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AltaGas News Release ALTAGAS ANNOUNCES STRONG FIRST QUARTER RESULTS AND INCREASES 2021 GUIDANCE The Company Continues to Execute on its Strategic Plan ; Delivers Robust First Quarter ; and Increases 2021 Financial Guidance Ranges . Calgary , Alberta ( April 29 , 2021 ) AltaGas Ltd. ( " AltaGas " or the " Company " ) ( TSX : ALA ) today reported first quarter 2021 financial results and provided an update on the Company's operations and outlook . HIGHLIGHTS ( all financial figures are unaudited and in Canadian dollars unless otherwise noted ) • • • • • Normalized EPS¹ of $ 1.29 in Q1 2021 compared to $ 0.79 in Q1 2020 , representing a 63 % year - over - year increase . Normalized FFO1 per share of $ 2.08 in Q1 2021 compared to $ 1.51 in Q1 2020 , representing a 38 % year - over- year increase . Normalized EBITDA¹ of $ 674 million in Q1 2021 compared to $ 499 million in Q1 2020 , representing a 35 % year- over - year increase and reflected solid performance across the platform . On April 23 , 2021 , AltaGas monetized its non - core U.S. Transportation and Storage business for cash proceeds of approximately $ 344 million ( US $ 275 million ) . The transaction is expected to deliver approximately $ 485 million of debt repayment . AltaGas ' estimates its leverage ratio should decrease by up to 0.5x over 2021 relative to the 2020 run - rate level and move the Company closer to being below 5.0x Net Debt to normalized EBITDA¹ . The Midstream segment reported record normalized EBITDA of $ 304 million in Q1 2021 compared to $ 120 million in Q1 2020 , representing a 153 % year - over - year increase . Within the Midstream segment , Global Exports shipped eight vessels from RIPET and six vessels from Ferndale , averaging approximately 85,000 Bbls / d of combined LPGs to Asia in the quarter . The Utilities segment reported normalized EBITDA of $ 371 million in Q1 2021 , representing a $ 2 million year - over- year increase . Adjusting for one - time and foreign exchange impacts , normalized EBITDA from the Utilities segment increased approximately 11 % year - over - year . On April 9 , 2021 , the Maryland rate case was approved with a US $ 13.1 million revenue increase , an approved ROE of 9.7 % and 52 % equity thickness . Given the robust performance year - to - date , AltaGas is increasing its 2021 guidance ranges to : 1 ) normalized EPS - of $ 1.65 $ 1.80 ( previously $ 1.45 - $ 1.55 ) ; and 2 ) normalized EBITDA of $ 1.475 billion - $ 1.525 billion ( previously $ 1.4 billion $ 1.5 billion ) . CEO MESSAGE " AltaGas delivered robust first - quarter results and remains well - positioned to deliver on the Company's strong growth prospects in 2021 and beyond , " said Randall Crawford , President and Chief Executive Officer . " We executed across all segments of our business in the quarter . Our Midstream platform , including Global Exports , achieved record throughput and profits , our Utilities segment continued to drive improved customer outcomes while controlling costs and improving returns , our Finance team further reduced our debt costs while extending maturities and we are well- positioned to continue to reduce our leverage ratios over the balance of the year . As a result of these factors , we grew normalized EPS by 63 % year - over - year in the first quarter . Excluding the larger - than - expected profits from the U.S. Transportation and Storage business in the quarter , run - rate normalized EPS increased 35 % year - over - year and aligns 1. Non - GAAP measure ; see discussion in the advisories of this news release and reconciliation to US GAAP financial measures shown in AltaGas ' Management's Discussion and Analysis ( MD & A ) as at and for the period ended March 31 , 2021 , which is available on www.sedar.com .