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    ALA   CA0213611001

ALTAGAS LTD.

(ALA)
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Delayed Toronto Stock Exchange  -  04:00 2022-08-12 pm EDT
28.95 CAD   +0.94%
08/04ALTAGAS : ANNOUNCES CONSIDERATION OF HYBRID SUBORDINATED DEBT SECURITIES OFFERING - Form 6-K
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08/04Fitch Rates AltaGas' Subordinated Notes
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U.S. WV-VA Mountain Valley natgas pipe seeks 4 more years to complete

06/27/2022 | 09:46am EDT

June 27 (Reuters) - The joint venture building the Mountain Valley natural gas pipeline from West Virginia to Virginia asked federal regulators for four more years until October 2026 to complete the long-delayed project.

Mountain Valley - the only big gas pipe under construction in Appalachia - is one of several U.S. pipeline projects delayed by regulatory and legal fights with environmental and local groups that found problems with federal permits issued during President Donald Trump's administration. i

Specifically, Mountain Valley asked the U.S. Federal Energy Regulatory Commission (FERC) on Friday for the extension due to ongoing litigation and court remand proceedings related to several permits and authorizations.

In May, Equitrans Midstream Corp, the lead partner building the project, said it expected the pipe to enter service in the second half of 2023 at a cost of around $6.6 billion.

Officials at Equitrans were not immediately available for comment.

When Mountain Valley construction started in February 2018, Equitrans estimated the 303-mile (488-km), 2-billion-cubic-feet-per-day (bcfd) project would cost about $3.5 billion and enter service by late 2018.

Earlier this year, Equitrans said total work on the pipeline was "nearly 94% complete."

Last week, analysts at ClearView Partners said they expect federal agencies to finish their reviews by the end of 2022 with construction completion in early 2023.

Several federal agencies need to reissue permits, including FERC, the U.S. Fish and Wildlife Service (Biological Opinion), U.S. Army Corps of Engineers, U.S. Forest Service and Bureau of Land Management (Right-of-Way across Jefferson National Forest).

Many of those permits were vacated by the U.S. Court of Appeals for the Fourth Circuit - some more than once.

Equitrans has a 47.8% ownership interest in Mountain Valley and will operate the pipeline.

Mountain Valley is owned by units of Equitrans, NextEra Energy Inc, Consolidated Edison Inc, AltaGas Ltd and RGC Resources.

(Reporting by Scott DiSavino Editing by Chizu Nomiyama)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALTAGAS LTD. 0.94% 28.95 Delayed Quote.6.01%
CONSOLIDATED EDISON, INC. 0.64% 99.11 Delayed Quote.16.16%
EQUITRANS MIDSTREAM CORPORATION 0.31% 9.59 Delayed Quote.-7.25%
RGC RESOURCES, INC. 1.86% 20.8396 Delayed Quote.-9.43%
S&P GSCI NATURAL GAS INDEX -1.34% 409.4017 Real-time Quote.137.61%
All news about ALTAGAS LTD.
08/04ALTAGAS : ANNOUNCES CONSIDERATION OF HYBRID SUBORDINATED DEBT SECURITIES OFFERING - Form 6..
PU
08/04Fitch Rates AltaGas' Subordinated Notes
MT
08/04AltaGas Prices $250 Million Hybrid Debt Offering
MT
08/04Altagas announces $250 million hybrid note offering
AQ
08/04AltaGas to Raise C$250 Million in Bond Offering
DJ
08/04Fitch Rates AltaGas Ltd.'s Subordinated Notes 'BB+'
AQ
08/03Altagas Proposes Hybrid Subordinated Debt Securities Offering
MT
08/03Altagas announces consideration of hybrid subordinated debt securities offering
AQ
08/02Equitrans to complete U.S. Mountain Valley pipeline in 2023, shares soar
RE
08/02Equitrans to complete WV-VA Mountain Valley natgas pipe in H2 2023
RE
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Financials
Sales 2022 9 862 M 7 707 M 7 707 M
Net income 2022 677 M 529 M 529 M
Net Debt 2022 8 283 M 6 474 M 6 474 M
P/E ratio 2022 13,5x
Yield 2022 3,66%
Capitalization 8 136 M 6 359 M 6 359 M
EV / Sales 2022 1,66x
EV / Sales 2023 1,71x
Nbr of Employees 2 926
Free-Float 94,4%
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Number of Analysts 15
Last Close Price 28,95 CAD
Average target price 34,42 CAD
Spread / Average Target 18,9%
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Managers and Directors
Randall L. Crawford President, Chief Executive Officer & Director
D. James Harbilas Chief Financial Officer & Executive Vice President
Pentti O. Karkkainen Chairman
Corine R. K. Bushfield Chief Administrative Officer & Executive VP
David Wallace Cornhill Independent Director
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