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NGL Market Trends in the US

  • January 2020
  • 8 pages

Four core divisions principally underpin its business, including LPG exports and distribution, domestic terminals, wellsite fluids and fuels, as well as trucking and liquids handling Randy Crawford, president and CEO of AltaGas said "This acquisition is consistent with our global export strategy, our growing midstream operations, and a corporate focus on building a diversified, low-risk, high-growth, utilities midstream business set to deliver resilient, durable and compounded value for our stakeholders . . . [...] The transaction provides AltaGas with operational responsibility of strategic assets that can export both propane and butane." [...] Upon deal closure in Q4 2020 or Q1 2021, AltaGas will fully consolidate financial results of Petrogas, which is also 26-per-cent owned by Idemitsu Kosan Co. Ltd. AltaGas intends to initially fund the transaction with short-term debt from its $4 billion of current estimated liquidity, and to later repay through the strong free cash flow from the asset base and expected proceeds from non-core asset sales targeted over next year The Petrogas Ferndale, WA LPG export terminal and wharf provides the same structural advantage related to reduced shipping days to Asian markets as the Ridley Island Propane Export Terminal (RIPET), and has capacity to export in excess of 50,000 bbls/d of combined butane and propane For AltaGas, export capacity will increase to roughly 100,000 bbls/d thanks to the transaction, with an ability to reach in excess of 130,000 bbls/d over the medium-term once RIPET increases to nameplate capacity In addition, the deal provides AltaGas with greater natural gas liquids supply and storage access, including at Fort Saskatchewan, expanding logistics capabilities with a significant complementary and contracted asset base in key regions across North America • • • • •

  • United States
  • Retail
  • NGL
  • Industry analysis
  • Liquefied Petroleum Gas Export
  • Retail Revenue

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