The ships are running. The new jetty is the live file
AltaGas (TSX: ALA) reported second-quarter 2026 results on July 30. Normalized EBITDA was $391 million against $342 million a year earlier. Normalized EPS was $0.31 against $0.27. GAAP EPS was $0.92. Midstream normalized EBITDA was $285 million against $215 million. The company exported a record 144,420 barrels a day of LPGs to Asia on 23 VLGCs, up 13 percent year over year. About 84,800 barrels a day left RIPET on 13 cargoes. About 59,600 barrels a day left Ferndale on 10 cargoes. Destinations included China, South Korea, and Japan. That is propane and butane, not LNG.
Guidance moved. Normalized EBITDA is now $2.0 billion to $2.1 billion, up 4 percent. Normalized EPS is $2.35 to $2.60, up 6 percent. The company said the raise is mostly the global export book. Capital for the year went from about $1.7 billion to about $1.8 billion. About 61 percent is utilities, 36 percent midstream. Adjusted net debt to normalized EBITDA exited the quarter at 4.4 times on the company's hybrid treatment.
REEF is not RIPET, and it is not on the old budget
Ridley Island Energy Export Facility Phase I is about 85 percent complete. Onshore work is ahead. In-water jetty work is late on weather and marine constraints. The partnership raised the capital estimate 12 percent to about $1.5 billion. Commercial operations are now before the end of the first quarter of 2027, not the old date. The jetty is about 80 percent done. Optimization I is still $110 million for about 30,000 barrels a day of extra propane export in the second half of 2027. Optimization II is 60,000 barrels a day and is still an engineering file.
AltaGas also took FID on a $125 million NEBC Liquids Expansion at Townsend, 6,000 barrels a day of extra frac, mid-2028. Tourmaline will own a Groundbirch rail terminal. AltaGas will run liquids logistics under a long-term LPG toll. First talk is up to 10,000 barrels a day on rail. RIPET's methanol-removal project is aimed at year-end 2026. About 91 percent of remaining 2026 export volumes are tolled or hedged. Merchant hedges sit at an average FEI-to-North America of US$21.81 a barrel.
Neutral read
ALA is on the listed midstream list. Banks were skipped. The 144,420-barrel export print and the guidance raise are the checkable facts. Write REEF as an LPG jetty with a higher bill and a later start, not as LNG Canada. Watch first-quarter 2027 commercial operations, whether $1.5 billion holds, and whether RIPET methanol work actually finishes this year.