storage development project and entered an agreement to sell the 70 MW combined cycle Brush II power plant. The divestitures are continuations ofAltaGas' ongoing efforts to streamline the platform and exit non-core assets. - The Company announces the planned retirement of
Terry McCallister from the Board effectiveApril 1, 2022 .
________________________________ | |
1 Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in |
CEO MESSAGE
"We are extremely proud of the financial performance that we delivered over 2021" said
"Our Midstream platform delivered a very strong year, despite the large challenges associated with the devastating floods in
"Our regulated Utilities delivered a solid performance, despite warmer than normal weather and unfavorable foreign exchange. Normalized EBITDA was up six percent on a year-over-year basis in
"We continue to believe in the role, benefits, and reliability that responsibly sourced natural gas will provide to our customers as we embrace the energy evolution and the alternative fuels of the future. Given the recent geopolitical upheaval, and the corresponding impact on energy availability and costs, I am proud of the role that
CHAIR MESSAGE ON BOARD RETIREMENT
"On behalf of the Board of Directors and all our stakeholders, I want to thank
Following
RESULTS BY SEGMENT
Normalized EBITDA1 | Three Months Ended | Year Ended | ||
($ millions) | 2021 | 2020 | 2021 | 2020 |
Utilities | 238 | 259 | 771 | 788 |
Midstream | 102 | 128 | 734 | 473 |
Corporate/Other | 1 | 5 | (15) | 49 |
Normalized EBITDA1 | 341 | 392 | 1,490 | 1,310 |
Income (Loss) Before Income Taxes | Three Months Ended | Year Ended | ||
($ millions) | 2021 | 2020 | 2021 | 2020 |
Utilities | 64 | 157 | 538 | 687 |
Midstream | (151) | (36) | 242 | 235 |
Corporate/Other | (75) | (47) | (334) | (223) |
Income (Loss) Before Income Taxes | (162) | 74 | 446 | 699 |
(1) | Non–GAAP financial measure; see discussion in the Non-GAAP Financial Measures advisories of this news release |
BUSINESS PERFORMANCE
Utilities
The Utilities segment reported normalized EBITDA of
_____________________________ | |
1 | Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in |
Midstream
The Midstream segment reported normalized EBITDA of
During the fourth quarter
2022 Midstream Hedge Program
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | |
Global Exports volume hedged (%)(1) | 79 | 44 | 31 | 22 | 44 |
Average propane/butane FEI to | 15.29 | 10.56 | 10.43 | 9.76 | 13.17 |
Fractionation volume hedged (%) | 71 | 79 | 75 | 68 | 74 |
Frac spread hedge rate - (CAD$/Bbl)(3) | 24.40 | 36.02 | 36.14 | 36.17 | 33.08 |
(1) | Approximate expected volume hedged, includes contracted tolling volumes and financial hedges; based on the assumption of average exports of 90 MBbls/d. |
(2) | Approximate average for the period; does not include physical differential to FSK for C3 volumes. Butane is hedged as a percentage of WTI. |
(3) | Approximate average for the period. |
Corporate/Other
The Corporate/Other segment reported normalized EBITDA of
CONSOLIDATED FINANCIAL RESULTS
Three Months Ended | Year Ended | |||||||
($ millions) | 2021 | 2020 | 2021 | 2020 | ||||
Normalized EBITDA (1) | $ | 341 | $ | 392 | $ | 1,490 | $ | 1,310 |
Add (deduct): | ||||||||
Depreciation and amortization | (105) | (108) | (422) | (414) | ||||
Interest expense | (67) | (68) | (275) | (274) | ||||
Normalized income tax expense | (39) | (46) | (175) | (138) | ||||
Preferred share dividends | (13) | (16) | (53) | (66) | ||||
Other (3) | (10) | (6) | (68) | (21) | ||||
Normalized net income (1) | $ | 107 | $ | 147 | $ | 497 | $ | 396 |
Net income (loss) applicable to common shares | $ | (156) | $ | 48 | $ | 230 | $ | 486 |
Normalized funds from operations (1) | $ | 287 | $ | 327 | $ | 1,198 | $ | 1,003 |
($ per share except shares outstanding) | ||||||||
Shares outstanding - basic (millions) | ||||||||
During the period (2) | 280 | 279 | 280 | 279 | ||||
End of period | 280 | 279 | 280 | 279 | ||||
Normalized net income - basic (1) | 0.38 | 0.53 | 1.78 | 1.42 | ||||
Normalized net income - diluted (1) | 0.38 | 0.53 | 1.76 | 1.42 | ||||
Net income (loss) per common share - basic | (0.56) | 0.17 | 0.82 | 1.74 | ||||
Net income (loss) per common share - diluted | (0.56) | 0.17 | 0.82 | 1.74 |
(1) | Non–GAAP financial measure; see discussion in Non–GAAP Financial Measures section at the end of this news release. |
(2) | Weighted average. |
(3) | "Other" includes accretion expense, net income applicable to non-controlling interests, foreign exchange gains (losses), and NCI portion of non-GAAP adjustments. The portion of non-GAAP adjustments applicable to non-controlling interests are excluded in the computation of normalized net income to ensure consistency of normalizations applied to controlling and non-controlling interests. These amounts are included in the "net income applicable to non-controlling interests" line item on the Consolidated Statements of Income. |
Normalized EBITDA for the fourth quarter of 2021 was
Income before income taxes was
Normalized net income was
Normalized FFO was
Cash used by operations for the fourth quarter of 2021 was
Depreciation and amortization expense was
Interest expense for the fourth quarter of 2021 was
FORWARD FOCUS, GUIDANCE AND FUNDING
Looking ahead,
- 2022 Normalized EPS guidance of
$1.80 -$1.95 per share, compared to actual normalized EPS of$1.78 and GAAP EPS of$0.82 in 2021. - 2022 Normalized EBITDA guidance of
$1.50 billion -$1.55 billion , compared to actual normalized EBITDA of$1.49 billion and income before taxes of$446 million in 2021.
QUARTERLY COMMON SHARE DIVIDEND AND PREFERRED SHARE DIVIDENDS
The Board of Directors approved the following schedule of Dividends:
Type | Dividend (per share) | Period | Payment Date | Record |
Common Shares1 | n.a. | |||
Series A Preferred Shares | ||||
Series B Preferred Shares | ||||
Series C Preferred Shares | ||||
Series E Preferred Shares | ||||
Series G Preferred Shares | ||||
Series H Preferred Shares | ||||
Series K Preferred Shares |
(1) | Eligible dividend for Canadian income tax purposes |
NON-GAAP MEASURES
This news release contains references to certain financial measures that do not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. The non-GAAP measures and their reconciliation to US GAAP financial measures are shown below and within
Normalized EBITDA
Three Months Ended | Year Ended | |||||||
($ millions) | 2021 | 2020 | 2021 | 2020 | ||||
Income (loss) before income taxes (GAAP financial measure) | $ | (162) | $ | 74 | $ | 446 | $ | 699 |
Add: | ||||||||
Depreciation and amortization | 105 | 108 | 422 | 414 | ||||
Interest expense | 67 | 68 | 275 | 274 | ||||
EBITDA | $ | 10 | $ | 250 | $ | 1,143 | $ | 1,387 |
Add (deduct): | ||||||||
Transaction costs and acquired contingencies related to acquisitions and dispositions (1) | 16 | 5 | 33 | 22 | ||||
Unrealized losses (gains) on risk management contracts (2) | 33 | 24 | (18) | (21) | ||||
Losses (gains) on sale of assets (3) | 1 | — | (6) | (223) | ||||
Gain on re-measurement of previously held equity investment in AIJVLP (4) | — | (22) | — | (22) | ||||
Dilution loss and other adjustments to equity investments (4) | — | 26 | — | 42 | ||||
Restructuring costs (5) | — | 4 | 1 | 6 | ||||
COVID-19 related costs (6) | — | — | — | 2 | ||||
Provisions on assets | 6 | 104 | 64 | 109 | ||||
Provisions on investments accounted for by the equity method (7) | 271 | — | 271 | 7 | ||||
Accretion expenses | 4 | 2 | 6 | 5 | ||||
Foreign exchange gains | — | (1) | (4) | (4) | ||||
Normalized EBITDA | $ | 341 | $ | 392 | $ | 1,490 | $ | 1,310 |
(1) | Comprised of transaction costs and acquired contingencies related to acquisitions and dispositions of assets and/or equity investments in the period. These costs and contingencies are included in the "cost of sales", "operating and administrative", and "other income" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, that are directly attributable to the acquisition or disposition. The acquired contingencies relate to the acquisition of Petrogas and include amounts for additional contingent consideration for the purchase of Petrogas as well as certain acquired indirect tax liabilities. Please refer to Note 3 and Note 4 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(2) | Included in the "revenue" and "cost of sales" line items on the Consolidated Statements of Income. Please refer to Note 23 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(3) | Included in the "other income" line item on the Consolidated Statements of Income. Please refer to Note 4 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(4) | Relates to adjustments to equity income recognized in 2020 related to the investment in Petrogas. These amounts are included in the "income (loss) from equity investments" line item on the Consolidated Statements of Income. |
(5) | Comprised of costs related to a workforce optimization program. These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
(6) | COVID-19 related costs are primarily comprised of credit losses that were incremental and directly attributable to the COVID-19 pandemic and charges incurred to support remote work arrangements. As these costs would not have otherwise been incurred, it has been included as a normalizing item. Credit losses are included in the "revenue" line item as a reduction to revenue, and the additional charges incurred to support remote work arrangements are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
(7) | Relates to the provisions recorded on |
EBITDA is a measure of
Normalized Net Income
Three Months Ended | Year Ended | |||||||
($ millions) | 2021 | 2020 | 2021 | 2020 | ||||
Net income (loss) applicable to common shares (GAAP financial measure) | $ | (156) | $ | 48 | $ | 230 | $ | 486 |
Add (deduct) after-tax: | ||||||||
Transaction costs and acquired contingencies related to acquisitions and dispositions (1) | 13 | 3 | 28 | 18 | ||||
Unrealized losses (gains) on risk management contracts (2) | 21 | 17 | (10) | (18) | ||||
Losses (gains) on sale of assets (3) | 15 | (7) | — | (204) | ||||
Non-controlling interest portion of non-GAAP adjustments (4) | 3 | — | (9) | — | ||||
Gain on re-measurement of previously held equity investment in AIJVLP (5) | — | (22) | — | (22) | ||||
Dilution loss and other adjustments to equity investments (5) | — | 26 | — | 42 | ||||
Restructuring costs (6) | — | 3 | 1 | 5 | ||||
COVID-19 related costs (7) | — | — | — | 2 | ||||
Provisions on assets | 2 | 79 | 48 | 81 | ||||
Provisions on investments accounted for by the equity method (8) | 209 | — | 209 | 6 | ||||
Normalized net income | $ | 107 | $ | 147 | $ | 497 | $ | 396 |
(1) | Comprised of transaction costs and acquired contingencies related to acquisitions and dispositions of assets and/or equity investments in the period. The pre-tax costs and contingencies are included in the "cost of sales", "operating and administrative", and "other income" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, that are directly attributable to the acquisition or disposition. The acquired contingencies relate to the acquisition of Petrogas and include amounts for additional contingent consideration for the purchase of Petrogas as well as certain acquired indirect tax liabilities. Please refer to Note 3 and Note 4 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(2) | The pre-tax amounts are included in the "revenue" and "cost of sales" line items on the Consolidated Statements of Income. Please refer to Note 23 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(3) | The pre-tax amounts are included in the "other income" line item on the Consolidated Statements of Income. Please refer to Note 4 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(4) | The portion of non-GAAP adjustments applicable to non-controlling interests are excluded in the computation of normalized net income to ensure consistency of normalizations applied to controlling and non-controlling interests. These amounts are included in the "net income applicable to non-controlling interests" line item on the Consolidated Statements of Income. |
(5) | Relates to adjustments to equity income recognized in 2020 related to the investment in Petrogas. The pre-tax amounts are included in the "income (loss) from equity investments" line item on the Consolidated Statements of Income. |
(6) | Comprised of costs related to a workforce optimization program. The pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
(7) | COVID-19 related costs are primarily comprised of credit losses that were incremental and directly attributable to the COVID-19 pandemic and charges incurred to support remote work arrangements. As these costs would not have otherwise been incurred, it has been included as a normalizing item. Credit losses are included in the "revenue" line item as a reduction to revenue, and the additional charges incurred to support remote work arrangements are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
(8) | Relates to the provisions recorded on |
Normalized net income and normalized net income per share are used by Management to enhance the comparability of
Normalized Funds From Operations
Three Months Ended | Year Ended | |||||||
($ millions) | 2021 | 2020 | 2021 | 2020 | ||||
Cash from (used by) operations (GAAP financial measure) | $ | (157) | $ | 7 | $ | 738 | $ | 773 |
Add (deduct): | ||||||||
Net change in operating assets and liabilities | 437 | 311 | 410 | 203 | ||||
Asset retirement obligations settled | 3 | 2 | 10 | 4 | ||||
Funds from operations | $ | 283 | $ | 320 | $ | 1,158 | $ | 980 |
Add (deduct): | ||||||||
Transaction costs and acquired contingencies related to acquisitions and dispositions (1) | 16 | 5 | 33 | 17 | ||||
Current tax expense (recovery) on asset sales (2) | (12) | (2) | 6 | (2) | ||||
Restructuring costs (3) | — | 4 | 1 | 6 | ||||
COVID-19 related costs (4) | — | — | — | 2 | ||||
Normalized funds from operations | $ | 287 | $ | 327 | $ | 1,198 | $ | 1,003 |
(1) | Comprised of costs and acquired contingencies related to acquisitions and dispositions of assets and/or equity investments in the period. These costs and contingencies exclude non-cash amounts and are included in the "cost of sales", "operating and administrative", and "other income" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, that are directly attributable to the acquisition or disposition. The acquired contingencies relate to the acquisition of Petrogas and include amounts for additional contingent consideration for the purchase of Petrogas as well as certain acquired indirect tax liabilities. Please refer to Note 3 and Note 4 of the 2021 Annual Consolidated Financial Statements for further details regarding |
(2) | Primarily related to the sale of |
(3) | Comprised of costs related to a workforce optimization program. These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
(4) | COVID-19 related costs are primarily comprised of credit losses that were incremental and directly attributable to the COVID-19 pandemic and charges incurred to support remote work arrangements. As these costs would not have otherwise been incurred, it has been included as a normalizing item. Credit losses are included in the "revenue" line item as a reduction to revenue, and the additional charges incurred to support remote work arrangements are included in the "operating and administrative" line item on the Consolidated Statements of Income. |
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 (used in) operations or other cash flow measures calculated in accordance with GAAP.
Three Months Ended | Year Ended | |||||||
($ millions) | 2021 | 2020 (4) | 2021 | 2020 (4) | ||||
Cash used in investing activities (GAAP financial measure) | $ | 241 | $ | 980 | $ | 483 | $ | 1,211 |
Add (deduct): | ||||||||
Net change in non-cash capital expenditures(1) | 11 | 53 | (33) | 33 | ||||
Cash acquired in business acquisitions(2) | — | 40 | — | 40 | ||||
Contributions from non-controlling interests(3) | — | (2) | (1) | (7) | ||||
Asset dispositions | 1 | — | 346 | 74 | ||||
Equity method dispositions | — | — | 3 | 376 | ||||
Invested capital | $ | 253 | $ | 1,071 | $ | 798 | $ | 1,727 |
(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 31 of the 2021 Annual Consolidated Financial Statements for further details. |
(2) | Related to the cash acquired as part of the Petrogas Acquisition. Business acquisitions are presented net of cash acquired on the Consolidated Statements of Cash Flows. Please refer to Note 3 of the 2021 Annual Consolidated Financial Statements for further details regarding the acquisition. |
(3) | Comprised of partner recoveries for capital expenditures incurred for the |
(4) | In prior periods, invested capital did not include adjustments for the cost of removal of utility assets; however, beginning in the fourth quarter of 2021, Management has adjusted for these costs to better align with the investing section of the Consolidated Statements of Cash Flows. Comparative periods have been restated to reflect this change. Additionally, 2020 invested capital has been revised to include the |
Invested capital is a measure of
CONSOLIDATED FINANCIAL REVIEW
Three Months Ended | Year Ended | |||
($ millions, except where noted) | 2021 | 2020 | 2021 | 2020 |
Revenue | 3,140 | 1,689 | 10,573 | 5,587 |
Normalized EBITDA (1) | 341 | 392 | 1,490 | 1,310 |
Income (loss) before income taxes | (162) | 74 | 446 | 699 |
Net income (loss) applicable to common shares | (156) | 48 | 230 | 486 |
Normalized net income (1) | 107 | 147 | 497 | 396 |
Total assets | 21,593 | 21,532 | 21,593 | 21,532 |
Total long-term liabilities | 11,335 | 11,264 | 11,335 | 11,264 |
Invested capital (1) (2) | 253 | 1,071 | 798 | 1,727 |
Cash flows used by investing activities | (241) | (980) | (483) | (1,211) |
Dividends declared (3) | 71 | 67 | 281 | 268 |
Cash from (used by) operations | (157) | 7 | 738 | 773 |
Normalized funds from operations (1) | 287 | 327 | 1,198 | 1,003 |
Normalized effective income tax rate (%) (1) | 23.6 | 21.5 | 22.1 | 22.3 |
Effective income tax rate (%) | 17.9 | 8.1 | 23.8 | 18.2 |
Three Months Ended | Year Ended | |||
($ per share, except shares outstanding) | 2021 | 2020 | 2021 | 2020 |
Net income (loss) per common share - basic | (0.56) | 0.17 | 0.82 | 1.74 |
Net income (loss) per common share - diluted | (0.56) | 0.17 | 0.82 | 1.74 |
Normalized net income - basic (1) | 0.38 | 0.53 | 1.78 | 1.42 |
Normalized net income - diluted (1) | 0.38 | 0.53 | 1.76 | 1.42 |
Dividends declared (3) | 0.25 | 0.24 | 1.00 | 0.96 |
Cash from (used by) operations | (0.56) | 0.03 | 2.64 | 2.77 |
Normalized funds from operations (1) | 1.03 | 1.17 | 4.28 | 3.59 |
Shares outstanding - basic (millions) | ||||
During the period (4) | 280 | 279 | 280 | 279 |
End of period | 280 | 279 | 280 | 279 |
(1) | Non–GAAP financial measure; see discussion in the Non-GAAP Financial Measures section of this news release or in |
(2) | In prior periods, invested capital did not include adjustments for the cost of removal of utility assets; however, beginning in the fourth quarter of 2021, Management has adjusted for these costs to better align with the investing section of the Consolidated Statements of Cash Flows. Comparative periods have been restated to reflect this change. |
(3) | Dividends declared per common share per month: |
(4) | Weighted average. |
CONFERENCE CALL AND WEBCAST DETAILS
- Date/Time:
March 4, 2022 ,9:00 a.m. MT (11:00 a.m. ET ;16:00 GMT ) - Dial-in: 1-416-764-8659 or toll free at 1-888-664-6392
- Webcast: http://www.altagas.ca/invest/events-and-presentations.
Shortly after the conclusion of the call, a replay will be available commencing at
ABOUT
For more information visit www.altagas.ca or reach out to one of the following:
Senior Vice President, Investor Relations & Corporate Development
Jon.Morrison@altagas.ca
Director, Investor Relations
Adam.McKnight@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "target", "potential", "objective", "continue", "outlook", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Corporation or any affiliate of the Corporation, 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: redemption of shares; completion dates of transactions in the midstream business; the benefits of the Utilities' business new call center platform; focus on debottlenecking logistics; belief in the role, benefits and reliability of responsibly sources natural gas; ARP focus and growth of rate base; lower-carbon focus; focus on
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
Many factors could cause
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
Additional information relating to
SOURCE
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