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AltaGas News Release ALTAGAS ANNOUNCES STRONG Q4 AND 2020 RESULTS AltaGas delivers strong 2020 results with normalized EPS eclipsing guidance range ; continues to advance corporate strategy of building a diversified and enduring platform focused on sustainable stakeholder value . Calgary , Alberta ( February 26 , 2021 ) AltaGas Ltd. ( " AltaGas " or the " Company " ) ( TSX : ALA ) today reported fourth quarter and full - year 2020 financial results . The Company also reaffirmed its 2021 guidance and provided an update on its operations and outlook . HIGHLIGHTS ( all financial figures are unaudited and in Canadian dollars unless otherwise noted ) • • • • • • • • Normalized EPS1 of $ 0.53 in the fourth quarter and $ 1.42 for the full year in 2020 continued to demonstrate strong execution and the Company's focus on delivering durable earnings growth . This included 2020 normalized EPS increasing 14 % Y / Y and eclipsed AltaGas ' $ 1.20 - $ 1.30 guidance range . Normalized EBITDA¹ was $ 392 million for the fourth quarter and $ 1.310 billion for the full - year in 2020 and was in the higher - end of the guidance range of $ 1.275 billion - $ 1.325 billion , despite the challenges associated with the COVID - 19 pandemic . Results reiterate the resiliency of the platform and relentless focus on execution . The Utilities segment showed marked progress in advancing the Company's operational excellence model , which is centered on better customer outcomes , with full - year 2020 realized ROE at WGL increasing by approximately 150 basis points Y / Y , driven by ongoing capital , regulatory and cost discipline . Despite supply chain headwinds realized late in Q3 and early Q4 of 2020 , RIPET demonstrated strong execution and achieved the Company's 50,000 Bbls / d exit rate target . This included RIPET export volumes averaging 50,600 Bbls / d in December 2020 and January 2021. RIPET and Ferndale are both well - positioned to support sturdy corporate earnings growth in 2021 . AltaGas ' Northeastern B.C. ( NEBC ) footprint continued to deliver steady increases in throughput as customers continue to grow into contractual agreements at the recently expanded Townsend deep - cut and North Pine fractionation facilities . Excluding the one - time impact of maintenance work at Younger , NEBC throughput volumes were up by 16 % Y / Y . Inclusive of the maintenance outage , volumes were up 5 % Y / Y in Q4 2020 . On November 30 , 2020 , AltaGas completed the issuance of $ 700 million of senior unsecured medium - term notes . The net proceeds were used to pay down existing indebtedness and fund the redemption of the Series I Preferred Shares and to continue to optimize , stagger , extend and de - risk AltaGas ' capital structure . On December 10 , 2020 , AltaGas announced 2021 guidance and a 4 % increase to the common share dividend . The 2021 outlook remains unchanged with expected normalized EBITDA in the range of $ 1.4 billion - $ 1.5 billion and normalized EPS of $ 1.45 - $ 1.55 . This guidance is underpinned by expectations for steady growth in Utilities and Midstream , which is anticipated to drive declining leverage ratios and reduced payout ratios . On December 16 , 2020 , AltaGas closed the acquisition of an additional 37 % equity interest in Petrogas and took operational responsibility for the business . Integration is going smoothly with employees being strong cultural fits and the platform is set to provide strong contribution in 2021 . Subsequent to quarter - end , Moody's upgraded the Issuer Rating of SEMCO Energy Inc. ( SEMCO ) to A3 with stable outlook and assigned A1 senior secured rating to SEMCO's first mortgage bonds . On February 2 , 2021 , AltaGas announced the appointment of Jon - Al Duplantier to AltaGas ' Board of Directors . Jon - Al brings more than 25 years of experience across the energy value chain and a range of disciplines . 1. Non - GAAP measure ; see discussion in the advisories of this news release and reconciliation to US GAAP financial measures shown in Alta Gas ' Management's Discussion and Analysis ( MD & A ) as at and for the period ended December 31 , 2020 , which is available on www.sedar.com .