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News Release AltaGas ALTAGAS ANNOUNCES STRONG SECOND QUARTER RESULTS Operating Performance Reflects AltaGas ' Continued Focus on Optimizing the Platform to Generate Strong Value Creation and Drive Better Outcomes for all Stakeholders Calgary , Alberta ( July 29 , 2021 ) AltaGas Ltd. ( " AltaGas " or the " Company " ) ( TSX : ALA ) today reported second quarter 2021 financial results and provided an update on the Company's operations . HIGHLIGHTS ( all financial figures are unaudited and in Canadian dollars unless otherwise noted ) ■ ■ ■ ■ Normalized EPS¹ of $ 0.08 in Q2 2021 compared to $ 0.06 in Q2 2020 , demonstrating 33 % Y / Y growth and alignment with AltaGas ' focus on driving steady EPS growth and consistent earnings durability . Normalized FFO per share¹ of $ 0.56 in Q2 2021 compared to $ 0.51 in Q2 2020 , demonstrating 10 % Y / Y growth and continuing to provide the foundation for increased returns of capital and fund accretive expansion . Normalized EBITDA¹ of $ 230 million in Q2 2021 , compared to $ 206 million in Q2 2020 , representing a 12 % Y / Y increase . Results reflected strong execution across all segments , partially offset by the negative effect of the unfavourable move in the CAD / USD exchange rate , the impact of AltaGas ' rising share price on long - term incentive programs and asset sales . The Utilities segment reported normalized EBITDA of $ 99 million in Q2 2021 compared to $ 80 million in Q2 2020 , representing a 24 % Y / Y increase . On a local currency basis , Utilities normalized EBITDA was up 35 % Y / Y and reflected ongoing regulatory , capital and cost discipline , as well as improvements in Retail performance . The Midstream segment reported normalized EBITDA of $ 142 million in Q2 2021 compared to $ 111 million in Q2 2020 , representing a 28 % Y / Y increase . Performance was driven by record global exports of 90,106 Bbls / d of liquified petroleum gases ( LPGs ) to Asia for the quarter , a 12 % Y / Y increase in gas processing volumes , and a 35 % Y / Y increase in fractionation volumes . On April 23 , 2021 , AltaGas completed the monetization of its non - core U.S. Transportation and Storage business , which significantly advanced the Company towards its goal of reducing leverage below 5.0x Net Debt¹ to Normalized EBITDA and providing an enhanced margin of safety moving forward . CEO MESSAGE " AltaGas delivered strong second quarter results , continued to execute on our strategic plan , and left the platform well - positioned to meet the Company's 2021 and longer - term growth plan " said Randy Crawford , President and Chief Executive Officer . " We grew normalized EPS by 33 % year - over - year , reflecting the continued strong operational and financial performance of the business . During the quarter , the Utilities segment continued to drive strong execution , which was centered on providing safe , reliable , affordable , and outstanding service to our customers . On a local currency basis , we grew Utilities normalized EBITDA 35 % year - over - year , reflecting recent AltaGas 1700 , 355 4th Avenue SW , Calgary , AB , Canada | T2P 0J1 | 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 June 30 , 2021 , which is available on www.sedar.com ;.