AltaGas reports strong first quarter due to 11 per cent gas processing increase in Montney and northeastern BC

FORT ST. JOHN, B.C. — AltaGas’ chief executive officer says he’s pleased with how the company started 2025, in part because of improvements in its ability to process gas in the Montney basin and northeastern B.C.

The company has released its first-quarter results for the year, which company president and CEO Vern Yu says “reflect progress on [its] strategic priorities” to reduce risk, optimize assets and pursue long-term growth opportunities.

“Our diversified business and strong contract profile allowed AltaGas to drive steady returns, despite the significant market volatility in the first quarter,” Yu says. 

“Over the past five years, we have cut our commodity price exposure in half where today approximately 85 percent of AltaGas’ normalized EBITDA (earnings before interest, taxes, depreciation and amortization) is now comprised of cost-of-service, take-or-pay and fee-for-service contracts.”

AltaGas’ midstream business reportedly performed well during the first quarter of the year, with record exports to Asia during that timeframe. Yu attributes some of that success to investments in the region.

“Our gas processing volumes were up 11 per cent year-over-year, led by our Montney and northeastern B.C. footprint,” he says. 

“While the recent commodity price volatility has created some uncertainty for select upstream development, we believe our assets will continue to realize strong forward growth through this market volatility.”

Outside of that sector, the company’s utilities business also reportedly did well, which Yu attributes to colder temperatures relative to 2024, investment in pipeline modernization programs, cost management and what he calls “strong retail performance.”

“We continue to focus on delivering the best outcomes for all stakeholders by delivering the lowest possible cost to our customers,” Yu says.

Yu says the company’s long-term strategy of maintaining a diversified business mix has helped it provide value to shareholders, and its ability to connect Asian markets to western Canadian energy supplies will become more valuable over time.

“We are excited for the future as we continue to leverage our strategic asset base and compound long-term value across our enterprise,” Yu says.

According to the quarterly report, in terms of normalized EBITDA, the company brought in $689,000,000 in the first quarter of 2025, up from $660,000,000 in the first quarter of last year.

To view the full report, click here.