AltaGas

FINANCIAL STATEMENTS 
AND MD&A

 
ALTAGAS REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Strong Operating Performance Delivers 2024 Results in Upper Half of Guidance Range
Calgary, Alberta (March 7, 2025)
AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) reported fourth quarter and full year 2024 results, 
reaffirmed 2025 guidance, and provided an update on other corporate developments. 
HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise noted) 
▪
Normalized EPS1 was $0.76 in the fourth quarter and $2.18 for the full year of 2024 while GAAP EPS2 was $0.68 
in the fourth quarter and $1.95 for the full year of 2024. Full year normalized EPS was above the midpoint of 
AltaGas' 2024 guidance range, driven by strong performance across the enterprise.
▪
Normalized EBITDA1 was $520 million in the fourth quarter and $1,769 million for the full year of 2024 while 
income before income taxes was $231 million in the fourth quarter and $746 million for the full year of 2024. 
Full year normalized EBITDA was at the top-end of AltaGas' 2024 guidance range, driven by strong business 
performance, including: the partial settlement of Washington Gas' post-retirement benefit pension plan in the 
third quarter, record liquified petroleum gas ("LPG") export volumes, the benefit of continued Utilities rate base 
investments, the addition of the Pipestone assets, and enhanced cost management at the Utilities.
▪
Utilities reported normalized EBITDA1 of $336 million in the fourth quarter of 2024 compared to $311 million in 
the fourth quarter of 2023, while income before taxes was $186 million in the fourth quarter of 2024 compared 
to $207 million in the fourth quarter of 2023. The largest drivers of the eight percent year-over-year growth in 
Utilities normalized EBITDA were enhanced cost management, contribution from investments in rate base, and 
increased revenue from the 2023 District of Columbia ("D.C.") rate case decision. These factors were partially 
offset by warm weather in D.C. and Michigan and lower contributions from the Retail business.
▪
Midstream reported normalized EBITDA1 of $182 million in the fourth quarter of 2024 consistent with the fourth 
quarter of 2023, while income before taxes in the segment was $181 million in the fourth quarter of 2024 
compared to $79 million in the fourth quarter of 2023. Positive contributions from increased export volumes 
and the addition of the Pipestone Assets were offset by lower extraction volumes due to ethane re-injection, a 
higher percentage of export volumes under tolling contracts in 2024 relative to 2023, and lower contribution 
from the Mountain Valley Pipeline ("MVP") due to recording equity earnings instead of the allowance for funds 
used during construction ("AFUDC") recorded in 2023.  
▪
AltaGas continued to heavily invest in its Utilities business in 2024 to add new customers and enhance the 
safety and reliability of its system. The Company deployed $722 million of capital to the Utilities in 2024, with 
$360 million spent on asset modernization programs and the balance on system betterment and new meter 
growth. Asset modernization and system betterment will remain a key focus in 2025 and beyond, which will 
allow AltaGas to deliver the lowest cost and most reliable form of residential and commercial heating in its 
jurisdictions.
▪
AltaGas continues to work with numerous data center developers in Northern Virginia around building pipeline 
interconnects to provide natural gas for onsite power generation for new data centers. Business development 
and engineering work on these opportunities is expected to progress through 2025 with potential construction 
in 2026 and onwards. AltaGas is pursuing these opportunities on a de-risked basis through traditional rate 
regulated investments. These data center opportunities would further increase AltaGas' strong Utilities growth 
outlook. 
 (1) Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in AltaGas’ Management's Discussion and Analysis (MD&A) as at and for the period ended December 31, 2024, which is 
available on www.sedarplus.ca. (2) GAAP EPS is equivalent to Net income applicable to common shares divided by shares outstanding. (3) GAAP FFO per share is equivalent to cash from operations divided by shares outstanding. 

▪
Utilities system expansion opportunities progressed during the fourth quarter of 2024. SEMCO's Keweenaw 
Connector Pipeline project continued with key regulatory and engineering work and now expects to seek 
regulatory approval in 2025. The project is focused on ensuring long-term reliable gas and system resiliency 
for our Michigan customers, offering diversity of supply and more reliable service to 14,000 customers in the 
Keweenaw Peninsula. 
▪
AltaGas advanced a number of key Midstream growth projects in 2024:
•
The Company and Royal Vopak reached a positive final investment decision (“FID”) and commenced 
construction on the Ridley Island Energy Export Facility (“REEF”). REEF remains on budget and on-
schedule to achieve its 2026 in-service date. With only ten shipping days to strong demand markets in 
Northeast Asia, REEF will efficiently deliver Canada's vital energy products to the region and allow 
Canadian LPGs access to premium global markets.
•
AltaGas continued to progress construction of the Pipestone II deep cut facility in the Alberta Montney. 
The acid gas wells and gas gathering system have been completed, offsite fabrication has been 
executed in line with the project delivery schedule, and more than 40 percent of facility construction is 
complete. The project is on track to be in-service in 2025. Pipestone II is fully contracted under long-
term take-or-pay agreements with principally all costs incurred or committed under fixed price 
contracts.
•
AltaGas continued to advance regulatory and engineering work across a number of gas processing, 
fractionation, storage and export projects, based on strong customer demand. These projects would 
further extend the growth outlook for AltaGas' Midstream business. 
▪
The Company advanced commercial contracting across the Midstream business which further de-risked cash 
flows:
•
Executed long-term LPG supply and tolling agreements across the global exports platform during the 
fourth quarter of 2024 and first quarter of 2025 achieving AltaGas' base long-term tolling target for 
REEF. This includes Keyera entering a 15-year contract for 12,500 Bbls/d of LPGs at REEF.
•
Entered two agreements that have a high-single digit average contract length with a large investment 
grade international energy company in Northeastern B.C. ("NEBC") for a total of 100 Mmcf/d of gas 
processing capacity at the Townsend facility, with associated liquids handling and fractionation.
•
Extended the contract term with a large investment grade producer at the Pipestone I facility in the 
Alberta Montney for five years, including gas processing, liquids handling and marketing services.
•
Entered an 18-year agreement for approximately 8,000 Bbls/d fractionation capacity at Keyera Fort 
Saskatchewan ("KFS"), which provides AltaGas with dedicated frac capacity Pipestone II liquids while 
securing take-in-kind rights for LPG volumes and provides access to Keyera's extensive rail, storage, 
and logistics network in Alberta's Industrial Heartland.
▪
Since entering service in June 2024, the Mountain Valley Pipeline ("MVP") has been steadily operating under 
long-term 20-year contracts with investment grade counterparties. The 2.0 Bcf/d pipeline is expandable by 475 
MMcf/d through additional compression and is extendable into North Carolina through the Southgate 
expansion project. The Southgate project filed an application with the U.S. Federal Energy Regulatory 
Commission ("FERC") in February to approve its proposed shortened pipeline route. AltaGas has a ten percent 
non-operated equity stake in the MVP pipeline and a 5.1 percent interest in Southgate and is currently 
evaluating a sale of its interests with proceeds planned to accelerate AltaGas' deleveraging plan.
▪
AltaGas had two financings in the fourth quarter of 2024, including Washington Gas' execution of a note 
purchase agreement on October 1, 2024 to issue US$200 million of private placement notes. Of this, US$100 
million was issued on October 1, 2024 at 5.40 percent with a maturity date of October 1, 2054 and the 
remaining US$100 million will be issued on April 1, 2025 at 4.84 percent with a maturity date of April 1, 2035. 
On November 18, 2024, AltaGas also executed a partial debt extinguishment of medium-term notes ("MTNs"), 
resulting in the derecognition of $806 million of previously issued MTNs for total consideration of $793 million.  
AltaGas Ltd. – Press Release Q4 2024 
 
2

▪
On December 3, 2024, AltaGas' Board of Directors approved a six percent increase to its 2025 common share 
dividends to $1.26 per common share annually ($0.315 per common share quarterly). This change will be 
effective for the dividend that will be paid on March 31, 2025. Concurrent with the dividend increase 
announcement, the Company extended its five to seven percent compounded annual growth rate (“CAGR”) 
guidance on dividends to 2029.
▪
AltaGas has had a strong start to the year and is reiterating the Company's 2025 full year guidance, including 
normalized EBITDA of $1,775 million to $1,875 million and normalized net income per share of $2.10 to $2.30. 
CEO MESSAGE
"We are pleased with the financial results AltaGas delivered in 2024," said Vern Yu, President and Chief Executive 
Officer of AltaGas. "This performance demonstrates the strength of our platform and the actions taken to enhance 
shareholder value. Normalized EBITDA increased by 12 percent year-over-year, reaching the high end of our 
guidance range. These results underscore the solid operational execution across our enterprise and robust long 
term energy fundamentals. 
"Despite warm weather in D.C. and Michigan, the Utilities performance for the year was strong with normalized 
EBITDA increasing 14 percent year-over-year. These results were reflective of the active steps management took to 
create value through enhanced cost management, ongoing rate base investments, and new meter growth. Our 
Utilities are critical to balancing long-term energy reliability, affordability, and climate needs across our jurisdictions 
and have a bright future as the largest source of energy for households across our jurisdictions.
"Our Midstream business delivered another strong year with normalized EBITDA increasing 15 percent year-over-
year, driven by record volumes in our global export business and the addition of the Pipestone assets. During the 
year, we actively de-risked cash flows through long-term contracting across the value chain, including reaching our 
base tolling target at REEF. The impact of U.S. tariffs on Canadian energy creates uncertainty and emphasizes the 
importance of market diversification and the long-term advantage of AltaGas' global exports platform. As we 
continue to meet the needs of our long-time U.S. partners, we believe it is critical to connect more of Canada's vital 
energy products into the largest LPG demand center - Asia. 
"AltaGas had a busy 2024 where we reached positive FID on REEF, executed on our growth initiatives at the 
Utilities, integrated the Pipestone assets, and commenced construction on two large Midstream growth projects. I 
am excited about the road ahead, where we will leverage the favourable long-term fundamentals for natural gas 
and natural gas liquids ("NGLs"), and build on 2024's successes."
RESULTS BY SEGMENT
Normalized EBITDA(1) 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Utilities
$ 
336 $ 
311 $ 
1,012 $ 
886 
Midstream
 
182  
182  
785  
684 
Corporate/Other
 
2  
9  
(28)  
5 
Normalized EBITDA (1)
$ 
520 $ 
502 $ 
1,769 $ 
1,575 
(1)
Non-GAAP financial measure; see discussion in the Non-GAAP Financial Measures advisories of this news release.
Income (Loss) Before Income Taxes
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Utilities
$ 
186 $ 
207 $ 
627 $ 
886 
Midstream
 
181  
79  
646  
460 
Corporate/Other
 
(136)  
(125)  
(527)  
(434) 
Income Before Income Taxes
$ 
231 $ 
161 $ 
746 $ 
912 
AltaGas Ltd. – Press Release Q4 2024 
 
3

BUSINESS PERFORMANCE
Utilities
The Utilities segment reported normalized EBITDA of $336 million in the fourth quarter of 2024 compared to $311 
million in the fourth quarter of 2023, while income before income taxes was $186 million in the fourth quarter of 
2024 compared to $207 million in the fourth quarter in 2023. Year-over-year growth in normalized EBITDA was 
principally driven by lower operating and maintenance ("O&M") expenses, which more than offset the warmer-than-
normal weather in D.C. and Michigan, where the Company has weather exposure. The quarter also saw positive 
impacts from the D.C. rate case decision in 2023, contributions from continued rate base investments, customer 
growth, and the higher USD/CAD exchange rate, inclusive of currency hedges. These positive factors were partially 
offset by lower contributions from the Retail business due to the outsized performance in the fourth quarter of 
2023. 
Washington Gas has an active rate case application with the Public Service Commission of the District of Columbia 
("PSC of D.C.") with requested rates designed to collect an incremental US$34 million in annual revenue, net of 
US$12 million in Accelerated Replacement Program (“ARP”) surcharge. New rates are not expected to impact the 
Company's 2025 financial performance. Washington Gas also has a US$215 million asset modernization extension 
application under review in D.C. through its District SAFE plan. In February 2025 the PSC of D.C. ordered an 
additional extension of PROJECTpipes 2 from May 1, 2025 through December 31, 2025 with an additional US$34 
million of modernization capital being added for this period to ensure uninterrupted pipeline modernization work 
continues while District SAFE is being reviewed. 
AltaGas continued to actively invest across its Utilities assets during the fourth quarter of 2024 with $178 million of 
capital deployed, including investing $85 million in the quarter through the Company’s various asset modernization 
programs and an additional $75 million on system betterment. These investments continue to be directed towards 
improving the safety and reliability of the system and connecting customers to the critical energy they require to 
carry out everyday life. AltaGas remains committed to making these investments, while balancing the need for 
ongoing customer affordability. 
During the fourth quarter of 2024, AltaGas continued efforts to ensure long-term operating costs are aligned with 
existing rate structures and allowed costs in each jurisdiction. These cost efficiencies will provide additional room 
for AltaGas to continue to make ongoing rate base investments to expand and modernize the network while 
minimizing the increase to customer bills. The Company will continue to prioritize cost management for the long-
term benefit of our customers while maintaining regulatory and capital discipline.
Midstream
The Midstream segment reported normalized EBITDA of $182 million in the fourth quarter of 2024, consistent with 
the fourth quarter of 2023, while income before taxes was $181 million in the fourth quarter of 2024 compared to 
$79 million in the fourth quarter of 2023. These results were in line with expectations, as we successfully delivered 
on our strategic priorities to grow export volumes while de-risking the business through increasing the percent of 
tolling contracts in our business. The quarter included record fourth quarter export volumes and strong 
performance across the balance of the Midstream value chain. These positive factors were partially offset by higher 
ethane re-injection rates at our extraction plants, lower realized frac spreads, and lower contributions from MVP 
equity earnings relative to the AFUDC recorded in the fourth quarter of 2023.  
AltaGas exported 122,233 Bbls/d of LPGs to Asia in the fourth quarter of 2024, which was spread across 20 Very 
Large Gas Carriers ("VLGCs"), including 13 VLGCs at RIPET and seven VLGCs at Ferndale. Global LPG export 
volumes for the full year of 2024 averaged 122,247 Bbls/d across 80 ships, representing a 15 percent year-over-
year increase. 
AltaGas Ltd. – Press Release Q4 2024 
 
4

The importance of market diversification and the long-term advantage of AltaGas' global exports platform 
continues to be reinforced by recent uncertainty relating to U.S. tariffs on Canadian energy. As we continue to meet 
the needs of our long-time U.S. partners, we believe it is critical for the Canadian energy industry to connect more 
of Canada's vital energy products into premium global markets. We continue to see growing Asian demand for 
North American west coast LPGs, which have a 60 percent minimum travel time savings relative to the U.S. Gulf 
Coast.
Performance across the balance of the Midstream platform was in line with the Company’s expectations for the 
fourth quarter of 2024. Highlights include double digit year-over-year growth in gas processing, fractionation and 
liquids handling, and extraction volumes. AltaGas’ Montney footprint was at the center of growth, which continues 
to benefit from increased producer activity ahead of LNG Canada's start-up. AltaGas' fourth quarter Montney 
processing and fractionation volumes were up 30 percent and 8 percent, on a year-over-year basis respectively, 
including the addition of the Pipestone assets. 
AltaGas’ realized frac spread averaged $20.99/Bbl, after transportation costs, as most of AltaGas' frac exposed 
volumes were hedged at approximately $31.15/Bbl in the fourth quarter of 2024, prior to transportation costs. 
AltaGas is well hedged for the first half of 2025 frac exposures with approximately 76 percent of its first half of 
2025 expected frac exposed volumes hedged at approximately US$27.10/Bbl, prior to transportation costs. 
In addition, approximately 87 percent of AltaGas' first half of 2025 expected global export volumes are either tolled 
or financially hedged with an average Far East Index ("FEI") to North American financial hedge price of 
approximately US$18.61/Bbl for non-tolled propane and butane volumes. AltaGas is actively contracting and 
hedging the balance of 2025 global export volumes, recognizing the NGL re-contracting season is more dynamic 
this year given the impact of tariffs on Canadian LPGs entering the U.S. AltaGas will provide a more comprehensive 
update on the NGL re-contracting season and hedging activities during first quarter of 2025 reporting.
2025 Midstream Hedge Program
Q1 2025
Q2 2025
First half of 
2025
Global Exports volumes hedged (%) (1) 
 81 
 94 
 87 
Average propane/butane FEI to North America average hedge (US$/Bbl) (2)
18.33
18.90
18.61
Fractionation volume hedged (%) (3)
 72 
 80 
 76 
Frac spread hedge rate (US$/Bbl) (3)
27.63
26.57
27.10
(1)
Approximate expected volume hedged. Includes contracted tolling volumes and financial hedges. Based on AltaGas' internally assumed export volumes. 
AltaGas is hedged at a higher percentage for firmly committed volumes.
(2)
Approximate average for the period. Does not include tolling volumes. Does not include physical differential to FSK for C3 volumes. Butane is hedged as a 
percentage of WTI.
(3)
Approximate average for the period.
Corporate/Other
The Corporate/Other segment reported normalized EBITDA for the fourth quarter of 2024 of $2 million, compared 
to $9 million in the same quarter of 2023. The decrease was mainly due to lower contributions from Blythe where 
CAISO transmission outages reduced merchant energy generation. Loss before income taxes in the Corporate/
Other segment was $136 million in the fourth quarter of 2024, compared to $125 million in the same quarter of 
2023.
AltaGas Ltd. – Press Release Q4 2024 
 
5

CONSOLIDATED FINANCIAL RESULTS
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Normalized EBITDA (1) 
$ 
520 $ 
502 $ 
1,769 $ 
1,575 
Add (deduct):
Depreciation and amortization
 
(123)  
(110)  
(475)  
(441) 
Interest expense
 
(128)  
(101)  
(455)  
(394) 
Normalized income tax expense (1)
 
(33)  
(60)  
(160)  
(153) 
Preferred share dividends
 
(5)  
(7)  
(18)  
(27) 
Other (2)
 
(4)  
(10)  
(13)  
(24) 
Normalized net income (1)
$ 
227 $ 
214 $ 
648 $ 
536 
Net income applicable to common shares 
$ 
203 $ 
113 $ 
578 $ 
641 
Normalized funds from operations (1) 
$ 
397 $ 
376 $ 
1,192 $ 
1,128 
($ per share except shares outstanding)
Shares outstanding - basic (millions)
During the period (3)
 
298  
283  
297  
282 
End of period
 
298  
295  
298  
295 
Normalized net income - basic (1) 
 
0.76  
0.76  
2.18  
1.90 
Normalized net income - diluted (1)
 
0.76  
0.75  
2.17  
1.89 
Net income per common share - basic
 
0.68  
0.40  
1.95  
2.27 
Net income per common share - diluted
 
0.68  
0.40  
1.94  
2.26 
1.
Non-GAAP financial measure; see discussion in Non-GAAP Financial Measures section at the end of this news release. 
2.
"Other" includes accretion expense, net income applicable to non-controlling interests, foreign exchange gains (losses), and unrealized foreign exchange 
losses on intercompany balances. 
3.
Weighted average.
Normalized EBITDA for the fourth quarter of 2024 was $520 million, compared to $502 million for the same quarter 
of 2023. The largest factors contributing to the year-over-year increase are described in the Business Performance 
sections above.
Normalized net income was $227 million or $0.76 per share for the fourth quarter of 2024, compared to $214 
million or $0.76 per share reported for the same quarter of 2023. The increase was mainly due to lower normalized 
income tax expense and the same previously referenced factors impacting normalized EBITDA, partially offset by 
higher interest expense and higher depreciation and amortization expense. Please refer to the Non-GAAP 
Financial Measures section of the Press Release and MD&A for further details on normalization adjustments. 
Income before income taxes was $231 million for the fourth quarter of 2024 compared to $161 million for the same 
quarter of 2023. The increase was mainly due to lower unrealized losses on risk management contracts, the same 
previously referenced factors impacting normalized EBITDA, foreign exchange gains compared to foreign 
exchange losses in the same quarter of 2023, and lower transaction costs related to acquisitions and dispositions. 
This was partially offset by higher interest expense, provisions on assets in the fourth quarter of 2024 related to 
EEEP and certain non-operational equipment in the Corporate/Other segment, higher depreciation and 
amortization expense, and higher transition and restructuring costs.  
Net income applicable to common shares was $203 million or $0.68 per share for the fourth quarter of 2024, 
compared to $113 million or $0.40 per share for the same quarter of 2023. 
AltaGas Ltd. – Press Release Q4 2024 
 
6

Normalized FFO was $397 million or $1.33 per share for the fourth quarter of 2024, compared to $376 million or 
$1.33 per share for the same quarter of 2023. The increase was mainly due to the same previously referenced 
factors impacting normalized EBITDA, higher foreign exchange gains, higher distributions from equity investments, 
and lower normalized current income tax expense, partially offset by higher interest expense and the impact of 
non-cash items included in normalized EBITDA.
Cash from operations for the fourth quarter of 2024 was $508 million or $1.70 per share, compared to $154 million 
or $0.54 per share for the same quarter of 2023. Please refer to the Three months ended December 31 section of 
the MD&A for further details on the variance in cash from operations.
Depreciation and amortization expense for the fourth quarter of 2024 was $123 million, compared to $110 million 
for the same quarter of 2023. 
Interest expense for the fourth quarter of 2024 was $128 million, compared to $101 million for the same quarter of 
2023. The increase was driven by the issuance of additional subordinated hybrid notes in the third quarter of 2024 
as well as the fourth quarter of 2023, higher average interest rates, and a higher average Canadian/U.S. dollar 
exchange rate. This was partially offset by higher capitalized interest and a decrease in average debt balances. 
Interest expense recorded on subordinated hybrid notes for the fourth quarter of 2024 was $34 million, compared 
to $11 million for the same quarter of 2023. 
Income tax expense for the fourth quarter of 2024 was $22 million, compared to $33 million in the same quarter in 
2023. 
FORWARD FOCUS, GUIDANCE AND FUNDING
AltaGas continues to focus on executing its corporate strategy of building a diversified platform that operates long-
life energy infrastructure assets that connect customers and markets and are positioned to provide resilient and 
growing value for the Company’s stakeholders.
AltaGas expects to achieve guidance ranges that were previously disclosed in December 2024, including: 
•
2025 Normalized EPS guidance of $2.10 - $2.30 per share, compared to actual normalized EPS of $2.18 
and GAAP EPS of $1.95 in 2024; and
•
2025 Normalized EBITDA guidance of $1,775 million - $1,875 million, compared to actual normalized 
EBITDA of $1.77 billion and income before taxes of $746 million in 2024. 
AltaGas is focused on delivering resilient and growing normalized EBITDA and normalized EPS while achieving its 
target leverage ratios. This strategy is designed to support steady dividend growth and provide the opportunity for 
ongoing capital appreciation for long-term shareholders. 
AltaGas is maintaining a disciplined 2025 capital program of approximately $1.4 billion, excluding asset retirement 
obligations (“ARO”). The Company is allocating approximately 51 percent of AltaGas’ consolidated 2025 capital to 
its Utilities business, approximately 45 percent to the Midstream business and the balance to the Corporate/Other 
segment.
The Company will fund 2025 capital requirements through a combination of internally generated cash flows, the 
investment capacity associated with stronger normalized EBITDA across the enterprise, and ongoing capital 
recycling with the planned divestiture of the Company’s interest in MVP. Additional asset sales will be considered 
on an opportunistic basis, with any potential proceeds to be used to strengthen the balance sheet and increase 
financial flexibility.  
AltaGas Ltd. – Press Release Q4 2024 
 
7

QUARTERLY COMMON SHARE DIVIDEND AND PREFERRED SHARE DIVIDENDS 
The Board of Directors approved the following schedule of Dividends: 
Type
Dividend
(per share)
Period
Payment Date
Record
Common Shares1
$0.315
n.a.
31-Mar-25
17-Mar-25
Series A Preferred Shares
$0.19125
31-Dec-24 to 
30-Mar-25
31-Mar-25
17-Mar-25
Series B Preferred Shares
$0.37855
31-Dec-24 to 
30-Mar-25
31-Mar-25
17-Mar-25
Series G Preferred Shares
$0.376063
31-Dec-24 to 
30-Mar-25
31-Mar-25
17-Mar-25
1.
Dividends on common shares and preferred shares are eligible dividends for Canadian income tax purposes.
CONFERENCE CALL AND WEBCAST DETAILS 
AltaGas will hold a conference call today, March 7, at 9:00 a.m. MT (11:00 a.m. ET) to discuss Fourth quarter and full 
year 2024 results and other corporate developments. 
Date/Time: March 7, 2025 at 9:00 a.m. MT (11:00 a.m. ET) 
Dial-in: +1 437 900 0527 or toll free at +1 888 510 2154 
Webcast: https://app.webinar.net/L5da3EBqGmN
Shortly after the conclusion of the call a replay will be made available on the Company’s website or by dialing        
+1 289 819 1450  or toll free +1 888 660 6345. The passcode is 43576#. The replay will expire at 9:59 p.m. MT 
(11:59 p.m. ET) on March 14, 2025.
AltaGas’ Consolidated Financial Statements and accompanying notes for the fourth quarter and full year ended 
December 31, 2024, as well as its related Management’s Discussion and Analysis, are now available online at 
www.altagas.ca. All documents will be filed with the Canadian securities regulatory authorities and will be posted 
under AltaGas’ SEDAR+ profile at www.sedarplus.ca.
NON-GAAP MEASURES 
This news release contains references to certain financial measures that do not have a standardized meaning 
prescribed by US GAAP and may not be comparable to similar measures presented by other entities. The non-
GAAP measures and their reconciliation to US GAAP financial measures are shown below and within AltaGas’ 
Management's Discussion and Analysis (MD&A) as at and for the period ended December 31, 2024. These non-
GAAP measures provide additional information that management believes is meaningful regarding AltaGas' 
operational performance, liquidity and capacity to fund dividends, capital expenditures, and other investing 
activities. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to other 
measures of financial performance calculated in accordance with US GAAP.
AltaGas Ltd. – Press Release Q4 2024 
 
8

Normalized EBITDA
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Income before income taxes (GAAP financial measure)
$ 
231 $ 
161 $ 
746 $ 
912 
Add:
Depreciation and amortization
 
123  
110  
475  
441 
Interest expense
 
128  
101  
455  
394 
EBITDA
$ 
482 $ 
372 $ 1,676 $ 
1,747 
Add (deduct):
Transaction costs related to acquisitions and dispositions (1)
 
2  
6  
11  
36 
Unrealized losses on risk management contracts (2)
 
2  
94  
12  
70 
Gains on sale of assets (3)
 
—  
—  
(12)  
(319) 
Transition and restructuring costs (4)
 
21  
15  
70  
22 
Wind-up of pension plan (5)
 
—  
—  
—  
2 
Provisions on assets
 
20  
—  
20  
— 
Accretion expenses
 
1  
3  
5  
11 
Foreign exchange losses (gains) (6)
 
(8)  
12  
(13)  
6 
Normalized EBITDA
$ 
520 $ 
502 $ 1,769 $ 
1,575 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs are included in the "cost 
of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, 
which are directly attributable to the acquisition or disposition. 
(2)
Included in the "revenue", “cost of sales”, and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income. Please refer to Note 22 
of the 2024 Annual Consolidated Financial Statements for further details regarding AltaGas' risk management activities.
(3)
Included in the "other income" line item on the Consolidated Statements of Income.
(4)
Comprised of transition and restructuring costs (including CEO transition). These costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income. 
(5)
Relates to the completion of the wind-up of the Canadian defined benefit pension plan in the second quarter of 2023. The associated costs are included in the 
"other income" line on the Consolidated Statements of Income. 
(6)
Excludes unrealized losses (gains) on foreign exchange forward contracts that have been entered into for the purpose of cash management. These losses 
(gains) are included above in the line "unrealized losses on risk management contracts".
EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are 
amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income using income 
before income taxes adjusted for pre-tax depreciation and amortization, and interest expense.
AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to 
enhance the understanding of AltaGas' earnings over periods, as well as for budgeting and compensation related 
purposes. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as 
it excludes items that can vary substantially between entities depending on the accounting policies chosen, the 
book value of assets, and the capital structure.
AltaGas Ltd. – Press Release Q4 2024 
 
9

Normalized Net Income 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Net income applicable to common shares (GAAP financial measure)
$ 
203 $ 
113 $ 
578 $ 
641 
Add (deduct) after-tax:
Transaction costs related to acquisitions and dispositions (1)
 
2  
5  
9  
27 
Unrealized losses on risk management contracts (2)
 
3  
74  
10  
54 
Gains on sale of assets (3)
 
(3)  
—  
(9)  
(217) 
Transition and restructuring costs (4)
 
15  
11  
52  
17 
Loss on redemption of preferred shares (5)
 
—  
5  
—  
5 
Wind-up of pension plan (6)
 
—  
—  
—  
2 
Provisions on assets
 
15  
—  
15  
— 
Unrealized foreign exchange losses (gains) on intercompany 
balances (7)
 
(8)  
6  
(7)  
7 
Normalized net income
$ 
227 $ 
214 $ 
648 $ 
536 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. The pre-tax costs are included in the 
"cost of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, 
which are directly attributable to the acquisition or disposition.  
(2)
The pre-tax amounts are included in the "revenue", “cost of sales”, and "foreign exchange gains (losses) line items on the Consolidated Statements of Income. 
Please refer to Note 22 of the 2024 Annual Consolidated Financial Statements for further details regarding AltaGas' risk management activities.
(3)
The pre-tax amounts are included in the "other income" line item on the Consolidated Statements of Income.
(4)
Comprised of transition and restructuring costs (including CEO transition). The pre-tax costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income. 
(5)
Comprised of the loss on the redemption of Series E Preferred Shares on December 31, 2023. The loss is recorded on the "loss of redemption of preferred 
shares" line on the Consolidated Statements of Income.
(6)
Relates to the completion of the wind-up of the Canadian defined benefit pension plan in the second quarter of 2023. The associated costs are included in the 
"other income" line on the Consolidated Statements of Income.
(7)
Relates to unrealized foreign exchange losses (gains) on intercompany accounts receivable and accounts payable balances between a U.S. subsidiary and a 
Canadian entity, where the impact to the U.S. subsidiary is recorded through accumulated other comprehensive income as a gain (loss) on foreign currency 
translation, and the impact to the Canadian entity is recorded through the "foreign exchange gains (losses)" line item on the Consolidated Statements of 
Income. 
Normalized net income and normalized net income per share are used by Management to enhance the 
comparability of AltaGas’ earnings, as it reflects the underlying performance of AltaGas’ business activities. 
Normalized EPS is calculated as normalized net income divided by the average number of shares outstanding 
during the period. 
AltaGas Ltd. – Press Release Q4 2024 
 
10

Normalized Funds From Operations 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Cash from operations (GAAP financial measure)
$ 
508 $ 
154 $ 
1,538 $ 
1,121 
Add (deduct):
Net change in operating assets and liabilities
 
(129)  
198  
(430)  
(100) 
Asset retirement obligations settled
 
2  
3  
3  
15 
Funds from operations
$ 
381 $ 
355 $ 
1,111 $ 
1,036 
Add (deduct):
Transaction costs related to acquisitions and dispositions (1)
 
2  
6  
11  
36 
Current tax expense (recovery) on asset sales (2)
 
(7)  
—  
—  
34 
Transition and restructuring costs (3)
 
21  
15  
70  
22 
Normalized funds from operations
$ 
397 $ 
376 $ 
1,192 $ 
1,128 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs exclude non-cash 
amounts and are included in the "cost of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs 
include expenses, such as legal fees, which are directly attributable to the acquisition or disposition.  
(2)
Included in the "current income tax expense" line item on the Consolidated Statements of Income. 
(3)
Comprised of transition and restructuring costs (including CEO transition). These costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income.
Normalized funds from operations and funds from operations are used to assist Management and investors in 
analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate 
funds for capital investments, debt repayment, dividend payments, and other investing activities. 
Funds from operations and normalized funds from operations as presented should not be viewed as an alternative 
to cash from operations or other cash flow measures calculated in accordance with GAAP.
Invested Capital and Net Invested Capital
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Cash used in investing activities (GAAP financial measure)
$ 
402 $ 
594 $ 
1,375 $ 
199 
Add (deduct):
Net change in non-cash capital expenditures (1)
 
40  
26  
60  
3 
AFUDC (2)
 
—  
(3)  
—  
(3) 
    Contributions from non-controlling interests
 
(50)  
—  
(123)  
— 
Net invested capital 
 
392  
617  
1,312  
199 
Business acquisition (3)
 
—  
(327)  
—  
(327) 
Asset dispositions
 
—  
—  
2  
1,073 
Disposal of equity method investments (4)
 
—  
—  
14  
1 
Invested capital (5)
$ 
392 $ 
290 $ 
1,328 $ 
946 
(1)
Comprised of non-cash capital expenditures included in the "accounts payable and accrued liabilities" line item on the Consolidated Balance Sheets. Please 
refer to Note 30 of the 2024 Annual Consolidated Financial Statements for further details.
(2)
AFUDC is the amount that a rate-regulated enterprise is allowed to recover for its cost of financing assets under construction and excludes any AFUDC within 
investments accounted for by the equity method. AFUDC is included in the "property, plant and equipment" line item on the Consolidated Balance Sheets.
(3)
Includes only the cash portion of the total consideration paid for the Pipestone Acquisition, net of cash acquired.
(4)
Relates to escrow account proceeds received from AltaGas' previous investment in Meade Pipeline Co. LLC (Meade). Upon close of the sale in 2019, various 
escrow accounts were established to provide the purchaser a form of recourse for the settlement of indemnification obligations.
Invested capital is a measure of AltaGas' use of funds for capital expenditure activities. It includes expenditures 
relating to property, plant, and equipment and intangible assets, capital contributed to long term investments, and 
contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for 
business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested 
capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, 
AltaGas Ltd. – Press Release Q4 2024 
 
11

adjusted for items such as non-cash capital expenditures, AFUDC, and contributions from non-controlling interests. 
Invested capital and net invested capital are used by Management, investors, and analysts to enhance the 
understanding of AltaGas' capital expenditures from period to period and provide additional detail on the 
Company's use of capital.
CONSOLIDATED FINANCIAL REVIEW 
Three Months Ended
December 31
Year Ended
December 31
($ millions, except where noted)
2024
2023
2024
2023
Revenue
 
3,259  
3,288  
12,448  
12,997 
Normalized EBITDA (1)
 
520  
502  
1,769  
1,575 
Income before income taxes
 
231  
161  
746  
912 
Net income applicable to common shares
 
203  
113  
578  
641 
Normalized net income (1)
 
227  
214  
648  
536 
Total assets
 
26,092  
23,471  
26,092  
23,471 
Total long-term liabilities
 
13,546  
12,195  
13,546  
12,195 
Invested capital (1)
 
392  
290  
1,328  
946 
Cash used in investing activities
 
402  
594  
1,375  
199 
Dividends declared (2)
 
88  
79  
353  
316 
Cash from operations
 
508  
154  
1,538  
1,121 
Normalized funds from operations (1) 
 
397  
376  
1,192  
1,128 
Normalized effective income tax rate (%) (1)
 12.4 
 21.1 
 19.1 
 20.9 
Effective income tax rate (%) (3)
 9.5 
 20.5 
 18.5 
 24.5 
Three Months Ended
December 31
Year Ended
December 31
($ per share, except shares outstanding) 
2024
2023
2024
2023
Net income per common share - basic
 
0.68  
0.40  
1.95  
2.27 
Net income per common share - diluted
 
0.68  
0.40  
1.94  
2.26 
Normalized net income - basic (1)
 
0.76  
0.76  
2.18  
1.90 
Normalized net income - diluted (1)
 
0.76  
0.75  
2.17  
1.89 
Dividends declared (2)
 
0.30  
0.28  
1.19  
1.12 
Cash from operations
 
1.70  
0.54  
5.18  
3.98 
Normalized funds from operations (1) 
 
1.33  
1.33  
4.01  
4.00 
Shares outstanding - basic (millions)
During the period (4)
 
298  
283  
297  
282 
End of period
 
298  
295  
298  
295 
(1)
Non-GAAP financial measure or non-GAAP financial ratio; see discussion in the Non-GAAP Financial Measures section of the MD&A.
(2)
Dividends declared per common share per quarter: $0.28 per share beginning March 2023, increased to $0.2975 per share effective March 2024, and 
increased to $0.315 per share effective March 2025.  
(3)
The decrease in the effective income tax rate for the three months and year ended December 31, 2024 is primarily due to the resolution of tax authority audits.
(4)
Weighted average.
AltaGas Ltd. – Press Release Q4 2024 
 
12

ABOUT ALTAGAS
AltaGas is a leading North American infrastructure company that connects customers and markets to affordable 
and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream 
business that is focused on delivering resilient and durable value for its stakeholders.
For more information visit www.altagas.ca or reach out to one of the following:
Jon Morrison
Senior Vice President, Corporate Development and Investor Relations
Jon.Morrison@altagas.ca
Aaron Swanson
Vice President, Investor Relations
Aaron.Swanson@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
AltaGas Ltd. – Press Release Q4 2024 
 
13

FORWARD-LOOKING INFORMATION 
This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", 
"would", "could", "should", "likely”, "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "future”, “commit”, 
"propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "potential”, "target", 
“guarantee”, "potential", "objective", "continue", "outlook", "guidance”, “growth”, “long-term”, "vision", "opportunity" 
and similar expressions suggesting future events or future performance, as they relate to the Company or any 
affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release 
contains forward-looking statements with respect to, among other things, business objectives, expected growth, 
results of operations, performance, business projects and opportunities and financial results. Specifically, such 
forward-looking statements included in this document include, but are not limited to, statements with respect to the 
following: the Company’s 2025 guidance including normalized earnings per share of $2.10 to $2.30 and 
normalized EBITDA of $1,775 to $1,875 million; the Company's expectation that it will achieve its 2025 guidance 
ranges;  AltaGas’ key focus areas for 2025 and beyond including asset modernization, safety, reliability and 
system betterment in the Utilities segment and the anticipated benefits therefrom; opportunities around data 
center developments, timing of potential construction associated with these opportunities and the anticipated 
benefits therefrom; the expectation that regulatory approval will be sought for SEMCO’s Keweenaw Connector 
Pipeline in 2025 and the anticipated benefits of the project; the expectation that REEF will remain on-budget and 
on-time achieving its 2026 in-service date; anticipated benefits of REEF once it is in-service; the expectation that 
Pipestone II will remain on-budget and on-time achieving its 2025 in-service date; AltaGas’ commitment to 
advancing regulatory and engineering work across a number of Midstream projects and the anticipated benefits 
therefrom including extending the growth outlook for AltaGas’ Midstream business; AltaGas’ intention to divest its 
10 percent interest MVP and its 5.1 percent interest in Southgate, the intended use of proceeds therefrom and the 
anticipated benefits therefrom including accelerating AltaGas’ deleveraging plan; the anticipated issuance by 
Washington Gas of US$100 million 4.85 percent private placement notes on April 1 2025 and the anticipated use 
of proceeds therefrom; the Company’s five to seven percent CAGR guidance on dividends through 2029; the 
belief that the Utilities can be the largest source of energy for households across the jurisdictions where AltaGas 
operates; the importance of connecting Canada’s energy products to Asia; the Company actively advancing its 
regulatory priorities in the Utilities business; timing of material regulatory filings, proceedings and decisions in the 
Utilities business; the Company’s commitment to prioritizing cost management for the benefit of its customers 
while maintaining regulatory and capital discipline; AltaGas’ efforts to ensure long-term operating costs are 
aligned with existing rate structures and allowed costs in the Utilities business and the anticipated benefits 
therefrom; the belief in the importance of market diversification and the long-term advantage of AltaGas’ global 
exports platform; the Company’s hedging program and AltaGas’ 2025 Midstream Hedge Program estimates; 
AltaGas’ ability to execute on its corporate strategy and the anticipated benefits therefrom; the Company’s focus 
on delivering resilient and growing normalized EBITDA and normalized EPS while achieving target leverage ratios; 
AltaGas’ commitment to maintaining a disciplined, self-funded 2025 capital program of approximately $1.4 billion, 
excluding ARO; the allocation of consolidated 2025 capital to the Company's Utilities, Midstream and Corporate/
Other segments; AltaGas’ plan for funding 2025 capital requirements; consideration of opportunistic asset sales 
and the anticipated use of proceeds therefrom; and AltaGas’ dividend policy including timing for payment of such 
dividends. 
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, 
events, and achievements to differ materially from those expressed or implied by such statements. Such 
statements reflect AltaGas’ current expectations, estimates, and projections based on certain material factors and 
assumptions at the time the statement was made. Material assumptions include: AltaGas' effective tax rate, U.S./
Canadian dollar exchange rates; inflation; interest rates, credit ratings, regulatory approvals and policies; 
expected commodity supply, demand and pricing; volumes and rates; propane price differentials; degree day 
variance from normal; pension discount rate; financing initiatives; the performance of the businesses underlying 
each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital 
costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-
service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on 
investments; dividend levels; and transaction costs. 
AltaGas’ forward-looking statements are subject to certain risks and uncertainties which could cause results or 
events to differ from current expectations, including, without limitation: health and safety risks; operating risks; 
AltaGas Ltd. – Press Release Q4 2024 
 
14

infrastructure; natural gas supply risks; volume throughput; service interruptions; transportation of petroleum 
products; market risk; inflation; general economic conditions including tariffs; internal credit risk; capital market 
and liquidity risks; interest rates; foreign exchange risk; debt financing, refinancing, and debt service risk; 
counterparty and supplier risk; construction and development; cybersecurity, information, and control systems; 
regulatory risks; changes in law; climate-related risks; environmental regulation risks; Indigenous and treaty rights; 
litigation; dependence on certain partners; political uncertainty, activism, civil unrest, terrorist attacks and threats, 
escalation of military activity and acts of war; risks related to conflict, including the conflicts in Eastern Europe and 
the Middle East; decommissioning, abandonment and reclamation costs; reputation risk; weather data; technical 
systems and processes incidents; growth strategy risk; failure to realize anticipated benefits of acquisitions and 
dispositions; underinsured and uninsured losses; impact of competition in AltaGas' businesses; counterparty credit 
risk; composition risk; collateral; rep agreements; market value of the Common Shares and other securities; 
variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs 
and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing 
retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks; 
and the other factors discussed under the heading "Risk Factors" in the Company’s Annual Information Form for 
the year ended December 31, 2024 (“AIF”) and set out in AltaGas’ other continuous disclosure documents.
Many factors could cause AltaGas' or any particular business segment's actual results, performance or 
achievements to vary from those described in this press release, including, without limitation, those listed above 
and the assumptions upon which they are based proving incorrect. These factors should not be construed as 
exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying 
forward-looking statements prove incorrect, actual results may vary materially from those described in this news 
release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected 
or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. 
The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement 
cannot be determined with certainty because they are interdependent and AltaGas’ future decisions and actions 
will depend on management’s assessment of all information at the relevant time. Such statements speak only as 
of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these 
forward-looking statements except as required by law. The forward-looking statements contained in this news 
release are expressly qualified by these cautionary statements.
Financial outlook information contained in this news release about prospective financial performance, financial 
position, or cash flows is based on assumptions about future events, including economic conditions and proposed 
courses of action, based on AltaGas management's assessment of the relevant information currently available. 
Readers are cautioned that such financial outlook information contained in this news release should not be used 
for purposes other than for which it is disclosed herein.
Additional information relating to AltaGas, including its quarterly and annual MD&A and Consolidated Financial 
Statements, AIF, and press releases are available through AltaGas' website at www.altagas.ca or through SEDAR+ 
at www.sedarplus.ca. 
AltaGas Ltd. – Press Release Q4 2024 
 
15

ALTAGAS LTD.
Management's Discussion & Analysis 
For the year ended December 31, 2024
Dated: March 6, 2025 

TABLE OF CONTENTS
FORWARD-LOOKING INFORMATION AND STATEMENTS     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
ALTAGAS BUSINESS OVERVIEW AND ORGANIZATION    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
HIGHLIGHTS    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
2025 OUTLOOK  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
SENSITIVITY ANALYSIS       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
CAPITAL EXPENDITURES    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
UTILITY ASSETS     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
MIDSTREAM ASSETS       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
CORPORATE/OTHER ASSETS      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
CONSOLIDATED FINANCIAL REVIEW     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
RESULTS OF OPERATIONS BY REPORTING SEGMENT     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
THREE MONTHS ENDED DECEMBER 31       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
YEAR ENDED DECEMBER 31    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
NON-GAAP FINANCIAL MEASURES      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
UTILITIES   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
UTILITIES REGULATORY UPDATES     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
MIDSTREAM    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
CORPORATE/OTHER  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
NET INVESTED CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
RISK MANAGEMENT    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
LIQUIDITY  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
CAPITAL RESOURCES   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
CONTRACTUAL OBLIGATIONS     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
RELATED PARTY TRANSACTIONS     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
SHARE INFORMATION      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
DIVIDENDS   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
CRITICAL ACCOUNTING ESTIMATES      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
OFF-BALANCE SHEET ARRANGEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL 
REPORTING       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56
SUMMARY OF CONSOLIDATED RESULTS FOR THE EIGHT MOST RECENT QUARTERS    . . . . . . . . . . . . . .
57
SELECTED ANNUAL FINANCIAL INFORMATION   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
AltaGas Ltd. – 2024 MD&A and Financial Statements - 1

FORWARD-LOOKING INFORMATION AND STATEMENTS
This Management's Discussion and Analysis ("MD&A") dated March  6, 2025 is provided to enable readers to 
assess the results of operations, liquidity, and capital resources of AltaGas Ltd. ("AltaGas", the "Company" or the 
"Corporation") as at and for the year ended December 31, 2024. This MD&A should be read in conjunction with the 
accompanying audited Consolidated Financial Statements and notes thereto of AltaGas as at and for the year 
ended December 31, 2024. 
 
The Consolidated Financial Statements and comparative information have been prepared in accordance with 
United States ("U.S.") generally accepted accounting principles ("U.S. GAAP") and in Canadian dollars, unless 
otherwise indicated. Throughout this MD&A, references to GAAP refer to U.S. GAAP and dollars refer to Canadian 
dollars, unless otherwise indicated.
 
Abbreviations, acronyms and capitalized terms used in this MD&A without express definition shall have the same 
meanings given to those terms in the MD&A as at and for the year ended December 31, 2024 or the Annual 
Information Form for the year ended December 31, 2024.
This MD&A contains forward-looking information ("forward-looking statements"). Words such as "may", "can", 
"would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "propose", "contemplate", 
"estimate", "focus", "strive", "forecast", "expect", "project", "target", "potential", "objective", "continue", "outlook", 
"vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the 
Corporation or any affiliate of the Corporation, are intended to identify forward-looking statements. In particular, 
this MD&A contains forward-looking statements with respect to, among other things, business objectives, expected 
growth, results of operations, performance, business projects and opportunities, and financial results. Specifically, 
such forward-looking statements included in this document include, but are not limited to, statements with respect 
to the following: AltaGas' belief in the role and importance of global resource exports; investment in the Utilities 
business, including investment in asset modernization programs and system betterment, being a key focus in 
2025 and beyond and the anticipated benefits therefrom; potential opportunities in connection with data centers 
and the anticipated benefits therefrom; expected timing of regulatory approval of SEMCO's Keweenaw Connector 
Pipeline project and the anticipated benefits therefrom; REEF remaining on schedule and on budget, expected 
timing of REEF coming online and the anticipated benefits of REEF; advances on construction of Pipestone II; 
Pipestone II remaining on schedule and on budget; expected timing of Pipestone II coming in-service; advances on 
regulatory and engineering work on a number of gas, processing, fractionation, storage and export projects and 
the anticipated benefits therefrom; the sale of AltaGas’ equity stake in MVP including the timing thereof, 
anticipated use of proceeds and benefits therefrom; Washington Gas' anticipated issuance of US$100 million of 
private placement notes in April 2025; expected 2025 annual consolidated normalized EBITDA of approximately 
$1.775 to $1.875 billion; anticipated 2025 normalized earnings per share of approximately $2.10 to $2.30; the 
expectation that the Utilities segment will contribute approximately 55 percent of normalized EBITDA for 2025; 
expected growth drivers of normalized EBITDA in the Utilities segment; the expectation that the Midstream 
segment will contribute approximately 45 percent of normalized EBITDA for 2025; drivers of expected growth in 
the Midstream segment; expected growth drivers of 2025 normalized earnings per share; AltaGas' expectation of 
an active 2025 hedging program and anticipated outcomes therefrom; anticipated capital expenditures of 
approximately $1.4 billion in 2025; anticipated segment allocation and focus of capital expenditures in 2025; the 
expectation that the 2025 committed capital program will be funded through a combination of internally-
generated cash flows, investment capacity associated with stronger normalized EBITDA across the enterprise and 
ongoing capital recycling with the planned divestiture of AltaGas’ interest in MVP; the expectation that additional 
asset sales will be considered on an opportunistic basis and the anticipated use of proceeds therefrom; the 
estimated cost, status and expected in-service dates for growth capital projects in the Midstream and Utilities 
businesses; AltaGas’ belief that the MVP Southgate project will become operational and its commitment to 
supporting the MVP Southgate project; the expectation that AltaGas will grow its existing utility infrastructure and 
the anticipated benefits therefrom; AltaGas' pursuit of opportunities and its long-term objectives in the Utilities 
segment including, among other things, RNG and lower carbon investments, anticipated rate base growth and 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 2

ensuring energy affordability for its customers; AltaGas' pursuit of opportunities and its long-term objectives in the 
Midstream segment including, among other things, expanding and optimizing strategically-located assets and its 
global exports platform; expected filing, procedure and decision dates for rate cases in the Utilities business; 
timing of material regulatory filings, proceedings and decisions in the Utilities business; Washington Gas' ARP 
modernization programs and the expected benefits therefrom; the Company's ability to deliver on its 2025 
guidance; the percentage of AltaGas' expected 2025 frac exposed volumes that are hedged; the percentage of 
AltaGas' expected 2025 global export volumes that are tolled or financially hedged; estimated impact of changes 
in commodity prices, exchange rates, and weather on normalized annual EBITDA; AltaGas' commitment to 
maintaining a disciplined, self-funded capital program; AltaGas’ objectives for managing capital and maintaining 
its investment grade ratings; anticipated sources of funding for contractual obligations; future legal obligations on 
asset retirement; penalties for breaching merger conditions associated with the WGL acquisition; objectives and 
expected results from AltaGas' commodity price contract strategies by segment; AltaGas' dividend policy and the 
dividend rate for 2025; and the effect of future changes in accounting policies and adoption of new accounting 
standards.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, 
events and achievements to differ materially from those expressed or implied by such statements. Such 
statements reflect AltaGas’ current expectations, estimates, and projections based on certain material factors and 
assumptions at the time the statement was made. Material assumptions include: AltaGas' effective tax rate, U.S./
Canadian dollar exchange rates; inflation; interest rates, credit ratings, regulatory approvals and policies; 
expected commodity supply, demand and pricing; volumes and rates; propane price differentials; degree day 
variance from normal; pension discount rate; financing initiatives; the performance of the businesses underlying 
each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital 
costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-
service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on 
investments; dividend levels; and transaction costs.
 
AltaGas’ forward-looking statements are subject to certain risks and uncertainties which could cause results or 
events to differ from current expectations, including, without limitation: health and safety risks; operating risks; 
infrastructure; natural gas supply risks; volume throughput; service interruptions; transportation of petroleum 
products; market risk; inflation; general economic conditions including tariffs; internal credit risk; capital market 
and liquidity risks; interest rates; foreign exchange risk; debt financing, refinancing, and debt service risk; 
counterparty and supplier risk; construction and development; cybersecurity, information, and control systems; 
regulatory risks; changes in law; climate-related risks; environmental regulation risks; Indigenous and treaty rights; 
litigation; dependence on certain partners; political uncertainty, activism, civil unrest, terrorist attacks and threats, 
escalation of military activity and acts of war; risks related to conflict, including the conflicts in Eastern Europe and 
the Middle East; decommissioning, abandonment and reclamation costs; reputation risk; weather data; technical 
systems and processes incidents; growth strategy risk; failure to realize anticipated benefits of acquisitions and 
dispositions; underinsured and uninsured losses; impact of competition in AltaGas' businesses; counterparty credit 
risk; composition risk; collateral; rep agreements; market value of the Common Shares and other securities; 
variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs 
and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing 
retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks; 
and the other factors discussed under the heading "Risk Factors" in the Corporation’s Annual Information Form for 
the year ended December 31, 2024 ("AIF") and set out in AltaGas’ other continuous disclosure documents. 
 
Many factors could cause AltaGas' or any particular business segment's actual results, performance or 
achievements to vary from those described in this MD&A, including, without limitation, those listed above and the 
assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. 
Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking 
statements prove incorrect, actual results may vary materially from those described in this MD&A as intended, 
planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 3

forward-looking statements included in this MD&A, should not be unduly relied upon. The impact of any one 
assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with 
certainty because they are interdependent and AltaGas’ future decisions and actions will depend on 
Management’s assessment of all information at the relevant time. Such statements speak only as of the date of 
this MD&A. AltaGas does not intend, and does not assume any obligation, to update these forward-looking 
statements except as required by law. The forward-looking statements contained in this MD&A are expressly 
qualified by these cautionary statements.
 
Financial outlook information contained in this MD&A about prospective financial performance, financial position, 
or cash flows is based on assumptions about future events, including economic conditions and proposed courses 
of action, based on AltaGas Management's assessment of the relevant information currently available. Readers 
are cautioned that such financial outlook information contained in this MD&A should not be used for purposes 
other than for which it is disclosed herein.
 
Additional information relating to AltaGas, including its quarterly and annual MD&A and Consolidated Financial 
Statements, Annual Information Form, and press releases are available through AltaGas' website at 
www.altagas.ca or through SEDAR+ at www.sedarplus.ca.
ALTAGAS BUSINESS OVERVIEW AND ORGANIZATION
AltaGas is a leading North American energy infrastructure company that connects customers and markets to 
affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth energy 
infrastructure business that is focused on delivering resilient and durable value for its stakeholders. AltaGas has 
three reporting segments - Utilities, Midstream, and Corporate/Other. 
Utilities Segment
AltaGas' Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and 
storage utilities that are focused on providing safe, reliable, and affordable energy to its customers. AltaGas' 
Utilities provided energy to approximately 1.6 million residential and commercial customers in 2024 with an 
average rate base of approximately US$5.4 billion.
The Utilities segment includes two utilities that deliver essential energy across four major U.S. jurisdictions:
▪
Washington Gas Light Company ("Washington Gas"), which is the Company’s largest operating utility that 
serves approximately 1.2 million customers across Maryland, Virginia, and the District of Columbia ("D.C."); 
and
▪
SEMCO Energy, Inc. ("SEMCO Energy"), which serves approximately 330,000 customers in Southern 
Michigan and Michigan’s Upper Peninsula.
The Utilities segment also includes other storage facilities and contracts for interstate natural gas transportation 
and storage services, as well as WGL Energy Services, Inc. ("WGL Energy Services"), an affiliated retail energy 
marketing business, which sells natural gas and electricity directly to residential, commercial, and industrial 
customers that operates across Maryland, Virginia, Delaware, Pennsylvania, Ohio, and D.C. AltaGas also previously 
owned ENSTAR Natural Gas Company and a 65 percent indirect interest in Cook Inlet Natural Gas Storage Alaska 
("CINGSA") and other ancillary operations in Alaska (the "Alaska Utilities"), which were divested to TriSummit 
Utilities Inc. on March 1, 2023 (the "Alaska Utilities Disposition"). 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 4

Midstream Segment
AltaGas’ Midstream segment is a leading North American platform that connects customers and markets to critical 
forms of energy. From wellhead to tidewater, the Company is focused on providing its customers with safe and 
reliable service and connectivity across the Midstream value chain that facilitates the best outcomes for their 
businesses. This includes global market access for North American Liquified Petroleum Gases ("LPGs"), which 
provides North American producers and aggregators with attractive netbacks for propane and butane while 
delivering diversity of supply and supporting stronger energy security in Asia to AltaGas' downstream customers.
Throughout AltaGas’ Midstream operations, the Company is playing a vital role within the larger energy ecosystem 
that keeps the global economy moving forward in a safe, reliable, and affordable manner.
AltaGas’ Midstream platform is heavily focused on the Montney and Deep Basin resource plays and centers around 
global exports, which is where the Company believes the market is headed for Canadian resource development 
over the long-term. AltaGas also operates a broader set of midstream infrastructure assets across the Western 
Canadian Sedimentary Basin ("WCSB") and select regions in the U.S., which are all focused on connecting 
customers and markets in the most efficient manner possible.
There are three core pillars to AltaGas’ Midstream platform that are integral to each other and facilitate the 
Company’s wellhead to tidewater and beyond value chain. These include:
▪
Global Exports, which includes AltaGas’ two operational LPG export terminals where the Company has 
nameplate capacity to export up to 150,000 Bbl/d of propane and butane to key markets in Asia;
▪
Natural Gas Gathering, Processing and Extraction, which includes 1.2 Bcf/d of extraction processing 
capacity and approximately 1.2 Bcf/d of raw field gas processing capacity, which is heavily focused on the 
Montney and Deep Basin; and
▪
Fractionation and Liquids Handling, which includes 70 MBbl/d of fractionation capacity and a sizable 
liquids handling footprint.
The Midstream segment also consists of natural gas and natural gas liquids ("NGLs") marketing businesses, 
domestic logistics, trucking and rail terminals, liquids storage with approximately 3.2 million barrels of capacity 
through a network of underground salt caverns through the Company’s Strathcona Storage JV with ATCO Energy 
Solutions Ltd., 15 Bcf of natural gas storage through the Dimsdale natural gas storage facility ("Dimsdale") which 
was acquired as part of AltaGas' acquisition of natural gas processing and storage infrastructure assets in the 
Pipestone area of the Alberta Montney (the "Pipestone Acquisition" or "Pipestone Assets") in December 2023, as 
well as AltaGas’ 10 percent equity interest in the Mountain Valley Pipeline ("MVP"), which is a 2.0 Bcf/d 
transportation pipeline that transports natural gas from the Marcellus across Virginia and West Virginia to key 
downstream demand markets. 
Corporate/Other Segment
AltaGas’ Corporate/Other segment consists of the Company’s corporate activities and a small portfolio of gas-fired 
power generation and distribution assets capable of generating 508 MW of power, primarily in California.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 5

HIGHLIGHTS
(Normalized EBITDA, normalized funds from operations, and normalized net income are non-GAAP financial measures. Normalized funds from operations per share 
and normalized net income per share are non-GAAP ratios. Please see Non-GAAP Financial Measures section of this MD&A.)
▪
Normalized earnings per share ("EPS") was $0.76 in the fourth quarter of 2024 consistent with the same 
quarter of 2023, and $2.18 for the full year of 2024 compared to $1.90 for the same period in 2023, while 
GAAP EPS was $0.68 in the fourth quarter of 2024 compared to $0.40 in the same quarter of 2023 and 
$1.95 for the full year of 2024 compared to $2.27 for the same period in 2023. Full year normalized EPS 
was above the midpoint of AltaGas' 2024 guidance range, driven by strong performance across the 
enterprise.
▪
Normalized EBITDA was $520 million in the fourth quarter of 2024 compared to $502 million in the same 
quarter of 2023, and $1,769 million for the full year of 2024 compared to $1,575 million for the same period 
in 2023, while income before income taxes was $231 million in the fourth quarter of 2024 compared to 
$161 million in the same quarter of 2023 and $746 million for the full year of 2024 compared to $912 million 
for the same period in 2023. Full year normalized EBITDA was at the top-end of AltaGas' 2024 guidance 
range, driven by strong business performance, including: the partial settlement of Washington Gas' post-
retirement benefit pension plan in the third quarter, record LPG export volumes, the benefit of continued 
Utilities rate base investments, the addition of the Pipestone assets, and enhanced cost management at 
the Utilities.
▪
The Utilities segment reported normalized EBITDA of $336 million in the fourth quarter of 2024 compared 
to $311 million in the same quarter of 2023, while income before income taxes was $186 million in the 
fourth quarter of 2024 compared to $207 million in the same quarter of 2023. The largest drivers of the 
eight percent year-over-year growth in Utilities normalized EBITDA were enhanced cost management, 
contribution from investments in rate base, and increased revenue from the 2023 D.C rate case decision. 
These factors were partially offset by warm weather in D.C. and Michigan and lower contributions from the 
Retail business.
▪
The Midstream segment reported normalized EBITDA of $182 million in the fourth quarter of 2024 
consistent with the same quarter of 2023, while income before income taxes was $181 million in the fourth 
quarter of 2024 compared to $79 million in the same quarter of 2023. Positive contributions from 
increased export volumes and the addition of the Pipestone Assets were offset by lower extraction 
volumes due to ethane re-injection, a higher percentage of export volumes under tolling contracts in 2024 
relative to 2023, and lower contribution from MVP due to recording equity earnings instead of the 
allowance for funds used during construction ("AFUDC") recorded in 2023.
▪
AltaGas continued to heavily invest in its Utilities business in 2024 to add new customers and enhance the 
safety and reliability of its system. The Company deployed $722 million of capital to the Utilities in 2024, 
with $360 million spent on asset modernization programs and the balance on system betterment and new 
meter growth. Asset modernization and system betterment will remain a key focus in 2025 and beyond, 
which will allow AltaGas to deliver the lowest cost and most reliable form of residential and commercial 
heating in its jurisdictions.
▪
AltaGas continues to work with numerous data center developers in Northern Virginia around building 
pipeline interconnects to provide natural gas for onsite power generation for new data centers. Business 
development and engineering work on these opportunities is expected to progress through 2025 with 
potential construction in 2026 and onwards. AltaGas is pursuing these opportunities on a de-risked basis 
through traditional rate regulated investments. These data center opportunities would further increase 
AltaGas' strong Utilities growth outlook. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 6

▪
Utilities system expansion opportunities progressed during the fourth quarter of 2024. SEMCO's 
Keweenaw Connector Pipeline project continued with key regulatory and engineering work and now 
expects to seek regulatory approval in 2025. The project is focused on ensuring long-term reliable gas and 
system resiliency for our Michigan customers, offering diversity of supply and more reliable service to 
14,000 customers in the Keweenaw Peninsula.
▪
AltaGas advanced a number of key Midstream growth projects in 2024:
•
The Company and Royal Vopak reached a positive final investment decision (“FID”) and commenced 
construction on the Ridley Island Energy Export Facility (“REEF”). REEF remains on budget and on-
schedule to achieve its 2026 in-service date. With only ten shipping days to strong demand markets in 
Northeast Asia, REEF will efficiently deliver Canada's vital energy products to the region and allow 
Canadian LPGs access to premium global markets.
•
AltaGas continued to progress construction of the Pipestone II deep cut facility in the Alberta Montney. 
The acid gas wells and gas gathering system have been completed, offsite fabrication has been 
executed in line with the project delivery schedule, and more than 40 percent of facility construction is 
complete. The project is on track to be in-service in 2025. Pipestone II is fully contracted under long-
term take-or-pay agreements with principally all costs incurred or committed under fixed price 
contracts.
•
AltaGas continued to advance regulatory and engineering work across a number of gas processing, 
fractionation, storage and export projects, based on strong customer demand. These projects would 
further extend the growth outlook for AltaGas' Midstream business.  
▪
The Company advanced commercial contracting across the Midstream business which further de-risked 
cash flows:
•
Executed long-term LPG supply and tolling agreements across the global exports platform during the 
fourth quarter of 2024 and first quarter of 2025 achieving AltaGas' base long-term tolling target for 
REEF. This includes Keyera entering a 15-year contract for 12,500 Bbls/d of LPGs at REEF.
•
Entered two agreements that have a high-single digit average contract length with a large investment 
grade international energy company in Northeastern B.C. ("NEBC") for a total of 100 Mmcf/d of gas 
processing capacity at the Townsend facility, with associated liquids handling and fractionation.
•
Extended the contract term with a large investment grade producer at the Pipestone I facility in the 
Alberta Montney for five years, including gas processing, liquids handling and marketing services.
•
Entered an 18-year agreement for approximately 8,000 Bbls/d fractionation capacity at Keyera Fort 
Saskatchewan ("KFS"), which provides AltaGas with dedicated frac capacity Pipestone II liquids while 
securing take-in-kind rights for LPG volumes and provides access to Keyera's extensive rail, storage, 
and logistics network in Alberta's Industrial Heartland.
▪
Since entering service in June 2024, the Mountain Valley Pipeline ("MVP") has been steadily operating 
under long-term 20-year contracts with investment grade counterparties. The 2.0 Bcf/d pipeline is 
expandable by 475 MMcf/d through additional compression and is extendable into North Carolina through 
the Southgate expansion project. The Southgate project filed an application with the U.S. Federal Energy 
Regulatory Commission ("FERC") in February to approve its proposed shortened pipeline route. AltaGas 
has a ten percent non-operated equity stake in the MVP pipeline and a 5.1 percent interest in Southgate 
and is currently evaluating a sale of its interests with proceeds planned to accelerate AltaGas' deleveraging 
plan.
▪
AltaGas had two financings in the fourth quarter of 2024, including Washington Gas' execution of a note 
purchase agreement on October 1, 2024 to issue US$200 million of private placement notes. Of this, 
US$100 million was issued on October 1, 2024 at 5.40 percent with a maturity date of October 1, 2054 and 
the remaining US$100 million will be issued on April 1, 2025 at 4.84 percent with a maturity date of April 1, 
2035. On November 18, 2024, AltaGas also executed a partial debt extinguishment of medium-term notes 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 7

("MTNs"), resulting in the derecognition of $806 million of previously issued MTNs for total consideration of 
$793 million.
▪
On December 3, 2024, AltaGas' Board of Directors approved a six percent increase to its 2025 common 
share dividends to $1.26 per common share annually ($0.315 per common share quarterly). This change 
will be effective for the dividend that will be paid on March 31, 2025.
▪
AltaGas has had a strong start to the year and is reiterating the Company's 2025 full year guidance, 
including normalized EBITDA of $1,775 million to $1,875 million and normalized net income per share of 
$2.10 to $2.30. 
2025 OUTLOOK
In 2025, AltaGas expects to achieve normalized EBITDA of approximately $1.775 to $1.875 billion, compared to 
actual normalized EBITDA of $1.769 billion in 2024, and normalized earnings per share of approximately $2.10 to 
$2.30, compared to actual normalized earnings per share of $2.18 and GAAP net income per share of $1.95 in 
2024. For the year ended December 31, 2024, income before income taxes was $746 million while net income 
applicable to common shares was $578 million.
The Utilities segment is expected to contribute approximately 55 percent of normalized EBITDA in 2025, with year-
over-year expected growth primarily driven by continued rate base growth through ongoing capital investments in 
asset modernization programs on behalf of AltaGas' customers, normal 2025 weather, positive contribution from 
new customer growth, stronger performance from WGL's retail marketing business, and increased asset 
optimization activities at Washington Gas. The Midstream segment is expected to contribute approximately 45 
percent of normalized EBITDA, with year-over-year expected growth driven primarily by strong expected global 
export volumes and margins, higher natural gas and NGL marketing margins, and higher utilization at the 
Company's Montney facilities, including the Townsend complex, North Pine, and Pipestone I, partially offset by 
lower expected equity earnings from MVP, including an assumed divestiture mid-year, and lower co-generation 
revenue at the Harmattan gas processing facility and extraction plant ("Harmattan") due to forward power prices. 
The variance in expected normalized earnings per share from $2.18 in 2024 to approximately $2.10 to $2.30 in 
2025 is anticipated to be primarily due to the same above factors impacting normalized EBITDA, partially offset by 
higher depreciation and amortization expense and higher normalized income tax expense.
The forecasted normalized EBITDA and earnings per share include assumptions around the Canadian/U.S. dollar 
exchange rate, and the currency hedges that AltaGas currently has in place. Within each segment, the performance 
of the underlying businesses has the potential to vary. Any variance from AltaGas’ current assumptions could 
impact the forecasted normalized EBITDA and normalized earnings per share. For further discussion of the risks 
impacting AltaGas please refer to the Risk Factors section of AltaGas' 2024 Annual Information Form, which is 
available on SEDAR+ at www.sedarplus.ca.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 8

AltaGas continues to focus on de-risking its business and managing direct commodity price exposure to drive 
predictable and durable results. While the Company does have exposure, it plans to maintain an active hedging 
program that proactively hedges commodity price and spread risk to mitigate the impact of fluctuations in margins 
and cash flows. For the first half of 2025, AltaGas has hedged materially all of its expected Baltic freight exposure 
through time charters, financial hedges, and tolled volumes, in addition to the hedges in the following table:
2025 Midstream Hedge Program
Q1 2025
Q2 2025
First half 
of 2025
Global Exports volumes hedged (%) (1)
 81 
 94 
 87 
Average propane/butane Far East Index ("FEI") to North America hedge 
(US$/Bbl) (2) (3)
18.33
18.90
18.61
Fractionation volumes hedged (%) (3)
 72 
 80 
 76 
Frac spread hedge rate (US$/Bbl) (3)
27.63
26.57
27.10
(1)
Approximate expected volumes hedged. Includes contracted tolling volumes and financial hedges. Based on AltaGas' internally assumed export volumes. 
AltaGas is hedged at a higher percentage for firmly committed volumes.
(2)
Does not include physical differential to FSK for C3 volumes. Butane is hedged as a percentage of WTI. 
(3)
Approximate average for the period.
AltaGas is actively contracting and hedging the balance of 2025 global export volumes, recognizing the NGL re-
contracting season is more dynamic this year given the impact of tariffs on Canadian LPGs entering the U.S.
SENSITIVITY ANALYSIS 
AltaGas’ financial performance is affected by factors such as changes in commodity prices, exchange rates, and 
weather. The following table illustrates the approximate effect of these key variables on AltaGas’ expected 
normalized annual results for 2025: 
Factor
Increase or 
decrease
Approximate impact 
on normalized annual 
results
($ millions)
Degree day variance from normal - Utilities (1) (2)
5 percent  
8 
Change in Canadian dollar per U.S. dollar exchange rate (3) (4)
0.05
Less than $1 million
Propane and butane FEI to North America spreads (1) (5)
US$1/Bbl  
23 
(1)
Represents impact on annual normalized EBITDA.
(2)
Degree days – Utilities relate to SEMCO Energy Gas Company ("SEMCO") and D.C. service areas. Degree days are a measure of coldness determined daily as 
the numbers of degrees the average temperature during the day in question is below 65 degrees Fahrenheit. Degree days for a particular period are the 
average of degree days during the prior 15 years for SEMCO and during the prior 30 years for Washington Gas.
(3)
Represents impact on annual normalized net income in the Utilities segment.
(4)
The sensitivity is net of hedges on U.S. denominated earnings currently in place. Refer to the Risk Management section of this MD&A for more details. 
(5)
The sensitivity is net of hedges currently in place. The impact on normalized EBITDA due to changes in the spread will vary and is being managed through an 
active hedging program.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 9

CAPITAL EXPENDITURES
AltaGas is maintaining a disciplined capital program and currently expects to deploy the following amount of 
invested capital in 2025:
2025 
Estimated
2024 
Actuals
Invested Capital
$1.4 billion
$1.3 billion
Split by segment:
Utilities
 51 %
 54 %
Midstream
 45 %
 41 %
Corporate
 4 %
 5 %
In 2025, AltaGas’ capital expenditures for the Utilities segment are expected to focus primarily on safety and 
reliability programs, including system betterment, asset modernization and pipeline replacement programs, and 
new customer additions. In the Midstream segment, capital expenditures are anticipated to primarily relate to new 
project development, including REEF and Pipestone Phase II, maintenance and administrative capital, and other 
optimization capital for existing assets. The Corporation continues to focus on capital efficient organic growth and 
disciplined capital allocation while improving balance sheet strength and flexibility.
AltaGas' 2025 committed capital program is expected to be funded through a combination of internally generated 
cash flows, the investment capacity associated with higher normalized EBITDA across the enterprise, and ongoing 
capital recycling through the planned divestiture of the Company’s equity interest in MVP. Additional asset sales 
will be considered on an opportunistic basis, with any potential proceeds to be used to strengthen the balance 
sheet and increase financial flexibility.
Please refer to the Net Invested Capital and Non-GAAP Financial Measures sections of this MD&A for additional 
information on the components of AltaGas' invested capital.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 10

Growth Capital Project Updates
The following table summarizes the status of AltaGas’ significant growth projects: 
Project
AltaGas' 
Ownership 
Interest
Estimated 
Cost (1)
Project Description and Status
Expected In-
Service Date
Midstream Projects
Pipestone 
Phase II  
100%
$425 million - 
$450 million 
Pipestone Phase II is a 100 MMcf/d sour deep-cut natural 
gas processing facility with 20,000 Bbls/d of liquids 
handling capabilities. The project reached a positive FID 
in December 2023 and is 100 percent contracted under 
long-term take-or-pay agreements. The project will be 
adjacent to Pipestone Phase I, which AltaGas acquired in 
December 2023, and is being constructed on a fixed 
price turnkey basis for the majority of the capital costs. 
Construction is underway and when complete, will 
deliver critical gas processing and liquids handling 
capacity in the Pipestone region of Alberta, which is one 
of 
the 
fastest 
growing 
liquids-rich 
natural 
gas 
developments in Canada. 
2025 Year-
end
REEF
50%
$675 million
REEF is a large-scale LPG and bulk liquids export 
terminal with supporting marine infrastructure that is 
under construction on Ridley Island, British Columbia. 
The project is being developed by AltaGas and Vopak 
Development Canada Holdings Inc. ("Vopak") and is 
located adjacent to the partners' existing RIPET facility. 
On May 29, 2024, a positive FID for Phase 1 was 
announced on the project. AltaGas will hold a 50 percent 
working interest in REEF and will be the project operator 
with Vopak holding the other 50 percent interest. 
Construction of in water works, overburden removal, 
rock blasting and early rail offloading foundation works 
are all progressing. Phase 1 includes construction of a 
new deep water marine jetty with significant capacity for 
potential future phases. 
2026 Year-
end
AltaGas Ltd. – 2024 MD&A and Financial Statements - 11

Project
AltaGas' 
Ownership 
Interest
Estimated 
Cost (1)
Project Description and Status
Expected In-
Service Date
Midstream Projects, continued
MVP 
Southgate 
Project
5%
US$19 million
The MVP Southgate Project is an interstate natural gas 
pipeline that will extend MVP from southern Virginia into 
central North Carolina. The project is owned by a 
consortium with AltaGas owning a 5.1 percent equity 
stake. In December 2023, MVP announced it entered 
into precedent agreements with two counterparties to 
collectively provide 550,000 Dth per day of firm capacity 
commitments for 20-year terms with two potential five-
year 
extensions. 
The 
precedent 
agreements 
contemplate a redesigned project, which would extend 
31-miles from the terminus of MVP in Pittsylvania County, 
Virginia to planned new delivery points in Rockingham 
County, North Carolina using a 30-inch diameter pipe, 
substantially fewer water crossings, and would not 
require a new compressor station. On February 3, 2025, 
MVP filed with the FERC requesting amendment to the 
existing 
"Certificate 
of 
Public 
Convenience 
and 
Necessity" for the redesigned MVP Southgate Project. 
The redesigned MVP Southgate Project is expected to 
cost 
approximately 
US$370 
million, 
of 
which 
approximately US$19 million will be AltaGas' portion. In 
the fourth quarter of 2021, AltaGas impaired its equity 
investment in the MVP Southgate project to a carrying 
value of $nil as a result of legal and regulatory 
challenges the project had encountered. AltaGas has a 
high degree of confidence in MVP Southgate becoming 
operational and remains committed to supporting the 
MVP Southgate project and connecting downstream 
customers to this critical transportation capacity.
June 2028 
with majority 
of the spend 
expected in 
2027.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 12

Project
AltaGas' 
Ownership 
Interest
Estimated 
Cost (1)
Project Description and Status
Expected In-
Service Date
Utilities Projects (2)
Accelerated 
Utility Pipe 
Replacement 
Programs – 
Washington 
Gas - D.C.
100%
Estimated 
US$93 million 
for the period 
March 2024 to 
December 
2025. Previous 
three years 
totaled US$150 
million.
The second phase of Washington Gas' ARP in D.C. was 
scheduled to end in December 2023. On December 22, 
2022, Washington Gas filed an application with the 
Public Service Commission of the District of Columbia 
("PSC of DC") for PROJECTpipes 3, seeking approval of 
approximately US$672 million for the five-year period 
from January 1, 2024 to December 31, 2028. On 
November 6, 2023, Washington Gas filed a request to 
extend PROJECTpipes 2 through December 31, 2024. 
The 
PSC 
of 
DC 
has 
issued 
orders 
extending 
PROJECTpipes 2  through December 2025 with an 
additional approved spending limit of approximately 
US$93 million. On June 12, 2024, the PSC of DC issued 
an order dismissing Washington Gas' PROJECTpipes 3 
application, and concurrently opened a new docket and 
directed Washington Gas to file a new and restructured 
application that comports with DC’s climate goals. On 
September 
27, 
2024, 
Washington 
Gas 
filed 
its 
restructured plan, District SAFE, requesting US$215 
million for the period from March 1, 2025 through 
December 31, 2027. The procedural schedule in the 
District SAFE matter has been extended to allow 
additional discovery on Washington Gas’ rebuttal 
testimony, and the PSC of DC directed the parties to file 
a Joint List of Material Facts in dispute on May 30, 2025. 
The PSC of DC will determine if evidentiary hearings are 
needed after review of the Joint List of Material facts in 
dispute. A final order in the District SAFE case is not 
expected until the second half of 2025. 
Individual 
assets are 
placed into 
service 
throughout 
the program 
and are 
captured in 
rate base 
through rate 
riders.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 13

Project
AltaGas' 
Ownership 
Interest
Estimated 
Cost (1)
Project Description and Status
Expected In-
Service Date
Utilities Projects, continued
Accelerated 
Utility Pipe 
Replacement 
Programs – 
Washington 
Gas - 
Maryland
100%
Estimated 
US$330 million 
over the five 
year period 
from January 
2024 to 
December 
2028, plus 
additional 
expenditures 
for subsequent 
phases upon 
approval.
On December 13, 2023, the Public Service Commission 
of Maryland ("PSC of MD") affirmed a public law judge's 
proposed order for the third phase of Washington Gas' 
ARP ("STRIDE 3") in Maryland, with a total five-year 
spending cap of approximately US$330 million. 
Individual 
assets are 
placed into 
service 
throughout 
the program 
and are 
captured in 
rate base 
through rate 
riders.
Accelerated 
Utility Pipe 
Replacement 
Programs – 
Washington 
Gas - Virginia
100%
Estimated 
US$878 million 
over the five 
year period 
from January 
2023 to 
December 
2027, plus 
additional 
expenditures 
for subsequent 
phases upon 
approval.
On May 26, 2022, the Commonwealth of Virginia State 
Corporation Commission ("SCC of VA") approved 
Washington Gas' proposed amendment for the 2023 to 
2027 SAVE Plan with a total five-year spending cap of 
approximately US$878 million, which may be exceeded 
by up to 5 percent.
Individual 
assets are 
placed into 
service 
throughout 
the program 
and are 
captured in 
rate base 
through rate 
riders.
Accelerated 
Mains 
Replacement 
and 
Infrastructure 
Reliability 
Improvement  
Programs – 
SEMCO 
ENERGY - 
Michigan
100%
Estimated 
US$115 million 
over five year 
period from 
2021 to 2025, 
as well as 
incremental 
expenditures of 
US$99 million 
from 2025 to 
2027, plus 
additional 
expenditures 
for subsequent 
phases upon 
approval.
A MRP was agreed to in SEMCO’s last rate case settled 
in December 2019. The five-year MRP program began in 
2021 with a total spend of approximately US$60 million. 
In addition to the MRP program, SEMCO was granted an 
IRIP, which is also a five-year program with a total spend 
of approximately US$55 million beginning in 2021. On 
April 1, 2024, SEMCO submitted its MRP and IRIP 
amendment application, seeking approval from the 
Michigan Public Service Commission ("MPSC") to extend 
its MRP and IRIP programs for approximately US$46 
million and US$68 million, respectively, for the period 
from 2025 to 2027, which includes approximately US$15 
million of spend for 2025 approved through the previous 
program. The MPSC approved the settlement on 
September 26, 2024. 
Individual 
assets are 
placed into 
service 
throughout 
the program 
and are 
captured in 
rate base 
through rate 
riders.
(1)
These amounts are estimates and are subject to change based on various factors. Where appropriate, the amounts reflect AltaGas’ share of the various 
projects.
(2)
The utility accelerated replacement programs are long-term projects with multiple phases for which expenditures are approved by the regulators and managed 
in multi-year increments. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 14

UTILITY ASSETS
Description of Assets
AltaGas owns and operates utilities assets that store and deliver natural gas to residential, commercial, and 
industrial end-users in Virginia, Maryland, Michigan, and D.C. AltaGas' Utilities provide energy to approximately 1.6 
million customers with an average rate base of approximately US$5.4 billion.
The Utilities are underpinned by regulated returns and regulatory regimes that generally provide AltaGas with 
stable earnings and cash flows. The Utilities segment enhances the diversification of AltaGas' portfolio of energy 
infrastructure assets and strengthens the Corporation’s business profile, thus allowing the Corporation to meet its 
objective of operating a diversified lower-risk, high-growth energy infrastructure business that is focused on 
delivering resilient and durable value for its stakeholders with long-life assets.
The Utilities segment includes: 
▪
Washington Gas, which is a regulated gas utility that operates in Virginia, Maryland, and D.C.;
▪
Hampshire Gas, which provides regulated interstate natural gas storage to Washington Gas; 
▪
SEMCO, which is a regulated gas utility that operates in Michigan; and
▪
WGL's Retail Marketing business, which is an unregulated energy platform that sells power and natural 
gas directly to residential, commercial, and industrial customers in Maryland, Virginia, Delaware, 
Pennsylvania, Ohio, and D.C.
All of AltaGas' regulated Utilities are allowed the opportunity to earn regulated returns. This return on rate base is 
composed of regulator-allowed financing costs and return on equity ("ROE"). If actual costs are different from those 
recoverable through approved rates, the utility bears the risk of this difference other than for certain costs that are 
subject to deferral treatment. 
Earnings in the Utilities segment are seasonal, as revenues are primarily based on the demand for space heating in 
the winter months, mainly from November to March. Costs, on the other hand, are generally incurred more 
uniformly over the year. This typically results in stronger first and fourth quarters and weaker second and third 
quarters. In Michigan and D.C., earnings can be impacted by variations from normal weather resulting in delivered 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 15

gas volumes being different than anticipated. Increases in the number of customers or changes in customer usage 
are other factors that might typically affect delivered volumes, and hence actual earned returns for the Utilities 
segment. In Virginia and Maryland, Washington Gas has billing mechanisms in place which are designed to 
eliminate or mitigate the effects of variance in customer usage caused by weather and other factors such as 
conservation. 
Washington Gas 
Washington Gas is a regulated gas utility that distributes natural gas to end users in Virginia, Maryland, and D.C. At 
the end of 2024, Washington Gas had approximately 1.2 million customers, of which approximately 94 percent 
were residential and the balance were commercial and industrial. The average rate base for the year ended 
December  31, 2024 was approximately US$4.4 billion. At the end of 2024, the approved regulated ROE for 
Washington Gas in its various jurisdictions ranged from 9.5 - 9.65 percent based on an equity ratio ranging from 
52.0 - 52.5 percent. 
Washington Gas is regulated by the PSC of DC, the PSC of MD, and the SCC of VA, which approve its terms of 
service and the billing rates that it charges to customers. The rates charged to Utilities customers are designed to 
recover Washington Gas’ operating expenses and natural gas commodity costs and to provide a return on its 
investment in the net assets used in its firm gas sales and delivery service.
Washington Gas utilizes ARP modernization programs across all three of its operating jurisdictions. These programs 
are focused on reducing risk and further enhancing the safety and reliability of the networks. Each regulatory 
commission with jurisdiction over Washington Gas’ customer rates has ARPs with an associated surcharge 
mechanism to recover the cost, including providing a return on those capital investments. In contrast to the 
traditional rate-making approach to capital investments, these ARP programs ensure that Washington Gas is 
receiving recovery for these investments as the programs are generally executed against over three to five-year 
approved increments. 
Washington Gas’ customers are eligible to purchase their natural gas from unregulated third-party marketers 
through natural gas unbundling. As at December 31, 2024, approximately 12 percent of its customers have chosen 
to purchase gas from marketers. This does not negatively impact Washington Gas’ earnings as the Corporation 
does not earn a margin on the sale of natural gas to firm customers, rather only from the delivery and distribution of 
the gas. 
Washington Gas obtains natural gas supplies that originate from multiple regions throughout the United States. At 
December 31, 2024, it had service agreements with four pipeline companies that provided firm transportation and 
storage services with contract expiration dates ranging from 2025 to 2045. Washington Gas has also contracted 
with various interstate pipeline and storage companies to add to its storage and transportation capacity. 
Washington Gas, under its asset optimization program, makes use of storage and transportation capacity resources 
available, when those assets are not required to serve utility customers. The objective of this program is to derive a 
profit from excess storage and transportation capacity that is shared with its utilities customers. These profits are 
earned by entering into commodity-related physical and financial contracts with third parties and the profits help 
reduce overall utility costs for Washington Gas' customers. 
Hampshire Gas
Hampshire owns underground natural gas storage facilities, including pipeline delivery facilities located in and 
around Hampshire County, West Virginia, and operates these facilities to serve Washington Gas. Hampshire is 
regulated by the Federal Energy Regulatory Commission ("FERC"). Washington Gas purchases all of the storage 
services of Hampshire, and includes the cost of the services in the commodity cost of its regulated energy bills to 
customers. Hampshire operates under a “pass-through” cost-of-service based tariff approved by FERC. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 16

SEMCO
SEMCO is a regulated gas utility that distributes natural gas to end users in Michigan's southern half of the Lower 
Peninsula and in the central, eastern, and western parts of the state's Upper Peninsula. At the end of 2024, SEMCO 
had approximately 325,000 regulated customers, of which approximately 93 percent were residential, and the 
balance were commercial and industrial. Additionally, SEMCO serves approximately 5,000 customers through its 
non-regulated business. The average 2024 rate base was approximately US$932 million. In 2024, the approved 
regulated ROE for SEMCO was 9.87 percent with an approved capital structure based on 45.86 percent equity, 
inclusive of the impact of deferred income tax. 
SEMCO is regulated by the MPSC. It operates under cost-of-service regulation and utilizes actual results from the 
most recently completed fiscal year along with known and measurable changes in its application for new rates. 
SEMCO has an Accelerated MRP surcharge to recover a stated amount of accelerated main replacement capital 
expenditures in excess of what is authorized in its current base rates. Any MRP revenue associated with unspent 
capital will be placed into a regulatory liability account to be addressed in the next general rate base case. 
Additionally, SEMCO has an IRIP to improve the reliability of infrastructure. Similar to the MRP, any unspent IRIP 
capital is placed into a regulatory liability account to be addressed in the next general rate base case.
Retail Energy Marketing 
 
The U.S. retail gas marketing business sells natural gas directly to residential, commercial, and industrial customers 
in Maryland, Virginia, Delaware, Pennsylvania, and D.C. 
The U.S. retail power marketing business sells power to end users in Maryland, Delaware, Pennsylvania, Ohio, and 
D.C. This area is served by the PJM Interconnection ("PJM"), a regional transmission organization that regulates and 
coordinates generation supply and the wholesale delivery of electricity in these states and jurisdictions.
Natural gas and electricity are purchased with the objective of earning a profit through competitively priced sales 
contracts with end users. Requirements to serve retail customers is closely matched with commitments for 
deliveries, and thus, a secured supply arrangement expiring in March 2026 has been entered into with Shell 
Energy North America (US), L.P, which reduces credit requirements.
Capitalize on Opportunities
AltaGas expects to grow its existing utilities through adding new customers from ongoing household and business 
formation, extending its network to currently un-serviced regions within its service territory, and through capital 
investments to replace aging infrastructure that are focused on long-term safety and reliability, which will 
collectively drive rate base growth. AltaGas' utilities have had annual rate base growth averaging approximately 8 
percent in U.S. dollars over the past three years, after excluding the impact of asset sales. The growth in rate base 
is a result of prudent investments in current areas of operations and the addition of new customers. Customer 
growth rates for AltaGas’ utilities are moderate, as is typical with mature utilities, with growth rates generally tied 
closely to the economic growth and new household and business formation within its respective franchise regions. 
 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 17

MIDSTREAM ASSETS
Description of Assets
AltaGas’ Midstream business is a fully integrated North American platform that connects customers and markets to 
critical forms of energy. From wellhead to tidewater, the Company is focused on providing its customers with safe 
and reliable service and connectivity across the Midstream value chain that facilitates the best outcomes for their 
businesses. AltaGas is heavily focused on the Montney and Deep Basin resource plays and providing global market 
access for North American LPGs, which provides North American producers and aggregators with attractive 
netbacks for propane and butane while delivering diversity of supply and supporting stronger energy security in 
Asia to AltaGas' downstream customers.
Please see below for a map of AltaGas' Midstream assets. The Midstream segment also includes expansion 
projects under development or construction, as discussed under the Growth Capital section of this MD&A. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 18

Global Exports
AltaGas’ global export business provides market connectivity for North American LPGs to reach global downstream 
markets, where the strongest pricing is realized. The business owns and operates the following large-scale export 
terminals:
Export Facilities
Facility
Location
Equity 
Interest (%)
Propane LPG 
Storage 
Capacity 
(Bbls)
Butane 
Storage 
Capacity 
(Bbls)
Nameplate
 LPG Export 
Capacity 
(Bbls/d)
2024 LPG 
Export 
Throughput 
(Bbls/d)
RIPET
Ridley Island, BC
 70 %  
600,000  
—  
80,000  
76,296 
Ferndale  
Ferndale, WA
 100 %  
400,000  
400,000  
70,000  
45,951 
REEF - under 
construction (1)
Ridley Island, BC
 50 %  
400,000  
200,000  
56,000 
n/a
Total
 
1,400,000  
600,000  
206,000  
122,247 
(1) Listed storage and export capacity is proposed as REEF is still under construction.
RIPET exclusively exports propane while Ferndale exports propane and butane to key downstream markets. Both 
of these facilities are deepwater ports that are capable of loading Very Large Gas Carriers ("VLGCs"), which are the 
largest global vessels and provide the strongest economies of scale and are the most efficient, safest, and lowest-
carbon solution to transporting across the Pacific Ocean. VLGCs are also the most in demand vessels from a 
destination perspective in key import markets, like Japan, South Korea, and China.
AltaGas is also developing REEF, which is a large-scale LPG and bulk liquids export terminal with supporting marine 
infrastructure that is being constructed on Ridley Island in Northwestern B.C., adjacent to the current RIPET 
terminal. The project is being developed by AltaGas and Vopak and is proposed to have the capability to export 
propane and butane in the first phase of development, with bulk liquids, ethane and other products as potential 
next phases of development. Please refer to the Capital Expenditures section of this MD&A for further details on 
the status of REEF. 
Natural Gas Gathering, Processing and Extraction
Natural gas gathering and processing activities are comprised of gathering systems that move raw natural gas and 
NGLs from producing wells to processing facilities, where impurities and certain hydrocarbon components are 
removed, and the product moves down the energy value chain. The gas is then compressed to meet downstream 
pipelines' operating specifications for transportation to North American natural gas markets. All of AltaGas' 
processing facilities are capable of extracting NGLs, which are then converted into usable products. The facilities 
provide revenues based on take-or-pay contracts and fee-for-service arrangements with its customers, with the 
latter based on volumes processed. A significant portion of AltaGas' Midstream contracts flow the Company's 
operating costs through to its end customers and provide a steady rate of return on its infrastructure investments. 
AltaGas' significant gas gathering, processing, and extraction facilities are as follows:
AltaGas Ltd. – 2024 MD&A and Financial Statements - 19

Natural Gas Gathering, Processing, and Extraction Facilities
Facility
Location
Equity 
Interest 
(%)
Operated / 
Non-Operated
Licensed Gas 
Processing 
Capacity - Net  
(Mmcf/d)
2024 Gas 
Processing 
Throughput - 
Net (Mmcf/d)
Townsend
North of Fort St. John, BC
 100 %
Operated  
550  
254 
Pipestone Phase I
Grand Prairie, AB
 100 %
Operated  
110  
90 
Pipestone Phase II - under 
construction (1)
Grand Prairie, AB
 100 %
Operated  
100 
n/a
Gordondale
Bonanza, AB
 100 % Non-Operated  
150  
106 
Blair Creek
North of Fort St. John, BC
 100 %
Operated  
120  
46 
JEEP
Joffre, AB
 100 %
Operated  
250  
103 
EEEP
Edmonton, AB
 100 %
Operated  
390  
155 
Empress Pembina ("PEEP")
Empress, AB
 11 % Non-Operated  
135  
132 
Harmattan
Sundre, AB
 100 %
Operated  
490  
352 
Younger 
Taylor, BC
 28 % Non-Operated  
213  
159 
Total
 
2,508  
1,397 
(1)   Listed licensed capacity is proposed as Pipestone Phase II is still under construction.
Construction is underway for Pipestone Phase II, which is an expansion project that will provide an additional 100 
MMcf/d of sour deep-cut natural gas processing capacity and an additional 20,000 Bbls/d of liquids handling 
capabilities. Please refer to the Capital Expenditures section of this MD&A for further details on the status of 
Pipestone Phase II.
In January 2024, AltaGas completed and placed in-service the Harmattan Acid Gas Injection well, which is capable 
of capturing up to 60,000 tonnes per year of carbon emissions at the Company’s Harmattan gas plant.
 
Fractionation and Liquids Handling
AltaGas' fractionation and liquids handling business is highly integrated with its upstream gas gathering, 
processing, and extraction business, with the business driven by gas processing volumes, liquids composition, and 
NGL extraction volumes from the gas streams. AltaGas' fractionation and liquids handling business is also physically 
linked to its global exports business, with LPGs that come from fractionators shipped through its NGL pipelines and 
rail network to the Company's global exports terminals. 
 
AltaGas' liquids handling infrastructure consists of NGL pipelines, treating, storage, truck, and rail terminal 
infrastructure centered around AltaGas’ key Midstream operating assets at RIPET, Ferndale, Harmattan and, in 
Northeast British Columbia ("NEBC"), Townsend and North Pine. 
 
AltaGas’ significant fractionation and liquids handling facilities are as follows:
Fractionation and Liquids Handling Facilities
Facility
Location
Equity Interest (%)
Operated / Non-
Operated
NGL Fractionation 
Capacity - Net 
(Bbls/d)
2024 NGL 
Fractionation 
Throughput - 
Net (Mmcf/d)
Harmattan
Sundre, AB
 100 %
Operated  
35,000  
18,352 
Younger
Taylor, BC
 50 %
Non-Operated  
9,750  
4,717 
North Pine
Fort St. John, BC
 100 %
Operated  
25,000  
20,283 
Total
 
69,750  
43,352 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 20

Other fractionation and liquids handling infrastructure includes:
▪
A network of NGL pipelines in the NEBC area that connects upstream gas plant producers to the AltaGas 
North Pine facility. The NEBC NGL pipelines consist of three liquids egress lines. The third line, which 
connects the Townsend facility to the Townsend truck terminal on the Alaska Highway (30 km) and 
AltaGas' North Pine facility (70 km), was commissioned in the third quarter of 2020;
▪
NGL and spec propane lines that connect the Townsend complex in the North, to the Aitken Creek 
facilities through the 60 km Aitken Connector NGL pipeline, Canadian Natural Resources Limited's Nig 
plant through a lateral, and to the Tourmaline Gundy facility in the West through a 15 km spec propane line, 
were commissioned in the first half of 2020;
▪
Pipestone Phase I which has 20,000 Bbls/d of liquids handling capacity located in the heart of the Alberta 
Montney and Pipestone Phase II when constructed will provide an additional 20,000 Bbls/d of liquids 
handling capabilities; and
▪
A rail logistics network consisting of approximately 4,500 rail cars that AltaGas manages to support LPG 
and NGL handling.
Terminals and Storage
AltaGas' terminals and storage business provides support to the global exports business by providing the ability to 
source, transport, process, store, and deliver products through strategically located fixed assets throughout North 
America. In addition, the business provides various storage and handling services to third-party customers through 
take-or-pay and fee-for-service agreements, which provide earnings stability through volatile commodity price 
environments. 
Significant infrastructure includes:
Terminals
Facility
Location
Equity 
Interest (%)
Operated / 
Non-Operated
Operational 
Capacity LPG/
NGL/Crude - 
Gross 
(Bbls/d)
Storage 
Capacity - Gross 
(Bbls)
Griffith LPG Terminal (1)
Griffith, IN
 100 %
Operated  
12,000  
700,000 
Fort Sask. NGL Terminal (2) Fort Saskatchewan, AB
 100 %
Operated  
25,000  
180,000 
Strathcona Storage JV
Fort Saskatchewan, AB
 40 % Non-Operated  
—  
3,215,500 
Crude Blending Terminals
Various
 100 %
Operated  
25,700  
20,000 
Total
 
62,700  
4,115,500 
(1)
Operational capacity can be expandable to 30,000 Bbls/d. Also includes rail siding capacity of up to 220 railcars.
(2)
Includes rail siding capacity of up to 265 railcars.
Natural Gas Storage Facilities
Facility
Location
Equity 
Interest (%)
Operated / Non-
Operated
Storage Capacity - 
Gross (Bcf)
Sarnia Gas Storage
Sarnia, ON
 50 %
Non-Operated  
5.9 
Dimsdale Natural Gas Storage (1)
Grand Prairie, AB
 100 %
Operated  
15.0 
(1)
Storage capacity can be increased more than four-fold through potential expansion projects. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 21

NGL and Crude Marketing
 
AltaGas' marketing business is focused on the purchase, sale, exchange, and distribution of NGLs and crude oil, 
primarily in proximity to its strategically owned and leased asset base. By leveraging AltaGas' fully integrated 
infrastructure base and extensive logistical capabilities, the marketing team is able to source competitively priced 
supply at the key hubs and across various hydrocarbon basins in order to capture arbitrage opportunities derived 
through regional pricing differentials. Marketing efforts are driven by two primary focuses: 1) domestic NGL and 
crude oil wholesale, and 2) LPG waterborne exports. AltaGas supports its distribution efforts by maintaining an 
extensive leased rail fleet consisting of approximately 4,500 rail cars in 2024. Leases are on a full-service basis and 
are established on a staggered maturity schedule with multiple lessors to ensure railcar integrity and up-to-date 
DOT classification. AltaGas also provides energy procurement services for utility gas users and manages the third-
party pipeline transportation requirements for many of its gas marketing customers.
Pipeline Investments
AltaGas has a 10 percent equity interest in MVP, which is a 2.0 Bcf/d interstate natural gas pipeline system that 
spans more than 300 miles from northwestern West Virginia to southern Virginia and is fully subscribed. MVP was 
completed and placed into service in June 2024 and saw its 20 year firm service contracts with investment grade 
counterparties come into effect July 1, 2024. AltaGas also owns a 5 percent equity stake in the MVP Southgate 
Project, which is an interstate natural gas pipeline that will extend MVP from Southern Virginia into central North 
Carolina and add an additional 550 MMcf/d of capacity to MVP through low-cost compression. Please refer to the 
Capital Expenditures section of the MD&A for further details on the status of MVP Southgate. 
Capitalize on Opportunities 
To take advantage of opportunities, including the continued natural gas and NGL growth and the increasing Asian 
demand for LPGs, AltaGas plans to grow its Midstream business by expanding and optimizing strategically located 
assets throughout the Montney and Deep Basin and its global export platform. This includes brownfield and 
greenfield assets that will support enhanced market connectivity and the continued development of the vast 
reserves in North America.
CORPORATE/OTHER ASSETS
Description of Assets
AltaGas' Corporate/Other segment includes all non-operating activities that support AltaGas and are not specifically 
attributable to the Utilities and Midstream segments. It also includes a small portfolio of remaining power assets, 
including the Blythe Energy Center, which is a natural gas-fired plant in California with 507 MW of generating 
capacity (the "Blythe Energy Center" or "Blythe").
Blythe is a gas-fired power generation asset that serves the transmission grid operated by the California 
Independent System Operator ("CAISO") to cover periods of high demand primarily driven by the Los Angeles 
region. The facility is directly connected to an El Paso Gas Company natural gas pipeline for its primary gas supply 
and a Southern California Gas Company pipeline as a secondary supply source, and interconnects to Southern 
California Edison ("SCE") and CAISO via a 67-mile transmission line also owned by Blythe Energy Inc., an indirect 
wholly-owned subsidiary of AltaGas. In February 2023, AltaGas reached an agreement with SCE for the purchase 
of resource adequacy attributes from Blythe for the period from January 1, 2024 through December 31, 2027. 
AltaGas believes this facility is an important asset for California to meet its ongoing power needs and ensuring the 
reliability of the power grid during peak demand periods.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 22

CONSOLIDATED FINANCIAL REVIEW
Three Months Ended
December 31
Year Ended
December 31
($ millions, except where noted)
2024
2023
2024
2023
Revenue
 
3,259  
3,288  
12,448  
12,997 
Normalized EBITDA (1)
 
520  
502  
1,769  
1,575 
Income before income taxes
 
231  
161  
746  
912 
Net income applicable to common shares
 
203  
113  
578  
641 
Normalized net income (1)
 
227  
214  
648  
536 
Total assets
 
26,092  
23,471  
26,092  
23,471 
Total long-term liabilities
 
13,546  
12,195  
13,546  
12,195 
Invested capital (1)
 
392  
290  
1,328  
946 
Cash used in investing activities
 
402  
594  
1,375  
199 
Dividends declared (2)
 
88  
79  
353  
316 
Cash from operations
 
508  
154  
1,538  
1,121 
Normalized funds from operations (1) 
 
397  
376  
1,192  
1,128 
Normalized effective income tax rate (%) (1)
 12.4 
 21.1 
 19.1 
 20.9 
Effective income tax rate (%) (3)
 9.5 
 20.5 
 18.5 
 24.5 
Three Months Ended
December 31
Year Ended
December 31
($ per share, except shares outstanding) 
2024
2023
2024
2023
Net income per common share - basic
 
0.68  
0.40  
1.95  
2.27 
Net income per common share - diluted
 
0.68  
0.40  
1.94  
2.26 
Normalized net income - basic (1)
 
0.76  
0.76  
2.18  
1.90 
Normalized net income - diluted (1)
 
0.76  
0.75  
2.17  
1.89 
Dividends declared (2)
 
0.30  
0.28  
1.19  
1.12 
Cash from operations
 
1.70  
0.54  
5.18  
3.98 
Normalized funds from operations (1) 
 
1.33  
1.33  
4.01  
4.00 
Shares outstanding - basic (millions)
During the period (4)
 
298  
283  
297  
282 
End of period
 
298  
295  
298  
295 
(1)
Non-GAAP financial measure or non-GAAP financial ratio; see discussion in the Non-GAAP Financial Measures section of this MD&A.  
(2)
Dividends declared per common share per quarter: $0.28 per share beginning March 2023, increased to $0.2975 per share effective March 2024, and 
increased to $0.315 per share effective March 2025.
(3)
The decrease in the effective tax rate for the three months and year ended December 31, 2024 is primarily due to the resolution of tax authority audits.
(4)
Weighted average.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 23

RESULTS OF OPERATIONS BY REPORTING SEGMENT
Normalized EBITDA (1) 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Utilities
$ 
336 $ 
311 $ 
1,012 $ 
886 
Midstream
 
182  
182  
785  
684 
Sub-total: Operating Segments
$ 
518 $ 
493 $ 
1,797 $ 
1,570 
Corporate/Other
 
2  
9  
(28)  
5 
$ 
520 $ 
502 $ 
1,769 $ 
1,575 
(1)
Non-GAAP financial measure; See discussion in the Non-GAAP Financial Measures section of this MD&A. 
Income (Loss) Before Income Taxes
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Utilities
$ 
186 $ 
207 $ 
627 $ 
886 
Midstream
 
181  
79  
646  
460 
Sub-total: Operating Segments
$ 
367 $ 
286 $ 
1,273 $ 
1,346 
Corporate/Other
 
(136)  
(125)  
(527)  
(434) 
$ 
231 $ 
161 $ 
746 $ 
912 
Revenue
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Utilities
$ 
1,203 $ 
1,288 $ 
4,444 $ 
4,827 
Midstream
 
2,036  
1,971  
7,918  
8,069 
Sub-total: Operating Segments
$ 
3,239 $ 
3,259 $ 12,362 $ 
12,896 
Corporate/Other
 
20  
29  
86  
101 
$ 
3,259 $ 
3,288 $ 12,448 $ 
12,997 
THREE MONTHS ENDED DECEMBER 31
Normalized EBITDA for the fourth quarter of 2024 was $520 million, compared to $502 million for the same quarter 
of 2023. The increase was largely driven by strong results from the Utilities segment, as well as strong global 
export volumes in the Midstream segment. 
In the Utilities segment, normalized EBITDA was mainly impacted by lower operating and administrative expenses 
due to ongoing cost controls, higher revenue from ongoing ARP investments, and the impact of the 2022 D.C. rate 
case, partially offset by lower contributions from WGL's retail marketing business, which had experienced outsized 
contribution in the fourth quarter of 2023. Please refer to the Utilities Segment section of this MD&A for more 
details on the factors impacting Utilities results.
In the Midstream segment, normalized EBITDA was mainly impacted by higher volumes and merchant margins from 
the global exports business, offset by lower contributions from the extraction facilities and lower equity earnings at 
MVP due to the absence of AFUDC recorded in the fourth quarter of 2023. Please refer to the Midstream Segment 
section of this MD&A for more details on the factors impacting Midstream results.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 24

In the Corporate/Other segment, normalized EBITDA was mainly impacted by lower contributions from Blythe. 
Please refer to the Corporate/Other Segment section of this MD&A for more details on the factors impacting 
Corporate results.
Income before income taxes for the fourth quarter of 2024 was $231 million, compared to $161 million for the same 
quarter of 2023. The increase was mainly due to lower unrealized losses on risk management contracts, the same 
previously referenced factors impacting normalized EBITDA, foreign exchange gains compared to foreign 
exchange losses in the same quarter of 2023, and lower transaction costs related to acquisitions and dispositions. 
These factors were partially offset by higher interest expense, provisions on assets in the fourth quarter of 2024 
related to EEEP and certain non-operational equipment in the Corporate/Other segment, higher depreciation and 
amortization expense, and higher transition and restructuring costs. Net income applicable to common shares for 
the fourth quarter of 2024 was $203 million ($0.68 per share), compared to $113 million ($0.40 per share) for the 
same quarter of 2023. The increase was mainly due to the same previously referenced factors impacting income 
before income taxes, lower income tax expense, the absence of the loss on redemption of preferred shares in the 
fourth quarter of 2023, lower preferred share dividends, and lower net income applicable to non-controlling 
interests. 
 
Normalized funds from operations for the fourth quarter of 2024 was $397 million ($1.33 per share), compared to 
$376 million ($1.33 per share) for the same quarter of 2023. The increase was mainly due to the same previously 
referenced factors impacting normalized EBITDA, foreign exchange gains compared to foreign exchange losses in 
the same quarter of 2023, higher distributions from equity investments, and lower normalized current income tax 
expense, partially offset by higher interest expense and the impact of non-cash items included in normalized 
EBITDA.
Cash from operations for the fourth quarter of 2024 was $508 million ($1.70 per share), compared to $154 million 
($0.54 per share) for the same quarter of 2023. The increase was mainly due to favourable variances in the net 
change in operating assets and liabilities, primarily as a result of fluctuations in commodity prices and sales 
volumes as well as higher net income after taxes (after adjusting for non-cash items). Please refer to the Liquidity 
section of this MD&A for further details on the variance in cash from operations. 
Interest expense for the fourth quarter of 2024 was $128 million, compared to $101 million for the same quarter of 
2023. The increase was mainly due to incremental interest costs due to the issuance of additional subordinated 
hybrid notes in the third quarter of 2024 as well as the fourth quarter of 2023, higher average interest rates, and a 
higher average Canadian/U.S. dollar exchange rate, partially offset by higher capitalized interest and a decrease in 
average debt balances. Interest expense recorded on subordinated hybrid notes for the fourth quarter of 2024 was 
$34 million, compared to $11 million for the same quarter of 2023. 
AltaGas recorded income tax expense of $22 million for the fourth quarter of 2024, compared to $33 million for the 
same quarter of 2023. The decrease in income tax expense was mainly due to the resolution of audit matters.
Normalized net income was $227 million ($0.76 per share) for the fourth quarter of 2024, compared to $214 million 
($0.76 per share) for the same quarter of 2023. The increase was mainly due to lower normalized income tax 
expense and the same previously referenced factors impacting normalized EBITDA, partially offset by higher 
interest expense and higher depreciation and amortization expense. Please refer to the Non-GAAP Financial 
Measures section of this MD&A for further details on normalization adjustments. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 25

YEAR ENDED DECEMBER 31
Normalized EBITDA for the year ended December 31, 2024 was $1,769 million, compared to $1,575 million in 2023. 
The largest positive impact was from the Utilities segment, followed by the Midstream segment.
In the Utilities segment, normalized EBITDA was mainly impacted by the partial settlement of WGL's post-retirement 
benefit pension plan, higher revenue from ongoing ARP investments, lower operating and administrative expenses 
due to cost controls, and higher contributions from WGL's retail marketing business. These factors were partially 
offset by the impact of the Alaska Utilities Disposition in the first quarter of 2023, decreased asset optimization 
activities at Washington Gas, and the absence of the gain resulting from the partial debt defeasance associated 
with the Alaska Utilities Disposition. Please refer to the Utilities Segment section of this MD&A for more details on 
the factors impacting Utilities results.
In the Midstream segment, normalized EBITDA was higher due to stronger volumes and merchant margins from the 
global exports business, the addition of the Pipestone Assets, and higher contributions from the fractionation and 
liquids handling business, partially offset by a lower impact of the favourable resolution of certain acquisition 
related commercial disputes and contingencies in 2024 compared to 2023. Please refer to the Midstream Segment 
section of this MD&A for more details on the factors impacting Midstream results.
In the Corporate/Other segment, normalized EBITDA was mainly impacted by higher expenses related to employee 
incentive plans as a result of the increasing share price in 2024, as well as lower contributions from Blythe. Please 
refer to the Corporate/Other Segment section of this MD&A for more details on the factors impacting Corporate 
results. 
Income before income taxes for the year ended December 31, 2024 was $746 million, compared to $912 million in 
2023. The decrease was mainly due to lower gains on sale of assets, higher interest expense, higher transition and 
restructuring costs, higher depreciation and amortization expense, and the previously mentioned provisions on 
assets in the fourth quarter of 2024, partially offset by the same previously referenced factors impacting normalized 
EBITDA, lower unrealized losses on risk management contracts, lower transaction costs related to acquisitions and 
dispositions, foreign exchange gains compared to foreign exchange losses in the same period in 2023, and lower 
accretion expense. Net income applicable to common shares for the year ended December 31, 2024 was $578 
million ($1.95 per share), compared to $641 million ($2.27 per share) in 2023. The decrease was mainly due to the 
same previously referenced factors impacting income before income taxes, partially offset by lower income tax 
expense, lower preferred share dividends, the absence of the loss on redemption of preferred shares in the fourth 
quarter of 2023, and lower net income applicable to non-controlling interests.
Normalized funds from operations for the year ended December 31, 2024 was $1,192 million ($4.01 per share), 
compared to $1,128 million ($4.00 per share) in 2023. The increase was mainly due to the same previously 
referenced factors impacting normalized EBITDA, foreign exchange gains compared to foreign exchange losses in 
the same period in 2023, and higher distributions from equity investments, partially offset by the impact of non-
cash items included in normalized EBITDA, higher interest expense, and higher normalized current income tax 
expense. 
Cash from operations for the year ended December 31, 2024 was $1,538 million ($5.18 per share), compared to 
$1,121 million ($3.98 per share) in 2023. The increase was mainly due to a favourable net change in operating 
assets and liabilities, primarily as a result of fluctuations in commodity prices and sales volumes as well as higher 
net income after taxes (after adjusting for non-cash items). Please refer to the Liquidity section of this MD&A for 
further details on the variance in cash from operations.
Interest expense for the year ended December 31, 2024 was $455 million, compared to $394 million in 2023. The 
increase was mainly due to incremental hybrid interest costs due to the issuance of additional subordinated hybrid 
notes in the third quarter of 2024 as well as the fourth quarter of 2023, higher average interest rates, an increase in 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 26

average debt balances, and a higher average Canadian/U.S. dollar exchange rate, partially offset by higher 
capitalized interest. For the year ended December 31, 2024, AltaGas recorded total interest expense of $75 million 
on the subordinated hybrid notes, compared to $37 million in 2023.
 
AltaGas recorded income tax expense of $138 million for the year ended December 31, 2024, compared to $223 
million in 2023. The decrease in tax expense was mainly due to lower income before income taxes, resolution of 
audit matters, and the absence of the tax impact of the Alaska Utilities Disposition that occurred in the first quarter 
of 2023.
Normalized net income was $648 million ($2.18 per share) for the year ended December 31, 2024, compared to 
$536 million ($1.90 per share) in 2023. The increase was mainly due to the same previously referenced factors 
impacting normalized EBITDA, lower preferred share dividends, and lower accretion expense, partially offset by 
higher interest expense, higher depreciation and amortization expense, and higher normalized income tax 
expense. Please refer to the Non-GAAP Financial Measures section of this MD&A for further details on 
normalization adjustments. 
NON-GAAP FINANCIAL MEASURES
This MD&A contains references to certain financial measures used by AltaGas that do not have a standardized 
meaning prescribed by GAAP and may not be comparable to similar measures presented by other entities. Readers 
are cautioned that these non-GAAP measures should not be construed as alternatives to other measures of 
financial performance calculated in accordance with GAAP. The non-GAAP measures and their reconciliation to 
GAAP financial measures are shown below. These non-GAAP measures provide additional information that 
management of AltaGas ("Management") believes is meaningful in describing AltaGas' operational performance, 
liquidity and capacity to fund dividends, capital expenditures, and other investing activities. The specific rationale 
for, and incremental information associated with, each non-GAAP measure is discussed below.
 
References to normalized EBITDA, normalized net income, normalized funds from operations, normalized income 
tax expense, normalized effective income tax rate, net debt, adjusted net debt, adjusted net debt to normalized 
EBITDA, invested capital, and net invested capital throughout this MD&A have the meanings as set out in this 
section.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 27

 Normalized EBITDA
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Income before income taxes (GAAP financial measure)
$ 
231 $ 
161 $ 
746 $ 
912 
Add:
Depreciation and amortization
 
123  
110  
475  
441 
Interest expense
 
128  
101  
455  
394 
EBITDA
$ 
482 $ 
372 $ 1,676 $ 
1,747 
Add (deduct):
Transaction costs related to acquisitions and dispositions (1)
 
2  
6  
11  
36 
Unrealized losses on risk management contracts (2)
 
2  
94  
12  
70 
Gains on sale of assets (3)
 
—  
—  
(12)  
(319) 
Transition and restructuring costs (4)
 
21  
15  
70  
22 
Wind-up of pension plan (5)
 
—  
—  
—  
2 
Provisions on assets
 
20  
—  
20  
— 
Accretion expenses
 
1  
3  
5  
11 
Foreign exchange losses (gains) (6)
 
(8)  
12  
(13)  
6 
Normalized EBITDA
$ 
520 $ 
502 $ 1,769 $ 
1,575 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs are included in the "cost 
of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, 
which are directly attributable to the acquisition or disposition.
(2)
Included in the "revenue", “cost of sales”, and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income. Please refer to Note 22 
of the 2024 Annual Consolidated Financial Statements for further details regarding AltaGas' risk management activities.
(3)
Included in the "other income" line item on the Consolidated Statements of Income.
(4)
Comprised of transition and restructuring costs (including CEO transition). These costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income. 
(5)
Relates to the completion of the wind-up of the Canadian defined benefit pension plan in the second quarter of 2023. The associated costs are included in the 
"other income" line on the Consolidated Statements of Income.
(6) 
Excludes unrealized losses (gains) on foreign exchange forward contracts that have been entered into for the purpose of cash management. These losses 
(gains) are included above in the line "unrealized losses on risk management contracts".
EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are 
amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income using income 
before income taxes adjusted for pre-tax depreciation and amortization, and interest expense.
AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to 
enhance the understanding of AltaGas' earnings over periods, as well as for budgeting and compensation related 
purposes. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as 
it excludes items that can vary substantially between entities depending on the accounting policies chosen, the 
book value of assets, and the capital structure.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 28

Normalized Net Income 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Net income applicable to common shares (GAAP financial measure)
$ 
203 $ 
113 $ 
578 $ 
641 
Add (deduct) after-tax:
Transaction costs related to acquisitions and dispositions (1)
 
2  
5  
9  
27 
Unrealized losses on risk management contracts (2)
 
3  
74  
10  
54 
Gains on sale of assets (3)
 
(3)  
—  
(9)  
(217) 
Transition and restructuring costs (4)
 
15  
11  
52  
17 
Loss on redemption of preferred shares (5)
 
—  
5  
—  
5 
Wind-up of pension plan (6)
 
—  
—  
—  
2 
Provisions on assets
 
15  
—  
15  
— 
Unrealized foreign exchange losses (gains) on intercompany 
balances (7)
 
(8)  
6  
(7)  
7 
Normalized net income
$ 
227 $ 
214 $ 
648 $ 
536 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. The pre-tax costs are included in the 
"cost of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs include expenses, such as legal fees, 
which are directly attributable to the acquisition or disposition.
(2)
The pre-tax amounts are included in the "revenue", “cost of sales”, and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income. 
Please refer to Note 22 of the 2024 Annual Consolidated Financial Statements for further details regarding AltaGas' risk management activities.
(3)
The pre-tax amounts are included in the "other income" line item on the Consolidated Statements of Income.
(4)
Comprised of transition and restructuring costs (including CEO transition). The pre-tax costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income.
(5)
Comprised of the loss on the redemption of Series E Preferred Shares on December 31, 2023. The loss is recorded in the "loss of redemption of preferred 
shares" line item on the Consolidated Statements of Income.
(6)
Relates to the completion of the wind-up of the Canadian defined benefit pension plan in the second quarter of 2023. The associated costs are included in the 
"other income" line on the Consolidated Statements of Income. 
(7)
Relates to unrealized foreign exchange losses (gains) on intercompany accounts receivable and accounts payable balances between a U.S. subsidiary and a 
Canadian entity, where the impact to the U.S. subsidiary is recorded through accumulated other comprehensive income as a gain (loss) on foreign currency 
translation, and the impact to the Canadian entity is recorded through the "foreign exchange gains (losses)" line item on the Consolidated Statements of 
Income. 
Normalized net income and normalized net income per share are used by Management to enhance the 
comparability of AltaGas’ earnings, as these metrics reflect the underlying performance of AltaGas’ business 
activities. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 29

Normalized Funds From Operations 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Cash from operations (GAAP financial measure)
$ 
508 $ 
154 $ 
1,538 $ 
1,121 
Add (deduct):
Net change in operating assets and liabilities
 
(129)  
198  
(430)  
(100) 
Asset retirement obligations settled
 
2  
3  
3  
15 
Funds from operations
$ 
381 $ 
355 $ 
1,111 $ 
1,036 
Add (deduct):
Transaction costs related to acquisitions and dispositions (1)
 
2  
6  
11  
36 
Current tax expense (recovery) on asset sales (2)
 
(7)  
—  
—  
34 
Transition and restructuring costs (3)
 
21  
15  
70  
22 
Normalized funds from operations
$ 
397 $ 
376 $ 
1,192 $ 
1,128 
(1)
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs exclude non-cash 
amounts and are included in the "cost of sales" and "operating and administrative" line items on the Consolidated Statements of Income. Transaction costs 
include expenses, such as legal fees, which are directly attributable to the acquisition or disposition.
(2)
Included in the "current income tax expense" line item on the Consolidated Statements of Income. 
(3)
Comprised of transition and restructuring costs (including CEO transition). These costs are included in the “operating and administrative” line item on the 
Consolidated Statements of Income.
Normalized funds from operations and funds from operations are used to assist Management and investors in 
analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate 
funds for capital investments, debt repayment, dividend payments, and other investing activities. 
Funds from operations and normalized funds from operations as presented should not be viewed as an alternative 
to cash from operations or other cash flow measures calculated in accordance with GAAP.
Normalized Income Tax Expense
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Income tax expense (GAAP financial measure)
$ 
22 $ 
33 $ 
138 $ 
223 
Add (deduct) tax impact of:
Transaction costs related to acquisitions and dispositions
 
—  
1  
2  
9 
Unrealized losses (gains) on risk management contracts
 
(1)  
20  
2  
16 
Losses (gains) on sale of assets 
 
3  
—  
(3)  
(102) 
Transition and restructuring costs
 
6  
4  
19  
5 
Provisions on assets
 
5  
—  
5  
— 
Unrealized foreign exchange losses (gains) on intercompany 
balances
 
(2)  
2  
(3)  
2 
Normalized income tax expense
$ 
33 $ 
60 $ 
160 $ 
153 
The above table provides a reconciliation of normalized income tax expense from the GAAP financial measure, 
income tax expense. The reconciling items are comprised of the income tax impacts of normalizing items present in 
the calculation of normalized net income. For more information on the individual normalizing items, please refer to 
the normalized net income reconciliation above.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 30

Normalized income tax expense is used by Management to enhance the comparability of the impact of income tax 
on AltaGas’ earnings, as it reflects the underlying performance of AltaGas’ business activities, and is presented to 
provide this perspective to analysts and investors.
Net Debt, Adjusted Net Debt, and Adjusted Net Debt to Normalized EBITDA
Net debt, adjusted net debt, and adjusted net debt to normalized EBITDA are used by the Corporation to monitor 
its capital structure and assess its capital structure relative to earnings. It is also used as a measure of the 
Corporation’s overall financial strength and is presented to provide this perspective to analysts and investors. Net 
debt is defined as short-term debt, plus current and long-term portions of long-term debt, current and long-term 
portions of finance lease liabilities, and subordinated hybrid notes, less cash and cash equivalents. Adjusted net 
debt is defined as net debt adjusted for current and long-term portions of finance lease liabilities, subordinated 
hybrid notes, and debt associated with acquisitions that occurred in the last half of the fiscal year. Adjusted net 
debt to normalized EBITDA is calculated by dividing adjusted net debt as defined above by normalized EBITDA for 
the preceding twelve month period. 
($ millions, except adjusted net debt to normalized EBITDA)
December 31,
2024
December 31,
2023
Short-term debt
$ 
10 $ 
129 
Current portion of long-term debt (1)
 
858  
999 
Current portion of finance lease liabilities
 
23  
11 
Long-term debt (2)
 
6,992  
7,528 
Finance lease liabilities
 
126  
120 
Subordinated hybrid notes (3)
 
2,022  
742 
Total debt 
 
10,031  
9,529 
Less: cash and cash equivalents
 
(85)  
(95) 
Net debt
$ 
9,946 $ 
9,434 
Current portion of finance lease liabilities
 
(23)  
(11) 
Finance lease liabilities
 
(126)  
(120) 
Subordinated hybrid notes (3)
 
(2,022)  
(742) 
Debt on Pipestone Acquisition
 
—  
(327) 
Adjusted net debt
$ 
7,775 $ 
8,234 
Adjusted net debt to normalized EBITDA (4)
4.4
5.2
(1)
Net of debt issuance costs, unamortized premiums, and unamortized discounts of less than $1 million as at December 31, 2024 (December 31, 2023 - less than 
$1 million).  
(2)
Net of debt issuance costs, unamortized premiums, and unamortized discounts of $29 million as at December 31, 2024 (December 31, 2023 - $19 million).  
(3)
Net of debt issuance costs of $23 million as at December 31, 2024 (December 31, 2023 - $8 million). 
(4)
Calculated as adjusted net debt at the balance sheet date, divided by normalized EBITDA for the preceding twelve month period.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 31

Invested Capital and Net Invested Capital
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Cash used in investing activities (GAAP financial measure)
$ 
402 $ 
594 $ 
1,375 $ 
199 
Add (deduct):
Net change in non-cash capital expenditures (1)
 
40  
26  
60  
3 
AFUDC (2)
 
—  
(3)  
—  
(3) 
Contributions from non-controlling interests
 
(50)  
—  
(123)  
— 
Net invested capital
$ 
392 $ 
617 $ 
1,312 $ 
199 
Business acquisition (3)
 
—  
(327)  
—  
(327) 
Asset dispositions
 
—  
—  
2  
1,073 
Disposals of equity investments (4)
 
—  
—  
14  
1 
Invested capital 
$ 
392 $ 
290 $ 
1,328 $ 
946 
(1)
Comprised of non-cash capital expenditures included in the "accounts payable and accrued liabilities" line item on the Consolidated Balance Sheets. Please 
refer to Note 30 of the 2024 Annual Consolidated Financial Statements for further details.
(2)
AFUDC is the amount that a rate-regulated enterprise is allowed to recover for its cost of financing assets under construction and excludes any AFUDC within 
investments accounted for by the equity method. AFUDC is included in the "property, plant and equipment" line item on the Consolidated Balance Sheets. 
(3)
Includes only the cash portion of the total consideration paid for the Pipestone Acquisition, net of cash acquired.
(4)
Relates to escrow account proceeds received from AltaGas' previous investment in in Meade Pipeline Co. LLC ("Meade"), which held WGL Midstream's indirect, 
non-operating interest in Central Penn pipeline ("Central Penn"). Upon close of the sale in 2019, various escrow accounts were established to provide the 
purchaser a form of recourse for the settlement of indemnification obligations. 
Invested capital is a measure of AltaGas' use of funds for capital expenditure activities. It includes expenditures 
relating to property, plant, and equipment and intangible assets, capital contributed to long term investments, and 
contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for 
business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested 
capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, 
adjusted for items such as non-cash capital expenditures, AFUDC, and contributions from non-controlling interests. 
Invested capital and net invested capital are used by Management, investors, and analysts to enhance the 
understanding of AltaGas' capital expenditures from period to period and provide additional detail on the 
Company's use of capital.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 32

Supplemental Calculations
Reconciliation of Normalized EBITDA to Normalized Net Income
The below table provides a supplemental reconciliation of normalized EBITDA to normalized net income. Both of 
these non-GAAP measures have been previously reconciled to the relevant GAAP financial measures in the section 
above. This supplemental information is provided as additional information to assist analysts and investors in 
comparing normalized EBITDA to normalized net income and is not intended as a substitute for the reconciliations 
to the nearest comparable GAAP measures. Readers should not place undue reliance on this supplemental 
reconciliation. 
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Normalized EBITDA (1)
$ 
520 $ 
502 $ 1,769 $ 
1,575 
Add (deduct):
Depreciation and amortization
 
(123)  
(110)  
(475)  
(441) 
Interest expense
 
(128)  
(101)  
(455)  
(394) 
Income tax expense
 
(22)  
(33)  
(138)  
(223) 
Normalizing items impacting income taxes (1)
 
(10)  
(27)  
(21)  
70 
Accretion expenses
 
(1)  
(3)  
(5)  
(11) 
Foreign exchange gains (losses)
 
8  
(12)  
13  
(6) 
Unrealized foreign exchange gains (losses) on intercompany 
balances
 
(11)  
8  
(10)  
9 
Net income applicable to non-controlling interests
 
(1)  
(3)  
(12)  
(16) 
Preferred share dividends
 
(5)  
(7)  
(18)  
(27) 
Normalized net income (1) 
$ 
227 $ 
214 $ 
648 $ 
536 
(1)
Represents the income tax impact related to the normalizing items included in the calculation of normalized EBITDA.
Calculation of Normalized Effective Income Tax Rate 
The below table provides a calculation of normalized effective income tax rate from normalized net income and 
normalized income tax expense. Both of these non-GAAP measures have been previously reconciled to the 
relevant GAAP measures in the section above. This supplemental calculation is provided as additional information 
to assist analysts and investors in comparing normalized income tax expense to normalized net income and is not 
intended as a substitute for the reconciliations to the nearest comparable GAAP measures. Readers should not 
place undue reliance on this supplemental calculation.
Three Months Ended
December 31
Year Ended
December 31
($ millions, except normalized effective income tax rate)
2024
2023
2024
2023
Normalized net income
$ 
227 $ 
214 $ 
648 $ 
536 
Add (deduct):
Normalized income tax expense (1)
 
33  
60  
160  
153 
Net income applicable to non-controlling interests
 
1  
3  
12  
16 
Preferred share dividends 
 
5  
7  
18  
27 
Normalized net income before taxes
$ 
266 $ 
284 $ 
838 $ 
732 
Normalized effective income tax rate (%) (2)
 12.4 
 21.1 
 19.1 
 20.9 
(1)
Calculated in the section above.
(2)
Calculated as normalized income tax expense divided by normalized net income before taxes.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 33

UTILITIES
Operating Statistics
Three Months Ended
December 31
Year Ended
December 31
2024
2023
2024
2023
Natural gas deliveries - end-use (Bcf) (1)
 
38.3  
48.3  
115.4  
133.5 
Natural gas deliveries - transportation (Bcf) (1)
 
27.6  
30.5  
106.0  
108.0 
Service sites (thousands) (2)
 
1,568  
1,560  
1,568  
1,560 
Degree day variance from normal - SEMCO (Michigan) (%) (3)
 
(13.5)  
(9.8)  
(16.9)  
(10.6) 
Degree day variance from normal - Washington Gas (D.C.) (%) (3) (4)  
(15.8)  
(9.2)  
(17.3)  
(17.9) 
Retail energy marketing - gas sales volumes (Mmcf) 
 
17,191  
16,863  
58,843  
56,438 
Retail energy marketing - electricity sales volumes (GWh)
 
3,851  
3,518  
15,451  
14,339 
(1)
Bcf is one billion cubic feet.  
(2)
Service sites reflect all of the service sites of the utilities, including transportation and non-regulated business lines. 
(3)
A degree day is a measure of coldness determined daily as the number of degrees the average temperature during the day in question is below 65 degrees 
Fahrenheit. Degree days for a particular period are determined by adding the degree days incurred during each day of the period. Normal degree days for a 
particular period are the average of degree days during the prior 15 years for SEMCO and during the prior 30 years for Washington Gas.  
(4)
In certain of Washington Gas’ jurisdictions (Virginia and Maryland) there are billing mechanisms in place that are designed to eliminate the effects of variance in 
customer usage caused by weather and other factors such as conservation. In D.C., there is no weather normalization billing mechanism nor does Washington 
Gas hedge to offset the effects of weather. As a result, colder or warmer weather will result in variances to financial results. 
Regulatory Metrics
Year Ended
December 31
2024
2023
Approved ROE (%) (1)
 
9.6  
9.6 
Approved return on debt (%) (1)
 
4.4  
4.5 
Rate base (US$ millions) (2) (3) 
 
5,366  
5,100 
(1)
Weighted average of all the regulated utilities. 
(2)
Rate base is indicative of the earning potential of each utility over time. Approved revenue requirement for each utility is typically based on the rate base as 
approved by the regulator for the respective rate application, but may differ from the rate base indicated above. 
(3)
2023 rate base excludes ENSTAR and SEMCO Energy’s 65 percent interest in CINGSA, which were sold on March 1, 2023 pursuant to the Alaska Utilities 
Disposition.
Three Months Ended December 31
Normalized EBITDA in the Utilities segment was $336 million for the fourth quarter of 2024, compared to $311 
million for the same quarter of 2023. The increase in normalized EBITDA was mainly due to lower operating and 
administrative expenses partially driven by ongoing cost management, higher revenue from ongoing ARP 
investments into asset modernization, the positive impact of the 2022 D.C. rate case, the impact of the higher 
average Canadian/U.S. dollar exchange rate, inclusive of foreign exchange hedges in place, as well as continued 
new customer additions through new meter growth. These factors were partially offset by lower contributions from 
WGL's retail marketing business, decreased asset optimization activities at Washington Gas, and warmer weather in 
Michigan and D.C. 
Income before income taxes in the Utilities segment was $186 million for the fourth quarter of 2024, compared to 
$207 million for the same quarter of 2023. The decrease was mainly due to higher unrealized losses on risk 
management contracts, higher transition and restructuring costs, and higher depreciation and amortization 
expense, partially offset by the same previously referenced factors impacting normalized EBITDA.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 34

Year Ended December 31  
Normalized EBITDA in the Utilities segment was $1,012 million for the year ended December 31, 2024, compared to 
$886 million in 2023. The increase in normalized EBITDA was mainly due to the partial settlement of WGL's post-
retirement benefit pension plan, higher revenue from ARP spend, lower operating and administrative expenses, 
higher contributions from WGL's retail marketing business, the net impacts of the 2022 D.C. and 2023 Maryland 
rate cases, the impact of the higher average Canadian/U.S. dollar exchange rate, inclusive of foreign exchange 
hedges in place, as well as continued customer growth through new meter connects. These factors were partially 
offset by the impact of the Alaska Utilities Disposition in the first quarter of 2023, decreased asset optimization 
activities at Washington gas, the absence of the gain resulting from the partial debt defeasance associated with the 
Alaska Utilities Disposition, and warmer weather in Michigan.
Income before income taxes in the Utilities segment was $627 million for the year ended December 31, 2024, 
compared to $886 million in 2023. The decrease was primarily due to the absence of the gain on the Alaska 
Utilities Disposition, higher transition and restructuring costs, unrealized losses on risk management contracts 
compared to unrealized gains in the same period in 2023, and higher depreciation and amortization expense, 
partially offset by the same previously referenced factors impacting normalized EBITDA and lower transaction costs 
related to acquisitions and dispositions. 
In 2023, the Utilities segment recognized a pre-tax gain on disposition of assets of approximately $304 million due 
to the gain on the Alaska Utilities Disposition.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 35

UTILITIES REGULATORY UPDATES
Washington 
Gas - 
District of 
Columbia
April 
2022
US$53 million 
increase in 
base rates, 
including 
US$5 million 
currently 
collected 
through the 
PROJECTpipes 
surcharge. 
Therefore, the 
incremental 
amount of the 
base rate 
increase 
requested was 
approximately 
US$48 million. 
On April 4, 2022, Washington Gas filed an application for 
authority to increase charges for gas service in D.C. On 
December 22, 2023, the PSC of DC approved a rate 
increase of approximately US$25 million, of which 
approximately US$5 million was transferred from the 
PROJECTpipes surcharge. The new rates went into effect 
January 19, 2024. 
Final 
order 
received 
on 
December 
22, 2023.
Washington 
Gas - 
District of 
Columbia
August 
2024
US$46 million 
increase in 
base rates, 
including 
US$12 million 
currently 
collected 
through the 
PROJECTpipes 
surcharge. 
Therefore, the 
incremental 
amount of the 
base rate 
increase 
requested was 
approximately 
US$34 million. 
On August 5, 2024, Washington Gas filed an application for 
authority to increase existing rates and charges for gas 
service in D.C. The requested rates are designed to collect 
approximately US$257 million in total revenues, which 
represents an increase in Washington Gas' weather-
normalized annual revenues of approximately US$46 
million. Of the requested revenue increase, approximately 
US$12 million represents costs currently collected through 
the PROJECTpipes surcharge and approximately US$34 
million represents an incremental increase in new base rate 
revenues. On September 25, 2024, Washington Gas and 
the parties filed a Joint Proposed Procedural Schedule with 
the PSC of DC. The proposed schedule calls for legal briefs 
to be filed on June 18, 2025, whereupon the case would be 
before the PSC of DC for decision. On October 9, 2024, the 
Joint Proposed Procedural Schedule filed by Washington 
Gas was approved by the PSC of DC with hearings 
scheduled for May 2025. Washington Gas expects to 
receive a final order from the PSC of DC in the fourth 
quarter of 2025. 
Final 
order 
expected 
in the 
fourth 
quarter of 
2025.
Utility/
Jurisdiction
Date 
Filed
Request
Status
Expected 
Timing of 
Decision
AltaGas Ltd. – 2024 MD&A and Financial Statements - 36

Other Regulatory Updates
Merger Commitments - D.C.
On August 9, 2023, the PSC of DC determined that AltaGas had failed to fulfill Term No. 5 Commitment of the PSC 
of DC’s merger approval order related to the June 2018 merger of AltaGas, WGL, and Washington Gas. On 
reconsideration, the PSC of DC confirmed, in relevant part, that it had credited AltaGas with causing the 
development of 2.4 MW of Tier one renewable resources by the July 6, 2023 deadline, and that the Company had 
breached its Term No. 5 Commitment only for the remaining 7.6 MW. As directed by the PSC of DC, AltaGas, the 
DCG, and the D.C. Office of People’s Counsel ("DC OPC") conducted negotiations in good faith to reach agreement 
on a penalty but were unable to reach agreement. Thereafter, AltaGas confirmed that it will specifically perform its 
Term No. 5 obligations by continuing to cause the development of the remaining 7.6 MW of solar renewable 
energy. On March 8, 2024, the PSC of DC issued an order to show cause why the penalty amount should not be 
the maximum allowed under D.C. Code §34-708 (US$5,000/day). On June 14, 2024, AltaGas and DCG jointly 
requested that the PSC of DC allow sixty (60) days for the parties to negotiate a settlement in the form of a consent 
decree or, if no agreement is reached, to file a report on the status of the negotiations. AltaGas and DCG have kept 
the PSC of DC appraised of the status of the negotiations and, on October 8, 2024, filed a Proposed Consent 
Decree for PSC of DC approval. On November 6, 2024, the PSC of DC approved the Consent Decree, without 
modification, as complete resolution of the issues in dispute concerning Merger Commitment No. 5. As at 
December 31, 2024, AltaGas recorded an accrued liability of approximately US$2.1 million and subsequently paid 
the civil penalty on January 5, 2025. In accordance with the terms of the PSC of DC approved Consent Decree, 
AltaGas continues to report on its progress that the Company is making in causing the development of the 
remaining megawatts of renewable resources in D.C. 
Prince William County Biogas Pipeline
On December 4, 2023, Washington Gas filed an application with the SCC of VA seeking approval for a biogas 
supply investment plan and rate adjustment clause. Washington Gas seeks approval to purchase, own, operate, 
and maintain an eight-mile pipeline, associated interconnection facilities and other necessary equipment to 
transport renewable natural gas ("RNG") from a biogas production facility located at the Prince William County 
Landfill. Washington Gas also proposes to purchase a portion of the facilities output, a subset of which will be 
accompanied by marketable environmental attributes. Washington Gas and Opal Fuels Inc. continue to evaluate 
the proposed RNG project. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 37

Climate Regulation
In D.C., DC Law 24-177 requires the Mayor to issue final regulations by December 31, 2026 that requires all new 
construction or substantial improvements of commercial buildings (buildings with more than three stories) to be 
constructed to a net-zero-energy standard, which is defined to prohibit on-site fuel combustion. On October 17, 
2024, Washington Gas, joined by co-plaintiffs, filed suit in the U.S. District Court for D.C. challenging the legality of 
D.C. 24-177.
In Montgomery County, Maryland, Bill 13-22 will require regulations that establish all-electric building standards for 
all new construction (with limited exceptions) by December 31, 2026. On October 17, 2024, Washington Gas, joined 
by co-plaintiffs, filed suit in the U.S. District Court for the District of Maryland challenging the legality of Montgomery 
County, Maryland Bill 13-22. 
In the State of In the State of Maryland, the Maryland Department of Environment promulgated final “Building 
Energy Performance Standards” regulations that will impose carbon dioxide reduction requirements (that will 
eventually reach zero) for certain covered buildings, effective December 23, 2024. On January 17, 2025, 
Washington Gas and co-plaintiffs filed suit in the U.S. District Court for the District of Maryland challenging the 
legality of the regulations.
MIDSTREAM
Operating Statistics 
Three Months Ended
December 31
Year Ended
December 31
2024
2023
2024
2023
LPG export volumes (Bbls/d) (1)
 
122,233  
90,996  
122,247  
106,071 
Total inlet gas processed (Mmcf/d) (1) 
 
1,477  
1,312  
1,397  
1,303 
Extracted ethane volumes (Bbls/d) (1) 
 
25,454  
23,879  
21,629  
25,533 
Extracted NGL volumes (Bbls/d) (1) (2) (3)
 
47,745  
36,138  
47,431  
34,369 
Fractionation volumes (Bbls/d) (1) (4)
 
45,398  
38,150  
43,352  
38,745 
Frac spread - realized ($/Bbl) (1) (5)
 
20.99  
23.13  
24.03  
24.15 
Frac spread - average spot price ($/Bbl) (1) (6)
 
26.07  
20.55  
27.71  
22.37 
Propane FEI to Mont Belvieu spread (US$/Bbl) (1) (3) (7)
 
18.85  
26.44  
18.33  
20.68 
Butane FEI to Mont Belvieu spread (US$/Bbl) (1) (3) (8)
 
10.81  
27.74  
15.62  
21.73 
(1)
Average for the period.   
(2)
NGL volumes refer to propane, butane, and condensate. 
(3)
Reflects the revision of stats relating to prior periods in 2024.
(4)
Fractionation volumes include NGL mix volumes processed.
(5)
Realized frac spread or NGL margin, expressed in dollars per barrel of NGL, is derived from sales recorded by the segment during the period for frac spread 
exposed volumes plus the settlement value of frac hedges settled in the period less extraction premiums, divided by the total frac exposed volumes produced 
during the period.   
(6)
Average spot frac spread or NGL margin, expressed in dollars per barrel of NGL, is indicative of the average sales price that AltaGas receives for propane, 
butane and condensate less extraction premiums, before accounting for hedges, divided by the respective frac spread exposed volumes for the period.   
(7)
Average propane price spread between FEI and Mont Belvieu TET commercial index.
(8)
Average butane price spread between FEI and Mont Belvieu TET commercial index. 
 
Three Months Ended December 31 
Normalized EBITDA in the Midstream segment was $182 million for the fourth quarter of 2024, consistent with the 
same quarter of 2023. Factors positively impacting normalized EBITDA included the strong performance from the 
global exports business as a result of higher volumes and merchant margins as well as contributions from the 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 38

acquired Pipestone assets. These were offset by lower earnings from the extraction facilities primarily due to the 
impact of higher re-injection of volumes and lower realized frac spreads, a higher degree of global export tolling, 
lower equity earnings at MVP due to the absence of AFUDC recorded in the fourth quarter of 2023, and higher 
operating and administrative expenses. 
Income before income taxes in the Midstream segment was $181 million for the fourth quarter of 2024, compared 
to $79 million for the same quarter of 2023. The increase was mainly due to unrealized gains on risk management 
contracts compared to unrealized losses in the same quarter of 2023, partially offset by provisions on assets in the 
fourth quarter of 2024 and higher depreciation and amortization expense.
In the fourth quarter of 2024, the Midstream segment recognized a pre-tax provision of $16 million related to EEEP, 
due to a decrease in expected future cash flows. 
Year Ended December 31 
Normalized EBITDA in the Midstream segment was $785 million for the year ended December 31, 2024, compared 
to $684 million in 2023. The increase in normalized EBITDA was mainly due to strong performance from the global 
exports business as a result of higher volumes and merchant margins, higher contributions from the fractionation 
and liquids handling business, contributions from the Pipestone assets, the gain on settlement of an asset 
retirement obligation, and higher equity earnings at MVP due to higher AFUDC recorded and the recognition of 
earnings from MVP's operations which commenced in June 2024. These factors were partially offset by a lower 
impact of the favourable resolution of certain acquisition related commercial disputes and contingencies in 2024 
compared to 2023, lower earnings at the extraction facilities primarily due to higher re-injection of volumes, a 
higher degree of tolling in the global exports business, and higher operating and administrative expenses. 
Income before income taxes in the Midstream segment was $646 million for the year ended December 31, 2024, 
compared to $460 million in 2023. The increase was mainly due to the same previously referenced factors 
impacting normalized EBITDA, unrealized gains on risk management contracts compared to unrealized losses in 
the same period of 2023, higher gains on sale of assets, and lower accretion expense, partially offset by higher 
depreciation and amortization expense and the previously mentioned provisions on assets in the fourth quarter of 
2024.
In 2024, the Midstream segment recognized a pre-tax provision of $16 million related to EEEP. In 2024 and 2023, 
the Midstream segment recognized a pre-tax gain on sale of assets of approximately $14 million and $1 million, 
respectively, due to the previously mentioned Meade escrow proceeds.
Midstream Hedges
Three Months Ended
December 31
Year Ended
December 31
2024
2023
2024
2023
Frac spread exposed volumes (Bbls/d)
 
10,960  
10,597  
10,150  
10,062 
NGL volumes hedged (Bbls/d)
 
7,789  
8,000  
8,172  
7,496 
Average price of NGL volumes hedged ($/Bbl) (1) 
 
31  
36  
35  
36 
Average FEI to North American NGL price spread for volumes 
hedged (US$/Bbl)
 
16  
15  
17  
14 
(1)
Excludes basis differential. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 39

CORPORATE/OTHER
Three Months Ended December 31 
In the Corporate/Other segment, normalized EBITDA for the fourth quarter of 2024 was $2 million, compared to $9 
million for the same quarter of 2023. The decrease in normalized EBITDA was primarily due to lower contributions 
from Blythe.
Loss before income taxes in the Corporate/Other segment was $136 million for the fourth quarter of 2024, 
compared to $125 million for the same quarter of 2023. The higher loss was mainly due to higher interest expense, 
provisions on assets in the fourth quarter of 2024, and the same previously referenced factors impacting 
normalized EBITDA, partially offset by foreign exchange gains compared to foreign exchange losses in the same 
quarter of 2023 as well as lower transition and restructuring costs.
In the fourth quarter of 2024, the Corporate/Other segment recognized a pre-tax provision of $4 million related to 
certain co-generation equipment that is no longer operational and is not expected to be recoverable in the future.
Year Ended December 31
In the Corporate/Other segment, normalized EBITDA for the year ended December 31, 2024 was a loss of $28 
million, compared to normalized EBITDA of $5 million in 2023. The decrease in normalized EBITDA was primarily 
due to higher expenses related to employee incentive plans as a result of the increasing share price in 2024 as 
well as lower contributions from Blythe.
Loss before income taxes in the Corporate/Other segment was $527 million for the year ended December 31, 
2024, compared to $434 million in 2023. The higher loss was mainly due to higher interest expense, the same 
previously referenced factors impacting normalized EBITDA, the absence of gains on sale of assets, lower 
unrealized gains on risk management contracts, and the previously mentioned provisions on assets in the fourth 
quarter of 2024, partially offset by foreign exchange gains compared to foreign exchange losses in same period in 
2023 as well as lower transaction costs related to acquisitions and dispositions. 
In 2024, the Corporate/Other segment recognized a pre-tax provision of $4 million related to the previously 
mentioned non-operational equipment. In 2023, the Corporate/Other segment recognized a pre-tax gain of 
approximately $11 million on the sale of Goleta in 2022 as a result of a payment received in the first quarter of 2023 
for the favourable settlement of outstanding contingencies based on contract outcomes. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 40

NET INVESTED CAPITAL
Invested capital and net invested capital are non-GAAP financial measures. Please refer to the Non-GAAP Financial 
Measures section of this MD&A for further discussion.
Three Months Ended
December 31, 2024
($ millions)
Utilities
Midstream
Corporate/
Other
Total
Invested capital:
Property, plant and equipment
$ 
178 $ 
185 $ 
21 $ 
384 
Intangible assets
 
—  
1  
6  
7 
Long-term investments
 
—  
1  
—  
1 
Invested capital and net invested capital
$ 
178 $ 
187 $ 
27 $ 
392 
Three Months Ended
December 31, 2023
($ millions)
Utilities
Midstream
Corporate/
Other
Total
Invested capital:
Property, plant and equipment 
$ 
192 $ 
89 $ 
4 $ 
285 
Intangible assets
 
—  
4  
1  
5 
Invested capital 
$ 
192 $ 
93 $ 
5 $ 
290 
Acquisitions:
Business acquisition (1)
 
—  
327  
—  
327 
Net invested capital
$ 
192 $ 
420 $ 
5 $ 
617 
(1) 
 Includes only the cash portion of the total consideration paid for the Pipestone Acquisition, net of cash acquired.  
During the fourth quarter of 2024, AltaGas’ invested capital was $392 million, compared to $290 million in the 
same quarter of 2023. The increase in invested capital was primarily due to higher additions to property, plant, and 
equipment as a result of higher growth capital spend in the Midstream segment, primarily related to Pipestone 
Phase II and REEF, as well as higher capital spend in the Corporate/Other segment related to the planned office 
relocation, partially offset by lower capital spend in the Utilities segment, primarily due to lower ARP and system 
betterment investments at Washington Gas. In the fourth quarter of 2023, business acquisitions related to the cash 
paid for the Pipestone Acquisition. 
 
The invested capital in the fourth quarter of 2024 included maintenance capital of $25 million (2023 - $31 million) in 
the Midstream segment. The decrease in Midstream maintenance capital in the fourth quarter of 2024 was 
primarily due to lower maintenance capital spend at the Younger and Sarnia facilities as well as the absence of a 
turnaround at the EEEP facility in the fourth quarter of 2023, partially offset by higher maintenance spend at the 
Harmattan and Pipestone I facilities.
During the fourth quarter of 2024, AltaGas’ cash flow from investing activities was an outflow of $402 million, 
compared to $594 million for the same quarter of 2023. Please refer to the Non-GAAP Financial Measures and 
Liquidity sections of this MD&A for further information on AltaGas' cash flow from investing activities. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 41

Year Ended
December 31, 2024
($ millions)
Utilities
Midstream
Corporate/
Other
Total
Invested capital:
Property, plant and equipment
$ 
722 $ 
535 $ 
58 $ 
1,315 
Intangible assets
 
—  
5  
6  
11 
Long-term investments 
 
—  
2  
—  
2 
Invested capital
$ 
722 $ 
542 $ 
64 $ 
1,328 
Disposals:
Asset dispositions
 
—  
(1)  
(1)  
(2) 
Equity method investments 
 
—  
(14)  
—  
(14) 
Net invested capital
$ 
722 $ 
527 $ 
63 $ 
1,312 
Year Ended
December 31, 2023
($ millions)
Utilities
Midstream
Corporate/
Other
Total
Invested capital:
Property, plant and equipment
$ 
745 $ 
180 $ 
8 $ 
933 
Intangible assets
 
—  
8  
1  
9 
Long-term investments 
 
—  
4  
—  
4 
Invested capital
$ 
745 $ 
192 $ 
9 $ 
946 
Acquisitions and disposals:
Business acquisition (1)
 
—  
327  
—  
327 
Asset dispositions
 
(1,059)  
(3)  
(11)  
(1,073) 
Dispositions of equity method investments 
 
—  
(1)  
—  
(1) 
Net invested capital
$ 
(314) $ 
515 $ 
(2) $ 
199 
(1)
Includes only the cash portion of the total consideration paid for the Pipestone Acquisition, net of cash acquired.  
During the year ended December 31, 2024, AltaGas’ invested capital was $1,328 million, compared to $946 million 
in 2023. The increase in invested capital was primarily due to the higher additions to property, plant, and 
equipment as a result of higher growth capital spend in the Midstream segment, primarily related to Pipestone 
Phase II and REEF, an increase in planned maintenance capital in the Midstream segment and the Corporate/Other 
segment, higher capital spend in the Corporate/Other segment related to the planned office relocation, higher 
system betterment spend at Washington Gas, and higher capitalized interest. These factors were partially offset by 
lower ARP spend at Washington Gas.
In 2024 and 2023, dispositions of equity method investments primarily related to the cash proceeds received from 
an escrow account related to the 2019 disposition of AltaGas' investment in Meade, which held WGL Midstream's 
indirect, non-operating interest in Central Penn. In 2023, asset dispositions primarily related to the Alaska Utilities 
Disposition and additional proceeds received for the favourable settlement of outstanding contingencies on the 
sale of Goleta in the first quarter of 2022. Acquisitions in 2023 related to the previously mentioned cash payment 
for the Pipestone Acquisition.
Invested capital for the year ended December 31, 2024 included maintenance capital of $66 million (2023 - $53 
million) in the Midstream segment and $32 million (2023 - $4 million) related to Blythe in the Corporate/Other 
segment. The increase in maintenance capital for the Midstream segment was primarily related to maintenance at 
Harmattan and Pipestone Phase I, partially offset by lower maintenance at the Younger, Sarnia and EEEP facilities. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 42

The increase in maintenance capital for the Corporate/Other segment was primarily due to a planned turnaround at 
Blythe. 
During the year ended December 31, 2024, AltaGas’ cash flow from investing activities was an outflow of $1,375 
million, compared to $199 million in 2023. Please refer to the Non-GAAP Financial Measures and Liquidity sections 
of this MD&A for further information on AltaGas' cash flow from investing activities. 
RISK MANAGEMENT
AltaGas is subject to a variety of risks which could have a material impact on the financial results and operations of 
the Company. Shareholders and prospective investors should carefully evaluate risk factors noted by the Company 
before investing in the Company’s securities, as each of these risks may negatively affect the trading price of the 
Company’s securities, the amount of dividends paid to shareholders and the ability of the Company to fund its debt 
obligations, including debt obligations under its outstanding notes and any other debt securities that the Company 
may issue from time to time. For discussion of the risks and trends that could materially affect the Company’s 
performance please refer to AltaGas' 2024 Annual Information Form, which is available on SEDAR+ at 
www.sedarplus.ca.
Risk Management Contracts
AltaGas is exposed to various market risks in the normal course of operations that could impact earnings and cash 
flows. AltaGas enters into physical and financial derivative contracts to manage exposure to fluctuations in 
commodity price, foreign exchange rates, and interest rates, as well as to optimize certain owned and managed 
natural gas assets. These contracts do not eliminate AltaGas' exposure to risk associated with fluctuations in 
commodity prices, foreign exchange rates, or interest rates. The Board of Directors of AltaGas has established a 
risk management policy for the Corporation establishing AltaGas’ risk management control framework. Derivative 
instruments are governed under, and subject to, this policy. As at December 31, 2024 and December 31, 2023, the 
fair values of the Corporation’s derivatives were as follows:
($ millions)
December 31,
2024
December 31,
2023
Natural gas
$ 
(30) $ 
(46) 
Energy exports
 
(27)  
(4) 
NGL frac spread
 
(4)  
1 
Power
 
(63)  
(75) 
Crude oil and NGLs
 
(5)  
4 
Foreign exchange
 
(93)  
19 
Net derivative liability
$ 
(222) $ 
(101) 
AltaGas strives to continuously and systematically de-risk the business in order to drive predictable and durable 
returns and maximize long-term value for stakeholders. For Midstream, this includes striving to match financial 
hedges with physical volumes, and for Utilities, this includes purchasing physical gas throughout the year to help 
shield customers from major cost spikes during peak winter demand. AltaGas may also enter into foreign exchange 
forward derivatives and cross-currency swaps to manage the risk associated with variations in foreign exchange 
rates.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 43

Commodity Price Contracts 
The Corporation executes natural gas, power, LPG, crude oil, ocean freight, and other physical and financial 
commodity contracts to serve its customers as well as manage and optimize its asset portfolio. A portion of these 
physical contracts are not recorded at fair value because they are either: 1) designated as “normal purchases and 
normal sales”; 2) do not qualify as derivative instruments due to the significance of their notional amount relative to 
the applicable liquid markets; or 3) are weather derivatives, which are not exchanged or traded and the underlying 
variables relate to a climactic, geological, or other physical variable. The fair value of commodity contracts that 
qualify as derivatives is calculated using estimated forward prices based on published sources for the relevant 
period. For AltaGas’ Midstream segment, changes in the fair value of these derivative contracts are recorded in the 
Consolidated Statements of Income in the period in which the change occurs. For the Utilities segment, changes in 
the fair value of derivative instruments recoverable or refundable to customers are recorded to regulatory assets or 
regulatory liabilities on the Consolidated Balance Sheets, while changes in the fair value of derivative instruments 
not affected by rate regulation are recorded in the Consolidated Statements of Income in the period in which the 
change occurs. 
The Midstream segment also executes fixed-for-floating NGL frac spread swaps to manage exposure to frac 
spreads as the financial results of several extraction plants are affected by fluctuations in NGL frac spreads. The 
average indicative spot NGL frac spread for the year ended December 31, 2024 was approximately $28/Bbl (2023 
– $22/Bbl), inclusive of basis differentials. The average NGL frac spread realized by AltaGas (based on average 
spot price and realized hedge price inclusive of basis differentials) for the year ended December 31, 2024 was 
approximately $24/Bbl inclusive of basis differentials (2023 - $24/Bbl). 
AltaGas continues to focus on de-risking its business and managing direct commodity price exposure to drive 
predictable and durable results. While the Company does have exposure, it plans to maintain an active hedging 
program that proactively hedges commodity price and spread risk to mitigate the impact of fluctuations in margins 
and cash flows. For the first half of 2025, AltaGas has hedged:
•
Approximately 87 percent of its expected global export volumes for the first half of 2025 through a 
combination of tolls and financial hedges, with the average FEI to North American financial hedge price of 
approximately US$19/Bbl for non-tolled propane and butane volumes.
•
Approximately 76 percent of its expected frac exposed volumes for the first half of 2025 hedged at 
approximately US$27/Bbl, prior to transportation costs. 
•
Materially all of AltaGas' expected Baltic freight exposure is protected through time charters, financial 
hedges, and tolled volumes in the first half of 2025.
AltaGas is actively contracting and hedging the balance of 2025 global export volumes, recognizing the NGL re-
contracting season is more dynamic this year given the impact of tariffs on Canadian LPGs entering the U.S.
AltaGas also uses physical and financial derivatives for the purchase and sale of natural gas in order to optimize 
owned storage and transportation capacity as well as manage transportation and storage assets on behalf of third 
parties. Washington Gas executes commodity-related physical and financial contracts in the form of forward, 
futures, and option contracts as part of an asset optimization program. Under this program, Washington Gas 
realizes value from its long-term natural gas transportation and storage capacity resources when they are not being 
fully used to serve utility customers. To serve retail customers, WGL Energy Services enters into both physical and 
financial contracts for the purchase and sale of electricity and natural gas. Beginning in 2023, WGL Energy Services 
also began purchasing natural gas indexed to NYMEX Henry Hub to be sold to third party customers. WGL Energy 
Services' risk management objective and strategy is to protect earnings against the risk of price fluctuations 
associated with forecasted NYMEX Henry Hub purchases through the use of the NYMEX Henry Hub financial 
swaps. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 44

Foreign Exchange Contracts
AltaGas is exposed to foreign exchange risk as changes in foreign exchange rates may affect the fair value or 
future cash flows of the Corporation’s financial instruments. AltaGas has foreign operations whereby the functional 
currency is the U.S. dollar. As a result, the Corporation’s earnings, cash flows, and other comprehensive income are 
exposed to fluctuations resulting from changes in foreign exchange rates. This risk is partially mitigated to the 
extent that AltaGas has U.S. dollar-denominated debt outstanding. AltaGas may designate its external U.S. dollar-
denominated debt or certain U.S. dollar-denominated loans that may give rise to a foreign currency transaction 
gain or loss as a net investment hedge of its U.S. subsidiaries. As at December 31, 2024, AltaGas has designated 
US$645 million of outstanding loans as a net investment hedge (December 31, 2023 - US$715 million). For the year 
ended December 31, 2024, unrealized after-tax losses of $84 million on the net investment hedge were recorded 
in OCI (2023 - unrealized after-tax gains of $25 million).
AltaGas may also enter into foreign exchange forward derivatives and cross currency swaps to manage the risk of 
fluctuating cash flows and earnings due to variations in foreign exchange rates as well as to benefit from favorable 
movements in the rates. All hedges transacted are subject to risk limits and guidelines and are actively monitored 
and managed by AltaGas’ risk management team to ensure they align with AltaGas’ overall financial strategy.
In the third quarter of 2024, AltaGas executed cross-currency swaps totaling US$900 million to manage the risk of 
fluctuating cash flows and earnings associated with the concurrently issued US$900 million subordinated hybrid 
notes as a result of changes in the Canadian/U.S. dollar foreign exchange rates. The cross-currency swaps will 
convert the U.S. dollar principal and interest payments of the subordinated hybrid notes into Canadian dollars and 
apply an effective annual interest rate of 6.90 percent on the converted Canadian principal amount of 
approximately $1.2 billion. AltaGas has designated the cross-currency swaps as cash flow hedges. Refer to Note 22 
of the 2024 Annual Consolidated Financial Statements for further details.
The following foreign exchange forward contracts and cross-currency swaps are outstanding as at December 31, 
2024: 
Foreign exchange forward contract
Duration
Fair Value 
($ millions)
Forward USD sales (non-deliverable)
Less than 1 year $ 
(50) 
Forward USD sales (non-deliverable)
More than 1 year $ 
(27) 
Cross-currency swaps
Fixed-to-fixed cross-currency swaps
10 years $ 
(16) 
The following foreign exchange forward contracts were outstanding as at December 31, 2023:
Foreign exchange forward contract
Duration
Fair Value 
($ millions)
Forward USD sales (non-deliverable)
Less than 1 year $ 
10 
Forward USD sales (non-deliverable)
More than 1 year $ 
9 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 45

The following is a summary of gains (losses) on foreign exchange forward contracts recognized in net income:
Year Ended
December 31, 
2024
Year Ended
December 31, 2023
Objective of foreign exchange contract
Losses
Gains
Cash management (1)
$ 
(9) $ 
— 
Income statement risk management (2)
$ 
(104) $ 
25 
(1)  
Recorded in the Consolidated Statements of Income (Loss) under the line item "foreign exchange gains (losses)".
(2) 
Recorded in the Consolidated Statements of Income (Loss) under the line item "revenue".
Interest Rate Contracts
AltaGas is exposed to interest rate risk as changes in interest rates may impact future cash flows and the fair value 
of its financial instruments. The Corporation manages its interest rate risk by holding a mix of both fixed and floating 
interest rate debt. Additionally, AltaGas may use bond forward contracts to hedge its interest rate exposure on 
anticipated debt issuances.
From time to time, AltaGas may also concurrently draw on its credit facility in U.S. dollars and enter into cross 
currency swaps as previously mentioned, whereby, on final settlement, AltaGas receives U.S. dollars from the 
counterparty and pays Canadian dollars to the counterparty. 
In the fourth quarter of 2024, AltaGas entered into a bond forward contract to hedge the interest rate exposure on 
the partial debt extinguishment of certain of its medium-term notes ("MTNs"). At transaction close, AltaGas 
recognized a hedge loss of approximately $5 million on the bond forward contract, which was included in the net 
pre-tax gain of approximately $4 million recorded on the derecognition of the MTNs. Refer to Note 14 of the 2024 
Annual Consolidated Financial Statements for further details.
Weather Instruments
WGL Energy Services utilizes heating degree day ("HDD") instruments from time to time to manage weather and 
price risks related to its natural gas and electricity sales during the winter heating season. WGL Energy Services 
also utilizes cooling degree day ("CDD") instruments and other instruments to manage weather and price risks 
related to its electricity sales during the summer cooling season. These instruments cover a portion of estimated 
revenue or energy-related cost exposure to variations in HDDs or CDDs. For the year ended December 31, 2024, 
no pre-tax gains or losses (2023 - pre-tax losses of $8 million) were recorded related to HDD and CDD instruments. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 46

The Effects of Derivative Instruments on the Consolidated Statements of Income 
The following table presents the unrealized gains (losses) on derivative instruments as recorded in the 
Corporation’s Consolidated Statements of Income:
Three Months Ended
December 31
Year Ended
December 31
($ millions)
2024
2023
2024
2023
Natural gas
$ 
13 $ 
(29) $ 
32 $ 
(12) 
Energy exports
 
86  
(50)  
48  
(78) 
Crude oil and NGLs
 
—  
(16)  
(3)  
(5) 
NGL frac spread
 
(2)  
1  
(5)  
4 
Power
 
(7)  
(20)  
12  
2 
Foreign exchange
 
(92)  
20  
(96)  
19 
$ 
(2) $ 
(94) $ 
(12) $ 
(70) 
Please refer to Note 22 of the 2024 Annual Consolidated Financial Statements for further details regarding 
AltaGas' risk management activities.
LIQUIDITY
As a result of certain commitments made to the PSC of DC, the PSC of MD, and the SCC of VA in respect of the 
acquisition of WGL Holdings, Inc. (the "WGL Acquisition"), Washington Gas is subject to certain restrictions when 
paying dividends to AltaGas. However, AltaGas does not expect that this will have an impact on AltaGas’ ability to 
meet its obligations.
In addition, Wrangler SPE LLC and Washington Gas made certain ring fencing commitments to the PSC of DC, the 
PSC of MD, and the SCC of VA with the intention of removing Washington Gas from the bankruptcy estate of 
AltaGas and its affiliates, other than Washington Gas and Wrangler SPE LLC (together, the “Ring Fenced Entities”). 
Because of these ring fencing measures, none of the assets of the Ring Fenced Entities would be available to 
satisfy the debt or contractual obligations of AltaGas or any non-Ring Fenced Entity Affiliate, including any 
indebtedness or other contractual obligations of AltaGas, and the Ring Fenced Entities do not bear any liability for 
indebtedness or other contractual obligations of any non-Ring Fenced Entity, and vice versa.
Year Ended
December 31
($ millions)
2024
2023
Cash from operations
$ 
1,538 $ 
1,121 
Investing activities
 
(1,375)  
(199) 
Financing activities
 
(175)  
(882) 
Increase (decrease) in cash, cash equivalents, and restricted cash
$ 
(12) $ 
40 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 47

Cash From Operations
Cash from operations increased by $417 million for the year ended December 31, 2024 compared to 2023, 
primarily due to favourable variances in the net change in operating assets and liabilities and higher net income 
after taxes (after adjusting for non-cash items). The majority of the variance in net change in operating assets and 
liabilities was due to increased cash flows from accounts payable due to fluctuations in commodity prices, higher 
cash flows from risk management assets as a result of realized hedge gains, and higher cash flows from regulated 
liabilities due to reduced weather impacts at the Utilities. These factors were partially offset by lower cash flows 
from inventory and accounts receivable primarily as a result of lower inventory volumes and fluctuations in 
commodity prices, respectively.
Working Capital
($ millions, except working capital ratio)
December 31,
2024
December 31,
2023
Current assets
$ 
2,819 $ 
3,045 
Current liabilities
 
3,500  
3,413 
Working capital (deficiency)
$ 
(681) $ 
(368) 
Working capital ratio (1)
 
0.81  
0.89 
(1)
Calculated as current assets divided by current liabilities.
The decrease in the working capital ratio was primarily due to decreases in inventory, accounts receivable, and risk 
management assets, as well as increases in accounts payable and accrued liabilities, risk management liabilities, 
current portion of operating lease liabilities, and other current liabilities. This was partially offset by decreases in the 
current portion of long-term debt and short-term debt, as well as increases in regulatory assets and prepaid 
expenses and other current assets. AltaGas’ working capital will fluctuate in the normal course of business.
Investing Activities
Cash used in investing activities for the year ended December 31, 2024 was $1,375 million, compared to $199 
million in 2023. Investing activities for the year ended December 31, 2024 primarily included expenditures of 
approximately $1,389 million for property, plant, and equipment and intangible assets, as well as approximately $2 
million of net contributions to equity investments, partially offset by proceeds of approximately $14 million and $2 
million from the disposition of equity investments and disposition of assets, respectfully. Investing activities for the 
year ended December 31, 2023 included proceeds of approximately $1.1 billion from the disposition of assets 
primarily related to the Alaska Utilities Disposition and additional proceeds received for the favourable settlement 
of outstanding contingencies on the sale of Goleta, partially offset by the expenditures of approximately $943 
million for property, plant, and equipment and intangible assets, cash payment (net of cash acquired) of 
approximately $327 million for the Pipestone Acquisition, and approximately $4 million of net contributions to 
equity investments. 
Financing Activities 
Cash used in financing activities for the year ended December 31, 2024 was $175 million, compared to $882 million 
in 2023. Financing activities for the year ended December 31, 2024 were primarily comprised of repayments of 
long-term debt and finance lease liabilities of approximately $1.0 billion, the repurchase of MTNs of approximately 
$797 million, net repayments under credit facilities of approximately $702 million, dividends of approximately $371 
million, distributions to non-controlling interests of approximately $18 million, and a payment of approximately $9 
million related to the settlement of derivative instruments, partially offset by long-term debt issuances (net of debt 
issuance costs) of approximately $1.4 billion, issuance of subordinated hybrid notes (net of debt issuance costs) of 
approximately $1.2 billion, contributions from non-controlling interests of approximately $123 million, and net 
proceeds from common shares issued on the exercise of options granted pursuant to AltaGas' share option plan 
("Share Options") of approximately $54 million. Financing activities for the year ended December 31, 2023 were 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 48

primarily comprised of net repayments under credit facilities of approximately $678 million, repayments of long-
term debt and finance lease liabilities of approximately $338  million, dividends of approximately $343 million, 
redemption of preferred shares of $200 million, purchase of marketable securities in connection with debt 
defeasance of approximately $193 million, and distributions to non-controlling interests of approximately $18 
million, partially offset by long-term debt issuances (net of debt issuance costs) of approximately $673 million, 
issuance of subordinated hybrid notes (net of debt issuance costs) of approximately $198 million, and net proceeds 
from common shares issued on the exercise of Share Options of approximately $17 million.
CAPITAL RESOURCES
AltaGas' objective for managing capital is to maintain its investment grade credit ratings, ensure adequate liquidity, 
optimize the profitability of its existing assets, and grow its energy infrastructure to create long-term value and 
enhance returns for its investors. AltaGas' capital structure is comprised of shareholders' equity (including 
non-controlling interests), short-term and long-term debt (including the current portion), finance lease liabilities 
(including the current portion), and subordinated hybrid notes, less cash and cash equivalents.
The use of debt or equity funding is based on AltaGas’ capital structure, which is determined by considering the 
norms and risks associated with operations and cash flow stability and sustainability.
As at December 31, 2024, AltaGas’ total debt primarily consisted of outstanding MTNs of $3.7 billion (December 31, 
2023 - $3.9 billion), WGL and Washington Gas MTNs and private placement notes of $3.4 billion (December 31, 
2023 - $3.0 billion), reflecting fair value adjustments on acquisition, SEMCO First Mortgage Bonds of $427 million 
(December 31, 2023 - $393 million), $104 million drawn under the bank credit facilities (December 31, 2023 - $1.0 
billion), $2.0 billion of subordinated hybrid notes (December  31, 2023 - $750  million), and commercial paper 
outstanding of $263 million for WGL and Washington Gas (December 31, 2023 - $461 million). In addition, AltaGas 
had $251 million of letters of credit outstanding (December 31, 2023 - $252 million). 
As at December  31, 2024, AltaGas’ total market capitalization was approximately $10 billion based on 
approximately 298 million common shares outstanding and a closing trading price of $33.48 per common share.
 
AltaGas' earnings interest coverage for the rolling twelve months ended December 31, 2024 was 2.4 times (twelve 
months ended December 31, 2023 – 3.0 times). 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 49

Credit Facilities
($ millions)
Borrowing 
capacity
Drawn at 
December 31, 
2024
Drawn at 
December 31,
2023
AltaGas demand credit facilities (1) (2)
$ 
70 $ 
— $ 
— 
AltaGas revolving credit facilities (1) (2)
 
2,300  
—  
484 
AltaGas term credit facility (3) 
 
—  
—  
450 
SEMCO Energy US$150 million credit facilities (1) (2) 
 
216  
104  
86 
WGL US$300 million revolving credit facility (1) (2) (4)
 
431  
109  
199 
Washington Gas US$450 million revolving credit facility (1) (2) (4)
 
648  
154  
261 
$ 
3,665 $ 
367 $ 
1,480 
(1)
Amount drawn at December 31, 2024 converted at the month-end rate of 1 U.S. dollar = 1.4389 Canadian dollar (December 31, 2023 - 1 U.S. dollar = 1.3226 
Canadian dollar).
(2)
All US$ borrowing capacity was converted at the December 31, 2024 Canadian/U.S. dollar month-end exchange rate.
(3)
The term loan was cancelled and repaid in full on June 28, 2024.
(4)
Amounts drawn include commercial paper that is supported by the long term facilities. WGL and Washington Gas have the right to request additional 
borrowings of up to US$100 million with the bank’s approval, for a total of US$400 million and US$550 million on their respective facilities.
In addition to the facilities listed above, AltaGas has demand letter of credit facilities of $463 million (December 31, 
2023 - $451 million). At December 31, 2024, there were letters of credit for $251 million (December 31, 2023 - $252 
million) issued on these facilities and an additional less than $1 million (December 31, 2023 - less than $1 million) 
issued on the Company's revolving credit facilities.
WGL and Washington Gas use short-term debt in the form of commercial paper or unsecured short-term bank loans 
to fund seasonal cash requirements. Revolving committed credit facilities are maintained in an amount equal to or 
greater than the expected maximum commercial paper position.
All of the borrowing facilities have covenants customary for these types of facilities, which must be met at each 
quarter end. AltaGas and its subsidiaries have been in compliance with all financial covenants each quarter since 
the establishment of the facilities. AltaGas and its subsidiaries are also in compliance with trust indenture 
requirements for its MTNs as at December 31, 2024 and December 31, 2023.
The following table summarizes the Corporation's primary financial covenants as defined by the credit facility 
agreements: 
Ratios
Debt covenant  
requirements
As at December 31, 2024
Bank debt-to-capitalization (1) (2)
not greater than 65%
less than 43%
Bank EBITDA-to-interest expense (1) (2) 
not less than 2.5x
greater than 4.0x
Bank debt-to-capitalization (SEMCO) (2) (3)
not greater than 60%
less than 43%
Bank EBITDA-to-interest expense (SEMCO) (2) (3)
not less than 2.25x
greater than 7.9x
Bank debt-to-capitalization (WGL) (2) (4)
not greater than 65%
less than 50%
Bank debt-to-capitalization (Washington Gas) (2) (4)
not greater than 65%
less than 48% 
(1)
Calculated in accordance with the Corporation’s $2.3 billion credit facility agreement, which is available on SEDAR+ at www.sedarplus.ca. The covenants are 
equivalent and applicable to all the Corporation’s committed credit facilities.
(2)
Estimated, subject to final adjustments. 
(3)
Bank EBITDA-to-interest expense (SEMCO) and bank debt-to-capitalization (SEMCO) are calculated based on SEMCO’s consolidated financial statements and 
are calculated similarly to bank debt-to-capitalization and bank EBITDA-to-interest expense.  
(4)
WGL’s bank debt-to-capitalization ratio is calculated based on WGL’s consolidated financial statements. 
On March 31, 2023, a short form base shelf prospectus for the issuance of certain types of future public debt and/or 
equity issuances was filed to replace the short form base shelf prospectus dated February 22, 2021. This enables 
AltaGas to access the Canadian capital markets on a timely basis during the 25-month period that the short form 
base shelf prospectus remains effective. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 50

CONTRACTUAL OBLIGATIONS
December 31, 2024
($ millions)
Total
Less than 
1 year
1 - 3
years
4 - 5
years
After 5
years
Short-term debt 
$ 
10 $ 
10 $ 
— $ 
— $ 
— 
Long-term debt (1)
 
7,802  
858  
1,334  
975  
4,635 
Subordinated hybrid notes (2)
 
2,045  
—  
—  
—  
2,045 
Operating and finance leases (3)
 
1,301  
166  
325  
261  
549 
Purchase obligations 
 
17,660  
3,427  
4,886  
2,694  
6,653 
Capital project commitments
 
474  
474  
—  
—  
— 
Pension plan and retiree benefits (4)
 
3  
3  
—  
—  
— 
Merger commitments (5)
 
5  
5  
—  
—  
— 
Environmental commitments
 
24  
17  
3  
1  
3 
Other liabilities (6)
 
54  
54  
—  
—  
— 
Total contractual obligations (7)
$ 29,378 $ 
5,014 $ 
6,548 $ 
3,931 $ 13,885 
(1)
Excludes deferred financing costs, unamortized premiums and unamortized discounts, and the fair value adjustment on the WGL Acquisition. 
(2)
Excludes deferred financing costs. 
(3)
Payments are presented on an undiscounted cash basis.
(4)
Assumes only required payments will be made into the pension plans in 2025. Contributions are made in accordance with independent actuarial valuations. 
(5)
Represents the estimated future payments of WGL merger commitments that have been accrued but not paid including the civil penalty related to the failure of 
the commitment to develop 10 MW of either electric grid energy storage or tier one renewable resources in D.C. As at December 31, 2024, the cumulative 
amount of merger commitments that have been expensed but not yet paid is approximately US$3 million. Please refer to Note 28 of the Annual Consolidated 
Financial Statements for further details.
(6)
Excludes non-financial liabilities.
(7)
U.S. dollar commitments have been converted to Canadian dollars using the December 31, 2024 exchange rate.  
AltaGas expects to fund its obligations through internally-generated cash flow, asset sales, and normal course 
borrowings on existing committed credit facilities. 
RELATED PARTY TRANSACTIONS
In the normal course of business, AltaGas transacts with its subsidiaries, affiliates and joint ventures. Refer to Note 
29 of the 2024 Annual Consolidated Financial Statements for the amounts due to or from related parties on the 
Consolidated Balance Sheets and the classification of revenue, income, and expenses in the Consolidated 
Statements of Income.
Subsidiary Entities
The businesses of AltaGas are operated by the Company and a number of its subsidiaries including, without 
limitation, AltaGas Services (U.S.) Inc., AltaGas Utility Holdings (U.S.) Inc., WGL Holdings, Inc., Wrangler 1 LLC, 
Wrangler SPE LLC, Washington Gas Resources Corp., WGL Energy Services, Inc, and SEMCO Holding Corporation; 
in regard to the Utilities business, Washington Gas Light Company, Hampshire Gas Company, and SEMCO Energy, 
Inc.; and in regard to the Midstream business, AltaGas Extraction and Transmission Limited Partnership, AltaGas 
Pipeline Partnership, AltaGas Processing Partnership, AltaGas Northwest Processing Limited Partnership, 
Harmattan Gas Processing Limited Partnership, Ridley Island LPG Export Limited Partnership, AltaGas LPG Limited 
Partnership, Petrogas Energy Corporation ("Petrogas"), and Petrogas, Inc. In the Corporate/Other segment the main 
subsidiary is AltaGas Power Holdings (U.S.) Inc. SEMCO Energy, Inc. conducts its Michigan natural gas distribution 
business under the name SEMCO Energy Gas Company. Pursuant to an internal reorganization of certain of 
AltaGas' subsidiaries effective January 1, 2025, AltaGas Processing Partnership ceased to exist by operation of law 
and Petrogas Energy Corp. amalgamated with AltaGas.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 51

SHARE INFORMATION
As at February 28, 2025
Issued and outstanding
Common shares
 
297,973,242 
Preferred Shares
Series A
 
6,746,679 
Series B
 
1,253,321 
Series G
 
8,000,000 
Issued
Share options
 
2,476,786 
Share options exercisable
 
2,476,786 
DIVIDENDS
AltaGas declares and pays a quarterly dividend to its common shareholders. Dividends on preferred shares are 
also paid quarterly. Dividends are at the discretion of the Board of Directors and dividend levels are reviewed 
periodically, giving consideration to the ongoing sustainable cash flow from operating activities, maintenance and 
growth capital expenditures, and debt repayment requirements of AltaGas. 
The following table summarizes AltaGas’ dividend declaration history as of December 31, 2024:
Common Share Dividends
Year Ended December 31
($ per common share)
2024
2023
First quarter
$ 
0.297500 $ 
0.280000 
Second quarter
 
0.297500  
0.280000 
Third quarter
 
0.297500  
0.280000 
Fourth quarter
 
0.297500  
0.280000 
Total
$ 
1.190000 $ 
1.120000 
Series A Preferred Share Dividends
Year Ended December 31
($ per preferred share)
2024
2023
First quarter
$ 
0.191250 $ 
0.191250 
Second quarter
 
0.191250  
0.191250 
Third quarter
 
0.191250  
0.191250 
Fourth quarter
 
0.191250  
0.191250 
Total
$ 
0.765000 $ 
0.765000 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 52

Series B Preferred Share Dividends
Year Ended December 31
($ per preferred share)
2024
2023
First quarter
$ 
0.478740 $ 
0.418750 
Second quarter
 
0.474950  
0.450260 
Third quarter
 
0.473320  
0.455150 
Fourth quarter
 
0.431410  
0.492580 
Total
$ 
1.858420 $ 
1.816740 
Series E Preferred Share Dividends (1)
Year Ended December 31
($ per preferred share)
2024
2023
First quarter
$ 
— $ 
0.337063 
Second quarter
 
—  
0.337063 
Third quarter
 
—  
0.337063 
Fourth quarter
 
—  
0.337063 
Total
$ 
— $ 
1.348252 
(1)     On December 31, 2023, AltaGas redeemed all of its outstanding Series E Preferred Shares.
Series G Preferred Share Dividends
Year Ended December 31
($ per preferred share)
2024
2023
First quarter
$ 
0.265125 $ 
0.265125 
Second quarter
 
0.265125  
0.265125 
Third quarter
 
0.265125  
0.265125 
Fourth quarter
 
0.376063  
0.265125 
Total
$ 
1.171438 $ 
1.060500 
Series H Preferred Share Dividends
Year ended December 31
($ per preferred share)
2024
2023
First quarter
$ 
0.503610 $ 
0.443404 
Second quarter
 
0.499820  
0.475190 
Third quarter
 
0.498460  
0.480350 
Fourth quarter
 
—  
0.517780 
Total
$ 
1.501890 $ 
1.916724 
(1)       On September 30, 2024, AltaGas converted all of its outstanding Series H Preferred Shares to Series G Preferred Shares.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 53

CRITICAL ACCOUNTING ESTIMATES 
Since a determination of the value of many assets, liabilities, revenues and expenses is dependent upon future 
events, the preparation of AltaGas' Consolidated Financial Statements requires the use of estimates and 
assumptions that have been made using careful judgment. AltaGas’ significant accounting policies are contained in 
the notes to the 2024 Annual Consolidated Financial Statements. Certain of these policies involve critical 
accounting estimates as a result of the requirement to make particularly subjective or complex judgments about 
matters that are inherently uncertain, and because of the likelihood that materially different amounts could be 
reported under different conditions or using different assumptions.
Significant estimates and judgments made by Management in the preparation of the Consolidated Financial 
Statements are outlined below: 
Regulatory Assets and Liabilities
SEMCO and Washington Gas engage in the delivery and sale of natural gas. SEMCO is regulated by the MPSC, and 
Washington Gas is regulated by the PSC of DC in the District of Columbia, the PSC of MD in Maryland, and the SCC 
of VA in Virginia.
The regulatory agencies exercise statutory authority over matters such as tariffs, rates, construction, operations, 
financing, returns and certain contracts with customers. In order to recognize the economic effects of the actions 
and decisions of the regulators, the timing of recognition of certain assets, liabilities, revenues and expenses as a 
result of regulation may differ from that otherwise expected using U.S. GAAP for entities not subject to rate 
regulation. 
Regulatory assets represent future revenues associated with certain costs incurred in the current period or in prior 
periods that are expected to be recovered from customers in future periods through the rate-setting process. 
Regulatory liabilities represent future reductions or limitations of increases in revenue associated with amounts that 
are expected to be refunded to customers through the rate-setting process.
Asset Impairment
AltaGas reviews long-lived assets, regulatory assets, and intangible assets with indefinite and finite lives whenever 
events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. 
Recoverability is determined based on an estimate of undiscounted cash flows or other indicators of fair value, and 
measurement of an impairment loss is determined based on the fair value of the assets. The determination of fair 
value requires Management to make assumptions about future cash inflows and outflows over the life of an asset. 
Any changes to the assumptions used for the future cash flow could result in revisions to the evaluation of the 
recoverability of the long-lived assets or intangible assets and the recognition of an impairment loss in the 
Consolidated Financial Statements.  
AltaGas also tests goodwill for impairment annually or more frequently if events or changes in circumstances 
indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. The 
Corporation has the option to first assess qualitative factors to determine whether it is necessary to perform the 
quantitative goodwill impairment test. If the quantitative goodwill impairment test is performed, the fair value of the 
Corporation’s reporting units is compared to the carrying values. If the carrying value of a reporting unit, including 
allocated goodwill exceeds its fair value, goodwill impairment is measured as the excess of the carrying value 
amount of the reporting unit’s allocated goodwill over the implied fair value of the goodwill. Based on the valuation 
approach, the fair value used in the quantitative impairment test of goodwill requires determining appropriate 
market multiples of earnings or estimating future cash flows as well as appropriate discount rates. AltaGas has 
assessed goodwill for impairment as at December 31, 2024 and determined that no write-down was required. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 54

Asset Retirement Obligations 
AltaGas records liabilities relating to asset retirement obligations when there is a legal obligation. In estimating the 
obligations, Management is required to make assumptions regarding inflation and discount rates, ultimate amounts 
and timing of settlements, and expected changes in environmental laws and regulation. A change in any of these 
estimates could have a material impact on AltaGas' Consolidated Financial Statements.
Income Taxes
The Corporation is subject to the provisions of the Income Tax Act (Canada) for purposes of determining the 
amount of income that will be subject to tax in Canada and the Internal Revenue Code (U.S.) for the purposes of 
determining the amount of income that will be subject to tax in the United States. The determination of AltaGas’ 
and its subsidiaries’ provision for income taxes requires the application of these complex rules. 
The recognition of deferred tax assets depends on the assumption that future earnings will be sufficient to realize 
the deferred benefit. A valuation allowance is recorded against deferred tax assets where all or a portion of that 
asset is not expected to be realized. The amount of the deferred tax asset or liability recorded is based on 
Management’s best estimate of the timing of the realization of the assets or liabilities. 
If Management’s interpretation of tax legislation differs from that of tax authorities, or if timing of reversals is not as 
anticipated, the provision for income taxes could increase or decrease in future periods. See Note 19 of the 2024 
Annual Consolidated Financial Statements.
Pension Plans and Post-Retirement Benefits
The determination of pension plan obligations and expense is based on a number of actuarial assumptions. Critical 
assumptions include the expected long-term rate-of-return on plan assets, the discount rate applied to pension 
plan obligations, the expected rate of compensation increase, and mortality rates. For post-retirement benefit plans, 
which provide for certain health care premiums and life insurance benefits for qualifying retired employees and 
which are not funded, critical assumptions in determining post-retirement obligations and expense are the discount 
rate and the assumed health care cost trend rates. 
Depreciation and Amortization 
Depreciation and amortization of property, plant, and equipment and intangible assets are based on Management’s 
judgment of the estimated useful life of the assets. When it is determined that assigned asset lives do not reflect 
the estimated remaining period of benefit, prospective changes are made to the depreciable lives of those assets. 
For regulated entities, amortization rates are generally prescribed by the applicable regulatory authority. There are 
a number of uncertainties inherent in estimating the remaining useful life of certain assets and changes in 
assumptions could result in material adjustments to the amount of amortization that AltaGas recognizes from period 
to period. 
Loss Contingencies
AltaGas and its subsidiaries are subject to various legal claims and actions arising in the normal course of business. 
Liabilities for loss contingencies are determined on a case-by-case basis and are accrued for when it is probable 
that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to 
determine the probability of having incurred the liability and the estimated amount. Estimates are reviewed 
regularly and updated as new information is received. As at December 31, 2024, no material provisions on loss 
contingencies have been recorded by the Corporation. However, due to the inherent uncertainty of the litigation 
process, the resolution of any particular contingencies could have a material adverse effect on the Corporation’s 
results of operations or financial position. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 55

Fair Value of Financial Instruments
Fair value is defined as the amount of consideration that would be agreed upon in an arms-length transaction, 
other than a forced sale or liquidation, between knowledgeable, willing parties who are under no compulsion to 
act. The best evidence of fair value is a quoted bid or ask price, as appropriate, in an active market. Fair value 
based on unadjusted quoted prices in an active market requires minimal judgment by Management. Where bid or 
ask prices in an active market are not available, Management’s judgment on valuation inputs is necessary to 
determine fair value. AltaGas enters into physical and financial derivative contracts to manage exposure to 
fluctuations in commodity prices and foreign exchange rates, as well as to optimize certain owned and managed 
natural gas assets. AltaGas estimates forward prices for certain derivative contracts based on published sources 
adjusted for factors specific to the asset or liability, including basis and location differentials, discount rates, interest 
rates, and foreign currency exchange rates. The forward curves used to mark these derivative instruments to 
market are vetted against public sources. AltaGas may also determine the fair value of derivative contracts using 
indicative broker quotes based on observable market data. Where observable market data is not available, AltaGas 
uses valuation techniques which require significant judgment by Management. Changes in estimates and 
assumptions about these inputs could affect the reported fair value.
Refer to Note 2 of the 2024 Annual Consolidated Financial Statements for discussion of the adoption of new 
accounting standards and future changes in accounting principles. 
OFF-BALANCE SHEET ARRANGEMENTS
AltaGas is not party to any contractual arrangements with unconsolidated entities that have, or are reasonably likely 
to have, a current or future material effect on the Corporation’s financial performance or financial condition 
including liquidity and capital resources. 
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL 
REPORTING 
Management, including the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and 
maintaining Disclosure Controls and Procedures ("DCP") and Internal Control Over Financial Reporting ("ICFR"), as 
those terms are defined in National Instrument 52-109 "Certification of Disclosure in Issuers' Annual and Interim 
Filings". The objective of this instrument is to improve the quality, reliability, and transparency of information that is 
filed or submitted under securities legislation.
Management, including the Chief Executive Officer and the Chief Financial Officer, have designed, or caused to be 
designed under their supervision, DCP and ICFR to provide reasonable assurance that information required to be 
disclosed by AltaGas in its annual filings, interim filings or other reports to be filed or submitted by it under 
securities legislation is made known to them, is reported on a timely basis, financial reporting is reliable, and 
financial statements prepared for external purposes are in accordance with U.S. GAAP.
The ICFR have been designed based on the framework established in the 2013 Internal Control - Integrated 
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").
Management has designed the existing framework to result in both a complete and accurate consolidation of 
related information. During the year ended December 31, 2024, there were no changes made to AltaGas’ ICFR that 
materially affected, or are reasonably likely to materially affect, its ICFR or DCP.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 56

The Chief Executive Officer and the Chief Financial Officer have evaluated, with the assistance of AltaGas' 
employees, the effectiveness of AltaGas' DCP and ICFR as at December 31, 2024 and concluded that as at 
December 31, 2024 AltaGas' DCP and ICFR were effective. 
It should be noted that a control system, no matter how well conceived and operated, can provide only reasonable, 
not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all 
control systems, no evaluation of controls can provide absolute assurance that all control issues, including 
instances of fraud, if any, have been detected. The design of any system of controls is also based in part on certain 
assumptions about the likelihood of future events, and there can be no assurances that any design will succeed in 
achieving its stated goals under all potential conditions.
SUMMARY OF CONSOLIDATED RESULTS FOR THE EIGHT MOST RECENT QUARTERS (1)
($ millions)
Q4-24 Q3-24 Q2-24
Q1-24 Q4-23 Q3-23 Q2-23
Q1-23
Total revenue
 3,259  2,759  2,775  3,655  3,288  3,030  2,631  4,048 
Normalized EBITDA 
 
520  
294  
295  
660  
502  
252  
239  
582 
Net income (loss) applicable to common shares 
 
203  
9  
(42)  
408  
113  
(50)  
133  
445 
($ per share)
Q4-24 Q3-24 Q2-24
Q1-24 Q4-23 Q3-23 Q2-23
Q1-23
Net income (loss) per common share
  Basic 
 0.68  0.03  (0.14)  
1.38  0.40  (0.18)  0.47  
1.58 
  Diluted
 0.68  0.03  (0.14)  
1.37  0.40  (0.18)  0.47  
1.57 
Dividends declared
 0.30  0.30  0.30  0.30  0.28  0.28  0.28  0.28 
(1)
Amounts may not add due to rounding. 
AltaGas’ quarter-over-quarter financial results are impacted by various factors including seasonality, fluctuations in 
commodity prices, weather, the Canadian/U.S. dollar exchange rate, planned and unplanned plant outages, timing 
of in-service dates of new projects, and acquisition and divestiture activities. 
Revenue for the Utilities is generally the highest in the first and fourth quarters of any given year as the majority of 
natural gas demand occurs during the winter heating season, which typically extends from November to March. 
Other significant items that impacted quarter-over-quarter revenue during the periods noted include: 
▪
The impact of the Alaska Utilities Disposition in the first quarter of 2023; and
▪
The impact of the Pipestone Acquisition in the fourth quarter of 2023.
Net income (loss) applicable to common shares is also affected by non-cash items such as deferred income tax, 
depreciation and amortization expense, accretion expense, provisions on assets, and gains or losses on the sale of 
assets. In addition, net income (loss) applicable to common shares is also impacted by preferred share dividends 
and gains or losses on the redemption of preferred shares. For these reasons, net income (loss) may not 
necessarily reflect the same trends as revenue. Net income (loss) applicable to common shares during the periods 
noted was impacted by: 
▪
After-tax transaction costs related to acquisitions and dispositions of approximately $9 million and $27 
million incurred throughout 2024 and 2023, respectively, primarily due to asset sales and the Pipestone 
Acquisition;
▪
After-tax transition and restructuring costs of approximately $52 million and $17 million incurred throughout 
2024 and 2023, respectively;
AltaGas Ltd. – 2024 MD&A and Financial Statements - 57

▪
Favourable resolution of certain acquisition related commercial disputes and contingencies in the first half 
of 2023; 
▪
The gain resulting from the partial defeasance of SEMCO's First Mortgage Bonds related to the Alaska 
Utilities Disposition in the first quarter of 2023;
▪
The gain on the Alaska Utilities Disposition in the first quarter of 2023; 
▪
The loss on the redemption of the Series E Preferred Shares in the fourth quarter of 2023; 
▪
The gain on partial settlement of WGL's post-retirement benefit pension plan in the third quarter of 2024;
▪
The gain on sale of assets related to the Meade escrow proceeds in the third quarter of 2024; and
▪
Provisions on assets recorded in the fourth quarter of 2024 related to EEEP and certain non-operational 
equipment in the Corporate/Other segment.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 58

SELECTED ANNUAL FINANCIAL INFORMATION 
($ millions, except where noted)
2024
2023
2022
Revenue
 
12,448  
12,997  
14,087 
Net income applicable to common shares
 
578  
641  
399 
Net income per common share - basic
 
1.95  
2.27  
1.42 
Net income per common share - diluted
 
1.94  
2.26  
1.41 
Total assets
 
26,092  
23,471  
23,965 
Total long-term liabilities
 
13,546  
12,195  
12,940 
Weighted average number of common shares outstanding (millions)
 
297  
282  
281 
Dividends declared per common share ($ per share)
1.190000
1.120000
1.060000
Dividends declared per preferred share ($ per share)
Series A
0.765000
0.765000
0.765000
Series B
1.858420
1.816740
1.007330
Series C (US$) (1)
—  
— 
0.991875
Series E (2)
—
1.348252
1.348252
Series G
1.171438
1.060500
1.060500
Series H (3)
1.501890
1.916724
1.107322
Series K (4)
—  
— 
0.312500
(1)
Series C Preferred Shares were redeemed on September 30, 2022.
(2)
Series E Preferred Shares were redeemed on December 31, 2023.
(3)
On September 30, 2024, AltaGas converted all of its outstanding Series H Preferred Shares to Series G Preferred Shares.
(4)
Series K Preferred Shares were redeemed on March 31, 2022.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 59

MANAGEMENT'S REPORT  
The Consolidated Financial Statements of AltaGas Ltd. ("AltaGas", the "Corporation", or the "Company") and other 
financial information included in this report are the responsibility of Management. The Consolidated Financial 
Statements have been prepared by Management in accordance with United States Generally Accepted Accounting 
Principles ("U.S. GAAP") and include amounts that are based on Management’s best estimates and judgments. It is 
Management's responsibility to ensure that judgments, estimates and accounting principles and methods used in 
the preparation of financial information are reasonable, appropriate, and applied consistently. 
Management's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal controls over financial reporting for 
the Corporation (as defined in Rules 13a-15(f) of the Securities Exchange Act and under National Instrument 52-109). 
Management has used the framework established in the 2013 Internal Control - Integrated Framework issued by 
the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of 
the Corporation's internal control over financial reporting. Based on this evaluation, Management, including the 
CEO and CFO, has concluded that the Corporation's internal control over financial reporting is effective as at 
December 31, 2024.
Internal control over financial reporting may not prevent all misstatements due to its inherent limitations. In addition, 
the evaluation of internal control was made as of a specific date and continued effectiveness in future periods is 
subject to the risk that controls may become inadequate. 
The Board of Directors is responsible for ensuring that Management fulfills its responsibilities for financial reporting 
and internal controls. The Board is assisted in carrying out its responsibilities principally through its Audit 
Committee which is composed of independent non-management directors. The Audit Committee meets with 
Management regularly and meets independently with internal and external auditors and as a group to review any 
significant accounting, internal controls, and auditing matters in accordance with the terms of the Charter of the 
Audit Committee, which is set out in the Annual Information Form. 
The shareholders have appointed Ernst & Young LLP as independent external auditors to express an opinion as to 
whether the Consolidated Financial Statements present fairly, in all material respects, the Corporation’s 
consolidated financial position, results of operations, and cash flows in accordance with U.S. GAAP. Ernst & Young 
LLP is not required under securities law to express an opinion as to the effectiveness of the Corporation's internal 
control over financial reporting. The report of Ernst & Young LLP outlines the scope of its examination and its 
opinion on the Consolidated Financial Statements.
(signed) "Vern Yu"
(signed) "James Harbilas"
VERN YU
JAMES HARBILAS
President and
Executive Vice President and
Chief Executive Officer of
Chief Financial Officer of
AltaGas Ltd.
AltaGas Ltd.
March 6, 2025
AltaGas Ltd. – 2024 MD&A and Financial Statements - 60

INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Directors of AltaGas Ltd.
Opinion 
We have audited the consolidated financial statements of AltaGas Ltd. and its subsidiaries (the Group), which 
comprise the consolidated balance sheets as at December 31, 2024 and 2023, and the consolidated statements of 
income, consolidated statements of comprehensive income, consolidated statements of equity and consolidated 
statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a 
summary of significant accounting policies. 
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the 
consolidated financial position of the Group as at December 31, 2024 and 2023, and the consolidated results of its 
operations and its consolidated cash flows for the years then ended in accordance with United States generally 
accepted accounting principles (“US GAAP”).
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities 
under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated 
financial statements section of our report. We are independent of the Group in accordance with the ethical 
requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled 
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we 
have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of the 
consolidated financial statements of the current period. These matters were addressed in the context of the audit 
of the consolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do not 
provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the 
matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated 
financial statements section of our report, including in relation to this matter. Accordingly, our audit included the 
performance of procedures designed to respond to our assessment of the risks of material misstatement of the 
consolidated financial statements. The results of our audit procedures, including the procedures performed to 
address the matter below, provide the basis for our audit opinion on the accompanying consolidated financial 
statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 61

Fair Value Measurement of Level 3 Derivatives
Key audit matter
As described in note 22 to the consolidated financial statements, AltaGas Ltd. enters into 
commodity contracts that qualify as derivative instruments and are accounted for under ASC 
Topic 815, Derivatives and Hedging. The fair value measurements of certain of these 
contracts are considered Level 3 under the fair value hierarchy as they are determined using 
significant unobservable inputs. As of December 31, 2024, derivative assets of $48 million 
and derivative liabilities of $125 million were recorded based on Level 3 fair value 
measurements. 
Auditing the fair value measurement of Level 3 derivative instruments was complex given the 
judgmental nature of the assumptions used as inputs into the valuation models. In particular, 
the valuation of Level 3 derivative instruments is sensitive to significant unobservable inputs 
used by the Group such as the assumed natural gas basis prices and implied volatilities of 
natural gas prices. These unobservable assumptions can be affected by future economic and 
market conditions.
How our audit 
addressed the key 
audit matter
To test the Group's valuation of Level 3 derivative instruments, our audit procedures 
included, among others:
•
Evaluated the appropriateness of the underlying valuation methodologies used by 
the Group.
•
For a sample of instruments, we independently determined the significant 
unobservable assumptions described above, calculated the resulting fair values and 
compared them to the Group’s estimates. 
•
For a sample of instruments, we obtained forward prices from independent sources, 
including broker quotes, evaluated the Group’s assumptions related to their forward 
curves and obtained external confirmation of key contract terms from counterparties. 
•
Performed sensitivity analyses using independent sources of market data to evaluate 
the change in fair value of Level 3 derivative instruments that would result from 
changes in underlying assumptions. 
•
Evaluated the adequacy of the Level 3 fair value measurement note disclosure in the 
consolidated financial statements related to the matter.
Other information 
Management is responsible for the other information. The other information comprises:
•
Management’s Discussion and Analysis
Our opinion on the consolidated financial statements does not cover the other information and we do not express 
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work 
we have performed, we conclude that there is a material misstatement of this other information, we are required to 
report that fact in this auditor's report. We have nothing to report in this regard.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 62

Responsibilities of management and those charged with governance for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in 
accordance with US GAAP, and for such internal control as management determines is necessary to enable the 
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or 
error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going 
concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or 
has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole 
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Canadian generally accepted auditing standards will always detect a material misstatement when 
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of these 
consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional 
judgment and maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements, whether 
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a 
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made by management.
•
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions 
that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw attention in our auditor’s report to the related 
disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. 
However, future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements, including 
the disclosures, and whether the consolidated financial statements represent the underlying transactions 
and events in a manner that achieves fair presentation.
•
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial 
information of the entities or business units within the Group as a basis for forming an opinion on the 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 63

consolidated financial statements. We are responsible for the direction, supervision and review of the work 
performed for the purposes of the group audit. We remain solely responsible for our audit opinion. 
We communicate with those charged with governance regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of 
most significance in the audit of the consolidated financial statements of the current period and are therefore the 
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be 
communicated in our report because the adverse consequences of doing so would reasonably be expected to 
outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Ann-Marie Brockett.
Calgary, Canada
March 6, 2025 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 64

CONSOLIDATED BALANCE SHEETS 
As at December 31
2024
2023
ASSETS
Current assets
Cash and cash equivalents (note 30)
$ 
85 $ 
95 
Accounts receivable (net of credit losses of $31 million) (notes 8 and 22)
 
1,766  
1,844 
Inventory (note 5)
 
676  
847 
Regulatory assets (note 20)
 
92  
58 
Risk management assets (note 22)
 
25  
54 
Prepaid expenses and other current assets (notes 27 and 30)
 
175  
147 
 
2,819  
3,045 
Property, plant and equipment (note 6)
 
14,654  
12,728 
Intangible assets (note 7)
 
107  
122 
Operating right-of-use assets (note 8)
 
490  
337 
Goodwill (note 9)
 
5,691  
5,270 
Regulatory assets (note 20)
 
430  
329 
Risk management assets (note 22)
 
63  
57 
Prepaid post-retirement benefits (note 27)
 
814  
626 
Long-term investments and other assets (net of credit losses of $1 million) 
   (notes 10, 27, and 30)
 
255  
271 
Investments accounted for by the equity method (note 12)
 
769  
686 
$ 
26,092 $ 
23,471 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities (notes 16, 17, 22, and 27)
$ 
2,089 $ 
1,863 
Short-term debt (notes 13 and 22)
 
10  
129 
Current portion of long-term debt (notes 14 and 22)
 
858  
999 
Customer deposits
 
98  
92 
Regulatory liabilities (note 20)
 
79  
85 
Risk management liabilities (note 22)
 
150  
97 
Current portion of operating lease liabilities (note 8)
 
124  
92 
Current portion of finance lease liabilities (note 8 and 22)
 
23  
11 
Other current liabilities (note 22)
 
69  
45 
 
3,500  
3,413 
Long-term debt (notes 14 and 22)
 
6,992  
7,528 
Asset retirement obligations (note 16)
 
482  
448 
Unamortized investment tax credits (note 19)
 
2  
1 
Deferred income taxes (note 19)
 
1,794  
1,536 
Subordinated hybrid notes (notes 15 and 22)
 
2,022  
742 
Regulatory liabilities (note 20)
 
1,380  
1,274 
Risk management liabilities (note 22)
 
160  
115 
Operating lease liabilities (note 8)
 
412  
258 
Finance lease liabilities (note 8 and 22)
 
126  
120 
Other long-term liabilities (notes 18 and 22)
 
127  
124 
Future employee obligations (note 27)
 
49  
49 
$ 
17,046 $ 
15,608 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 65

As at December 31
2024
2023
Shareholders' equity
Common shares, no par values, unlimited shares authorized; 
   2024 - 297.9 million and 2023 - 294.9 million issued and outstanding (note 24)
$ 
7,180 $ 
7,120 
Preferred shares (note 24) 
 
391  
391 
Contributed surplus
 
618  
624 
Accumulated deficit
 
(592)  
(817) 
Accumulated other comprehensive income ("AOCI") (note 21)
 
1,155  
395 
Total shareholders' equity
 
8,752  
7,713 
Non-controlling interests
 
294  
150 
Total equity
$ 
9,046 $ 
7,863 
$ 
26,092 $ 
23,471 
Acquisitions (note 3)
Variable interest entities (note 11)
Commitments, guarantees and contingencies (note 28)
Related party transactions (note 29)
Segmented information (note 31)
Subsequent events (note 32)
See accompanying notes to the Consolidated Financial Statements.
 
Approved by the Board of Directors of AltaGas Ltd.
(signed) "Vern Yu"
(signed) "Angela Lekatsas"
VERN YU
ANGELA LEKATSAS
Director
Director
AltaGas Ltd. – 2024 MD&A and Financial Statements - 66

CONSOLIDATED STATEMENTS OF INCOME 
Year Ended December 31
2024
2023
REVENUE (note 23)
$ 
12,448 $ 
12,997 
EXPENSES
Cost of sales, exclusive of items shown separately
 
9,201  
10,112 
Operating and administrative
 
1,796  
1,579 
Accretion expenses (note 16)
 
5  
11 
Depreciation and amortization (notes 6 and 7)
 
475  
441 
Provisions on assets (note 4)
 
20  
— 
 
11,497  
12,143 
Income from equity investments (note 12)
 
60  
55 
Other income (note 26)
 
177  
403 
Foreign exchange gains (losses)
 
13  
(6) 
Interest expense
 
(455)  
(394) 
Income before income taxes
 
746  
912 
Income tax expense (note 19)
Current
 
41  
43 
Deferred 
 
97  
180 
Net income after taxes
 
608  
689 
Net income applicable to non-controlling interests
 
12  
16 
Net income applicable to controlling interests
 
596  
673 
Preferred share dividends 
 
(18)  
(27) 
Loss on redemption of preferred shares (note 24)
 
—  
(5) 
Net income applicable to common shares
$ 
578 $ 
641 
Net income per common share (note 25)
Basic
$ 
1.95 $ 
2.27 
Diluted
$ 
1.94 $ 
2.26 
Weighted average number of common shares 
   outstanding (millions) (note 25)
Basic
296.8
282.1
Diluted
298.3
283.7
See accompanying notes to the Consolidated Financial Statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 67

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
Year Ended December 31
2024
2023
Net income after taxes
$ 
608 $ 
689 
Other comprehensive income (loss), net of taxes 
Gain (loss) on foreign currency translation
 
929  
(250) 
Unrealized gain (loss) on net investment hedge (note 22)
 
(84)  
25 
Actuarial gains on defined benefit ("DB") pension and post-retirement benefit 
("PRB") plans (note 27)
 
—  
1 
Reclassification of gain on partial settlement of PRB plan (note 27)
 
(2)  
— 
Reclassification of loss on wind-up of Canadian DB pension plan (note 27)
 
—  
2 
Losses on cash flow hedges (note 22)
 
(25)  
(10) 
Reclassification of losses (gains) on cash flow hedges (note 22)
 
(58)  
1 
Total other comprehensive income (loss) ("OCI"), net of taxes 
$ 
760 $ 
(231) 
Comprehensive income attributable to controlling interests and non-controlling 
interests, net of taxes
$ 
1,368 $ 
458 
Comprehensive income attributable to:
Non-controlling interests
$ 
12 $ 
16 
Controlling interests
 
1,356  
442 
$ 
1,368 $ 
458 
See accompanying notes to the Consolidated Financial Statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 68

CONSOLIDATED STATEMENTS OF EQUITY
Year Ended December 31
2024
2023
Common shares (note 24)
Balance, beginning of year
$ 
7,120 $ 
6,761 
Shares issued for cash on exercise of options
 
60  
19 
Shares issued related to Pipestone Acquisition (note 3)
 
—  
340 
Balance, end of year
$ 
7,180 $ 
7,120 
Preferred shares (note 24)
Balance, beginning of year
 
391  
586 
Redemption of preferred shares (note 24)
 
—  
(195) 
Balance, end of year
$ 
391 $ 
391 
Contributed surplus
Balance, beginning of year
 
624  
625 
Share options expense
 
—  
1 
Exercise of share options
 
(6)  
(2) 
Balance, end of year
$ 
618 $ 
624 
Accumulated deficit 
Balance, beginning of year
 
(817)  
(1,142) 
Net income applicable to controlling interests
 
596  
673 
Common share dividends
 
(353)  
(316) 
Preferred share dividends
 
(18)  
(27) 
Loss on redemption of preferred shares (note 24)
 
—  
(5) 
Balance, end of year
$ 
(592) $ 
(817) 
AOCI (note 21)
Balance, beginning of year
 
395  
626 
Other comprehensive income (loss)
 
760  
(231) 
Balance, end of year
$ 
1,155 $ 
395 
Total shareholders' equity
$ 
8,752 $ 
7,713 
Non-controlling interests
Balance, beginning of year
 
150  
162 
Net income applicable to non-controlling interests
 
12  
16 
Contributions from non-controlling interests to subsidiaries
 
150  
33 
Distributions by subsidiaries to non-controlling interests
 
(18)  
(18) 
Adjustment on disposition of assets
 
—  
(43) 
Balance, end of year
$ 
294 $ 
150 
Total equity
$ 
9,046 $ 
7,863 
See accompanying notes to the Consolidated Financial Statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 69

CONSOLIDATED STATEMENTS OF CASH FLOWS 
Year Ended December 31
2024
2023
Cash from operations
Net income after taxes
$ 
608 $ 
689 
Items not involving cash:
Depreciation and amortization (notes 6 and 7)
 
475  
441 
Provisions on assets (note 4)
 
20  
— 
Accretion expenses (note 16)
 
5  
11 
Share-based compensation (note 24)
 
—  
1 
Deferred income tax expense (note 19)
 
97  
180 
Gains on sale of assets (note 26)
 
(12)  
(319) 
Gain on debt defeasance
 
—  
(14) 
Gain on partial debt extinguishment (notes 14 and 26)
 
(4)  
— 
Income from equity investments (note 12)
 
(60)  
(55) 
Unrealized losses on risk management contracts (note 22)
 
12  
70 
Amortization of deferred financing costs
 
6  
8 
Allowance for credit losses (note 22)
 
33  
24 
Change in pension and other post-retirement benefits (note 27)
 
(114)  
6 
Other
 
17  
(19) 
Asset retirement obligations settled (note 16)
 
(3)  
(15) 
Distributions from equity investments
 
28  
13 
Changes in operating assets and liabilities (note 30)
 
430  
100 
$ 
1,538 $ 
1,121 
Investing activities
Business acquisitions, net of cash acquired (note 3)
 
—  
(327) 
Capital expenditures - property, plant and equipment
 
(1,378)  
(934) 
Capital expenditures - intangible assets
 
(11)  
(9) 
Contributions to equity investments
 
(2)  
(4) 
Proceeds from disposition of equity investments (note 12)
 
14  
1 
Proceeds from disposition of assets, net of transaction costs
 
2  
1,074 
$ 
(1,375) $ 
(199) 
Financing activities
Issuance of long-term debt, net of debt issuance costs
 
1,370  
673 
Purchase of marketable securities in connection with debt defeasance
 
—  
(193) 
Repayment of long-term debt and finance lease liabilities
 
(1,026)  
(338) 
Repayment under credit facilities
 
(702)  
(678) 
Issuance of subordinated hybrid notes, net of debt issuance costs (note 15)
 
1,201  
198 
Dividends - common shares
 
(353)  
(316) 
Dividends - preferred shares
 
(18)  
(27) 
Distributions to non-controlling interests
 
(18)  
(18) 
Contributions from non-controlling interests
 
123  
— 
Net proceeds from shares issued on exercise of options (note 24)
 
54  
17 
Redemption of preferred shares (note 24)
 
—  
(200) 
Repurchase of medium-term notes ("MTNs"), inclusive of cash adjustments (note 14)
 
(797)  
— 
Settlement of derivative instruments (note 22)
 
(9)  
— 
$ 
(175) $ 
(882) 
Change in cash, cash equivalents, and restricted cash
 
(12)  
40 
Cash, cash equivalents, and restricted cash beginning of year
 
104  
64 
Cash, cash equivalents, and restricted cash end of year (note 30)
$ 
92 $ 
104 
See accompanying notes to the Consolidated Financial Statements. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 70

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
(Tabular amounts and amounts in footnotes to tables are in millions of Canadian dollars unless otherwise 
indicated.)
1.   Organization and Overview of the Business 
The businesses of AltaGas are operated by the Company and a number of its subsidiaries including, without 
limitation, AltaGas Services (U.S.) Inc., AltaGas Utility Holdings (U.S.) Inc., WGL Holdings, Inc. ("WGL"), Wrangler 1 
LLC, Wrangler SPE LLC, Washington Gas Resources Corp., WGL Energy Services, Inc. ("WGL Energy Services"), and 
SEMCO Holding Corporation; in regard to the Utilities business, Washington Gas Light Company ("Washington 
Gas"), Hampshire Gas Company, and SEMCO Energy, Inc.; and in regard to the Midstream business, AltaGas 
Extraction and Transmission Limited Partnership, AltaGas Pipeline Partnership, AltaGas Processing Partnership, 
AltaGas Northwest Processing Limited Partnership, Harmattan Gas Processing Limited Partnership, Ridley Island 
LPG Export Limited Partnership, AltaGas LPG Limited Partnership, Petrogas Energy Corporation ("Petrogas"), and 
Petrogas, Inc. In the Corporate/Other segment the main subsidiary is AltaGas Power Holdings (U.S.) Inc. SEMCO 
Energy conducts its Michigan natural gas distribution business under the name SEMCO Energy Gas Company 
("SEMCO"). Pursuant to an internal reorganization of certain of AltaGas' subsidiaries effective January 1, 2025, 
AltaGas Processing Partnership ceased to exist by operation of law and Petrogas Energy Corp. amalgamated with 
AltaGas.
AltaGas is a leading North American energy infrastructure company that connects customers and markets to 
affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth energy 
infrastructure business that is focused on delivering resilient and durable value for its stakeholders.
AltaGas' operating segments include the following:  
•
Utilities, which owns and operates franchised, cost-of-service, rate regulated natural gas distribution and 
storage utilities that focus on providing safe, reliable, and affordable energy to approximately 1.6 million 
residential and commercial customers. This includes operating two utilities that deliver essential energy 
across four major U.S. jurisdictions with a rate base of approximately US$5.4 billion. The Utilities business 
also includes storage facilities and contracts for interstate natural gas transportation and storage services, 
as well as WGL Energy Services, an affiliated retail energy marketing business, which sells natural gas and 
electricity directly to residential, commercial, and industrial customers that operate across Maryland, 
Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia ("D.C."); and 
•
Midstream, which is a leading North American platform that connects customers and markets to critical 
forms of energy from wellhead to tidewater. The three pillars of the Midstream business include: 1) global 
exports, which includes AltaGas' two operational Liquified Petroleum Gas ("LPG") export terminals and one 
prospective development terminal; 2) natural gas gathering, processing and extraction; and 3) fractionation 
and liquids handling. AltaGas' Midstream segment also includes its natural gas and natural gas liquids 
("NGLs") marketing business, domestic logistics, trucking and rail terminals, and liquid and natural gas 
storage capability.   
 
The Corporate/Other segment consists of AltaGas' corporate activities and a small portfolio of gas-fired power 
generation and distribution assets capable of generating 508 MW of power primarily in the state of California.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 71

2.   Summary of Significant Accounting Policies
BASIS OF PRESENTATION
These Consolidated Financial Statements have been prepared by Management in accordance with United States 
Generally Accepted Accounting Principles ("U.S. GAAP"). 
Pursuant to National Instrument 52-107, "Acceptable Accounting Principles and Auditing Standards" ("NI 52-107"), 
U.S. GAAP reporting is generally permitted by Canadian securities laws for companies subject to reporting 
obligations under U.S. securities laws. On March 28, 2023, AltaGas filed Form 15 with the Securities and Exchange 
Commission ("SEC") and as such, is no longer an SEC issuer and can no longer rely on the provisions of NI 52-107. 
Therefore, AltaGas sought and obtained exemptive relief by the securities regulators in Alberta and Ontario to 
permit it to prepare its financial statements in accordance with U.S. GAAP. The Alberta Securities Commission 
exemption will terminate on or after the earlier of January 1, 2027, the date to which AltaGas ceases to have 
activities subject to rate regulation, or the first day of AltaGas' fiscal year that commences on or following the latter 
of: a) the effective date prescribed by the IASB for a mandatory rate regulated standard; or b) two years after the 
IASB publishes the final version of a mandatory rate regulated standard. 
PRINCIPLES OF CONSOLIDATION
These Consolidated Financial Statements of AltaGas include the accounts of the Corporation, its subsidiaries, 
variable interest entities ("VIEs") for which the Corporation is the primary beneficiary, and its interest in various 
partnerships and joint ventures where AltaGas has an undivided interest in the assets and liabilities. Investments in 
unconsolidated companies that AltaGas has significant influence, but not control, over are accounted for using the 
equity method.
Hypothetical Liquidation at Book Value ("HLBV") methodology is used for AltaGas' investment in Mountain Valley 
Pipeline ("MVP") This methodology is used when the governing structuring agreement over the equity investment 
results in different liquidation rights and priorities than what is reflected by the underlying ownership interest 
percentage. 
All intercompany balances and transactions are eliminated on consolidation. Where there is a party with a 
non-controlling interest in a subsidiary that AltaGas controls, that non-controlling interest is reflected as 
“non-controlling interests” in the Consolidated Financial Statements. The non-controlling interests in net income of 
consolidated subsidiaries are shown as an allocation of the consolidated net income and are presented separately 
in "net income applicable to non-controlling interests".
USE OF ESTIMATES AND MEASUREMENT UNCERTAINTY
The preparation of Consolidated Financial Statements in accordance with U.S. GAAP requires Management to 
make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported 
amounts of revenue and expenses during the period. Key areas where Management has made complex or 
subjective judgments, when matters are inherently uncertain, include but are not limited to: determining the nature 
and timing of satisfaction of performance obligations and determining the transaction price and amounts allocated 
to performance obligations for revenue recognition; depreciation and amortization rates; determination as to 
whether a contract is or contains a lease; determination of the classification, term, and discount rate for leases; fair 
value of asset retirement obligations ("ARO"); fair value of property, plant and equipment and goodwill for 
impairment assessments; fair value of financial instruments; measurement of credit losses; provisions for income 
taxes; assumptions used to measure employee future benefits; provisions for contingencies; purchase price 
allocations; and carrying value of regulatory assets and liabilities. Certain estimates are necessary for the regulatory 
environment in which AltaGas' subsidiaries or affiliates operate, which often require amounts to be recorded at 
estimated values until these amounts are finalized pursuant to regulatory decisions or other regulatory 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 72

proceedings. By their nature, these estimates are subject to measurement uncertainty and may impact the 
Consolidated Financial Statements of future periods.
SIGNIFICANT ACCOUNTING POLICIES
Rate-Regulated Operations 
SEMCO, Washington Gas, Hampshire Gas, and, prior to the Alaska Utilities Disposition, ENSTAR Natural Gas 
Company ("ENSTAR") (collectively "the Utilities") engage in the delivery, sale, and storage of natural gas. SEMCO is 
regulated by the Michigan Public Service Commission ("MPSC"). Washington Gas operates in D.C., Maryland, and 
Virginia, and is regulated in those jurisdictions by the Public Service Commission of the District of Columbia ("PSC 
of DC"), the Maryland Public Service Commission ("PSC of MD"), and the Commonwealth of Virginia State 
Corporation Commission ("SCC of VA"), respectively. Hampshire is regulated under a cost-of-service tariff by the 
Federal Energy Regulatory Commission ("FERC"). 
The MPSC, PSC of DC, PSC of MD, and SCC of VA exercise statutory authority over matters such as tariffs, rates, 
construction, operations, financing, returns, accounting, and certain contracts with customers. In order to recognize 
the economic effects of the actions and decisions of the MPSC, PSC of DC, PSC of MD, and SCC of VA, the timing 
of recognition of certain assets, liabilities, revenues, and expenses as a result of regulation may differ from that 
otherwise expected using U.S. GAAP for entities not subject to rate regulation. 
Regulatory assets represent future revenues associated with certain costs incurred in the current period or in prior 
periods that are expected to be recovered from customers in future periods through the rate setting process. 
Regulatory liabilities represent future reductions or limitations of increases in revenue associated with amounts that 
are expected to be refunded to customers through the rate setting process. 
 
Cash and Cash Equivalents 
 
Cash and cash equivalents consist of cash on hand, balances with banks, and investments in money market 
instruments with original maturities of less than three months. 
 
Restricted Cash Holdings from Customers 
Cash deposited, which is restricted and is not available for general use by AltaGas, is separately presented as 
restricted cash holdings in the Consolidated Balance Sheets. Pursuant to the acquisition of WGL Holdings, Inc. (the 
"WGL Acquisition"), rabbi trust funds were funded to satisfy certain Washington Gas executive and outside director 
retirement benefit plan obligations. The rabbi trust funds are invested in money market funds which are considered 
cash equivalents. These balances are included in "prepaid expenses and other current assets" and "long-term 
investments and other assets" in the Consolidated Balance Sheets. 
 
Accounts Receivable 
Receivables are recorded net of the allowance for credit losses in the Consolidated Balance Sheets. AltaGas 
regularly analyzes and evaluates the collectability of the accounts receivable based on a combination of factors. If 
circumstances related to the collectability change, the allowance for credit losses is further adjusted. Accounts are 
written off when collection efforts are complete and future recovery is unlikely. 
 
Inventory 
 
Inventory consists of materials, supplies, natural gas, natural gas liquids, crude oil and condensates, processed 
finished products, and emission compliance instruments which are valued at the lower of cost or net realizable 
value. Inventory also includes renewable energy credits which are valued using the specific identification method. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 73

Cost of inventory is assigned using a weighted average cost formula. In general, commodity costs and variable 
transportation costs are capitalized as gas in underground storage. Fixed costs, primarily pipeline demand charges 
and storage charges, are expensed as incurred through the cost of gas. 
Property, Plant, and Equipment ("PP&E"), Depreciation and Amortization 
Property, plant, and equipment are carried at cost. The Corporation depreciates the cost of capital assets, net of 
salvage value, on a straight-line basis over the estimated useful life of the assets, with the exception of rate-
regulated utilities assets, for which depreciation is calculated on a straight-line basis or over the contract term of a 
specific agreement at rates as approved by the regulatory authorities.
The Utilities charge maintenance and repairs directly to operating expense and capitalize betterments and renewal 
costs. In accordance with regulatory requirements, depreciation expense includes an amount allowed for 
regulatory purposes to be collected in current rates for future removal and site restoration costs. 
Interest costs are capitalized on major additions to property, plant, and equipment until the asset is ready for its 
intended use. The interest rate used for calculating the interest costs to be capitalized is based on AltaGas' prior 
quarter actual borrowing long-term interest rate. 
The Utilities capitalize an imputed carrying cost on assets during construction as authorized by regulatory 
authorities and the amount so capitalized is an allowance for funds used during construction ("AFUDC"). AFUDC is 
the amount that a rate-regulated enterprise is allowed to recover for its cost of financing assets under construction. 
Capitalized overhead, administrative expenses, and AFUDC are included in the cost of the related assets and are 
recovered in rates charged to customers through depreciation expense, as allowed by the regulators. 
The range of useful lives for AltaGas’ PP&E is as follows: 
Utilities assets
4 to 69 years
Midstream assets
1 to 43 years
Corporate/Other assets
3 to 46 years
As required by the regulatory authority, net additions to SEMCO's utility assets are amortized for one half-year in 
the year in which they are brought into active service. Net additions to WGL’s assets are amortized in the month 
after they are brought into active service. 
Generally, when a regulated asset is retired or disposed of, there is no gain or loss recorded in the Consolidated 
Statements of Income. Any difference between the cost and accumulated depreciation of the asset, net of salvage 
proceeds, is charged to accumulated depreciation or another regulatory asset or liability account. It is expected 
that any gain or loss that is charged to accumulated depreciation or another regulatory account will be reflected in 
future depreciation expense when it is refunded or collected in rates. When a non-regulated asset is retired or 
disposed of from PP&E, the original cost and related accumulated depreciation and amortization are derecognized 
and any gain or loss is recorded in the Consolidated Statements of Income. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 74

Intangible Assets 
 
Intangible assets are recorded at cost. Intangible assets which have a finite useful life are amortized on a straight-
line basis over their term or estimated useful life. The range of useful lives for intangible assets with a finite life is as 
follows:
Energy services relationships
13 to 36 years
Software
2 to 20 years
Extraction and Transmission ("E&T") Contracts
25 years
Commodity contracts
7 years
 
Assets Held for Sale 
The Corporation classifies assets as held for sale when the carrying amount will be principally recovered through a 
sale transaction rather than through continuing use. This condition is met when Management approves and 
commits to a formal plan to sell the assets, the assets are available for immediate sale in their present condition, 
and Management expects the sale to close within the next 12 months. Upon classifying an asset as held for sale, an 
asset is recorded at the lower of its carrying value or the estimated fair value less cost to sell. Assets held for sale 
are not depreciated or amortized. 
Business Acquisitions 
Business acquisitions are accounted for using the acquisition method. Under the acquisition method, assets and 
liabilities of the acquired entity are recorded at fair value at the date of acquisition. Acquisition-related costs are 
expensed as incurred. Goodwill represents the excess of purchase price over the fair value of the net assets 
acquired. Management applies its best estimates and assumptions to determine the fair value of net assets 
acquired; however, the estimates are subject to further refinement of assumptions over a measurement period, 
which may be up to one year from the acquisition date. During the measurement period, adjustments to assets 
acquired and liabilities assumed may be recorded, with a corresponding impact to goodwill. 
Provisions on Assets 
If facts and circumstances suggest that a long-lived asset or an intangible asset may be impaired, the carrying value 
is reviewed. If this review indicates that the value of the asset is not recoverable, as determined by the projected 
undiscounted cash flows related to the asset over its remaining life, then the carrying value of the asset is reduced 
to its estimated fair value and an impairment loss is recognized. 
Goodwill is not subject to amortization, but assessed at least annually for impairment, or more often when events or 
changes in circumstances indicate that goodwill may be impaired. The annual assessment of goodwill is performed 
at the reporting unit level, which is an operating segment or one level below. The Corporation has the option to first 
assess qualitative factors to determine whether events or changes in circumstances indicate that the goodwill may 
be impaired. If a quantitative impairment test is performed, the fair value of the reporting unit will be compared to 
its carrying value (including goodwill). If the carrying value of the reporting unit exceeds the fair value, goodwill is 
reduced to its fair value and an impairment loss would be recorded in the Consolidated Statements of Income. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 75

Investments Accounted for by the Equity Method 
The equity method of accounting is used for investments in which AltaGas has the ability to exercise significant 
influence, but does not have a controlling interest. Equity investments are initially measured at cost and are 
adjusted for the Corporation’s proportionate share of earnings or losses. Equity investments are increased for 
contributions made and decreased for distributions received. To the extent an investee undertakes activities 
necessary to commence its planned principal operations, the Corporation will capitalize interest costs associated 
with its investment during such period. 
The HLBV methodology is used to allocate earnings or losses for certain WGL equity method investments when 
WGL’s ownership interest percentage is different than distribution percentages. When applying HLBV accounting, 
the Corporation determines the amount that it would receive if an equity investment entity were to liquidate all of its 
assets at book value (as valued in accordance with U.S. GAAP) and distribute that cash to the investors based on 
the contractually defined liquidation priorities. The change in the Corporation’s claim on the equity investment 
entity's book value at the beginning and end of the reporting period (adjusted for contributions and distributions) is 
the Corporation’s share of the earnings or losses from the equity investment for the period. 
An equity method investment is reviewed for impairment whenever events or changes in circumstances indicate 
that the carrying amount of the investment may not be recoverable. When such condition is deemed other than 
temporary, the carrying value of the investment is written down to its fair value, and an impairment charge is 
recorded in the Consolidated Statements of Income. 
Financial Instruments 
Cash inflows and outflows related to derivative instruments are classified as cash from operations in the 
Consolidated Statements of Cash Flows, except as otherwise disclosed.
Non-Utility Operations
All financial instruments are initially recorded at fair value unless they qualify for, and are designated under, a 
normal purchase and normal sale ("NPNS") exemption. Subsequent measurement of the financial instruments is 
based on their classification. The financial assets are classified as "held-for-trading", "held-to-maturity", or "loans 
and receivables". Financial liabilities are classified as "held-for-trading" or other financial liabilities. Subsequent 
measurement is determined by classification.
A physical contract generally qualifies for the NPNS exemption if the transaction is reasonable in relation to 
AltaGas’ business needs and AltaGas has the ability, and intent, to deliver or take delivery of the underlying item. 
AltaGas continually assesses the contracts designated under the NPNS exemption and will discontinue the 
treatment of these contracts under this exemption where the criteria are no longer met. 
Held-for-trading instruments include non-derivative financial assets and financial assets and liabilities that may 
consist of swaps, options, forwards, and equity securities. These financial instruments are initially recorded at their 
fair value, with subsequent changes in fair value recorded in net income. Held-to-maturity, loans and receivables, 
and other financial liabilities are recognized at amortized cost using the effective interest method unless they are 
held-for-sale and recognized at the lower of cost or fair value less transaction fees. 
Investments in equity instruments not accounted for under the equity method that do not have a quoted market 
price in an active market are measured at cost. Income earned from these investments is included in the 
Consolidated Statements of Income under "other income". 
Derivatives embedded in other financial instruments or contracts (the host instrument) are recorded separately and 
are measured at fair value if the economic characteristics of the embedded derivative are not closely related to the 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 76

host instrument, the terms of the embedded derivative are the same as those of a standalone derivative, and the 
entire contract is not held-for-trading or accounted for at fair value. Changes in fair value are included in earnings. 
The fair values recorded on the Consolidated Balance Sheets reflect netting of the asset and liability positions 
where counterparty master netting arrangements contain provisions for net settlement. 
Transaction costs related to the acquisition of held-for-trading financial assets and liabilities are expensed as 
incurred. 
Transaction costs for obtaining debt financing other than line-of-credit arrangements are recognized as a direct 
deduction from the related debt liability on the Consolidated Balance Sheets. Transaction costs related to line-of-
credit arrangements are capitalized and included under "long-term investments and other assets" on the 
Consolidated Balance Sheets. Premiums and discounts are netted against long-term debt on the Consolidated 
Balance Sheets. The deferred charges are amortized over the life of the related debt on an effective interest basis 
and included in “interest expense” on the Consolidated Statements of Income. 
Regulated Utility Operations 
All physical and financial derivative contracts are initially recorded at fair value. Changes in the fair value of 
derivative instruments that are recoverable or refunded to customers when they settle are recorded as regulatory 
assets or liabilities. Changes in the fair value of derivatives not affected by rate regulation are reflected in net 
income. 
Transaction costs for obtaining debt financing and reacquired debt costs are recorded as regulatory assets or 
liabilities, or as a reduction of the debt liability on the Consolidated Balance Sheets. 
Weather-Related Instruments 
WGL purchases certain weather-related instruments, such as heating degree day ("HDD") derivatives and cooling 
degree day ("CDD") derivatives to manage weather and price risks related to its natural gas and electricity sales. 
These derivatives are accounted for in accordance with ASC 815-45, Derivatives and Hedging – Weather 
Derivatives. For HDD derivatives, gains or losses are recognized when the actual HDDs falls above or below the 
contractual HDDs for each instrument. For CDD derivatives, gains or losses are recognized when the average 
temperature exceeds or is below a contractually stated level during the contract period. Refer to Note 22 for further 
discussion on weather-related instruments. 
Hedges 
As part of its risk management strategy, AltaGas may use derivatives to reduce its exposure to commodity price, 
interest rate, and foreign exchange risk. AltaGas may designate certain outstanding loans to hedge against the 
currency translation effect of its foreign investments. AltaGas also designates certain commodity financial swaps, 
bond forward hedges, and cross-currency swaps as cash flow hedges in accordance with ASC Topic 815. For more 
information, please refer to Note 22.
Non-Utility Operations
The change in fair value of cash flow hedges is recognized in OCI. Gains or losses from cash flow hedges are 
reclassified to net income when the hedged transaction affects earnings, such as when the hedged forecasted 
transaction occurs.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 77

Regulated Utility Operations
During planned issuances of debt securities, Washington Gas may utilize derivative instruments to manage the risk 
of interest-rate volatility. Gains and losses associated with these types of derivatives are recorded as regulatory 
liabilities or assets, and amortized in accordance with regulatory requirements, typically over the life of the related 
debt. 
Interest-Rate Risk
AltaGas is exposed to interest rate risk as changes in interest rates may impact future cash flows and the fair value 
of its financial instruments. To manage this risk, the Company may enter into bond forward contract derivatives and 
designate them as cash flow hedges in accordance with ASC Topic 815. Gains or losses are reclassified into 
earnings in the same period the hedged transaction affects earnings.
Cross-Currency Swaps
AltaGas is exposed to foreign currency risk associated with its US dollar denominated subordinated hybrid notes. 
To manage this risk, the Company entered into cross-currency swap derivatives and designated them as cash flow 
hedges in accordance with ASC Topic 815. The change in fair value of the hedging instrument is recorded to AOCI. 
Amounts in AOCI are reclassified into earnings in the same period the hedge forecasted transaction affect 
earnings. AltaGas may also enter into other cross-currency swap derivatives in the future to manage the foreign 
currency risk associated with other U.S. dollar denominated debt.
Presentation 
AltaGas recognizes the fair value of hedging instruments in the Consolidated Balance Sheets as current and non-
current assets and liabilities, depending on the timing of settlements and the resulting cash flows. Additionally, cash 
flows from a derivative instrument designated in a hedging relationship may be classified in the same category as 
the cash flows from the items being hedged. In 2024, AltaGas made an accounting policy election to classify 
settlements related to bond forward contracts for the purpose of hedging interest rate exposure as financing 
activities.
Credit Losses
AltaGas regularly analyzes and evaluates the collectability of the accounts receivable based on a combination of 
factors. If circumstances related to the collectability change, the allowance for credit losses is adjusted. Accounts 
are written off when collection efforts are complete and future recovery is unlikely. See below for a description of 
how expected credit loss estimates are developed.
Utilities Customer Receivables and Contract Assets
AltaGas is exposed to risk through the non-payment of utility bills by customers. To manage this customer credit 
risk, AltaGas' regulated utilities customers are offered budget billing options or high risk customers may be 
required to provide a cash deposit until the requirement for deposit refunds are met. AltaGas can recover a portion 
of non-payments from customers in future periods through the rate-setting process. For accounts receivable 
generated by the Utilities business, an allowance for credit losses is recognized using a loss-rate based on 
historical payment and collection experience. This rate may be adjusted based on Management’s expectations of 
unusual macroeconomic conditions and other factors. AltaGas regularly evaluates the reasonableness of the 
allowance based on a combination of factors, such as: the length of time receivables are past due, historical 
expected payment, collection experience, financial condition of customers, and other circumstances that could 
impact customers' ability or desire to make payments. For retail energy marketing customer receivables where 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 78

AltaGas has enrolled in a regulatory utility purchase of receivable program, the associated utility discount rate is 
used to determine credit losses.
Midstream Customer Receivables and Contract Assets
AltaGas operates under an existing credit policy that is designed to mitigate credit risk. Credit limits are established 
for each counterparty and credit enhancements such as letters of credit, parent guarantees, and cash collateral 
may be required. The creditworthiness of all counterparties is continuously monitored. A credit loss reserve is 
recorded for receivables with customers and trading counterparties AltaGas considers to be below investment 
grade by applying an estimated loss rate. The estimated loss rate is based on the historical default rates published 
by external rating agencies. For accounts receivable, a one-year rate is used. For contract assets, historical loss 
rates associated with the estimated time frame that the contract asset will be billed to the customer is used. In the 
event a customer or trading counterparty no longer exhibits similar risk characteristics, the associated receivable is 
evaluated individually. 
Other
For other long-term receivables, associated counterparties are evaluated and assigned internal credit ratings based 
on AltaGas' credit policy. An allowance for credit losses is recorded based on historical default rates published by 
external credit rating agencies and a rate commensurate with the period in which the receivables are expected to 
be collected.
Debt
AltaGas uses short-term debt in the form of commercial paper and advances under its syndicated bank credit 
facilities to fund seasonal cash requirements. Short-term obligations are excluded from current liabilities if AltaGas 
has the ability and the intent to refinance these obligations on a long-term basis. The ability to refinance is primarily 
demonstrated through the availability of long-term revolving committed credit facilities in an amount equal to or 
greater than the expected maximum short-term obligation. Premiums and discounts are netted against long-term 
debt on the Consolidated Balance Sheets. The deferred charges are amortized over the life of the related debt on 
an effective interest basis and included in “interest expense” on the Consolidated Statements of Income. 
Asset Retirement Obligations 
AltaGas recognizes asset retirement obligations in the period in which the legal obligation is incurred and a 
reasonable estimate of fair value can be determined. The associated asset retirement costs are capitalized as part 
of the carrying amount of the asset and are depreciated over the estimated useful life of the asset. The liability is 
increased due to the passage of time over the estimated period until the settlement of the obligation, with a 
corresponding charge to accretion expense for asset retirement obligations. 
There are timing differences between accretion and depreciation amounts being recorded pursuant to GAAP and 
the recognition of depreciation expense for legal asset removal costs that are recovered in rates, as allowed by the 
regulators. These timing differences are recorded as a reduction to “regulatory liabilities” in accordance with ASC 
980. 
Certain midstream and utility assets will have future legal obligations on retirement, but an asset retirement 
obligation has not been recorded due to its indeterminate life and corresponding indeterminable timing and scope 
of these asset retirement obligations. The Utilities recognize asset retirement obligations for some interim 
retirements, as expected by their regulators. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 79

Revenue Recognition 
AltaGas has revenue from various sources, including rate-regulated revenue, commodity sales, midstream service 
contracts, gas sales and transportation services, and storage services. For a detailed description of the 
Corporation’s revenue recognition policy by major source of revenue, please refer to Note 23. 
Government Grants
AltaGas’ accounting policy is to recognize and disclose government grants in accordance with the framework 
established by IAS 20, "Accounting for Government Grants and Disclosure of Government Assistance". In 2024, 
Washington Gas was approved for a grant from a state funded energy investment fund to support the repair of 
existing natural gas infrastructure. The grant award shall not be greater than approximately US$9 million, with all 
projects to be completed by December 2025. Washington Gas is eligible to receive funds once it has incurred 
costs for a project and the state funded energy investment fund deems the costs incurred allowable for 
reimbursement. The Company’s policy is to record grant income related to the reimbursement of expenses as a 
reduction to the related operating and administrative expense, while grant income related to the purchase or 
construction of a long term asset is recorded as a reduction to the carrying amount of the related asset. For the 
year ended December 31, 2024, $1 million of grant income was recorded in the Consolidated Statements of Income 
under the line item "operating and administrative expense" and $2 million was recorded in the Consolidated 
Balance Sheets under the line item "property, plant and equipment”.  
Foreign Currency Translation 
Monetary assets and liabilities denominated in a foreign currency are converted to the functional currency using 
the exchange rate in effect at the balance sheet date. Adjustments resulting from the conversion are recorded in 
the Consolidated Statements of Income. Non-monetary assets and liabilities are converted at the historical 
exchange rate in effect at the transaction date. Revenues and expenses are converted at the exchange rate 
applicable at the transaction date. 
For foreign entities with a functional currency other than Canadian dollars, AltaGas’ reporting currency, assets and 
liabilities are translated into Canadian dollars at the rate in effect at the reporting date. Revenues and expenses are 
translated at average exchange rates during the reporting period. All adjustments resulting from the translation of 
the foreign operations are recorded in OCI. 
AltaGas may designate certain outstanding loans to hedge against the currency translation effect of its foreign 
investments. Accordingly, foreign exchange gains and losses, from the dates of designation, on the translation of 
these loans are included in OCI. Additionally, AltaGas may enter into foreign exchange forward derivatives to 
manage the risk of fluctuating cash flows and earnings due to variations in foreign exchange rates as well as to 
benefit from favorable movements in the rates. Any hedges transacted are subject to risk limits and guidelines and 
are actively monitored and managed by AltaGas’ risk management team to ensure they align with AltaGas’ overall 
financial strategy. Gains and losses arising from the settlements of the derivatives entered into for the purpose of 
managing income statement risk are included in the line item "revenue" on the Consolidated Statements of Income, 
while gains and losses arising from the settlements of the derivatives entered into for the purpose of cash 
management are included in the line item "foreign exchange gains (losses)" on the Consolidated Statements of 
Income. For more information, please refer to Note 22.
Share Options and Other Compensation Plans
 
Share options granted pursuant to AltaGas' share option plan ("Share Options") are recorded using fair value. 
Compensation expense is measured at the date of the grant using the Black-Scholes-Merton model and is 
recognized over the vesting period of the options. Consideration received by AltaGas on exercise of the Share 
Options is credited to shareholders’ equity.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 80

AltaGas has a phantom unit plan ("Phantom Plan") for eligible employees, officers, and directors, which includes two 
types of awards: restricted units ("RUs") and performance units ("PUs"). AltaGas’ RUs and PUs are valued based on 
the dividends declared during the vesting period and the weighted average share price of AltaGas' common shares 
multiplied by the units outstanding at the end of the vesting period. Upon vesting, the RUs and PUs are paid in 
cash. All PUs are also subject to a performance multiplier ranging from 0 to 2 dependent on the Corporation's 
performance relative to performance targets as approved by the Board of Directors. Compensation expense is 
recognized using the liability method and is recorded as operating and administrative expense over the vesting 
period. A change in value of the RUs or PUs is recognized in the period the change occurs. Forfeitures are 
recognized when they occur instead of estimating the number of awards that are expected to vest. 
In addition, AltaGas has a deferred share unit plan ("DSUP") for directors, officers, and eligible employees as an 
additional form of long-term variable compensation incentive. Although the DSUP is available to directors, officers, 
and eligible employees, AltaGas currently only grants deferred share units ("DSUs") under the DSUP as a form of 
director compensation. The DSUs granted are fully vested upon being credited to a participant’s account, the 
participant is entitled to payment upon retirement, and payment is not subject to satisfaction of any requirements 
as to any minimum period of membership or employment or other conditions. DSUs are accounted for at fair value. 
Compensation expense is determined based on the fair value of the DSUs on the date of the grant and fluctuations 
in fair value are recognized in the period the change occurs. Forfeitures are recognized when they occur instead of 
estimating the number of awards that are expected to vest.
Pension Plans and Post-Retirement Benefits
AltaGas maintains defined benefit pension plans, defined contribution plans, and other post-retirement benefit 
plans for eligible employees. Contributions made by the Corporation to the defined contribution plans are 
expensed in the period in which the contribution occurs. 
The cost of defined benefit pension plans and post-retirement benefits is actuarially determined using the 
projected benefit method prorated based on service and Management’s best estimate of expected plan investment 
performance, salary escalation, retirement ages of employees, expected health care costs, and other actuarial 
factors including discount rates and mortality. Pension plan assets are measured at fair value. The expected return 
on plan assets is based on historical and projected rates of return for each asset class in the plan portfolio. The 
projected benefit obligation is discounted using the market interest rate on high-quality debt instruments with cash 
flows matching the timing and amount of benefit payments.
Unrecognized actuarial gains and losses in excess of 10 percent of the greater of the benefit obligation and the fair 
value of plan assets or the market-related value of assets along with any unamortized past service costs and credits 
are amortized on a straight-line basis over the expected average remaining service life of active employees. 
AltaGas recognizes the overfunded or underfunded status of its pension and post-retirement benefit plans as either 
assets or liabilities in the Consolidated Balance Sheets. Unrecognized actuarial gains and losses and past service 
costs and credits that arise during the period are recognized in OCI or a regulatory asset or liability. 
For certain regulated utilities, the Corporation expects to recover pension expense in future rates and therefore 
records unrecognized balances as either regulatory assets or liabilities. The regulatory assets or liabilities are 
amortized on a straight-line basis over the expected average remaining service life of active employees. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 81

Income Taxes 
Income taxes for the Corporation and its subsidiaries are calculated using the liability method of accounting for 
income taxes. Under this method, deferred income tax assets and liabilities are determined based on differences 
between the carrying value and the tax basis of assets and liabilities and are measured using the enacted tax rates 
and laws that are in effect in the periods in which the differences are expected to be settled or realized. Deferred 
income tax assets are routinely reviewed, and a valuation allowance is recorded to reduce the deferred tax assets 
if it is more likely than not that deferred tax assets will not be realized. 
The financial statement effects of an uncertain tax position are recognized when it is more likely than not, based on 
technical merits, that the position will be sustained upon examination by a taxing authority. The current and 
deferred tax impact is equal to the largest amount, considering possible settlement outcomes, that is greater than 
50 percent likely of being realized upon settlement with the taxing authorities. 
Investment tax credits are recognized as reductions to income tax expense over the estimated service lives of the 
related properties. 
The rate-regulated natural gas distribution subsidiaries recognize a separate regulatory asset or liability for the 
amount of deferred income taxes expected to be recovered from, or paid to, customers in the future. Any tax 
related interest and/or penalty incurred is included in interest expense.
Net Income per Share 
Basic net income per common share is computed using the weighted average number of common shares 
outstanding during the period. Dilutive net income per common share is calculated using the weighted average 
number of common shares outstanding adjusted for dilutive common shares related to the Corporation’s share-
based compensation awards. 
 
The potentially dilutive impact of the share-based compensation awards is determined using the treasury stock 
method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds 
used to repurchase common stock at the average market price during the period. Any incremental difference 
between the assumed number of shares issued and purchased is included in the diluted share computation. 
 
Contingencies 
 
Liabilities for loss contingencies arising from claims, assessments, litigation and other sources are recorded when it 
is probable that a liability has been incurred and the amount can be reasonably estimated. Any such accruals are 
adjusted thereafter as additional information becomes available or circumstances change.
Leases
 
The following are the Corporation’s significant accounting policies:
 
Leases – Lessee
 
AltaGas determines if an arrangement is a lease at inception. Operating leases are included in right-of-use ("ROU") 
assets, current portion of operating lease liabilities, and long-term operating lease liabilities in the Consolidated 
Balance Sheets. Finance leases are included in property, plant and equipment, current portion of finance lease 
liabilities, and long-term finance lease liabilities in the Consolidated Balance Sheets.  
 
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the 
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 82

recognized at commencement date based on the present value of lease payments over the lease term. AltaGas 
uses the rate implicit in the lease when readily determinable. When the implicit lease rate is not readily 
determinable, AltaGas uses its incremental borrowing rate to determine the present value of lease payments. 
AltaGas includes lessee options to renew or terminate the lease term in the determination of the ROU asset and 
lease liability when exercise is reasonably certain. The operating lease ROU asset is adjusted for lease payments 
made in advance of the commencement date, initial direct costs, and any lease incentives. Variable lease payments 
are based on a rate. 
 
Operating lease expense is recognized on a straight-line basis over the lease term in "operating and administrative 
expense". Depreciation and interest expense are recorded on finance leases.
Leases – Lessor
AltaGas determines if an arrangement is a lease at inception. Lease payments under an operating lease are 
recognized on a straight-line basis over the term of the lease. Variable lease payments are recognized as revenue 
as the facts and circumstances on which the variable lease payment is based occur.  
 
AltaGas does not include taxes assessed by governmental authorities, such as sales and related taxes, in the lease 
payments or variable lease payments.
ADOPTION OF NEW ACCOUNTING STANDARDS 
Effective January 1, 2024, AltaGas adopted the following Financial Accounting Standards Board ("FASB") issued 
Accounting Standards Updates ("ASU"): 
§
In June 2022, FASB issued ASU No. 2022-03 "Fair Value Measurement (Topic 820): Fair Value Measurement 
of Equity Securities Subject to Contractual Sale Restrictions". The amendments in this ASU clarify that a 
contractual restriction on the sale of an equity security is not considered part of the unit of account of the 
equity security, and therefore, is not considered in measuring fair value. In addition, an entity cannot, as a 
separate unit of account, recognize a contractual sale restriction. Equity securities subject to contractual sale 
restrictions also require certain additional disclosures. The adoption of this ASU did not have a material impact 
on AltaGas' consolidated financial statements.
§
In March 2023, FASB issued ASU No. 2023-01 "Leases (Topic 842): Common Control Arrangements". The 
relevant amendments in this ASU require entities to amortize leasehold improvements under common control 
over the economic life of the leasehold improvements as long as the lessee controlled the use of the leased 
asset. The adoption of this ASU did not have a material impact on AltaGas' consolidated financial statements.
§
In March 2023, FASB issued ASU No. 2023-02 "Investments - Equity Method and Joint Ventures (Topic 323) - 
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method". The 
amendments in this ASU allow entities the option to elect to account for tax equity investments using the 
proportional amortization method if certain conditions are met, regardless of the tax credit program from which 
the income tax credits are received. The adoption of this ASU did not have a material impact on AltaGas' 
consolidated financial statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 83

Effective December 31, 2024, AltaGas adopted the following FASB issued ASU:
§ In November 2023, FASB issued ASU No. 2023-07 "Segment Reporting (Topic 280)". This ASU requires all 
public entities required to report segment information in accordance with Topic 280 to provide: (1) annual and 
interim disclosure of significant segment expenses regularly provided to the chief operating decision maker 
("CODM"), (2) annual and interim disclosure of other segment items, (3) annual disclosures about reportable 
segment profit or loss and assets currently required by Topic 280 in interim periods, (4) disclosure of one or 
more measures of segment profit or loss used by the CODM, provided that at least one of the reported 
measures includes the segment profit or loss measure that is most consistent with GAAP measurement 
principles, (5) disclosure of the title and position of the CODM, and (6) a public entity that has a single 
reportable segment must provide all the disclosures required by this ASU and all existing segment disclosures 
in Topic 280. The adoption of this ASU did not have a material impact on AltaGas' consolidated financial 
statements, but resulted in certain modifications to the segment disclosures. Please refer to Note 31.
FUTURE CHANGES IN ACCOUNTING PRINCIPLES 
In October 2023, FASB issued ASU No. 2023-06 "Disclosure Improvements". The amendments in this ASU modify 
the disclosure or presentation requirements of a variety of topics in the codification as a result of FASB's decision 
to incorporate disclosures referred to in SEC Release No. 33-10532, which sought to simplify SEC disclosure 
requirements. The amendments in this ASU allow users to more easily compare entities subject to the SEC's 
existing disclosures with those entities that were not previously subject to the SEC's requirements. This ASU is only 
effective upon the removal of the related disclosure from SEC regulations with an expiration of June 30, 2027. The 
adoption of this ASU is not expected to have a material impact on AltaGas' consolidated financial statements at this 
time, but may have an impact in future periods as AltaGas is subject to the scope of this ASU.
In December 2023, FASB issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures". The amendments in this ASU require that public business entities on an annual basis: (1) disclose 
additional categories about federal, state, and foreign income taxes in the rate reconciliation table and (2) provide 
additional information for reconciling items that meet a quantitative threshold. Additionally, entities are required to 
annually disclose disaggregated income from continuing operations, income tax expense, and income taxes paid 
(net of refunds received) by certain tax authorities and jurisdictions. This ASU is effective for annual periods 
beginning after December 15, 2024. The adoption of this ASU will have an impact on AltaGas' income tax 
disclosures.
In March 2024, FASB issued ASU No. 2024-01 "Compensation - Stock Compensation (Topic 718)". The 
amendments in this ASU provide an illustrative example to assist entities that account for profits interest awards as 
compensation to employees or non-employees to reduce (1) complexity in determining whether a profits interest 
award is subject to the guidance in Topic 718, and (2) existing diversity in practice. This ASU is effective for annual 
periods beginning after December 15, 2024, and interim periods within those annual periods, and should be 
applied either (1) retrospectively to all prior periods presented in the financial statements, or (2) prospectively to 
profits interest and similar awards granted or modified on or after the date at which the entity first applies the 
amendments. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on 
AltaGas' consolidated financial statements.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 84

In November 2024, FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense 
Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires 
all public business entities to disclose additional information about specific expense categories on an annual and 
interim basis in the notes to financial statements. The amendments in this ASU do not change or remove existing 
expense disclosure requirements, including their presentation. However, it may affect where that information 
appears in the footnotes to the financial statements. This ASU is effective for annual reporting periods beginning 
after December 15, 2026, and for interim reporting period beginning after December 15, 2027. The adoption of this 
ASU will have an impact on AltaGas' disclosures.
In November 2024, FASB issued ASU 2024-04 "Debt – Debt With Conversion and Other Options (Subtopic 
470-20): Induced Conversions of Convertible Debt Instruments". The amendments in this ASU clarify the 
requirements for determining whether certain settlements of convertible debt instruments should be accounted for 
as an induced conversion. To account for a settlement of a convertible debt instrument as an induced conversion, 
an inducement offer is required to provide the debt holder with, at a minimum, the consideration issuable under the 
conversion privileges provided in the terms of the instrument. The amendments do not change the other criteria 
that are required to be satisfied to account for a settlement transaction as an induced conversion. This ASU is 
effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting 
periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the 
amendments in ASU 2020-06. The amendments in this ASU permit an entity to apply the new guidance on either a 
prospective or a retrospective basis. The adoption of this ASU is not expected to have a material impact on 
AltaGas' consolidated financial statements.
3.   Pipestone Acquisition 
On December 22, 2023, AltaGas closed the acquisition of natural gas processing and storage infrastructure assets 
in the Pipestone area of the Alberta Montney (the "Pipestone Acquisition") with Tidewater Midstream and 
Infrastructure Ltd. ("Tidewater") for total cash consideration of $321 million, inclusive of working capital and other 
adjustments, as well as approximately 12.5 million AltaGas common shares. The Pipestone Acquisition includes the 
Pipestone natural gas processing facility Phase I, the Pipestone Phase II expansion project which is being 
developed, the Dimsdale natural gas storage facility, the Pipestone condensate truck-in/truck-out terminal, and the 
associated gathering pipeline systems required to operate these assets. Following the completion of key de-risking 
milestones in December 2023, AltaGas declared a positive final investment decision ("FID") on the Pipestone Phase 
II expansion project.
AltaGas accounted for the acquisition as a business combination using the acquisition method of accounting 
whereby the acquired assets and assumed liabilities are recorded at their estimated fair values at the date of 
acquisition. The excess of purchase price over estimated fair values of assets acquired and liabilities assumed is 
recognized as goodwill at the acquisition date.
The following table summarizes the purchase price allocation representing the consideration paid and the 
estimated fair value of the net assets acquired as at December 22, 2023. The purchase price allocation was 
completed prior to the end of the measurement period and reflects management's best estimate of the fair value 
the acquired assets and liabilities. In 2024, goodwill increased by approximately $7 million (note 9) based on new 
information obtained during the measurement period.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 85

Cash consideration, net of working capital and other adjustments
$ 
321 
Shares issued
 
340 
Total purchase consideration
 
661 
Fair value assigned to net assets
Current assets
 
41 
Property, plant and equipment
 
647 
Intangible assets
 
6 
Operating right-of-use assets
 
3 
Long-term investments and other assets
 
5 
Current liabilities
 
(62) 
Asset retirement obligations
 
(6) 
Deferred income taxes
 
(15) 
Operating lease liabilities
 
(2) 
Finance lease liabilities
 
(96) 
Fair value of net assets acquired
$ 
521 
Goodwill
$ 
140 
The final purchase price allocation includes approximately $140 million of goodwill. The goodwill is primarily related 
to incremental growth opportunities in the Midstream business as a result of the acquisition and greater financial 
flexibility as a result of increased scale and earnings diversification. The goodwill recognized as part of this 
transaction is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related 
to this goodwill.
4.   Provisions on Assets
Year Ended December 31
2024
2023
Midstream
$ 
16 $ 
— 
Corporate/Other
 
4  
— 
$ 
20 $ 
— 
Midstream
In 2024, AltaGas recorded a pre-tax provision of $16 million related to the Edmonton Ethane Extraction Plant 
("EEEP") due to a decrease in expected future cash flows. The pre-tax provisions were primarily recorded against 
property, plant and equipment.
Corporate/Other
In 2024, AltaGas recorded a pre-tax provision of $4 million related to certain co-generation equipment that is no 
longer operational and is not expected to be recoverable in the future. The pre-tax provisions were primarily 
recorded against property, plant and equipment.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 86

5.   Inventory
As at December 31
2024
2023
Natural gas held in storage (a) 
$ 
213 $ 
282 
Renewable energy credits and emission compliance instruments
 
165 
202
Natural gas liquids
 
122 
156
Crude oil and condensate
 
98  
132 
Materials and supplies
 
70 
66
Processed finished products
 
8  
9 
$ 
676 $ 
847 
(a)
As at December 31, 2024, $186 million of the natural gas held in storage was held by rate-regulated utilities (2023 - $247 million).
6.   Property, Plant and Equipment 
As at
December 31, 2024
December 31, 2023
Cost
Accumulated 
depreciation
Net book 
value
Cost
Accumulated 
depreciation
Net book 
value
Utilities
$ 10,959 $ 
(781) $ 10,178 $ 
9,472 $ 
(595) $ 
8,877 
Midstream
 
5,348  
(1,141)  
4,207  
4,655  
(997)  
3,658 
Corporate/Other
 
1,022  
(753)  
269  
867  
(674)  
193 
$ 17,329 $ 
(2,675) $ 14,654 $ 14,994 $ 
(2,266) $ 12,728 
Interest capitalized on long-term capital construction projects for the year ended December 31, 2024 was $13 
million (2023 - $2 million). 
As at December 31, 2024, the Corporation had approximately $1,391 million (December 31, 2023 - $822 million) of 
capital projects under construction that were not yet subject to depreciation. 
Depreciation expense related to property, plant and equipment (including assets under capital leases) for the year 
ended December 31, 2024 was $439 million (2023 - $394 million). 
7.   Intangible Assets
As at
December 31, 2024
December 31, 2023
Cost
Accumulated
amortization
Net book
value
Cost
Accumulated
amortization
Net book
value
E&T contracts
$ 
27 $ 
(20) $ 
7 $ 
27 $ 
(19) $ 
8 
Energy services relationships (a)
 
99  
(99)  
—  
115  
(94)  
21 
Software
 
351  
(253)  
98  
309  
(219)  
90 
Land rights
 
1  
—  
1  
1  
—  
1 
Commodity contracts 
 
9  
(8)  
1  
7  
(5)  
2 
$ 
487 $ 
(380) $ 
107 $ 
459 $ 
(337) $ 
122 
(a)
Includes an intangible liability of approximately $18 million related to certain contracts acquired through business combinations with unfavorable terms. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 87

Amortization expense related to intangible assets for the year ended December 31, 2024 was $36 million (2023 - 
$47 million).
As at December 31, 2024, the Corporation excluded $28 million (December 31, 2023 - $41 million) from the asset 
base subject to amortization. Items excluded relate to software assets under development, energy services 
relationships associated with projects under construction, and assets with an indefinite life. 
The following table sets forth the estimated amortization expense of intangible assets, excluding any amortization 
of assets not yet subject to amortization as well as assets with an indefinite life, for the years ended December 31:
2025
$ 
34 
2026
$ 
30 
2027
$ 
13 
2028
$ 
1 
2029
$ 
1 
Thereafter
$ 
— 
8.   Leases 
Lessee
AltaGas has operating and finance leases for office space, office equipment, field equipment, rail cars, aquatic use, 
vehicles, Very Large Gas Carriers ("VLGCs"), power and gas facilities, transmission and distribution assets, and land. 
The components of lease expense were as follows:
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Operating lease cost (includes variable lease payments)
$ 
136 $ 
105 
Finance lease cost
Amortization of right-of-use assets
 
12  
9 
Interest on lease liabilities
 
8  
1 
Total finance lease cost
$ 
20 $ 
10 
Total lease cost
$ 
156 $ 
115 
Supplemental cash flow information related to leases was as follows:
Year Ended December 31
2024
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by finance leases
$ 
(9) $ 
(1) 
Operating cash flows used by operating leases
$ 
(127) $ 
(104) 
Financing cash flows used by finance leases
$ 
(11) $ 
(10) 
Right-of-use assets obtained in exchange for new lease liabilities 
Operating leases
$ 
239 $ 
141 
Finance leases
$ 
42 $ 
114 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 88

Supplemental balance sheet information related to leases was as follows: 
As at December 31
2024
2023
Operating Leases
Operating lease right-of-use assets
Long-term
$ 
490 $ 
337 
Total operating lease right-of-use assets
$ 
490 $ 
337 
Operating lease liabilities
Current
$ 
(124) $ 
(92) 
Long-term
 
(412)  
(258) 
Total operating lease liabilities
$ 
(536) $ 
(350) 
Finance Leases
Property and equipment, gross
$ 
179 $ 
163 
Accumulated depreciation
 
(36)  
(25) 
Property and equipment, net
$ 
143 $ 
138 
Current portion of finance lease liabilities
$ 
(23) $ 
(11) 
Finance lease liabilities
 
(126)  
(120) 
Total finance lease liabilities
$ 
(149) $ 
(131) 
As at
December 31,
2024
December 31,
2023
Weighted average remaining lease term (years)
Operating leases
8.7
6.4
Finance leases
7.9
4.2
Weighted average discount rate (%)
Operating leases
 4.75 
 4.15 
Finance leases
 7.03 
 4.56 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 89

Maturity analysis of lease liabilities was as follows (a): 
Operating 
Leases
Finance 
Leases
2025
$ 
127 $ 
24 
2026
 
109  
23 
2027
 
89  
21 
2028
 
71  
19 
2029
 
54  
16 
Thereafter
 
227  
116 
Total lease payments
$ 
677 $ 
219 
Less: imputed interest
 
(141)  
(70) 
Total
$ 
536 $ 
149 
(a)
Excludes operating leases which are anticipated to commence in future years. Please refer to Note 28 for more details.
Lessor
Certain of AltaGas’ revenues are obtained through take-or-pay contracts whereby AltaGas is the lessor in these 
operating lease arrangements. Minimum lease payments received are amortized over the term of the lease. 
Contingent rentals are recorded when the condition that created the present obligation to make such payments 
occurs. 
Maturity analysis of lease receivables was as follows: 
Operating 
Leases
2025
$ 
63 
2026
 
61 
2027
 
60 
2028
 
60 
2029
 
59 
Thereafter
 
292 
Total
$ 
595 
The carrying value of property, plant, and equipment associated with these leases was approximately $487 million 
as at December 31, 2024. 
AltaGas manages its risk associated with the residual value of its leased assets through strategically constructing 
leased facilities in key commercial regions and retaining the ability to sell commodities and ancillary services via 
the merchant market or through commodity sales agreements. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 90

9.   Goodwill 
As at 
December 31,
2024
December 31,
2023
Balance, beginning of year
$ 
5,270 $ 
5,250 
Business acquisition (note 3)
 
—  
133 
Adjustment to goodwill on business acquisition (note 3)
 
7  
— 
Foreign exchange translation
 
414  
(113) 
Balance, end of year
$ 
5,691 $ 
5,270 
    
10.   Long-Term Investments and Other Assets
As at
December 31,
2024
December 31,
2023
Deferred lease receivable
$ 
16 $ 
15 
Debt issuance costs associated with credit facilities
 
5  
4 
Refundable deposits
 
10  
10 
Prepayment on long-term service agreements
 
62  
84 
Deferred information technology costs
 
43  
37 
Cash calls from joint venture partners 
 
16  
19 
Contract asset (net of credit losses of $1 million) (notes 22 and 23)
 
3  
36 
Rabbi trust (notes 27 and 30)
 
5  
6 
Capitalized contract costs
 
4  
4 
Financial transmission rights
 
31  
26 
Blend-and-extend contract (a)
 
29  
— 
Other
 
31  
30 
$ 
255 $ 
271 
(a)
Comprised of a long term asset which was previously classified as a contract asset related to a blend-and-extend contract at the Gordondale facility. Due to the 
change in operatorship of the facility in the third quarter of 2024, the contract is no longer in scope of ASC 606 and is now assessed under ASC 842. The asset 
will continue to be drawn down into revenue over the remaining term of the contract. 
11.   Variable Interest Entities 
Consolidated VIEs
AltaGas consolidates a VIE where the Corporation is deemed the primary beneficiary. The primary beneficiary of a 
VIE has the power to direct the activities of the entity that most significantly impact its economic performance such 
as being the provider of construction, operating and marketing services to the entity. In addition, the primary 
beneficiary of a VIE also has the obligation to absorb losses of the entity or the right to receive benefits that could 
potentially be significant to the VIE. AltaGas determined that it is the primary beneficiary of the following VIEs:
Ridley Island LPG Export Limited Partnership 
On May 5, 2017, AltaGas LPG Limited Partnership ("AltaGas LPG"), a wholly-owned subsidiary of AltaGas, and 
Vopak Development Canada Inc. ("Vopak"), a wholly-owned subsidiary of Koninklijke Vopak N.V. ("Royal Vopak"), a 
public company incorporated under the laws of the Netherlands, formed the Ridley Island LPG Export Limited 
Partnership ("RILE LP") to develop, own and operate the Ridley Island Propane Export Terminal ("RIPET"). AltaGas’ 
subsidiaries hold a 70 percent interest while Vopak holds a 30 percent interest in RILE LP. The construction cost of 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 91

RIPET was funded by AltaGas LPG and Vopak in proportion to their respective interests in RILE LP. As part of the 
arrangements, AltaGas entered into a long-term agreement for the capacity of RIPET with RILE LP, and AltaGas and 
certain of its subsidiaries provide operating services to RILE LP. 
 
AltaGas has determined that RILE LP is a VIE in which it holds variable interests and is the primary beneficiary. In 
the determination that AltaGas is the primary beneficiary of the VIE, AltaGas noted that it has the power to direct 
the activities that most significantly impact the VIE’s economic performance through the operating and marketing 
services provided to RILE LP. In addition, AltaGas has the obligation to absorb the losses and the right to receive 
the benefits that could potentially be significant to RILE LP through the long-term agreement for the capacity of 
RIPET. As such, AltaGas has consolidated RILE LP.
 
The assets of RILE LP are the property of RILE LP and are not available to AltaGas for any other purpose. RILE LP’s 
asset balances can only be used to settle its own obligations. The liabilities of RILE LP do not represent additional 
claims against AltaGas’ general assets. AltaGas’ exposure to loss as a result of its interest as a limited partner is its 
net investment. The terms of the long-term capacity agreement between AltaGas LPG and RILE LP provide for a 
return on and of capital and reimbursement of RIPET's operating costs by AltaGas LPG in accordance with the 
terms set out in the agreement.
The following table represents amounts included in the Consolidated Balance Sheets attributable to RILE LP:
As at
December 31, 
2024
December 
31, 2023
Current assets
$ 
9 $ 
8 
Property, plant and equipment
 
343  
349 
Long-term investments and other assets
 
39  
42 
Current liabilities
 
(18)  
(15) 
Asset retirement obligations
 
(5)  
(5) 
Net assets
$ 
368 $ 
379 
  
Ridley Island Energy Export Facility Limited Partnership
On April 4, 2023, AltaGas LPG and Vopak formed the Ridley Island Energy Export Facility Limited Partnership 
("REEF LP") to develop, own, and operate the Ridley Island Energy Export Facility ("REEF"). AltaGas’ subsidiaries and 
Vopak each hold a 50 percent interest in REEF LP. The construction cost of REEF is being funded by AltaGas LPG 
and Vopak in proportion to their respective interests in REEF LP. As part of the project definitive agreements, 
AltaGas entered into a long-term agreement for 100 percent of the capacity of REEF with REEF LP. Additionally, 
AltaGas and certain of its subsidiaries have been contracted to provide operating and project development 
services to REEF LP. 
AltaGas has determined that REEF LP is a VIE in which it holds variable interests and is the primary beneficiary. In 
the determination that AltaGas is the primary beneficiary of the VIE, AltaGas noted that it has the power to direct 
the activities that most significantly impact the VIE’s economic performance through its control of all operational 
and commercial aspects of the project. In addition, AltaGas has the obligation to absorb the losses and the right to 
receive the benefits that could potentially be significant to REEF LP through the long-term agreement for the 
capacity of REEF. As such, AltaGas has consolidated REEF LP.
The assets of REEF LP are the property of REEF LP and are not available to AltaGas for any purpose other than as 
described in the long-term capacity agreement. REEF LP’s asset balances can only be used to settle its own 
obligations and the liabilities of REEF LP do not represent additional claims against AltaGas' general assets. 
AltaGas’ exposure to loss as a result of its interest as a limited partner is its net investment. AltaGas and Royal 
Vopak have provided limited guarantees for the obligations of their respective subsidiaries for the construction cost 
of REEF. With the commencement of commercial operations at REEF, the terms of the long-term capacity 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 92

agreement between AltaGas LPG and REEF LP provide for a return on and of capital and reimbursement of REEF's 
operating costs by AltaGas LPG in accordance with the terms set out in the agreement.
The following table represents amounts included in the Consolidated Balance Sheets attributable to REEF LP:
 As at
December 31,
2024
December 31,
2023
Current assets
$ 
59 $ 
7 
Property, plant and equipment
 
312  
65 
Operating right of use assets
 
56  
— 
Current portion of operating lease liabilities
 
(3)  
— 
Other long-term liabilities
 
(1)  
— 
Operating lease liabilities
 
(55)  
— 
Net assets
$ 
368 $ 
72 
AltaGas Hybrid Trust
On January 11, 2022, AltaGas closed its offering of $300 million of 5.25 percent Fixed-to-Fixed Rate Subordinated 
Notes, Series 1 (Note 15). In conjunction with the debt offering, AltaGas issued $300 million in Preferred Shares, 
Series 2022-A, to be held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as 
trustee. The Preferred Shares were issued to satisfy the obligations under the indenture governing the associated 
Series 1 Subordinated Notes. Following the occurrence of certain bankruptcy or insolvency events in respect of 
AltaGas, subject to certain exceptions, the Series 2022-A Preferred Shares would be delivered to the holders of 
the Series 1 Subordinated Notes. Upon delivery of the Series 2022-A Preferred Shares, the Series 1 Subordinated 
Notes would be immediately and automatically surrendered and cancelled and all rights of any Series 1 
Subordinated Notes will automatically cease. 
On August 17, 2022, AltaGas closed its offering of $250 million of 7.35 percent Fixed-to-Fixed Subordinated Notes, 
Series 2 (Note 15). In conjunction with the debt offering, AltaGas issued $250 million in Preferred Shares, Series 
2022-B, to be held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as trustee. 
The Preferred Shares were issued to satisfy the obligations under the indenture governing the associated Series 2 
Subordinated Notes. Following the occurrence of certain bankruptcy or insolvency events in respect of AltaGas, 
subject to certain exceptions, the Series 2022-B Preferred Shares would be delivered to the holders of the Series 2 
Subordinated Notes. Upon delivery of the Series 2022-B Preferred Shares, the Series 2 Subordinated Notes would 
be immediately and automatically surrendered and cancelled and all rights of any Series 2 Subordinated Notes will 
automatically cease. 
On November 10, 2023, AltaGas closed its offering of $200 million of 8.90 percent Fixed-to-Fixed Subordinated 
Notes, Series 3 (Note 15). In conjunction with the debt offering, AltaGas issued $200 million in Preferred Shares, 
Series 2023-A, to be held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as 
trustee. The Preferred Shares were issued to satisfy the obligations under the indenture governing the associated 
Series 3 Subordinated Notes. Following the occurrence of certain bankruptcy or insolvency events in respect of 
AltaGas, subject to certain exceptions, the Series 2023-A Preferred Shares would be delivered to the holders of the 
Series 3 Subordinated Notes. Upon delivery of the Series 2023-A Preferred Shares, the Series 3 Subordinated 
Notes would be immediately and automatically surrendered and cancelled and all rights of any Series 3 
Subordinated Notes will automatically cease. 
The only assets held by the AltaGas Hybrid Trust are the Series 2022-A, Series 2022-B and Series 2023-A 
Preferred Shares.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 93

AltaGas has determined that AltaGas Hybrid Trust is a VIE in which it holds variable interests and is the primary 
beneficiary. In the determination that AltaGas is the primary beneficiary of the VIE, AltaGas noted that it has the 
power to direct the activities that most significantly impact the VIE’s economic performance through its role as the 
sole administrative agent. In addition, AltaGas has the obligation to absorb the administrative expenses that are 
significant to the trust through the associated administrative agreement. As such, AltaGas has consolidated the 
AltaGas Hybrid Trust.
Unconsolidated VIE 
Strathcona Storage Limited Partnership ("SSLP") 
AltaGas owns an interest in SSLP, a partnership formed with ATCO Energy Solutions Ltd. to construct, operate, and 
maintain underground NGL storage caverns at Fort Saskatchewan, Alberta. The facility currently has five 
underground NGL storage salt caverns.
As at December 31, 2024, AltaGas held a 40 percent equity investment in SSLP with a carrying value of $127 million 
(2023 - $130 million). SSLP is not consolidated by AltaGas and instead is accounted for by the equity method of 
accounting. AltaGas is not the primary beneficiary of SSLP and it does not have the power to direct the activities 
most significant to the economic performance of SSLP. The maximum financial exposure to loss as a result of the 
involvement with this VIE is equal to AltaGas' net investment in SSLP.
12.   Investments Accounted for by the Equity Method
Carrying value as 
at December 31
Equity income for 
the year ended 
December 31
Description
Location
Ownership 
Percentage
2024
2023
2024
2023
Eaton Rapids Gas Storage System
United States
 50 $ 
30 $ 
28 $ 
3 $ 
3 
MVP (a) (b)
United States
 10  
596  
511  
50  
45 
Sarnia Airport Storage Pool LP
Canada
 50  
15  
16  
1  
1 
Petrogas Terminals Penn LLC 
United States
 50  
1  
1  
—  
— 
Strathcona Storage LP 
Canada
 40  
127  
130  
6  
6 
$ 
769 $ 
686 $ 
60 $ 
55 
(a)
The equity method is considered appropriate because MVP is an LLC with specific ownership accounts and ownership between five and fifty percent, resulting 
in AltaGas exercising a more than minor influence over the investee's operating and financing policies. 
(b)
Equity income includes AFUDC prior to June 2024 and equity earnings from income generated by MVP subsequent to being placed in-service on June 14, 
2024. Earnings after June 14, 2024 also include the amortization of certain basis differences.
The carrying amount of certain equity investments differs from the amount of the underlying equity in net assets. 
These basis differences include amounts related to purchase accounting adjustments, capitalized interest, 
provisions on assets, and a contractual cap on contributions to MVP.
Meade Escrow Proceeds
In 2019, AltaGas completed the disposition of its investment in Meade Pipeline Co. LLC ("Meade"), which held WGL 
Midstream's indirect, non-operating interest in the Central Penn pipeline. Upon close of the sale, various escrow 
accounts were established to provide the purchaser a form of recourse for the settlement of indemnification 
obligations. In the third quarter of 2024, AltaGas received approximately $14 million (US$10 million) of cash 
proceeds from the indemnity escrow account. As a result, AltaGas recognized a pre-tax gain on disposition of 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 94

approximately $14 million in the Consolidated Statements of Income under the line item "other income" for the year 
ended December 31, 2024.
Summarized combined financial information, assuming a 100 percent ownership interest in AltaGas’ equity 
investments listed above, is as follows: 
Year Ended December 31
2024
2023
Revenues
$ 
691 $ 
543 
Expenses
 
(233)  
(28) 
$ 
458 $ 
515 
As at December 31
2024
2023
Current assets
$ 
313 $ 
476 
Property, plant and equipment
$ 
14,152 $ 
11,633 
Long-term investments and other assets
$ 
17 $ 
16 
Current liabilities
$ 
(112) $ 
(498) 
Other long-term liabilities
$ 
(16) $ 
(17) 
13.   Short-term Debt 
As at 
December 31,
2024
December 31,
2023
Commercial paper (a)
$ 
10 $ 
129 
$ 
10 $ 
129 
(a)
As at December 31, 2024, AltaGas' weighted average interest rate on short-term borrowings outstanding was 4.7 percent (December 31, 2023 - 5.7 percent).
Credit Facilities 
As at December  31, 2024, AltaGas held a $70 million (December  31, 2023 - $70 million) unsecured demand 
revolving operating credit facility with a Canadian chartered bank. Draws on the facility can be by way of prime 
loans, U.S. base-rate loans, Secured Overnight Financing Rate ("SOFR") loans, or letters of credit. As at 
December 31, 2024, there were no outstanding bank loans under this facility (December 31, 2023 - $nil).
As at December 31, 2024, AltaGas held a US$322 million (December 31, 2023 - US$322 million) unsecured bilateral 
letter of credit demand facility with a Canadian chartered bank. Borrowings on the facility incur fees and interest at 
rates relevant to the nature of the draws made. Letters of credit outstanding under this facility as at December 31, 
2024 were $251 million (December 31, 2023 - $252 million). 
WGL and Washington Gas use short-term debt in the form of commercial paper and advances under its syndicated 
bank credit facilities to fund seasonal cash requirements. Revolving committed credit facilities are maintained in an 
amount equal to or greater than the expected maximum commercial paper position. As at December 31, 2024, 
commercial paper outstanding classified as short-term debt totaled $10 million (December 31, 2023 - $129 million).
In October 2024, the $25 million unsecured bilateral letter of credit demand facility previously held by Petrogas 
was terminated.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 95

14.   Long-Term Debt 
As at
Maturity date
December 31,
2024
December 31,
2023
Credit facilities
   $2.3 billion unsecured extendible revolving facility (a)
2-May-2028
$ 
— $ 
484 
US$150 million unsecured extendible revolving facility
20-Dec-2026
 
104  
86 
Commercial paper (b)
Various
 
253  
332 
$450 million term loan
n/a
 
—  
449 
AltaGas Ltd. MTNs
   $200 million Senior unsecured - 4.40 percent
15-Mar-2024
 
—  
200 
   $350 million Senior unsecured - 1.23 percent
18-Mar-2024
 
—  
350 
   $300 million Senior unsecured - 3.84 percent
15-Jan-2025
 
300  
300 
   $500 million Senior unsecured - 2.16 percent
10-Jun-2025
 
500  
500 
   $350 million Senior unsecured - 4.12 percent
7-Apr-2026
 
350  
350 
   $47 million Senior unsecured - 4.64 percent (c)
15-May-2026
 
47  
400 
   $200 million Senior unsecured - 2.17 percent
16-Mar-2027
 
200  
200 
   $200 million Senior unsecured - 3.98 percent
4-Oct-2027
 
200  
200 
   $500 million Senior unsecured - 2.08 percent
30-May-2028
 
500  
500 
$400 million Senior unsecured - 4.67 percent
8-Jan-2029
 
400  
— 
   $200 million Senior unsecured - 2.48 percent
30-Nov-2030
 
200  
200 
   $350 million Senior unsecured - 5.14 percent
14-Mar-2034
 
350  
— 
   $21 million Senior unsecured - 5.16 percent (d)
13-Jan-2044
 
21  
100 
   $108 million Senior unsecured - 4.50 percent (e)
15-Aug-2044
 
108  
300 
   $68 million Senior unsecured - 4.99 percent (f)
4-Oct-2047
 
68  
250 
   $500 million Senior unsecured - 5.60 percent
14-Mar-2054
 
500  
— 
WGL and Washington Gas MTNs and private placement notes
  US$41 million Senior unsecured - 5.44 percent
11-Aug-2025
 
58  
54 
  US$53 million Senior unsecured - 6.62 to 6.82 percent
Oct 2026
 
76  
70 
  US$72 million Senior unsecured - 6.40 to 6.57 percent
Feb - Sep 2027  
104  
95 
  US$52 million Senior unsecured - 6.57 to 6.85 percent
Jan - Mar 2028  
75  
69 
  US$9 million Senior unsecured - 7.50 percent
1-Apr-2030
 
12  
11 
  US$150 million Senior unsecured - 6.06 percent 
14-Oct-2033
 
216  
199 
  US$50 million Senior unsecured - 5.70 to 5.78 percent
Jan - Mar 2036  
72  
66 
  US$75 million Senior unsecured - 5.21 percent
3-Dec-2040
 
107  
99 
  US$75 million Senior unsecured - 5.00 percent
15-Dec-2043
 
107  
99 
  US$300 million Senior unsecured - 4.22 to 4.60 percent
Sep - Nov 2044  
432  
397 
  US$450 million Senior unsecured - 3.80 percent
15-Sep-2046
 
647  
595 
  US$400 million Senior unsecured - 3.65 percent
15-Sep-2049
 
576  
529 
      US$200 million Senior unsecured - 2.98 percent
15-Dec-2051
 
288  
265 
      US$25 million Senior unsecured - 5.25 percent
29-Dec-2042
 
36  
33 
      US$175 million Senior unsecured - 5.33 percent
29-Dec-2052
 
252  
231 
      US$50 million Senior unsecured - 6.43 percent
15-Oct-2053
 
72  
66 
      US$100 million Senior unsecured - 5.40 percent (g)
01-Oct-2054
 
144  
— 
SEMCO long-term debt
US$225 million First Mortgage Bonds - 2.45 percent
21-Apr-2030
 
104  
95 
US$225 million First Mortgage Bonds - 3.15 percent
21-Apr-2050
 
323  
298 
Fair value adjustment on WGL acquisition 
 
77  
74 
$ 
7,879 $ 
8,546 
Less: unamortized premiums, discounts, and debt issuance costs
 
(29)  
(19) 
$ 
7,850 $ 
8,527 
Less: current portion
 
(858)  
(999) 
$ 
6,992 $ 
7,528 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 96

(a)
Includes a $1.7 billion four-year extendable committed revolving tranche which matures in May 2028 and a $600 million three-year extendable side car 
revolving tranche which matures in May 2027. 
(b)
Commercial paper is supported by the availability of long-term committed credit facilities maturing in 2026. Commercial paper intended to be repaid within the 
next year is recorded as short-term debt (Note 13).
(c)
Prior to the partial debt extinguishment in the fourth quarter of 2024 as discussed below, this note had a face value of $400 million. 
(d)
Prior to the partial debt extinguishment in the fourth quarter of 2024 as discussed below, this note had a face value of $100 million. 
(e)
Prior to the partial debt extinguishment in the fourth quarter of 2024 as discussed below, this note had a face value of $300 million. 
(f)
Prior to the partial debt extinguishment in the fourth quarter of 2024 as discussed below, this note had a face value of $250 million. 
(g)
Pursuant to the note purchase agreement executed on October 1, 2024, an additional US$100 million will be issued on April 1, 2025 at 4.84 percent with a 
maturity date of April 1, 2035.
MTN Debt Extinguishment
In the fourth quarter of 2024, AltaGas executed a partial debt extinguishment of certain of its MTNs, resulting in the 
derecognition of approximately $806 million of previously issued MTNs for total consideration of $793 million. At 
transaction close, AltaGas recognized a pre-tax gain of approximately $4 million on the derecognition of the MTNs 
on the Consolidated Statements of Income under the line item "other income" for the year ended December 31, 
2024. This amount is net of a hedge loss on a bond forward contract of approximately $5  million, which was 
entered into for the purpose of hedging the interest rate exposure on the partial debt extinguishment. 
Credit Facilities 
As at December 31, 2024, AltaGas held $2.3 billion (December 31, 2023 - $2.3 billion) of unsecured revolving credit 
facilities. These facilities were amended in 2024 and include a $1.7 billion four-year extendable committed 
revolving tranche which matures in May 2028, and a $600 million three-year extendable side car revolving tranche 
which matures in May 2027. Draws on the facilities can be by way of prime loans, U.S. base-rate loans, SOFR loans, 
or letters of credit. There were no outstanding bank loans under this facility as at December  31, 2024 
(December 31, 2023 - $484 million).
On June 28, 2024, AltaGas cancelled and repaid its $450 million unsecured two-year term credit facility in full, 
which was set to mature in August 2024 (December 31, 2023 - $450 million). As at December 31, 2023, there were 
$449 million of outstanding bank loans under this facility.
As at December 31, 2024, WGL held a US$300 million (December 31, 2023 - US$300 million) unsecured revolving 
credit facility. Draws on the facility can be by way of prime loans, U.S. base-rate loans, LIBOR loans, or letters of 
credit. There were no outstanding loans under this facility as at December 31, 2024 or December 31, 2023.
As at December  31, 2024, Washington Gas held a US$450 million (December  31, 2023 - US$450  million) 
unsecured revolving credit facility. Draws on the facility can be by way of prime loans, U.S. base-rate loans, LIBOR 
loans, or letters of credit. There were no outstanding loans under this facility as at December  31, 2024 or 
December 31, 2023.
WGL and Washington Gas use debt in the form of commercial paper and advances under its credit facilities to 
provide short-term liquidity. Revolving committed credit facilities are maintained in an amount equal to or greater 
than the expected maximum commercial paper position. As at December 31, 2024, outstanding commercial paper 
classified as long-term debt totaled $253 million (December 31, 2023 - $332 million). 
As at December  31, 2024, SEMCO held a US$150 million (December  31, 2023 - US$150  million) unsecured 
extendible revolving facility. Draws on the facility can be by way of letters of credit, Alternate Base Rate or 
Eurodollar loans. There were US$72 million outstanding bank loans under this facility as at December 31, 2024 
(December 31, 2023 - US$65 million). 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 97

15.   Subordinated Hybrid Notes
As at
Maturity date
December 31,
2024
December 31,
2023
$300 million Subordinated Notes, Series 1 - 5.25 percent (a)
11-Jan-2082
$ 
300 $ 
300 
$250 million Subordinated Notes, Series 2 - 7.35 percent (b)
17-Aug-2082
 
250  
250 
$200 million Subordinated Notes, Series 3 - 8.90 percent (c)
10-Nov-2083
 
200  
200 
US$900 million Subordinated Notes - 7.20 percent (d) (e)
15-Oct-2054
 
1,295  
— 
$ 
2,045 $ 
750 
Less: debt issuance costs
 
(23)  
(8) 
$ 
2,022 $ 
742 
(a)  
For the initial 10 years, the Notes carry a fixed interest rate. From January 11, 2032, and on every fifth anniversary of such date thereafter, the interest rate will 
reset for the subsequent fixed rate period at a rate per annum equal to the five year Government of Canada yield plus for the period from January 11, 2032 to, 
but excluding, January 11, 2052, 3.82 percent and for the period from January 11, 2052 to, but excluding, the maturity date, 4.57 percent.
(b)  
For the initial 5 years, the Notes carry a fixed interest rate. From August 17, 2027, and on every fifth anniversary of such date thereafter, the interest rate will 
reset for the subsequent fixed rate period at a rate per annum equal to the five year Government of Canada yield plus for the period from August 17, 2027 to, 
but excluding, August 17, 2032, 4.54 percent, for the period from August 17, 2032, to, but excluding, August 17, 2047, 4.79 percent, and for the period from 
August 17, 2047, to, but excluding, the maturity date, 5.54 percent.
(c)  
For the initial 5 years, the Notes carry a fixed interest rate. From November 10, 2028, and on every fifth anniversary of such date thereafter, the interest rate will 
reset for the subsequent fixed rate period at a rate per annum equal to the five year Government of Canada yield plus for the period from November 10, 2028 
to, but excluding, November 10, 2033, 5.09 percent, for the period from November 10, 2033 to, but excluding, November 10, 2048, 5.34 percent, and for the 
period from November 10, 2048, to, but excluding, the Maturity date, 6.09 percent.
(d)  
For the initial 10 years, the Notes carry a fixed interest rate. From October 15, 2034, the interest rate will reset for the subsequent fixed rate period at a rate per 
annum equal to the five year treasury rate plus 3.57 percent.
(e) 
In the third quarter of 2024, AltaGas concurrently executed cross-currency swaps totaling US$900 million, which will convert the U.S. dollar principal and 
interest payments of these Notes into Canadian dollars and apply an effective annual interest rate of 6.90 percent, which is based on the initial converted 
Canadian principal amount of approximately $1.2 billion. Refer to Note 22 for more details. 
For the year ended December 31, 2024, AltaGas recorded interest expense of $75 million on the subordinated 
hybrid notes (2023 - $37 million).
16.   Asset Retirement Obligations 
As at December 31
2024
2023
Balance, beginning of year
$ 
455 $ 
458 
Obligations acquired
 
—  
5 
New obligations
 
1  
— 
Obligations settled (note 26) (a) 
 
(10)  
(15) 
Revision in estimated cash flow
 
2  
(3) 
Accretion expense (b)
 
19  
26 
Foreign exchange translation
 
31  
(9) 
Reclassified to regulatory liabilities
 
(8)  
(7) 
Total ARO, end of the year
$ 
490 $ 
455 
Less: current portion (included in accounts payable and accrued liabilities)
 
(8)  
(7) 
Long-term portion
$ 
482 $ 
448 
(a)
Includes a non-cash gain on settlement of approximately $7 million.
(b)
Certain amounts relating to Utility asset retirement obligations are recorded through regulatory assets or liabilities on the Consolidated Balance Sheets due to 
regulatory treatment. The remaining portion is recorded through the Consolidated Statements of Income. 
The majority of the asset retirement obligations are associated with distribution and transmission systems in the 
Utilities segment. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 98

AltaGas estimates the undiscounted cash required to settle the asset retirement obligations, excluding growth for 
inflation, at December 31, 2024 was $842 million (December 31, 2023 - $759 million).
The asset retirement obligations have been recorded in the Consolidated Financial Statements at estimated values 
discounted at rates between 3.1 and 7.9 percent (December  31, 2023 - between 2.0 to 8.4 percent) and are 
expected to be incurred between 2025 and 2142 (December 31, 2023 - between 2024 and 2141). No assets have 
been legally restricted for settlement of the estimated liability. 
17.   Environmental Matters 
AltaGas is subject to federal, provincial, state and local laws and regulations related to environmental matters. 
These laws and regulations may require expenditures over a long time frame to control environmental effects. 
Almost all of the environmental liabilities AltaGas has recorded are for costs expected to be incurred to remediate 
sites where AltaGas or a predecessor affiliate operated manufactured gas plants ("MGPs"). Estimates of liabilities for 
environmental response costs are difficult to determine with precision because of the various factors that can affect 
their ultimate level. These factors include, but are not limited to, the following:
▪
the complexity of the site;
▪
changes in environmental laws and regulations at the federal, state, and local levels;
▪
the number of regulatory agencies or other parties involved;
▪
new technology that renders previous technology obsolete or experience with existing technology that 
proves ineffective;
▪
the level of remediation required; and
▪
variations between the estimated and actual period of time that must be dedicated to respond to an 
environmentally-contaminated site.
AltaGas has identified up to twelve sites where it or its predecessors may have operated MGPs. In connection with 
these operations, AltaGas is aware that coal tar and certain other by-products of the gas manufacturing process are 
present at or near some former sites and may be present at others.
As at December 31, 2024, a liability of $24 million has been recorded on an undiscounted basis related to future 
environmental response costs (December 31, 2023 - $12 million) in the Consolidated Balance Sheets under the line 
items “accounts payable and accrued liabilities" and "other long-term liabilities”. These estimates principally include 
the minimum liabilities associated with a range of environmental response costs expected to be incurred. As at 
December 31, 2024, AltaGas estimated the maximum liability associated with all of its sites to be approximately $53 
million (December  31, 2023 - $54  million). The estimates were determined by AltaGas’ environmental experts, 
based on experience in remediating MGP sites and advice from legal counsel and environmental consultants. The 
variation between the recorded and estimated maximum liability primarily results from differences in the number of 
years that will be required to perform environmental response processes and the extent of remediation that may be 
required. 
As at December 31, 2024, AltaGas reported a regulatory asset of $28 million (December 31, 2023 - $16 million) for 
the portion of environmental response costs that are expected to be recoverable in future rates (Note 20).
In 2023, AltaGas received a Directive Letter from the Department of Energy and Environment ("DOEE") related to a 
MGP that was formerly owned by Washington Gas known as the “West Station Gas Works.” The Directive Letter 
requests certain information and a site investigation. The Site Investigation Work Plan was approved by DOEE on 
April 19, 2024. AltaGas is unable to estimate the total amount of potential costs or timing associated with the site 
investigation at this time. AltaGas has accrued an amount for estimated information request response costs based 
on a potential range of estimates.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 99

18.   Other Long-term Liabilities 
As at
December 31,
2024
December 31,
2023
Deferred revenue
$ 
18 $ 
16 
Customer advances for construction
 
6  
13 
Merger commitments
 
5  
3 
Non-retirement employee benefits (a)
 
65  
51 
Uncertain tax positions (note 19)
 
11  
20 
Other
 
22  
21 
$ 
127 $ 
124 
(a)
Consists of long-term portion of liabilities relating to employee incentive plans and other non-retirement related employee benefits.
19.   Income Taxes
Year Ended December 31
2024
2023
Income before income taxes - consolidated
$ 
746 $ 
912 
Statutory income tax rate (%)
 
23.0  
23.0 
Expected taxes at statutory rates
$ 
172 $ 
210 
Add (deduct) the tax effect of:
Permanent differences
$ 
1 $ 
— 
Statutory and other rate differences
 
10  
(1) 
Deferred income tax recovery on regulated assets
 
(11)  
(16) 
Tax differences on divestitures and transactions
 
—  
37 
Previously unrecognized losses
 
(29)  
— 
Other
 
(5)  
(7) 
$ 
138 $ 
223 
Income tax provision
    Current 
$ 
41 $ 
43 
    Deferred
 
97  
180 
$ 
138 $ 
223 
Effective income tax rate (%)
 
18.5  
24.5 
Net deferred income tax liabilities were composed of the following:
As at 
December 31,
2024
December 31,
2023
PP&E and intangible assets
$ 
2,351 $ 
1,969 
Regulatory assets
 
(110)  
(166) 
Tax pools, deferred financing, and compensation
 
(433)  
(179) 
Other
 
(87)  
(90) 
Valuation allowance
 
73  
2 
$ 
1,794 $ 
1,536 
The amount shown on the Consolidated Balance Sheets as deferred income tax liabilities represents the net 
differences between the tax basis and book carrying values on the Corporation's balance sheets at enacted tax 
rates.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 100

As at December 31, 2024, the Corporation had tax-effected non-capital losses of approximately $228 million, which 
will be available to offset future taxable income. If not used, these losses will expire between 2029 and 2044.
On June 20, 2024, Bills C-59 and C-69, which include the Excessive Interest and Financing Expenses Limitation 
and Canada's Global Minimum Tax Act were enacted in Canada. As at December 31, 2024, the enactment of these 
bills did not have a material impact on AltaGas consolidated financial statements. 
Unrecognized Tax Benefits
On an annual basis, the Corporation and its subsidiaries file tax returns in Canada and various foreign jurisdictions. 
In Canada, AltaGas' federal and provincial tax returns for the years 2015 to 2024 remain subject to examination by 
taxation authorities. In the United States, the federal and state tax returns for the years 2021 to 2024 remain 
subject to examination by the taxation authorities. 
Management determined that the following provision was required for uncertainty on income taxes during the year:
Year ended December 31
2024
2023
Unrecognized tax benefits at beginning of year
$ 
20 $ 
20 
Gross increases for tax positions of current year
 
2  
— 
Settlements with taxation authorities
 
(9)  
— 
Unrecognized tax benefits at end of year (a)
$ 
13 $ 
20 
(a)
As at December 31, 2024, approximately $2 million is included in "other current liabilities" (December 31, 2023 - $nil).
20.   Regulatory Assets and Liabilities
AltaGas accounts for certain transactions in accordance with ASC 980, Regulated Operations. AltaGas refers to this 
accounting guidance for regulated entities as “regulatory accounting”. Under regulatory accounting, utilities are 
permitted to defer expenses and income as regulatory assets and liabilities, respectively, in the Consolidated 
Balance Sheets when it is probable that those expenses and income will be allowed in the rate-setting process in a 
period different from the period in which they would have been reflected in the Consolidated Statements of Income 
by a non-rate-regulated entity. These deferred regulatory assets and liabilities are included in the Consolidated 
Statements of Income in future periods when the amounts are reflected in customer rates. If an application is filed 
to modify customer rates with certain regulatory commissions, AltaGas is permitted to charge customers new rates, 
subject to refund, until the regulatory commission renders a final decision. During this interim period, a provision is 
recorded for a rate refund regulatory liability based on the difference between the amount collected in rates and 
the amount expected to be recovered from a final regulatory decision. 
Management’s assessment of the probability of recovery or pass-through of regulatory assets and liabilities 
requires judgment and interpretation of laws and regulatory agency orders, rules, and rate-making conventions. 
The relevant regulatory bodies are the MPSC, PSC of DC, PSC of MD, and SCC of VA.
If, for any reason, the Corporation ceases to meet the criteria for application of regulatory accounting for all or part 
of its operations, the regulatory assets and liabilities related to those portions ceasing to meet such criteria would 
be de-recognized from the Consolidated Balance Sheets and included in the Consolidated Statements of Income 
for the period in which the discontinuance of regulatory accounting occurs. Criteria that give rise to the 
discontinuance of regulatory accounting include: (i) increasing competition that restricts the ability of the 
Corporation to charge prices sufficient to recover specific costs, and (ii) a significant change in the manner in which 
rates are set by regulatory agencies from cost-based regulation to another form of regulation. The Corporation’s 
review of these criteria currently supports the continued application of regulatory accounting for all its utilities. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 101

The following table summarizes the regulatory assets and liabilities recorded in the Consolidated Balance Sheets, 
as well as the remaining period, as at December 31, 2024 and 2023, over which the Corporation expects to realize 
or settle the assets or liabilities:
As at December 31
2024
2023
Recovery
Period
Regulatory assets - current
Deferred cost of gas (a)
$ 
1 $ 
11 
Less than one year
Accelerated replacement recovery mechanisms (b)
 
24  
22 
Less than one year
Interruptible sharing (c)
 
5  
1 
Less than one year
Energy optimization costs
 
8  
4 
Less than one year
Virginia and Maryland revenue normalization (c)
 
54  
20 
Less than one year
$ 
92 $ 
58 
Regulatory assets - non-current
Deferred regulatory costs (c) (d)
$ 
102 $ 
74 
1 - 51 years
Future recovery of pension and other retirement benefits (c)
 
1  
1 
Various
Future recovery of non-retirement employee benefits (c) (e)
 
4  
4 
Various
Deferred environmental costs (c) (f)
 
28  
16 
Various
Deferred loss on debt transactions and derivative instruments (c) (g)
 
87  
84 
Various
Deferred future income taxes (c) (h) 
 
140  
97 
Various
Energy efficiency program - Maryland (i)
 
45  
39 
Various
COVID-19 costs (j)
 
2  
2 
Various
D.C. rate case (k)
 
8  
6 
Various
Other
 
13  
6 
Various
$ 
430 $ 
329 
Regulatory liabilities - current
Deferred cost of gas (a)
$ 
61 $ 
67 
Less than one year
Federal income tax rate change (l) 
 
1  
1 
Less than one year
Interruptible sharing (c)
 
9  
2 
Less than one year
Virginia and Maryland revenue normalization (a)
 
5  
3 
Less than one year
  Other 
 
3  
12 
Less than one year
$ 
79 $ 
85 
Regulatory liabilities - non-current
Future expense of pension and other retirement benefits (c)
$ 
316 $ 
283 
Various
Future removal and site restoration costs (m)
 
441  
409 
Various
Deferred gain on debt transactions and derivative instruments (c) (g)  
1  
1 
Various
Federal income tax rate change (l)
 
611  
571 
Various
Other
 
11  
10 
Various
$ 
1,380 $ 
1,274 
(a)
Washington Gas is not entitled to a rate of return on these assets. Washington Gas is allowed to recover and required to pay, using short-term interest rates, 
the carrying costs related to billed gas costs due from and to its customers in D.C. and Virginia jurisdictions.
(b)
Represents amounts for deferred over or under collections of surcharges associated with Washington Gas' accelerated pipeline recovery programs in D.C., 
Maryland, and Virginia.
(c)
Washington Gas is not entitled to a rate of return on these assets.
(d)
Includes deferred gas costs and fair value of derivatives, which are not included in customer bills until settled. 
(e)
Represents the timing difference between the recognition of workers compensation and short-term disability costs in accordance with generally accepted 
accounting principles and the way these costs are recovered through rates. 
(f)
This balance represents allowed environmental remediation expenditures at SEMCO and Washington Gas sites to be recovered through rates. The recovery 
period is over several years.
(g)
The losses or gains on the issuance and extinguishment of debt and interest-rate derivative instruments include unamortized balances from transactions 
executed in prior years. These transactions create gains and losses that are amortized over the remaining life of the debt as prescribed by regulatory 
accounting requirements. As at December 31, 2024, this also includes a fair value adjustment of $73 million (December 31, 2023 - $70 million) recorded on the 
WGL Acquisition in 2018.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 102

(h)
This balance represents amounts due from customers for deferred tax assets and liabilities related to tax benefits/expenses on deductions that flowed directly 
to customers prior to the adoption of income tax normalizations for ratemaking purposes and to tax rate changes. 
(i)
Represents amounts for deferred credits associated with Washington Gas' participation in the energy conservation and efficiency program EmPOWER in 
Maryland that are recovered from customers over time. 
(j)
Regulatory assets established to capture and track incremental COVID-19 related costs.
(k)
This balance represents costs incurred in association with D.C. rate cases.
(l)
The Tax Cuts and Jobs Act ("TCJA") was enacted on December 22, 2017, and required the Corporation to revalue its U.S. deferred tax assets and liabilities in 
2018 to the lower federal corporate tax rate of 21 percent, resulting in excess accumulated deferred income taxes. The tax rate reduction created a reduction in 
deferred tax liability, which SEMCO and Washington Gas are required to refund to ratepayers. 
(m)
This amount and timing of draw down is dependent upon the cost of removal of the underlying utility property, plant, and equipment and its useful life.
21.   Accumulated Other Comprehensive Income (Loss)
($ millions)
Cash Flow 
Hedges
DB pension 
and PRB plans
Hedge net 
investments
Translation 
foreign 
operations
Total
Opening balance, January 1, 2024
$ 
(9) $ 
(2) $ 
(148) $ 
554 $ 
395 
OCI before reclassification
 
(27)  
—  
(84)  
929  
818 
Amounts reclassified from OCI
 
(58)  
(2)  
—  
—  
(60) 
Current period OCI (pre-tax)
$ 
(85) $ 
(2) $ 
(84) $ 
929 $ 
758 
Income tax on amounts retained in AOCI
 
2  
—  
—  
—  
2 
Net current period OCI
$ 
(83) $ 
(2) $ 
(84) $ 
929 $ 
760 
Ending balance, December 31, 2024
$ 
(92) $ 
(4) $ 
(232) $ 
1,483 $ 
1,155 
Opening balance, January 1, 2023
$ 
— $ 
(5) $ 
(173) $ 
804 $ 
626 
OCI before reclassification
 
(10)  
2  
28  
(250)  
(230) 
Amounts reclassified from OCI
 
1  
2  
—  
—  
3 
Current period OCI (pre-tax)
$ 
(9) $ 
4 $ 
28 $ 
(250) $ 
(227) 
Income tax on amounts retained in AOCI
 
—  
(1)  
(3)  
—  
(4) 
Net current period OCI
$ 
(9) $ 
3 $ 
25 $ 
(250) $ 
(231) 
Ending balance, December 31, 2023
$ 
(9) $ 
(2) $ 
(148) $ 
554 $ 
395 
Reclassification From Accumulated Other Comprehensive Income (Loss) 
AOCI components reclassified
Income statement line 
item
Year Ended 
December 31, 2024
Year Ended
December 31, 2023
Gains (losses)
Gains (losses)
Cash flow hedges - commodity contracts
Cost of sales
$ 
(13) $ 
(1) 
Cash flow hedges - cross-currency swap
Foreign exchange gains 
(losses)
 
71  
— 
DB pension and PRB plans (a)
Other income (loss)
 
2  
(2) 
$ 
60 $ 
(3) 
(a)
Reclassification from AOCI for the year ended December 31, 2024 relates to the partial settlement of WGL's post-retirement benefit plan. Reclassification from 
AOCI for the year ended December 31, 2023 relates to the loss on the wind-up of the Canadian defined benefit pension plan. Refer to Note 27 for more details.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 103

22.   Financial Instruments and Financial Risk Management
The Corporation’s financial instruments consist of cash and cash equivalents, accounts receivable, risk 
management contracts, certain long-term investments and other assets, accounts payable and accrued liabilities, 
dividends payable, short-term and long-term debt, and certain other current and long-term liabilities.  
Fair Value Hierarchy
AltaGas categorizes its financial assets and financial liabilities into one of three levels based on fair value 
measurements and inputs used to determine the fair value. 
Level 1 - fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. Fair 
values are based on direct observations of transactions involving the same assets or liabilities and no assumptions 
are used. Included in this category are publicly traded shares valued at the closing price as at the balance sheet 
date.
Level 2 - fair values are determined based on valuation models and techniques where inputs other than quoted 
prices included within Level 1 are observable for the asset or liability either directly or indirectly. AltaGas enters into 
derivative instruments in the futures, over-the-counter and retail markets to manage fluctuations in commodity 
prices and foreign exchange rates. The fair values of power, natural gas, NGL, LPG, ocean freight, and crude oil 
derivative contracts were calculated using forward prices based on published sources for the relevant period, 
adjusted for factors specific to the asset or liability, including basis and location differentials, discount rates, and 
currency exchange. The fair value of foreign exchange derivative contracts and cross-currency swaps were 
calculated using indicative broker quotes based on observable market data. 
Level 3 - fair values are based on inputs for the asset or liability that are not based on observable market data. 
AltaGas uses valuation techniques when observable market data is not available. Level 3 derivatives include 
physical contracts at illiquid market locations with no observable market data, long-dated positions where 
observable pricing is not available over the life of the contract, contracts valued using historical spot price volatility 
assumptions, and valuations using indicative broker quotes for inactive market locations. A significant change to 
any one of these inputs in isolation could result in a significant upward or downward fluctuation in the fair value 
measurement. 
The following methods and assumptions were used to estimate the fair value of each significant class of financial 
instruments:
Other current liabilities - the carrying amounts approximate fair value because of the short maturity of these 
instruments.
Current portion of long-term debt, long-term debt (including debt classified as held for sale), subordinated hybrid 
notes, and other long-term liabilities - the fair value of these liabilities was estimated based on discounted future 
interest and principal payments using the current market interest rates of instruments with similar terms. 
Risk management assets and liabilities - the fair values of power, natural gas, NGL, and crude oil derivative 
contracts were calculated using forward prices from published sources for the relevant period. The fair value of 
foreign exchange derivative contracts was calculated using quoted market rates. The fair value of Level 3 
derivative contracts was calculated using internally developed valuation inputs and pricing models. 
Loans and receivables – the fair value of these assets was estimated based on discounted future interest and 
principal payments using the current market interest rates of instruments with similar terms. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 104

As at
December 31, 2024
Carrying 
Amount
Level 1
Level 2
Level 3
Total Fair 
Value
Financial assets
Fair value through net income (a) (b) (c)
Risk management assets - current
$ 
21 $ 
— $ 
7 $ 
14 $ 
21 
Risk management assets - non-current
 
47  
—  
32  
15  
47 
Fair value through regulatory assets (a)
Risk management assets - current
 
4  
—  
1  
3  
4 
Risk management assets - non-current
 
16  
—  
—  
16  
16 
$ 
88 $ 
— $ 
40 $ 
48 $ 
88 
Financial liabilities
Fair value through net income (a) (b) (c)
Risk management liabilities - current
$ 
138 $ 
— $ 
115 $ 
23 $ 
138 
Risk management liabilities - non-current
 
125  
—  
70  
55  
125 
Fair value through regulatory liabilities (a)
Risk management liabilities - current
 
12  
—  
—  
12  
12 
Risk management liabilities - non-current
 
35  
—  
—  
35  
35 
Amortized cost
Current portion of long-term debt
 
858  
—  
858  
—  
858 
Current portion of finance lease liabilities
 
23  
—  
23  
—  
23 
Long-term debt 
 
6,992  
—  
6,261  
—  
6,261 
Finance lease liabilities
 
126  
—  
126  
—  
126 
Subordinated hybrid notes
 
2,022  
—  
2,068  
—  
2,068 
Other current liabilities (d)
 
54  
—  
54  
—  
54 
$ 
10,385 $ 
— $ 
9,575 $ 
125 $ 
9,700 
(a)
To manage price risk associated with acquiring natural gas supply for Maryland, Virginia, and D.C. utility customers, Washington Gas, a subsidiary of the 
Corporation, enters into physical and financial derivative transactions. Any gains and losses associated with these derivatives are recorded as regulatory 
liabilities or assets, respectively, to reflect the rate treatment for these economic hedging activities. Additionally, as part of its asset optimization program, 
Washington Gas enters into derivatives with the primary objective of securing operating margins that Washington Gas will ultimately realize. Regulatory sharing 
mechanisms provide for the annual realized profit from these transactions to be shared between Washington Gas' shareholder and customers; therefore, 
changes in fair value are recorded through earnings, or as regulatory assets or liabilities to the extent that it is probable that realized gains and losses 
associated with these derivative transactions will be included in the rates charged to customers when they are realized.
(b)
Includes the fair value of designated commodity hedging instruments classified as level 2, which amounts to an asset totaling $3 million. The change in fair 
value of these instruments is recorded to AOCI. Refer to the Cash Flow Hedges section below for more details.
(c)
Includes the fair value of designated cross-currency swap hedging instruments classified as level 2, which amounts to a liability totaling $16 million. The change 
in fair value of these instruments is recorded to AOCI. Refer to the Foreign Exchange Risk and Cash Flow Hedges sections below for more details.
(d)
Excludes non-financial liabilities.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 105

As at
December 31, 2023
Carrying  
Amount
Level 1
Level 2
Level 3
Total 
Fair Value
Financial assets
Fair value through net income (a) (b)
Risk management assets - current
$ 
49 $ 
— $ 
17 $ 
32 $ 
49 
Risk management assets - non-current
 
37  
—  
12  
25  
37 
Fair value through regulatory assets (a)
Risk management assets - current
 
5  
—  
—  
5  
5 
Risk management assets - non-current
 
20  
—  
—  
20  
20 
$ 
111 $ 
— $ 
29 $ 
82 $ 
111 
Financial liabilities
Fair value through net income (a) (b)
Risk management liabilities - current
$ 
85 $ 
— $ 
51 $ 
34 $ 
85 
Risk management liabilities - non-current
 
70  
—  
25  
45  
70 
Fair value through regulatory liabilities (a)
Risk management liabilities - current
 
12  
—  
1  
11  
12 
Risk management liabilities - non-current
 
45  
—  
—  
45  
45 
Amortized cost
Current portion of long-term debt
 
999  
—  
999  
—  
999 
Current portion of finance lease liabilities
 
11  
—  
11  
—  
11 
Long-term debt 
 
7,528  
—  
6,812  
—  
6,812 
Finance lease liabilities
 
120  
—  
120  
—  
120 
Subordinated hybrid notes
 
742  
—  
700  
—  
700 
Other current liabilities (c)
 
43  
—  
43  
—  
43 
$ 
9,655 $ 
— $ 
8,762 $ 
135 $ 
8,897 
(a)
To manage price risk associated with acquiring natural gas supply for Maryland, Virginia, and D.C. utility customers, Washington Gas, a subsidiary of the 
Corporation, enters into physical and financial derivative transactions. Any gains and losses associated with these derivatives are recorded as regulatory 
liabilities or assets, respectively, to reflect the rate treatment for these economic hedging activities. Additionally, as part of its asset optimization program, 
Washington Gas enters into derivatives with the primary objective of securing operating margins that Washington Gas will ultimately realize. Regulatory sharing 
mechanisms provide for the annual realized profit from these transactions to be shared between Washington Gas' shareholder and customers; therefore, 
changes in fair value are recorded through earnings, or as regulatory assets or liabilities to the extent that it is probable that realized gains and losses 
associated with these derivative transactions will be included in the rates charged to customers when they are realized.
(b)
Includes the fair value of designated commodity hedging instruments classified as level 2, which amounts to a liability totaling $9 million. The change in fair 
value of these instruments is recorded to AOCI. Refer to the Cash Flow Hedges section below for more details.
(c)
Excludes non-financial liabilities.
Financial assets and liabilities not included in the fair value hierarchy table include money market funds and short-
term debt. The carrying value of these financial instruments approximate their fair value, which reflects the short-
term maturity and/or normal credit terms of these financial instruments. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 106

The following table includes quantitative information about the significant unobservable inputs used in the fair 
value measurement of Level 3 financial instruments as at December 31, 2024:
Net Fair 
Value
Valuation 
Technique
Unobservable Inputs
Range
Weighted 
Average (a)
Natural gas
$ 
(35) Discounted 
Cash Flow
Natural Gas Basis Price (per Dth)
$ (2.00) 
- $ 4.07 
$ 
(0.32) 
Natural gas
$ 
(1) Option 
Model
Natural Gas Basis Price (per Dth)
$ (2.00) 
- $ 3.53 
$ 
(0.43) 
Annualized Volatility of Spot Market 
Natural Gas
8%
-
65%
29%
Electricity
$ 
(41) Discounted 
Cash Flow
Electricity Congestion Price (per 
MWh)
$ (29.28) - $ 137.99 $ 
13.50 
(a)
Unobservable inputs were weighted by transaction volume.
The following tables provide a reconciliation of changes in net fair value of derivative assets and liabilities classified 
as Level 3 in the fair value hierarchy:
For the year ended December 31
2024
2023
Natural Gas
Electricity
Total
Natural Gas
Electricity
Total
Balance, beginning of year
$ 
(30) $ 
(23) $ 
(53) $ 
(226) $ 
(166) $ 
(392) 
Gains (losses):
Recorded in income (a)
 
(9)  
26  
17  
72  
168  
240 
Recorded in regulatory assets (b)  
1  
—  
1  
104  
—  
104 
Transfers out of Level 3
 
—  
(1)  
(1)  
(6)  
(5)  
(11) 
Purchases
 
—  
(2)  
(2)  
—  
(3)  
(3) 
Settlements
 
5  
(39)  
(34)  
24  
(18)  
6 
Foreign exchange translation
 
(3)  
(2)  
(5)  
2  
1  
3 
Balance, end of year
$ 
(36) $ 
(41) $ 
(77) $ 
(30) $ 
(23) $ 
(53) 
(a)
For the year ended December 31, 2024 and 2023, there were unrealized losses and gains of $3 million and $118 million respectively, attributed to derivative 
assets and liabilities classified as Level 3 in the fair value hierarchy
(b)
For the year ended December 31, 2024 and 2023, there were unrealized gains of $3 million and $98 million respectively, attributed to derivative assets and 
liabilities classified as Level 3 in the fair value hierarchy.
Transfers between different levels of the fair value hierarchy may occur based on fluctuations in the valuation and 
on the level of observable inputs used to value the instruments from period to period. Transfers into and out of the 
different levels of the fair value hierarchy are presented at the fair value as of the beginning of the period. Transfers 
out of Level 3 during the year ended December 31, 2024 were due to an increase in valuations using observable 
market inputs.
Net Realized and Unrealized Gains Recorded to Income for Level 3 Measurements
Year Ended December 31
2024
2023
Recorded to revenue
$ 
12 $ 
172 
Recorded to cost of sales
 
5  
68 
$ 
17 $ 
240 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 107

Summary of Unrealized Gains (Losses) on Risk Management Contracts Recognized in Net Income 
Year Ended December 31
2024
2023
Natural gas
$ 
32 $ 
(12) 
Energy exports
 
48  
(78) 
Crude oil and NGLs
 
(3) 
 
(5) 
NGL frac spread
 
(5)  
4 
Power
 
12  
2 
Foreign exchange
 
(96)  
19 
$ 
(12) $ 
(70) 
Offsetting of Derivative Assets and Derivative Liabilities 
Certain of AltaGas’ risk management contracts are subject to master netting arrangements that create a legally 
enforceable right for a counterparty to offset the related financial assets and financial liabilities. As part of these 
master netting agreements, cash, letters of credit and parental guarantees may be required to be posted or 
obtained from counterparties in order to mitigate credit risk related to both derivative and non-derivative positions. 
Collateral balances are also offset against the related counterparties’ derivative positions to the extent the 
application would not result in the over-collateralization of those derivative positions on the balance sheet.
As at
December 31, 2024
Derivative 
instruments not 
designated as 
hedging 
instruments
Derivative 
instruments 
designated as 
hedging 
instruments
Gross amounts of 
recognized 
assets/liabilities
Gross amounts 
of recognized 
assets/liabilities
Gross amounts 
 offset in  
balance sheet
Netting  
of collateral
Net amounts 
presented in 
balance sheet
Risk management assets (a)
Natural gas
$ 
81 $ 
6 $ 
(45) $ 
— $ 
42 
Energy exports
 
63  
—  
(36)  
—  
27 
Crude oil and NGLs
 
1  
—  
(1)  
—  
— 
Power
 
60  
—  
(41)  
—  
19 
$ 
205 $ 
6 $ 
(123) $ 
— $ 
88 
Risk management liabilities (b)
Natural gas
$ 
118 $ 
3 $ 
(45) $ 
(4) $ 
72 
Energy exports
 
100  
—  
(36)  
(10)  
54 
Crude oil and NGLs
 
6  
—  
(1)  
—  
5 
NGL frac spread
 
4  
—  
—  
—  
4 
Power
 
123  
—  
(41)  
—  
82 
Foreign exchange (c)
 
77  
16  
—  
—  
93 
$ 
428 $ 
19 $ 
(123) $ 
(14) $ 
310 
(a)
Net amount of risk management assets on the Balance Sheet is comprised of risk management assets (current) balance of $25 million and risk management 
assets (non-current) balance of $63 million. 
(b)
Net amount of risk management liabilities on the Balance Sheet is comprised of risk management liabilities (current) balance of $150 million and risk 
management liabilities (non-current) balance of $160 million.
(c)
Includes cross-currency swaps.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 108

As at
December 31, 2023
Derivative 
instruments not 
designated as 
hedging 
instruments
Derivative 
instruments 
designated as 
hedging 
instruments
Gross amounts of 
recognized 
assets/liabilities
Gross amounts of 
recognized 
assets/liabilities
Gross amounts 
 offset in  
balance sheet
Netting  
of collateral
Net amounts 
presented in 
balance sheet
Risk management assets (a)
Natural gas
$ 
96 $ 
— $ 
(44) $ 
— $ 
52 
Energy exports
 
34  
—  
(31)  
—  
3 
Crude oil and NGLs
 
4  
—  
(6)  
6  
4 
NGL frac spread
 
8  
—  
(7)  
—  
1 
Power
 
72  
—  
(40)  
—  
32 
Foreign exchange
 
19  
—  
—  
—  
19 
$ 
233 $ 
— $ 
(128) $ 
6 $ 
111 
Risk management liabilities (b)
Natural gas
$ 
164 $ 
9 $ 
(44) $ 
(31) $ 
98 
Energy exports
 
119  
—  
(31)  
(81)  
7 
Crude oil and NGLs
 
6  
—  
(6)  
—  
— 
NGL frac spread
 
7  
—  
(7)  
—  
— 
Power
 
147  
—  
(40)  
—  
107 
$ 
443 $ 
9 $ 
(128) $ 
(112) $ 
212 
(a)
Net amount of risk management assets on the Balance Sheet is comprised of risk management assets (current) balance of $54 million and risk management 
assets (non-current) balance of $57 million. 
(b)
Net amount of risk management liabilities on the Balance Sheet is comprised of risk management liabilities (current) balance of $97 million and risk 
management liabilities (non-current) balance of $115 million. 
Cash Collateral 
The following table presents collateral not offset against risk management assets and liabilities: 
As at
December 31,
2024
December 31,
2023
Collateral posted with counterparties
$ 
30 $ 
12 
Any collateral posted that is not offset against risk management assets and liabilities is included in line item 
“prepaid expenses and other current assets” in the Consolidated Balance Sheets. Collateral received and not offset 
against risk management assets and liabilities is included in line item “customer deposits” in the Consolidated 
Balance Sheets.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 109

Certain derivative instruments contain contract provisions that require collateral to be posted if the credit rating of 
AltaGas or certain of its subsidiaries falls below certain levels. At December  31, 2024 and December  31, 2023, 
AltaGas has not posted any collateral related to its derivative liabilities that contained credit-related contingent 
features. The following table shows the aggregate fair value of all derivative instruments with credit-related 
contingent features that are in a liability position, as well as the maximum amount of collateral that would be 
required if specific credit-risk-related contingent features underlying these agreements were triggered:
As at
December 31,
2024
December 31,
2023
Risk management liabilities with credit-risk-contingent features
$ 
157 $ 
158 
Maximum potential collateral requirements
$ 
116 $ 
111 
Risks Associated with Financial Instruments
AltaGas is exposed to various financial risks in the normal course of operations such as market risks resulting from 
fluctuations in commodity prices, currency exchange rates and interest rates as well as credit risk and liquidity risk. 
Commodity Price Risk 
AltaGas enters into financial derivative contracts to manage exposure to fluctuations in commodity prices. The use 
of derivative instruments is governed under formal risk management policies and is subject to parameters set out 
by AltaGas’ Risk Management Committee and Board of Directors. 
Natural Gas
In the normal course of business, AltaGas purchases and sells natural gas to support its infrastructure business. The 
fixed price and market price contracts for both the purchase and sale of natural gas extend to 2033. In addition, 
AltaGas may enter into financial derivative contracts as part of WGL’s asset optimization program. WGL optimized 
the value of its long-term natural gas transportation and storage capacity resources during periods when these 
resources are not being used to physically serve utility customers.
AltaGas had the following contracts outstanding as at December 31, 2024 and 2023: 
December 31, 2024
Fixed price
(per GJ)
Period 
(months)
Notional volume 
(GJ)
Fair Value
($ millions)
Sales
3.32 to 10.22
1-106  
230,536,993 $ 
(44) 
Purchases 
2.09 to 10.36
1-107  
530,080,297 $ 
10 
Swaps (a)
3.91 to 7.14
1-52  
59,523,634 $ 
4 
(a)  Includes approximately 32,391,274 GJ of natural gas swaps designated as hedging instruments that have terms extending until 2029.
December 31, 2023
Fixed price 
(per GJ)
Period 
(months)
Notional volume 
(GJ)
Fair Value
($ millions)
Sales
0.80 to 9.38
1-118  
233,499,133 $ 
(27) 
Purchases (a)
0.55 to 9.54
1-119  
629,298,784 $ 
(4) 
Swaps
1.77 to 9.38
1-62  
127,829,390 $ 
(15) 
(a)  Includes approximately 15,765,174 GJ of natural gas swaps designated as hedging instruments that have terms extending until 2029.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 110

Crude Oil and NGLs
In the normal course of business, AltaGas utilizes commodity swaps to manage the impact of timing between when 
product is purchased and sold in addition to differing indices on purchase and sales. AltaGas had the following 
contracts outstanding as at December 31, 2024 and 2023: 
December 31, 2024
Fixed price
(per Bbl)
Period 
(months)
Notional volume 
(Bbl)
Fair Value
($ millions)
Swaps
40.25 to 113.12
1-30  
778,564 $ 
(5) 
December 31, 2023
Fixed price
(per Bbl)
Period 
(months)
Notional volume 
(Bbl)
Fair Value
($ millions)
Swaps
33.87 to 106.53
1-8  
2,399,972 $ 
4 
Energy Exports 
In the normal course of business, AltaGas enters into swaps to lock in a portion of the volumes exposed to the 
propane and butane price differentials between North American Indices and the Far East Index for contracts not 
under tolling arrangements at RIPET and Ferndale. AltaGas had the following contracts outstanding as at 
December 31, 2024 and 2023: 
December 31, 2024
Fixed price 
(per Bbl)
Period 
(months)
Notional volume 
(Bbl)
Fair Value
($ millions)
Purchases
27.74 to 44.97
1-99  
20,701,782 $ 
(23) 
Propane and butane swaps
6.39 to 150.52
1-27  
73,349,061 $ 
(4) 
December 31, 2023
Fixed price 
(per Bbl)
Period 
(months)
Notional volume 
(Bbl)
Fair Value
($ millions)
Purchases
14.70 to 22.75
1-51  
4,017,118 $ 
(1) 
Propane and butane swaps
7.45 to 147.70
1-15  
76,931,889 $ 
(3) 
NGL Frac Spread 
In the normal course of business, AltaGas enters into swaps to lock in a portion of the volumes exposed to NGL frac 
spread. AltaGas had the following contracts outstanding as at December 31, 2024 and 2023: 
December 31, 2024
Fixed price 
Period
(months)
Notional volume
Fair Value
($ millions)
Propane swaps
41.90 to 47.34/Bbl
1-9  
1,639,890  Bbl $ 
(2) 
Crude oil swaps
95.88 to 101.60/Bbl
1-9  
341,586  Bbl $ 
(1) 
Natural gas swaps
1.31 to 2.29/GJ
1-9  
9,650,298 GJ $ 
(1) 
December 31, 2023
Fixed price
Period
(months)
Notional volume
Fair Value
($ millions)
Propane swaps
34.38 to 51.50/Bbl
1-12  
1,040,595  Bbl $ 
5 
Crude oil swaps
93.37 to 111.74/Bbl
1-12  
194,513 Bbl $ 
1 
Natural gas swaps
1.28 to 3.55/GJ
1-12  
7,513,045 GJ $ 
(5) 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 111

Power 
AltaGas sells power to the Alberta Electric System Operator at market prices, as well as through its WGL Energy 
Services affiliate, to commercial, industrial and mass market users within the PJM Regional Transmission 
Organization at fixed and market prices. AltaGas' strategy is to mitigate the cash flow risk to power prices to 
provide predictable earnings. Therefore, AltaGas uses third-party swaps and purchase contracts to fix the prices 
over time on a portion of the volumes to mitigate financial exposure associated with the sale contracts. These 
power purchase and sale contracts extend to 2029. As at December  31, 2024, AltaGas had no intention to 
terminate any contracts prior to maturity. AltaGas had the following contracts outstanding as at December 31, 2024 
and 2023: 
December 31, 2024
Fixed price
(per MWh)
Period
(months)
Notional volume
(MWh)
Fair Value
($ millions)
Power sales
35.83 to 137.99
1-42  
5,006,116 $ 
5 
Power purchases
35.83 to 137.99
1-42  
5,533,213 $ 
(6) 
Swap purchases
(29.35) to 111.37
1-40  
22,382,893 $ 
(62) 
December 31, 2023
Fixed price
(per MWh)
Period
(months)
Notional volume
(MWh)
Fair Value
($ millions)
Power sales
26.98 to 102.04
1-42  
5,256,989 $ 
35 
Power purchases
26.98 to 102.04
1-42  
6,157,474 $ 
(43) 
Swap purchases
(9.81) to 133.00
1-41  
26,220,739 $ 
(67) 
The table below provides the potential impact on pre-tax income due to changes in the fair value of risk 
management contracts in place as at December 31, 2024:
 Factor
Increase or decrease 
to forward prices
Increase or 
decrease to income 
before tax ($ millions)
PJM power price
US$1/MWh  
22 
AECO natural gas price
$0.50/GJ  
(13) 
NYMEX natural gas price
US$0.50/GJ  
220 
Energy Exports:
Propane Far East Index to domestic supply
$1/Bbl  
(5) 
Baltic LPG Freight
$1/Bbl  
4 
NGL frac spread:
Propane
$1/Bbl  
(2) 
Natural gas
$0.50/GJ  
5 
Foreign Exchange Risk 
AltaGas is exposed to foreign exchange risk as changes in foreign exchange rates may affect the fair value or 
future cash flows of the Corporation’s financial instruments. AltaGas has foreign operations whereby the functional 
currency is the U.S. dollar. As a result, the Corporation’s earnings, cash flows, and OCI are exposed to fluctuations 
resulting from changes in foreign exchange rates. This risk is partially mitigated to the extent that AltaGas has U.S. 
dollar-denominated debt outstanding. AltaGas may also enter into foreign exchange forward derivatives to manage 
the risk of fluctuating cash flows and earnings due to variations in foreign exchange rates as well as to benefit from 
favorable movements in the rates. Any hedges transacted are subject to risk limits and guidelines and are actively 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 112

monitored and managed by AltaGas’ risk management team to ensure they align with AltaGas’ overall financial 
strategy.
In the third quarter of 2024, AltaGas executed cross-currency swaps totaling US$900 million to manage the risk of 
fluctuating cash flows and earnings associated with the recently issued US$900 million Subordinated Notes (Note 
15) as a result of changes in the Canadian/U.S. dollar foreign exchange rates. The cross-currency swaps will convert 
the U.S. dollar principal and interest payments of these Subordinated Notes into Canadian dollars and apply an 
effective annual interest rate of 6.90 percent on the converted Canadian principal amount of approximately $1.2 
billion. AltaGas has designated the cross-currency swaps as cash flow hedges as discussed under the Cash Flow 
Hedges section below.
AltaGas may designate its external U.S. dollar-denominated debt or certain U.S. dollar-denominated loans that may 
give rise to a foreign currency transaction gain or loss as a net investment hedge of its U.S. subsidiaries. As at 
December  31, 2024, AltaGas has designated US$645 million of outstanding loans as a net investment hedge 
(December 31, 2023 - US$715 million). For the year ended December 31, 2024, unrealized after-tax losses of $84 
million on the net investment hedge were recorded in OCI (2023 - unrealized after-tax gains of $25 million).
The following foreign exchange related contracts were outstanding as at December 31, 2024:
Duration
Fair Value
($ millions)
Foreign exchange forward contracts
Forward USD sales (non-deliverable)
Less than 1 year $ 
(50) 
Forward USD sales (non-deliverable)
More than 1 year $ 
(27) 
Cross-currency swaps
Fixed-to-fixed cross-currency swaps
10 years $ 
(16) 
The following foreign exchange related contracts were outstanding as at December 31, 2023:
Foreign exchange forward contract
Duration
Fair Value
($ millions)
Forward USD sales (non-deliverable)
Less than 1 year $ 
10 
Forward USD sales (non-deliverable)
More than 1 year $ 
9 
The following is a summary of gains (losses) on foreign exchange forward contracts recognized in net income:
Year Ended 
December 31, 
2024
Year Ended 
December 31, 
2023
Objective of foreign exchange contract
Losses
Gains
Cash management (a)
$ 
(9) $ 
— 
Income statement risk management (b)
$ 
(104) $ 
25 
(a)
Recorded in the Consolidated Statements of Income (Loss) under the line item "foreign exchange gains (losses)".
(b)
Recorded in the Consolidated Statements of Income (Loss) under the line item "revenue".
AltaGas Ltd. – 2024 MD&A and Financial Statements - 113

Cash Flow Hedges
In the normal course of business, WGL Energy Services purchases natural gas indexed to NYMEX Henry Hub to be 
sold to third party customers. WGL Energy Services' risk management objective and strategy is to protect earnings 
against the risk of price fluctuations associated with forecasted NYMEX Henry Hub purchases through the use of 
the NYMEX Henry Hub financial swaps. Beginning April 1, 2023, WGL Energy Services began prospectively 
designating its NYMEX Henry Hub financial swaps as cash flow hedges in accordance with ASC Topic 815 as it 
expects that the hedging relationship will be highly effective at achieving offsetting changes in cash flows 
attributable to the risk being hedged.
For hedging relationships that qualify as highly effective, the change in fair value of the hedging instrument will be 
recorded to AOCI. Amounts in AOCI will be reclassified into earnings in the same period the hedged forecasted 
transactions affect earnings, or when non-regulated cost of energy-related sales is recorded. For swaps that settle 
the month ahead of the physical transaction, the swap impact will be reclassified into earnings in the subsequent 
month when the associated hedged transaction is recorded into earnings. For storage inventory purchases, such 
reclassification into earnings will be based on WGL Energy Services' inventory turnover schedules for finished 
goods in which the hedged natural gas purchases are used. When applicable, the ineffective portion of a 
commodity cash flow hedge will immediately be recognized in earnings. As at December 31, 2024, the estimated 
amount of existing gains related to commodity cash flow hedges expected to be reclassified to the income 
statement in the next 12 months is $1 million.
AltaGas is also exposed to interest rate risk as changes in interest rates may impact future cash flows and fair value
of its financial instruments. To manage this risk, the Company may enter into bond forward contract derivatives and
designate them as cash flow hedges in accordance with ASC Topic 815, as AltaGas expects that the hedging 
relationship will be highly effective at achieving offsetting changes in cash flows attributable to the risk being 
hedged. For hedging relationships that qualify as highly effective, the change in fair value of the hedging 
instrument will be recorded to AOCI. Amounts in AOCI will be reclassified into earnings in the same period the 
hedged forecasted transactions affect earnings. When applicable, the ineffective portion of a cash flow hedge will 
immediately be recognized in earnings. As at December 31, 2024, the estimated amount of existing losses related 
to the bond forward contract derivative expected to be reclassified to the income statement in the next 12 months 
is less than $1 million. 
As discussed above, AltaGas designated US$900 million of cross-currency swaps as cash flow hedges to manage 
the foreign currency risk associated with its US dollar denominated subordinated hybrid notes. The cash flow 
hedges are designated in accordance with ASC Topic 815 as AltaGas expects that the hedging relationship will be 
highly effective at achieving offsetting changes in cash flows attributable to the risk being hedged. For hedging 
relationships that qualify as highly effective, the change in fair value of the hedging instrument will be recorded to 
AOCI. Amounts in AOCI will be reclassified into earnings in the same period the hedged forecasted transactions 
affect earnings. Any ineffective portion of a cash flow hedge will immediately be recognized in earnings. As at 
December 31, 2024, the estimated amount of existing losses related to the cross-currency swap expected to be 
reclassified to the income statement in the next 12 months is $9 million. Actual amounts reclassified to earnings 
depend on the movement in foreign exchange rates. 
The following is a summary of losses on designated cash flow hedges recognized in AOCI:
Year Ended 
December 31, 2024
Year Ended 
December 31, 2023
Designated cash flow hedges (a)
Losses
Losses
Cross-currency swap
$ 
(16) $ 
— 
Commodity contracts
$ 
(2) $ 
(10) 
Bond forward contract
$ 
(7) $ 
— 
(a)
Amounts presented are after-tax.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 114

The following is a summary of gains (losses) on designated cash flow hedges reclassified from AOCI to the income 
statement:
Year Ended 
December 31, 2024
Year Ended 
December 31, 2023
Designated cash flow hedges (a)
Gains (losses)
Losses
Cross-currency swap (b)
$ 
71 $ 
— 
Commodity contracts (c)
$ 
(13) $ 
(1) 
(a)
Amounts presented are after-tax.
(b)
Pre-tax amounts were reclassified to the line item "foreign exchange gains (losses)"
(c)
Pre-tax amounts were reclassified to the line item "cost of sales"
Interest Rate Risk
AltaGas is exposed to interest rate risk as changes in interest rates may impact future cash flows and the fair value 
of its financial instruments. The Corporation manages its interest rate risk by holding a mix of both fixed and floating 
interest rate debt. As at December 31, 2024, approximately 96 percent of AltaGas’ total outstanding debt (including 
short-term debt, long-term debt, and subordinated hybrid notes) was at fixed rates (December  31, 2023 - 84 
percent). In addition, from time to time, AltaGas may enter into interest rate swap agreements to fix the interest rate 
on certain borrowings under its credit facilities. There were no outstanding interest rate swaps as at December 31, 
2024. 
In addition, AltaGas may enter into bond forward hedge contracts to manage future cash flows related to interest 
payments. These may or may be designated as cash flow hedges in accordance with ASC Topic 815 as noted 
above. AltaGas' losses on bond forward hedge contracts designated as cash flow hedges are noted in the "Cash 
Flow Hedges" section. 
In the fourth quarter of 2024, AltaGas entered into a bond forward contract to economically hedge the interest rate 
exposure on the partial debt extinguishment of certain of its MTNs. At transaction close, AltaGas recognized a 
hedge loss of approximately $5 million on the bond forward contract, which was included in the net pre-tax gain of 
approximately $4 million recorded on the derecognition of the MTNs. Refer to Note 14 of the 2024 Annual 
Consolidated Financial Statements for further details.
Credit Risk 
Credit risk results from the possibility that a counterparty to a financial instrument fails to fulfill its obligations in 
accordance with the terms of the contract. 
AltaGas' credit policy details the parameters used to grant, measure, monitor and report on credit provided to 
counterparties. AltaGas minimizes counterparty risk by conducting credit reviews on counterparties in order to 
establish specific credit limits, both prior to providing products or services and on a recurring basis. In addition, 
most contracts include credit mitigation clauses that allow AltaGas to obtain financial or performance assurances 
from counterparties under certain circumstances. AltaGas maintains an allowance for doubtful accounts in the 
normal course of its business. 
AltaGas' maximum credit exposure consists primarily of the carrying value of the non-derivative financial assets and 
the fair value of derivative financial assets. As at December 31, 2024, AltaGas had no concentration of credit risk 
with a single counterparty.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 115

Weather Related Instruments
WGL Energy Services utilizes heating degree day ("HDD") instruments from time to time to manage weather and 
price risks related to its natural gas and electricity sales during the winter heating season. WGL Energy Services 
also utilizes cooling degree day ("CDD") instruments and other instruments to manage weather and price risks 
related to its electricity sales during the summer cooling season. These instruments cover a portion of estimated 
revenue or energy-related cost exposure to variations in HDDs or CDDs. For the year ended December 31, 2024, 
there were no pre-tax gains or losses recorded related to these instruments (2023 - pre-tax losses of $8 million).
Accounts Receivable Past Due or Impaired
With the exception of accounts receivable which are due in one year or less as summarized in the following table, 
AltaGas does not have any past due or impaired accounts receivable ("AR") as at December 31, 2024:
As at December 31, 2024
Total
AR
accruals
Receivables
impaired
Less than
30 days
31 to
60 days
61 to 
90 days
Over
90 days
Trade receivable
$ 
1,639 $ 
876 $ 
31 $ 
554 $ 
69 $ 
19 $ 
90 
Other
 
158  
—  
—  
158  
—  
—  
— 
Allowance for credit losses
 
(31)  
—  
(31)  
—  
—  
—  
— 
$ 
1,766 $ 
876 $ 
— $ 
712 $ 
69 $ 
19 $ 
90 
As at December 31, 2023
Total
AR
accruals
Receivables
impaired
Less than
30 days
31 to
60 days
61 to 
90 days
Over
90 days
Trade receivable
$ 
1,742 $ 
609 $ 
29 $ 
944 $ 
58 $ 
19 $ 
83 
Other
 
131  
—  
—  
131  
—  
—  
— 
Allowance for credit losses  
(29)  
—  
(29)  
—  
—  
—  
— 
$ 
1,844 $ 
609 $ 
— $ 
1,075 $ 
58 $ 
19 $ 
83 
In 2024, AltaGas entered into a receivables purchase agreement with a third-party financial institution for the 
monetization of certain accounts receivable balances on a non-recourse basis in the Midstream segment. AltaGas 
accounted for the transfer of receivables in accordance with ASC Topic 860, as the receivables are legally isolated 
from the Company and the third-party financial institution has the right to the assets received. AltaGas' only 
continuing involvement with the transferred receivables is as the collection and servicing agent. When the 
receivables are transferred, they are derecognized from the "accounts receivable" line on the Consolidated 
Balance Sheets. As a result, the accounts receivable balance is presented net of the transferred amount. 
Proceeds from the sale reflect the amount of the receivables less discount fees, which are recorded to the 
Consolidated Statements of Income under the line item "other income". The fair value of the receivables sold 
approximates the book value due to their short-term nature. For the year ended December 31, 2024, accounts 
receivable sold under a receivables purchase agreement were $177 million (2023 - $nil).
AltaGas Ltd. – 2024 MD&A and Financial Statements - 116

The following table provides a summary of changes to the allowance for credit losses by segment and major type:
Year Ended December 31, 2024
Accounts Receivable
Contract
Assets (a)
Total
Utilities
Balance, beginning of period
$ 
28 $ 
— $ 
28 
Foreign exchange translation
 
4  
—  
4 
Adjustments to allowance
 
33  
—  
33 
Written off
 
(40)  
—  
(40) 
Recoveries collected
 
5  
—  
5 
Balance, end of period
$ 
30 $ 
— $ 
30 
Midstream
Balance, beginning of period
$ 
1 $ 
1 $ 
2 
Balance, end of period
$ 
1 $ 
1 $ 
2 
Total
$ 
31 $ 
1 $ 
32 
(a)
An allowance for credit loss is assessed quarterly and is recorded based on historical default rates published by external credit rating agencies and a rate 
associated with the estimated time frame that the contract asset will be billed to the customer.
Year Ended December 31, 2023
Accounts Receivable
Contract
Assets (a)
Total
Utilities
Balance, beginning of period
$ 
40 $ 
— $ 
40 
Foreign exchange translation
 
(2)  
—  
(2) 
Adjustments to allowance (b)
 
24  
—  
24 
Written off
 
(38)  
—  
(38) 
Recoveries collected
 
4  
—  
4 
Balance, end of period
$ 
28 $ 
— $ 
28 
Midstream
Balance, beginning of period
$ 
1 $ 
1 $ 
2 
Balance, end of period
$ 
1 $ 
1 $ 
2 
Total
$ 
29 $ 
1 $ 
30 
(a)
An allowance for credit loss is assessed quarterly and is recorded based on historical default rates published by external credit rating agencies and a rate 
associated with the estimated time frame that the contract asset will be billed to the customer.
Liquidity Risk 
Liquidity risk is the risk that AltaGas will not be able to meet its financial obligations as they come due. AltaGas 
manages this risk through its extensive budgeting and monitoring process to ensure it has sufficient cash and 
credit facilities to meet its obligations. AltaGas' objective is to maintain its investment-grade ratings to ensure it has 
access to debt and equity funding as required.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 117

AltaGas had the following contractual maturities with respect to financial liabilities:
Contractual maturities by period (a)
As at December 31, 2024
Total
Less than
1 year
1-3 years
4-5 years
After
5 years
Accounts payable and accrued liabilities
$ 
2,089 $ 
2,089 $ 
— $ 
— $ 
— 
Short-term debt
 
10  
10  
—  
—  
— 
Other current liabilities (b)
 
54  
54  
—  
—  
— 
Risk management contract liabilities 
 
310  
150  
128  
19  
13 
Current portion of long-term debt (c)
 
858  
858  
—  
—  
— 
Long-term debt (c)
 
6,944  
—  
1,334  
975  
4,635 
Subordinated hybrid notes (d)
 
2,045  
—  
—  
—  
2,045 
$ 
12,310 $ 
3,161 $ 
1,462 $ 
994 $ 
6,693 
(a)
Refer to Note 8 for contractual maturities relating to operating and finance leases. 
(b)
Excludes non-financial liabilities.
(c)
Excludes deferred financing costs, premiums, discounts, and the fair value adjustment on the WGL Acquisition.
(d)
Excludes deferred financing costs.
Contractual maturities by period (a)
As at December 31, 2023
Total
Less than
1 year
1-3 years
4-5 years
After
5 years
Accounts payable and accrued liabilities
$ 
1,863 $ 
1,863 $ 
— $ 
— $ 
— 
Short-term debt
 
129  
129  
—  
—  
— 
Other current liabilities (b)
 
43  
43  
—  
—  
— 
Risk management contract liabilities
 
212  
97  
91  
22  
2 
Current portion of long-term debt (c)
 
999  
999  
—  
—  
— 
Long-term debt (c)
 
7,473  
—  
2,092  
1,548  
3,833 
Subordinated hybrid notes (d)
 
750  
—  
—  
—  
750 
$ 
11,469 $ 
3,131 $ 
2,183 $ 
1,570 $ 
4,585 
(a)
Refer to Note 8 for contractual maturities relating to operating and finance leases. 
(b)
Excludes non-financial liabilities.
(c)
Excludes deferred financing costs, premiums, discounts, and the fair value adjustment on the WGL Acquisition.
(d)
Excludes deferred financing costs.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 118

23.   Revenue
The following tables disaggregate revenue by major sources for the year: 
Year Ended December 31, 2024
Utilities
Midstream
Corporate/
Other
Total
Revenue from contracts with customers
Commodity sales contracts
$ 
2,115 $ 
6,274 $ 
45 $ 
8,434 
Midstream service contracts
 
—  
1,373  
—  
1,373 
Gas sales and transportation services
 
2,266  
—  
—  
2,266 
Storage services
 
—  
35  
—  
35 
Other (a)
 
9  
5  
41  
55 
Total revenue from contracts with customers
$ 
4,390 $ 
7,687 $ 
86 $ 
12,163 
Other sources of revenue
Revenue from alternative revenue programs (b)
$ 
175 $ 
— $ 
— $ 
175 
Leasing revenue (c)
 
—  
235  
—  
235 
Risk management and trading activities (d)
 
(108)  
(13)  
—  
(121) 
Other
 
(13)  
9  
—  
(4) 
Total revenue from other sources
$ 
54 $ 
231 $ 
— $ 
285 
Total revenue
$ 
4,444 $ 
7,918 $ 
86 $ 
12,448 
(a)
The Corporate/Other segment includes revenue earned from a resource adequacy agreement at Blythe that came into effect January 1, 2024. Prior to that, 
Blythe was contracted under a power purchase agreement until December 31, 2023.
(b)
A large portion of revenue generated from the Utilities segment is subject to rate regulation and accordingly there are circumstances where the revenue 
recognized is mandated by the applicable regulators in accordance with ASC 980. 
(c)
Revenue generated from certain of AltaGas’ Midstream facilities is accounted for as operating leases.
(d)
Risk management activities involve the use of derivative instruments such as physical and financial swaps, and commodity and foreign exchange forward 
contracts. These derivatives are accounted for under ASC 815 and ASC 825. A portion of revenue generated by the Utilities segment is from the physical sale 
and delivery of natural gas and power to end users.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 119

Year Ended December 31, 2023
Utilities
Midstream
Corporate/
Other
Total
Revenue from contracts with customers
Commodity sales contracts
$ 
1,971 $ 
6,347 $ 
— $ 
8,318 
Midstream service contracts
 
—  
1,541  
—  
1,541 
Gas sales and transportation services
 
2,506  
8  
—  
2,514 
Storage services (a)
 
4  
—  
—  
4 
Other
 
11  
9  
—  
20 
Total revenue from contracts with customers
$ 
4,492 $ 
7,905 $ 
— $ 
12,397 
Other sources of revenue
Revenue from alternative revenue programs (b)
$ 
167 $ 
— $ 
— $ 
167 
Leasing revenue (c)
 
—  
221  
99  
320 
Risk management and trading activities (d) 
 
173  
(97)  
2  
78 
Other
 
(5)  
40  
—  
35 
Total revenue from other sources
$ 
335 $ 
164 $ 
101 $ 
600 
Total revenue
$ 
4,827 $ 
8,069 $ 
101 $ 
12,997 
(a)
Relates to revenue earned for the period prior to the close of AltaGas' sale of its 100 percent interest in ENSTAR and 65 percent indirect interest in Cook Inlet 
Natural Gas Storage Alaska ("CINGSA") and other ancillary operations in Alaska, which were divested to TriSummit Utilities Inc. on March 1, 2023 (the "Alaska 
Utilities Disposition").
(b)
A large portion of revenue generated from the Utilities segment is subject to rate regulation and accordingly there are circumstances where the revenue 
recognized is mandated by the applicable regulators in accordance with ASC 980. 
(c)
Revenue generated from certain of AltaGas’ Midstream facilities is accounted for as operating leases. For the Corporate/Other segment, a significant amount of 
revenue earned was through power purchase agreements which were accounted for as operating leases.
(d)
Risk management activities involve the use of derivative instruments such as physical and financial swaps, and commodity and foreign exchange forward 
contracts. These derivatives are accounted for under ASC 815 and ASC 825. A portion of revenue generated by the Utilities segment is from the physical sale 
and delivery of natural gas and power to end users.
Revenue Recognition
The following is a description of the Corporation’s revenue recognition policy by segment and by major source of 
revenue from contracts with customers.
Utilities Segment
Gas Sales and Transportation Services
Customers are billed monthly based on regular meter readings. Customer billings are based on two main 
components: (i) a fixed service fee and (ii) a variable fee based on usage. Revenue is recognized over time when 
the gas has been delivered or as the service has been performed. As meter readings are performed on a cycle 
basis, AltaGas recognizes accrued revenue for any services rendered to its customers but not billed at month-end. 
The vast majority of these contracts are “at-will” as customers may cancel their service at any time, however, there 
are certain contracts that have terms of one year or longer. For these long-term contracts, there is generally a 
contract demand specified in the contract whereby the customer has to pay regardless of whether or not gas has 
been delivered. These contracts generally do not contain any make up rights and revenue is recognized on a 
monthly basis as service has been performed. 
Commodity Sales
Commodity sales include natural gas and electricity sales to residential, commercial, and industrial customers in 
certain states where WGL Energy Services is authorized as a competitive service provider. These commodity sales 
contracts have varying terms that generally range from one to five years. Customers are billed monthly based on 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 120

the amount of gas delivered to the customer. Revenue is recognized based on the amount the Corporation is 
entitled to invoice the customer.  
Midstream Segment
Commodity Sales 
A portion of the NGL production from AltaGas’ extraction facilities is subject to frac spread between NGLs extracted 
and the natural gas purchased to make up the heating value of the NGLs extracted. For commodity sales contracts 
that do not meet the definition of a derivative or for contracts whereby AltaGas has elected to apply the normal 
purchase normal sales scope exception, the sales contract is accounted for under ASC 606. These commodity 
sales contracts have varying terms but the majority of the contracts have a one-year term which coincides with the 
NGL year. AltaGas recognizes revenue for commodity sales contracts at a point in time based on the actual 
volumes of the commodity sold at the delivery point, which corresponds to the customer’s monthly invoice amount.
Commodity sales contracts at RIPET and Ferndale generate revenue from the sale and delivery of LPGs to 
customers in Asia shipped from offshore export terminals. Revenue is recognized when LPGs are loaded onto 
transport vessels, which is the delivery point. AltaGas has the right to consideration in an amount that directly 
corresponds to the volumes of LPGs loaded on a vessel. AltaGas' commodity sales also include the sale of 
upgraded crude oil, processed finished products, and various fuels. Delivery takes place when there is a sales 
contract in place, specifying delivery volumes and sales prices. The consideration received under these contracts is 
variable based on commodity prices. 
Effective July 1, 2024, WGL entered into an agreement for the sale of natural gas related to the in-service of MVP. 
These gas sales are accounted for under ASC 606. 
Midstream Service Contracts
AltaGas earns revenue from its field gathering and processing facilities, extraction facilities, storage facilities, truck 
hauling services, rail and truck loading and unloading terminalling, and transmission systems through a variety of 
contractual arrangements. For arrangements that do not contain a lease, the revenue is accounted for under ASC 
606 as follows:
Fee-for-service – The customer is charged a fee for the service provided on a per unit volume basis. Contract terms 
generally range from one month to up to the life of the reserves. Revenue under this type of arrangement is 
recognized over time as the service is provided, which corresponds to the customer’s monthly invoice amount.
Take-or-pay – The customer has agreed to a minimum volume commitment whereby the customer must have 
AltaGas process or deliver a specified volume at a rate per unit that is specified in the contract. Quantities that the 
customer is unable to deliver are considered deficiency quantities. Certain of AltaGas’ take-or-pay contracts contain 
provisions whereby the customer can make up deficiency quantities in subsequent periods. Under this type of 
arrangement, any consideration received relating to the deficiency quantities that will be made up in a future period 
will be deferred until either: (i) the customer makes up the volumes or (ii) the likelihood that the customer will make 
up the volumes before the make up period expires becomes remote. If AltaGas does not expect the customer to 
make up the deficiency quantities (also referred to as breakage amount), AltaGas may recognize the expected 
breakage amount as revenue before the make up period expires. Significant judgment is required in estimating the 
breakage amount. For contracts where the customer has no make up rights, revenue is recognized on a monthly 
basis based on the higher of (i) the actual quantity delivered times the per unit rate or (ii) the contracted minimum 
amount.
Storage fees are typically recognized in revenue ratably over the term of the contract and rail and truck loading and 
unloading fees are recognized when the volumes are delivered or received. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 121

Corporate/Other Segment
For the Corporate/Other segment, the majority of revenue relates to remaining power assets, from which revenue 
is primarily earned through a resource adequacy agreement as well as commodity sales via a merchant market, or 
via commodity sales agreements which are accounted for as financial instruments. For commodity sales contracts 
that do not meet the definition of a derivative or whereby AltaGas has elected to apply the normal purchase normal 
sales scope exception, the sales contract is accounted for under ASC 606. 
Contract Balances
As at December 31, 2024, a contract asset of $3 million (December 31, 2023 - $40 million) has been recorded on 
the Consolidated balance Sheets, of which $4 million ($3 million net of credit losses) is included within long-term 
investments and other assets (December 31, 2023 – $36 million net of credit losses). As at December 31, 2023, 
$4 million was also included within prepaid expenses and other current assets. This contract asset represents the 
difference in revenue recognized under new rates in a blend-and-extend contract modification with a customer. 
Revenue from this contract modification was recognized at the pre-modification rate until the effective date of the 
contract modification on the original contracts, with the excess revenue recorded as a contract asset. The contract 
asset is now being drawn down over the remaining term of the modified contracts. 
Contract Assets 
As at
December 31,
2024
December 31,
2023
Balance, beginning of year
$ 
40 $ 
41 
Additions
 
—  
3 
Amortization (a)
 
(1)  
(4) 
Transfers to other assets (note 10) (b)
 
(36)  
— 
Balance, end of year
$ 
3 $ 
40 
(a)
Represents the drawdown of a contract asset under a blend-and-extend contract modification.
(b)
Relates to a blend-and-extend contract at the Gordondale facility which was previously classified as a contract asset. Due to the change in operatorship of the 
facility in the third quarter of 2024, the contract is no longer in scope of ASC 606 and is now assessed under ASC 842. The balance has subsequently been 
transferred to "prepaid expenses and other current assets" and "long-term investments and other assets" for its current and long-term portions, respectively. 
The asset will continue to be drawn down into revenue over the remaining term of the contract.
Transaction Price Allocated to the Remaining Obligations
The following table includes estimated revenue expected to be recognized in the future related to performance 
obligations that are unsatisfied as of December 31, 2024:
2025
2026
2027
2028
2029
2030 & 
beyond
Total
Midstream service contracts
$ 
142 $ 
144 $ 
139 $ 
128 $ 
107 $ 
557 $ 
1,217 
Other revenue from contracts with 
customers
 
53  
53  
53  
—  
—  
4  
163 
$ 
195 $ 
197 $ 
192 $ 
128 $ 
107 $ 
561 $ 1,380 
AltaGas applies the practical expedient available under ASC 606 and does not disclose information about the 
remaining performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts 
for which revenue is recognized at the amount to which AltaGas has the right to invoice for performance 
completed, and (iii) contracts with variable consideration that is allocated entirely to a wholly unsatisfied 
performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a 
single performance obligation. In addition, the table above does not include any estimated amounts of variable 
consideration that are constrained. The majority of midstream service contracts, gas sales and transportation 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 122

service contracts, and storage service contracts contain variable consideration whereby uncertainty related to the 
associated variable consideration will be resolved (usually on a daily basis) as volumes are processed, gas is 
delivered or as service is provided. 
24.   Shareholders’ Equity
Authorization
AltaGas is authorized to issue an unlimited number of voting common shares. AltaGas is also authorized to issue 
such number of preferred shares in series at any time as have aggregate voting rights either directly or on 
conversion or exchange that in the aggregate represent less than 50 percent of the voting rights attaching to the 
then issued and outstanding common shares. 
Common Shares Issued and Outstanding (a)
Number of 
 shares
Amount
January 1, 2023
281,531,833 $ 
6,761 
Shares issued for cash on exercise of options
905,493
19
Shares issued related to Pipestone Acquisition (note 3)
 
12,466,437  
340 
December 31, 2023
294,903,763 $ 
7,120 
Shares issued for cash on exercise of options
 
3,021,252  
60 
Issued and outstanding at December 31, 2024
297,925,015 $ 
7,180 
(a)
Dividends declared per common share for the year ended December 31, 2024 was $1.19 (December 31, 2023 - $1.12).
Preferred Shares
As at
December 31, 2024
December 31, 2023
Issued and Outstanding (a) (b) (c)
Number of shares
Amount
Number of shares
Amount
Series A
6,746,679 $ 
169 
6,746,679 $ 
169 
Series B
1,253,321  
31 
1,253,321
31
Series G
8,000,000  
200 
6,885,823
172
Series H (d)
—  
—  
1,114,177  
28 
Share issuance costs, net of taxes
 
(9) 
 
(9) 
 
16,000,000 $ 
391 
16,000,000 $ 
391 
(a)
On January 11, 2022, in connection with the offering of the Subordinated Notes, Series 1, AltaGas issued $300 million in Preferred Shares, Series 2022-A, to be 
held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as a trustee. Refer to Notes 11 and 15 for more details. 
(b)
On August 17, 2022, in connection with the offering of the Subordinated Notes, Series 2, AltaGas issued $250 million in Preferred Shares, Series 2022-B, to be 
held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as a trustee. Refer to Notes 11 and 15 for more details.
(c)
On November 10, 2023, in connection with the offering of the Subordinated Notes, Series 3, AltaGas issued $200 million in Preferred Shares, Series 2023-A, to 
be held in the AltaGas Hybrid Trust with Computershare Trust Company of Canada acting as a trustee. Refer to Notes 11 and 15 for more details.
(d)
On September 30, 2024, AltaGas converted all of its outstanding Series H Preferred Shares to Series G Preferred Shares.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 123

The following table outlines the characteristics of the cumulative redeemable preferred shares (a) (h) (i) (j):
Current 
yield
Annual dividend 
per share(b)
Redemption 
price per 
share (g)
Redemption and 
conversion option 
date(c)(g)
Right to 
convert 
into(d)
Series A (e)
 3.060 %
$0.76500
$25
September 30, 2025
Series B
Series B (f) (g)
Floating
Floating
$25
September 30, 2025
Series A
Series G (e) (k)
 6.017 %
$1.50425
$25
September 30, 2029
Series H
(a)
The Corporation is authorized to issue up to 8,000,000 of Series H Shares, subject to certain conditions, upon conversion by the holders of the applicable 
currently issued and outstanding series of preferred shares noted opposite such series in the table on the applicable conversion option date. If issued upon the 
conversion of the applicable series of preferred shares, Series H Shares are also redeemable for $25.50 on any date after the applicable conversion option 
date, plus all accrued but unpaid dividends to, but excluding, the date fixed for redemption. 
(b)
The holders of Series A Shares and Series G Shares are entitled to receive a cumulative quarterly fixed dividend as and when declared by the Board of 
Directors. The holders of Series B Shares are entitled to receive a quarterly floating dividend as and when declared by the Board of Directors. If issued upon 
the conversion of the applicable series of preferred shares, the holders of Series H Shares will be entitled to receive a quarterly floating dividend as and when 
declared by the Board of Directors. 
(c)
AltaGas may, at its option, redeem all or a portion of the outstanding shares for the redemption price per share, plus all accrued and unpaid dividends on the 
applicable redemption option date and on every fifth anniversary thereafter. 
(d)
The holder will have the right, subject to certain conditions, to convert their preferred shares of a specified series into preferred shares of that other specified 
series as noted in this column of the table on the applicable conversion option date and every fifth anniversary thereafter. 
(e)
Holders of Series A Shares and Series G Shares will be entitled to receive cumulative quarterly fixed dividends, which will reset on the redemption and 
conversion option date and every fifth year thereafter, at a rate equal to the sum of the then five-year Government of Canada bond yield plus 2.66 percent 
(Series A Shares) and 3.06 percent (Series G Shares).    
(f)
Holders of Series B Shares will be entitled to receive cumulative quarterly floating dividends, which will reset each quarter thereafter at a rate equal to the sum 
of the then 90-day Government of Canada Treasury Bill rate plus 2.66 percent. Each quarterly dividend is calculated as the annualized amount multiplied by 
the number of days in the quarter, divided by the number of days in the year. Commencing December 31, 2024, the floating quarterly dividend rate is $0.37855 
per share for Series B Shares for the period starting December 31, 2024 to, but excluding, March 31, 2025.
(g)
Series B Shares can be redeemed for $25.50 per share on any date after September 30, 2015 that is not a Series B conversion date, plus all accrued and 
unpaid dividends to, but excluding, the date fixed for redemption.
(h)
The Series 2022-A Shares were issued to Computershare Trust Company of Canada to be held in trust to satisfy AltaGas’ obligations under the Series 1 
Indenture, in connection with the issuance of the Subordinated Notes, Series 1. Holders of the Series 2022-A Shares shall not be entitled to receive any 
dividends, nor shall any dividends accumulate or accrue, on the Series 2022-A Shares prior to delivery to the holders of the Subordinated Notes, Series 1 
following the occurrence of certain bankruptcy or insolvency events in respect of AltaGas. If at any time, AltaGas redeems, purchases for cancellation or repays 
the Subordinated Notes, Series 1 such number of Series 2022-A Shares with an aggregate issue price equal to the principal amount of Subordinated Notes, 
Series 1 redeemed, purchased for cancellation or repaid by AltaGas will be redeemed in accordance with the terms of the Series 2022-A Shares.
(i)
The Series 2022-B Shares were issued to Computershare Trust Company of Canada to be held in trust to satisfy AltaGas’ obligations under the Series 2 
Indenture, in connection with the issuance of the Subordinated Notes, Series 2. Holders of the Series 2022-B Shares shall not be entitled to receive any 
dividends, nor shall any dividends accumulate or accrue, on the Series 2022-B Shares prior to delivery to the holders of the Subordinated Notes, Series 2 
following the occurrence of certain bankruptcy or insolvency events in respect of AltaGas. If at any time, AltaGas redeems, purchases for cancellation or repays 
the Subordinated Notes, Series 2 such number of Series 2022-B Shares with an aggregate issue price equal to the principal amount of Subordinated Notes, 
Series 2 redeemed, purchased for cancellation or repaid by AltaGas will be redeemed in accordance with the terms of the Series 2022-B Shares.
(j)
The Series 2023-A Shares were issued to Computershare Trust Company of Canada to be held in trust to satisfy AltaGas’ obligations under the Series 3 
Indenture, in connection with the issuance of the Subordinated Notes, Series 3. Holders of the Series 2023-A Shares shall not be entitled to receive any 
dividends, nor shall any dividends accumulate or accrue, on the Series 2023-A Shares prior to delivery to the holders of the Subordinated Notes, Series 3 
following the occurrence of certain bankruptcy or insolvency events in respect of AltaGas. If at any time, AltaGas redeems, purchases for cancellation or repays 
the Subordinated Notes, Series 3 such number of Series 2023-A Shares with an aggregate issue price equal to the principal amount of Subordinated Notes, 
Series 3 redeemed, purchased for cancellation or repaid by AltaGas will be redeemed in accordance with the terms of the Series 2023-A Shares.
(k)
On September 30, 2024, AltaGas converted all of its outstanding Series H Preferred Shares to Series G Preferred Shares.
Share Option Plan
AltaGas has an employee share option plan under which officers, employees, and service providers (as defined by 
the TSX) are eligible to receive grants. As at December 31, 2024, 7,786,622 shares were listed and reserved for 
issuance under the plan.
As at December 31, 2024, Share Options granted under the plan have a term of six years until expiry and vest no 
longer than over a three-year period.
As at December 31, 2024, the unexpensed fair value of share option compensation cost associated with future 
periods was $nil (December 31, 2023 - less than $1 million).
AltaGas Ltd. – 2024 MD&A and Financial Statements - 124

The following table summarizes information about the Corporation’s Share Options:
December 31, 2024
December 31, 2023
As at
Options outstanding
Options outstanding
Number of 
options
Exercise  
price (a)
Number of 
options
Exercise  
price (a)
Share options outstanding, beginning of year
5,547,388 $ 
18.48 
6,958,139 $ 
19.28 
Exercised
 
(3,021,252)  
17.90  
(905,493) 
18.22
Forfeited
 
(1,123)  
23.54  
(83,257) 
21.90
Expired
 
—  
—  
(422,001) 
31.53
Share options outstanding, end of year
2,525,013 $ 
19.17 
5,547,388 $ 
18.48 
Share options exercisable, end of year
2,525,013 $ 
19.17 
4,990,946 $ 
18.45 
(a)
Weighted average.
As at December  31, 2024, the aggregate intrinsic value of the total Share Options exercisable was $36  million 
(December  31, 2023 - $47  million), the total intrinsic value of Share Options outstanding was $36  million 
(December  31, 2023 - $52  million) and the total intrinsic value of Share Options exercised was $38  million 
(December 31, 2023 - $8 million).
The following table summarizes the employee share option plan as at December 31, 2024:
Options outstanding
Options exercisable
Number 
outstanding
Weighted 
average 
exercise price
Weighted 
average 
remaining 
contractual life 
(years)
Number 
exercisable
Weighted 
average 
exercise price
Weighted 
average 
remaining 
contractual life 
(years)
$18.72 to $25.08
2,523,894 $ 
19.17  
1.48 
2,523,894 $ 
19.17  
1.48 
$25.09 to $26.21
1,119
26.21  
2.51 
1,119
26.21  
2.51 
2,525,013 $ 
19.17  
1.48 
2,525,013 $ 
19.17  
1.48 
Phantom Unit Plan ("Phantom Plan") and Deferred Share Unit Plan ("DSUP")
AltaGas has a Phantom Plan for employees, executive officers, and directors, which includes restricted units ("RUs") 
and performance units ("PUs") with vesting periods of up to 36 months from the grant date. In addition, AltaGas has 
a DSUP, which allows granting of deferred share units ("DSUs") to directors. DSUs granted under the DSUP vest 
immediately but settlement of the DSUs occur when the individual ceases to be a director. 
PUs, RUs, and DSUs (number of units)
2024
2023
Balance, beginning of year
5,052,918
4,332,062
Granted
 
1,792,809  
2,281,596 
Vested and paid out
 
(2,150,729)  
(2,047,793) 
Forfeited and expired
 
(721,404)  
(551,390) 
Units in lieu of dividends
 
179,084 
210,332
Additional units added by performance factor
 
804,837  
828,111 
Outstanding, end of year
4,957,515
5,052,918
For the year ended December 31, 2024, the compensation expense recorded for the Phantom Plan and DSUP was 
$71 million (2023 – $69 million). As at December 31, 2024, the unrecognized compensation expense relating to the 
remaining vesting period for the Phantom Plan was $43 million (December 31, 2023 - $33 million) and is expected 
to be recognized over the vesting period.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 125

25.   Net Income Per Common Share
The following table summarizes the computation of net income per common share:
Year Ended December 31
2024
2023
Numerator:
Net income applicable to controlling interests
$ 
596 $ 
673 
Less: Preferred share dividends
 
(18)  
(27) 
Loss on redemption of preferred shares 
 
—  
(5) 
Net income applicable to common shares
$ 
578 $ 
641 
Denominator:
(millions of shares)
Weighted average number of common shares outstanding
 
296.8  
282.1 
Dilutive equity instruments (a)
 
1.5  
1.6 
Weighted average number of common shares outstanding - diluted
 
298.3  
283.7 
Basic net income per common share
$ 
1.95 $ 
2.27 
Diluted net income per common share
$ 
1.94 $ 
2.26 
(a)
Determined using the treasury stock method.
For the year ended December 31, 2024, less than a million Share Options (2023 – less than a million) were 
excluded from the diluted net income per common share calculation as their effects were anti-dilutive. 
26.   Other Income 
Year Ended December 31
2024
2023
Gains on asset sales
$ 
12 $ 
319 
Other components of net benefit cost (note 27)
 
141  
57 
Gain on debt defeasance
—  
14 
Interest income
 
13  
10 
Gain on partial debt extinguishment (note 14)
 
4  
— 
Gain on settlement of asset retirement obligation (note 16)
 
7  
— 
Other revenue
 
—  
3 
Total
$ 
177 $ 
403 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 126

27.   Pension Plans and Retiree Benefits 
The costs of the defined benefit and post-retirement benefit plans are based on Management's estimate of the 
future rate of return on the fair value of pension plan assets, salary escalations, mortality rates and other factors 
affecting the payment of future benefits. 
Defined Contribution Plan
AltaGas has a defined contribution ("DC") pension plan for substantially all employees. The pension cost recorded 
for the DC plan and DC Supplemental Executive Retirement Plan ("SERP") was $26 million for the year ended 
December 31, 2024 (2023 - $26 million). 
Defined Benefit Plans 
AltaGas has three defined benefit pension plans for unionized and non-unionized employees in the United States. 
These include a qualified, trusteed, non-contributory defined benefit pension plan. Actuarial valuations for funding 
purposes are required annually for AltaGas’ U.S. defined benefit plans. The defined benefit plans are fully funded.
In 2021, AltaGas made the decision to wind-up the Canadian defined benefit pension plan effective March 31, 2022 
and approval of the wind-up was received from the Alberta Superintendent of Pensions in October 2022. On June 
1, 2023, the wind-up of the Canadian defined benefit pension plan was completed and as a result a settlement 
charge of $2 million was recorded under the line item "other income" for the year ended December 31, 2023. 
SERP
AltaGas has non-registered defined benefit plans that provide defined benefit pension benefits to eligible 
executives based on average earnings, years of service and age at retirement. The SERP benefits will be paid from 
the general revenue of the Corporation as payments come due or from the Rabbi Trusts funded as part of the WGL 
acquisition. Security will be provided for the SERP benefits through a letter of credit within a retirement 
compensation arrangement trust account. 
Several executive officers of Washington Gas participate in a separate non-funded defined benefit SERP (a non-
qualified pension plan) and a non-funded defined benefit restoration SERP. The defined benefit SERP was closed to 
new entrants beginning January 1, 2010 and the defined benefit restoration SERP was closed to new entrants in 
2020. 
In 2023, AltaGas closed the Canadian SERP to new entrants and launched a new a defined contribution SERP 
effective July 1, 2023, for eligible executives who join the Executive Committee on or after that date.
Post-Retirement Benefit Plans
AltaGas has several post-retirement benefit plans for unionized and non-unionized employees, including one in 
Canada and four in the United States. The post-retirement benefit plan in Canada is limited to the payment of life 
insurance and an annual allocation to a Healthcare Spending Account ("HSA"). This benefit plan is not funded. 
Three of the plans in the United States are fully funded while one is not funded.
Post-retirement benefit plans in the United States provide certain medical, prescription drug, dental, and life 
insurance benefits to eligible retired employees, their spouses and covered dependents. Benefits are based on a 
combination of the retiree's age and years of service at retirement. For eligible Washington Gas retirees and 
dependents not yet receiving Medicare benefits, Washington Gas provides medical, prescription drug, and dental 
benefits, subject to an aggregate cost limit, through the Washington Gas Light Company Retiree Health and 
Welfare Plan. For Medicare-eligible retirees age 65 and older and their dependents, eligible retirees and 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 127

dependents participate in a special tax-free Health Reimbursement Account ("HRA") Plan. The HRA plan provides 
an annual subsidy to help purchase supplemental medical, prescription drug and dental coverage in the 
marketplace, as well as catastrophic prescription drug costs. 
In 2024, WGL announced other retiree health and welfare plan changes, including: (i) effective January 1, 2025, 
eligible retirees and dependents not yet receiving Medicare benefits will receive an HRA stipend to help purchase 
medical, prescription drug, and dental coverage in the marketplace, and (ii) effective January 1, 2026, employees 
who retire after December 31, 2025 will not receive retiree life insurance benefits under the plan. 
In 2024, WGL partially settled one of its post-retirement benefit plans by purchasing a medical health 
reimbursement arrangement annuity and a guaranteed life insurance funding account, which effectively transferred 
all of the future financial and administrative responsibilities to the insurance carriers, effective August 2024. As a 
result, WGL recognized a settlement credit of US$48 million (CAD$65 million) under the line item "other income" for 
the year ended December 31, 2024. The partial settlement included the release of $63 million from long-term 
regulatory liabilities and the reclassification of an additional $2 million from AOCI. 
Rabbi Trusts
Rabbi trusts of $7 million as at December 31, 2024 have been funded to satisfy the employee benefit obligations 
associated with WGL’s various pension plans (December 31, 2023 - $9 million). These balances are included in the 
"prepaid expenses and other current assets" and "long-term investments and other assets" line items on the 
Consolidated Balance Sheets. 
 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 128

The following table summarizes the details of the defined benefit plans, including the SERP and post-retirement 
plans in Canada and the United States:
Year Ended December 31, 
2024
Canada
United States
Total
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Projected benefit obligation (a)
Balance, beginning of year
$ 
23 $ 
1 $ 
1,272 $ 
322 $ 
1,295 $ 
323 
Actuarial loss (gain) 
 
1  
—  
(46)  
(20)  
(45)  
(20) 
Current service cost
 
1  
—  
13  
6  
14  
6 
Member contributions
 
—  
—  
—  
1  
—  
1 
Interest cost
 
1  
—  
68  
15  
69  
15 
Benefits paid
 
(3)  
—  
(87)  
(20)  
(90)  
(20) 
Expenses paid
 
—  
—  
(1)  
—  
(1)  
— 
Settlements
 
—  
—  
(1)  
(88)  
(1)  
(88) 
Plan amendments
 
—  
—  
—  
(46)  
—  
(46) 
Curtailment
 
—  
—  
3  
—  
3  
— 
Other
 
—  
—  
—  
4  
—  
4 
Foreign exchange translation
 
—  
—  
109  
21  
109  
21 
Balance, end of year
$ 
23 $ 
1 $ 
1,330 $ 
195 $ 
1,353 $ 
196 
Plan assets
Fair value, beginning of year
$ 
2 $ 
— $ 
1,271 $ 
918 $ 
1,273 $ 
918 
Actual return on plan assets
 
—  
—  
62  
62  
62  
62 
Employer contributions
 
3  
—  
4  
—  
7  
— 
Member contributions
 
—  
—  
—  
1  
—  
1 
Benefits paid
 
(3)  
—  
(87)  
(20)  
(90)  
(20) 
Expenses paid
 
—  
—  
(1)  
—  
(1)  
— 
Settlements
 
—  
—  
(1)  
(88)  
(1)  
(88) 
Foreign exchange translation
 
—  
—  
111  
78  
111  
78 
Fair value, end of year 
$ 
2 $ 
— $ 
1,359 $ 
951 $ 
1,361 $ 
951 
Funded status
$ 
(21) $ 
(1) $ 
29 $ 
756 $ 
8 $ 
755 
(a)
For post-retirement benefit plans, the projected benefit obligation represents the accumulated benefit obligation.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 129

Year Ended December 31, 
2023
Canada
United States
Total
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Projected benefit obligation (a)
Balance, beginning of year
$ 
28 $ 
2 $ 
1,268 $ 
332 $ 
1,296 $ 
334 
Actuarial loss (gain)
 
2  
(1)  
35  
(9)  
37  
(10) 
Current service cost
 
6  
—  
12  
6  
18  
6 
Member contributions
 
—  
—  
—  
2  
—  
2 
Interest cost
 
1  
—  
69  
18  
70  
18 
Benefits paid
 
(3)  
—  
(83)  
(20)  
(86)  
(20) 
Settlements
 
(11)  
—  
—  
—  
(11)  
— 
Foreign exchange translation
 
—  
—  
(29)  
(7)  
(29)  
(7) 
Balance, end of year
$ 
23 $ 
1 $ 
1,272 $ 
322 $ 
1,295 $ 
323 
Plan assets
Fair value, beginning of year
$ 
13 $ 
— $ 
1,266 $ 
842 $ 
1,279 $ 
842 
Actual return on plan assets
 
—  
—  
113  
116  
113  
116 
Employer contributions
 
3  
—  
4  
—  
7  
— 
Member contributions
 
—  
—  
—  
2  
—  
2 
Benefits paid
 
(3)  
—  
(83)  
(21)  
(86)  
(21) 
Settlements
 
(11)  
—  
—  
—  
(11)  
— 
Other
 
—  
—  
1  
—  
1  
— 
Foreign exchange translation
 
—  
—  
(30)  
(21)  
(30)  
(21) 
Fair value, end of year 
$ 
2 $ 
— $ 
1,271 $ 
918 $ 
1,273 $ 
918 
Funded status
$ 
(21) $ 
(1) $ 
(1) $ 
596 $ 
(22) $ 
595 
(a)
For post-retirement benefit plans, the projected benefit obligation represents the accumulated benefit obligation.
For the year ended December 31, 2024, AltaGas' defined benefit and post-retirement benefit pension plans 
recognized actuarial gains primarily due to increases in discount rates, which were the result of increases in high-
quality corporate bond yield curves in the Canadian and U.S. markets. For the year ended December 31, 2023, 
AltaGas' defined benefit pension plans incurred actuarial losses primarily due to the decrease in discount rates, 
which were the result of a decrease in high-quality corporate bond yield curves in the Canadian and U.S. markets, 
while AltaGas' post-retirement benefits plans recognized actuarial gains primarily due to updated census data and 
assumptions related to the HRA, partially offset by the decrease in discount rates.
The following amounts were included in the Consolidated Balance Sheets:
December 31, 2024
December 31, 2023
Defined 
Benefit
Post- 
Retirement 
Benefits
Total
Defined 
Benefit
Post-
Retirement 
Benefits
Total
Prepaid post-retirement benefits
$ 
57 $ 
757 $ 
814 $ 
29 $ 
597 $ 
626 
Accounts payable and accrued 
liabilities (a)
 
(2)  
—  
(2)  
(4)  
—  
(4) 
Future employee obligations
 
(47)  
(2)  
(49)  
(47)  
(2)  
(49) 
$ 
8 $ 
755 $ 
763 $ 
(22) $ 
595 $ 
573 
(a)
Account balances on the Consolidated Balance Sheets also include certain non-pension related amounts. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 130

The accumulated benefit obligation for all defined benefit plans were:
As at
December 31, 2024
December 31, 2023
Canada
United States 
Canada
United States
Accumulated benefit obligation (a)
$ 
21 $ 
1,289 $ 
21 $ 
1,222 
(a)
Accumulated benefit obligation differs from projected benefit obligation in that it does not include an assumption with respect to future compensation levels.
For those pension plans where the projected benefit obligation exceeded the fair value of plan assets as at 
December 31, 2024, the cumulative obligation and asset balances were:
As at
December 31, 2024
December 31, 2023
Defined 
Benefit
Post-
Retirement 
Benefits 
Defined
Benefit
Post-
Retirement 
Benefits
Projected benefit obligation
$ 
52 $ 
2 $ 
52 $ 
2 
Plan assets
$ 
2 $ 
— $ 
2 $ 
— 
For those pension plans where the accumulated benefit obligation exceeded the fair value of plan assets as at 
December 31, 2024, the cumulative obligation and asset balances were:
As at
December 31, 2024
December 31, 2023
Defined 
Benefit
Post-
Retirement 
Benefits 
Defined
Benefit
Post-
Retirement 
Benefits
Accumulated benefit obligation
$ 
50 $ 
2 $ 
50 $ 
2 
Plan assets
$ 
2 $ 
— $ 
2 $ 
— 
The following amounts are recorded in accumulated other comprehensive income (loss) and have not yet been 
recognized in net periodic benefit cost:
Year Ended December 31, 2024
Canada
United States
Total
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Past service cost
$ 
— $ 
— $ 
— $ 
(1) $ 
— $ 
(1) 
Net actuarial loss
 
(2)  
—  
—  
(2)  
(2)  
(2) 
Recognized in AOCI pre-tax
$ 
(2) $ 
— $ 
— $ 
(3) $ 
(2) $ 
(3) 
Increase by the amount
   included in deferred tax liabilities  
—  
—  
—  
1  
—  
1 
Net amount in AOCI after-tax
$ 
(2) $ 
— $ 
— $ 
(2) $ 
(2) $ 
(2) 
 
Year Ended December 31, 2023
Canada
United States
Total
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Past service cost
$ 
— $ 
— $ 
— $ 
(1) $ 
— $ 
(1) 
Net actuarial gain (loss)
 
—  
—  
1  
(3)  
1  
(3) 
Recognized in AOCI pre-tax
$ 
— $ 
— $ 
1 $ 
(4) $ 
1 $ 
(4) 
Increase by the amount
   included in deferred tax liabilities
 
—  
—  
—  
1  
—  
1 
Net amount in AOCI after-tax
$ 
— $ 
— $ 
1 $ 
(3) $ 
1 $ 
(3) 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 131

The following amounts were recorded in a regulatory liability and have not yet been recognized in net periodic 
benefit cost:
Year Ended December 31, 2024
Canada
United States
Total
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Past service credit
$ 
— $ 
— $ 
— $ 
(74) $ 
— $ 
(74) 
Net actuarial gain
 
—  
—  
(78)  
(163)  
(78)  
(163) 
Recognized in regulatory liability
$ 
— $ 
— $ 
(78) $ 
(237) $ 
(78) $ 
(237) 
Year Ended December 31, 2023
Canada
United States
Total
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Defined 
Benefit
Post- 
Retirement 
Benefits
Past service credit
$ 
— $ 
— $ 
— $ 
(44) $ 
— $ 
(44) 
Net actuarial gain
 
—  
—  
(50)  
(188)  
(50)  
(188) 
Recognized in regulatory liability
$ 
— $ 
— $ 
(50) $ 
(232) $ 
(50) $ 
(232) 
The costs of the defined benefit and post-retirement benefit plans are based on Management's estimate of the 
future rate of return on the fair value of pension plan assets, salary escalations, mortality rates and other factors 
affecting the payment of future benefits.
The net pension expense by plan was as follows:
Year Ended December 31, 2024
Canada
United States
Total
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Current service cost (a)
$ 
1 $ 
— $ 
13 $ 
6 $ 
14 $ 
6 
Interest cost (b)
 
1  
—  
68  
15  
69  
15 
Expected return on plan assets (b) 
 
—  
—  
(84)  
(52)  
(84)  
(52) 
Amortization of past service credit (b)  
—  
—  
—  
(21)  
—  
(21) 
Amortization of net actuarial gain (b) 
 
—  
—  
—  
(6)  
—  
(6) 
Plan settlements (b) (c)
 
—  
—  
—  
(65)  
—  
(65) 
Other (b)
 
—  
—  
—  
3  
—  
3 
Net benefit cost (income) recognized $ 
2 $ 
— $ 
(3) $ 
(120) $ 
(1) $ 
(120) 
(a)
Recorded under the line item “operating and administrative” expenses on the Consolidated Statements of Income.
(b)
Recorded under the line item “other income” on the Consolidated Statements of Income.
(c)
Relates to the partial settlement of WGL's post-retirement benefit plan as discussed above.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 132

Year Ended December 31, 2023
Canada
United States
Total
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Current service cost (a)
$ 
6 $ 
— $ 
12 $ 
6 $ 
18 $ 
6 
Interest cost (b)
 
1  
—  
69  
18  
70  
18 
Expected return on plan assets (b) 
 
—  
—  
(78)  
(48)  
(78)  
(48) 
Amortization of past service credit (b)
 
—  
—  
—  
(19)  
—  
(19) 
Amortization of net actuarial gain (b) 
 
—  
—  
—  
(4)  
—  
(4) 
Plan settlements (b)
 
2  
—  
4  
(2)  
6  
(2) 
Net benefit cost (income) recognized
$ 
9 $ 
— $ 
7 $ 
(49) $ 
16 $ 
(49) 
(a)
Recorded under the line item “operating and administrative” expenses on the Consolidated Statements of Income.
(b)
Recorded under the line item “other income” on the Consolidated Statements of Income.
The objective for fund returns for the pension plans in the United States, over three to five-year periods, is the sum 
of two components - a passive component, which is the benchmark index market returns for the asset mix in effect, 
plus the added value expected from active management, if applicable to the fund. It is the Corporation’s belief that 
the potential additional returns justify the additional risk associated with active management. The risk inherent in 
the investment strategy over a market cycle (a three-to five-year period) is two-fold. There is a risk that the market 
returns, as measured by the benchmark returns, will not be in line with expectations. The other risk is that the 
expected added value of active management over passive management will not be realized over the time period 
prescribed in each fund manager's mandate. There is also the risk of annual volatility in returns, which means that 
in any one year the actual return may be very different from the expected return.
Cash and money market investments may be held from time to time as short-term investment decisions at the 
discretion of the fund manager(s) within the constraints prescribed by their mandate(s).
The assets in Canada consist solely of cash and cash equivalents attributable to the Canadian SERP and will 
continue to be held as such. The target asset mix for SEMCO plans is 40 percent fixed income assets and for WGL 
plans is 50 percent to 70 percent fixed income assets. These objectives have taken into account the nature of the 
liabilities and the risk-reward tolerance of the Corporation.
 
The collective investment mixes for the defined benefit plans are as follows as at December  31, 2024 and 
December 31, 2023:
Canada
Fair value
Level 1
Level 2
Plan Assets 
(%)
December 31, 2024
Cash and short-term equivalents
$ 
2 $ 
2 $ 
— 
 100 
$ 
2 $ 
2 $ 
— 
 100 
December 31, 2023
Cash and short-term equivalents
$ 
2 $ 
2 $ 
— 
 100 
$ 
2 $ 
2 $ 
— 
 100 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 133

Year Ended December 31, 2024
United States
Fair value
Level 1
Level 2
Percentage of 
Plan Assets 
(%)
December 31, 2024
Cash and short-term equivalents
$ 
19 $ 
19 $ 
— 
 1 
Foreign equities (a)
 
154  
154  
— 
 11 
Fixed income
   Government debt
 
462  
74  
388 
 34 
   Corporate debt
 
341  
32  
309 
 25 
Derivatives (b)
 
(11)  
—  
(11) 
 — 
Other (c)
 
13  
—  
13 
 1 
Total investments in the fair value hierarchy
$ 
978 $ 
279 $ 
699 
 72 
Investments measured at net asset value
using the NAV practical expedient (d)
Pooled separate accounts (e)
$ 
39 
 3 
Collective trust funds (f)
 
342 
 25 
$ 
1,359 
 100 
December 31, 2023
Cash and short-term equivalents
$ 
2 $ 
2 $ 
— 
 — 
Canadian equities
 
3  
3  
— 
 — 
Foreign equities (a)
 
203  
203  
— 
 16 
Fixed income
   Government debt
 
407  
62  
345 
 32 
   Corporate debt
 
322  
23  
299 
 25 
Derivatives (b)
 
8  
—  
8 
 1 
Other (c)
 
10  
—  
10 
 1 
Total investments in the fair value hierarchy
$ 
955 $ 
293 $ 
662 
 75 
Investments measured at net asset value
using the NAV practical expedient (d)
Pooled separate accounts (e)
 
39 
 3 
Collective trust funds (f)
 
281 
 22 
Total fair value of plan investments
$ 
1,275 
 100 
Net payable (g)
 
(4) 
 — 
$ 
1,271 
 100 
(a)
Consists of investments in foreign equities include U.S. and international securities. 
(b)
Includes a combination of long-term U.S. Treasury interest rate future contracts, currency forwards, currency option interest rate swaps, and put and call 
options on both interest rate swaps and credit default swap index products. 
(c)
As at December 31, 2024 and December 31, 2023, these investments consisted primarily of non-U.S. government bonds.
(d)
In accordance with ASC Topic 820, these investments are measured at fair value using net asset value (NAV) per share as a practical expedient and, therefore, 
have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliations of the fair value 
hierarchy to the statements of net assets available for plan benefits.
(e)
As at December  31, 2024, investments in pooled separate accounts consisted of 100 percent income producing properties located in the United States 
(December 31, 2023 - 100 percent).
(f)
As at December 31, 2024, investments in collective trust funds consisted primarily of 90 percent of short-term money market investments (December 31, 2023 - 
2 percent) and 10 percent income producing properties located in the United States (December 31, 2023 - 13 percent). As at December 31, 2023,  investments 
in collective trust funds also included 85 percent common stock of U.S. companies. 
(g)
As at December 31, 2023, this net payable primarily represents pending trades for investments purchased net of pending trades for investments sold and 
interest receivable. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 134

The collective investment mixes for the post-retirement benefit plans are as follows as at December 31, 2024 and 
December 31, 2023:
United States
Fair value
Level 1
Level 2
Percentage of 
Plan Assets 
(%)
December 31, 2024
Cash and short-term equivalents
$ 
6 $ 
6 $ 
— 
 1 
Foreign equities (a)
 
56  
56  
— 
 6 
Fixed income
   Government debt
 
114  
27  
87 
 12 
   Corporate debt
 
84  
11  
73 
 9 
Other (b)
 
4  
—  
4 
 — 
Total investments in the fair value hierarchy
$ 
264 $ 
100 $ 
164 
 28 
Investments measured at net asset value
using the NAV practical expedient (c)
Commingled funds (d)
$ 
687 
 72 
$ 
951 
 100 
December 31, 2023
Cash and short-term equivalents
$ 
8 $ 
8 $ 
— 
 1 
Foreign equities (a)
 
50  
50  
— 
 5 
Fixed income
   Government debt
 
113  
22  
91 
 12 
   Corporate debt
 
91  
8  
83 
 10 
Other (b)
 
5  
—  
5 
 1 
Total investments in the fair value hierarchy
$ 
267 $ 
88 $ 
179 
 29 
Investments measured at net asset value
using the NAV practical expedient (c)
Commingled funds (d)
$ 
651 
 71 
$ 
918 
 100 
(a)
Consists of investments in foreign equities include U.S. and international securities. 
(b)
As at December 31, 2024 and December 31, 2023, these investments consisted primarily of non-U.S. government bonds.
(c)
In accordance with ASC Topic 820, these investments are measured at fair value using net asset value (NAV) per share as a practical expedient and, therefore, 
have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliations of the fair value 
hierarchy to the statements of net assets available for plan benefits.
(d)
As at December 31, 2024, investments in commingled funds consisted of approximately 47 percent common stock of large-cap U.S. companies (December 31, 
2023 - 50 percent), 26 percent U.S. Government fixed income securities (December 31, 2023 - 24 percent), and 27 percent corporate bonds for WGL’s post-
retirement benefit plans (December 31, 2023 - 26 percent).
Year Ended December 31
2024
2023
Significant actuarial assumptions used in measuring 
net benefit plan costs
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
Discount rate (%)
4.60 - 5.73
 4.65 - 5.40
4.60 - 5.60
5.30 - 5.70
Expected long-term rate of return on plan assets (%) (a)
6.70 - 6.75
4.50 - 6.70
6.45 - 6.75
4.50 - 6.45
Rate of compensation increase (%)
3.00 - 4.00
n/a
2.50 - 4.00
3.00
(a)
Only applicable for funded plans
AltaGas Ltd. – 2024 MD&A and Financial Statements - 135

As at December 31
2024
2023
Significant actuarial assumptions used in measuring 
benefit obligations 
Defined 
Benefit
Post-
Retirement 
Benefits
Defined 
Benefit
Post-
Retirement 
Benefits
 Discount rate (%)
4.60 - 5.76
4.60 - 5.78
4.60 - 5.40
 4.65 - 5.40
 Rate of compensation increase (%)
3.00 - 4.00
n/a
3.00 - 4.00
 3.00
The expected rate of return on assets is based on the current level of expected returns on risk free investments, 
the historical level of risk premium associated with other asset classes in which the portfolio is invested, and the 
expectations for future returns of each asset class. The expected return for each asset class was then weighted 
based on the target asset allocation to develop the expected rate of return on assets assumption for the portfolio. 
The discount rate is based on yields available on high-quality long-term corporate bonds, with maturities matching 
the estimated timing and amount of expected benefit payments.
The estimates for health care benefits take into consideration increased health care benefits due to aging and cost 
increases in the future. For applicable post-retirement benefit plans the assumed health care cost trend rate used 
to measure the expected cost of benefits for the next year was 6.5 percent. The health care cost trend rates were 
assumed to decline 5.0 percent by 2030.
The following table shows the expected cash flows for defined benefit pension and other post-retirement plans:
Defined
Benefit
Post-Retirement
Benefits
Expected employer contributions:
2025
$ 
3 $ 
— 
Expected benefit payments:
2025
$ 
100 $ 
27 
2026
$ 
100 $ 
16 
2027
$ 
100 $ 
15 
2028
$ 
101 $ 
15 
2029
$ 
101 $ 
15 
2030 - 2034
$ 
505 $ 
69 
28. Commitments, Guarantees, and Contingencies 
Commitments 
AltaGas has long-term natural gas purchase and transportation arrangements, LPG purchase agreements, crude oil 
and condensate purchase agreements, service agreements, pipeline and storage service contracts, capital 
commitments, environmental commitments, merger commitments, and operating leases for office space, office 
equipment, vehicles, VLGCs, rail cars, land, storage, aquatic surface use, and other equipment, all of which are 
transacted at market prices and in the normal course of business.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 136

Future payments of these commitments as at December 31, 2024 are estimated as follows: 
2025
2026
2027
2028
2029
2030 & 
beyond
Total
Gas purchase (a)
$ 
928 $ 
840 $ 
769 $ 
675 $ 
490 $ 4,401 $ 8,103 
Transportation and storage services (b) (c)
 
856  
859  
800  
489  
293  
1,589  4,886 
LPG purchase (d)
 
722  
528  
409  
391  
247  
428  2,725 
Electricity purchase (e) 
 
855  
437  
157  
41  
8  
4  1,502 
Operating and finance leases (f)
 
166  
163  
162  
141  
120  
549  
1,301 
Service agreements (g) (h) (i) (j)
 
66  
54  
33  
30  
30  
231  
444 
Environmental (k)
 
17  
2  
1  
1  
—  
3  
24 
Merger commitments (l)
 
5  
—  
—  
—  
—  
—  
5 
Capital projects (m)
 
474  
—  
—  
—  
—  
—  
474 
$ 4,089 $ 2,883 $ 2,331 $ 1,768 $ 1,188 $ 7,205 $ 19,464 
(a)
AltaGas enters into contracts to purchase natural gas from various suppliers for its utilities. These contracts are used to ensure that there is an adequate supply 
of natural gas to meet the needs of customers and to minimize exposure to market price fluctuations. Gas purchase commitments are valued based on fixed 
prices and forward prices, which may fluctuate significantly from period to period.
(b)
Includes $369 million of commitments as a result of the Pipestone Acquisition on December 22, 2023. Please refer to Note 3 for more details on the Pipestone 
Acquisition.
(c)
Transportation and storage commitments include minimum payments for natural gas transportation, storage and peaking contracts that have expiration dates 
through 2045. 
(d)
AltaGas enters into contracts to purchase LPGs for its operations at RIPET and Ferndale. These contracts are used to ensure that there is an adequate supply 
of LPGs to meet shipment commitments and to minimize exposure to market price fluctuations. LPG purchase commitments are valued based on forward 
prices, which may fluctuate significantly from period to period.
(e)
AltaGas enters into contracts to purchase electricity from various suppliers for its non-utility business. Electricity purchase commitments are based on existing 
fixed price and fixed volume contracts and include US$104 million of commitments related to renewable energy credits.
(f)
Operating and finance leases include lease arrangements for office space, office equipment, field equipment, rail cars, aquatic use, vehicles, VLGCs, power 
and gas facilities, transmission and distribution assets, and land. Operating leases also include $320 million in future undiscounted cash flows associated with 
leasing arrangements for the use of two VLGCs, which are anticipated to commence in 2026, as well as $12 million in future discounted cash flows associated 
with leasing arrangements for rail cars commencing in 2025.
(g)
In 2014, AltaGas' Blythe facility entered into a Long-Term Program Contract ("LTPC") with a service provider to complete various upgrade and maintenance 
services on the Combustion Turbines ("CT") at the Blythe facility. The LTPC term is 116,000 Equivalent Operating Hours ("EOH") per CT, or 25 years, whichever 
comes first. 
(h)
In 2017, AltaGas entered into a 12-year service agreement commencing in 2019 for tug services to support the marine operations of RIPET. 
(i)
In 2015, AltaGas entered into a Project Agreement that contemplated the sublease of lands from Ridley Terminals Inc. ("RTI", now Trigon Pacific Terminals Ltd. 
("Trigon")), provision of certain terminal services, and access to Trigon's terminal facilities to support RIPET's operations for an initial term of 20 years ending in 
2039. In 2019, RILE LP and Trigon executed a Terminal Services Agreement that formalized the concepts outlined in the Project Agreement.
(j)
Includes a commitment related to a service contract that involves a hosting arrangement.
(k)
Environmental commitments include committed payments related to certain environmental response costs.
(l)
Represents the estimated future payments of WGL merger commitments that have been accrued but not paid including the civil penalty related to the failure of 
the commitment to develop 10 MW of either electric grid energy storage or tier one renewable resources in the District of Columbia. Please see below for more 
details. As at December 31, 2024, the cumulative amount of merger commitments that have been expensed but not yet paid is approximately US$3 million. 
(m)
Commitments for capital projects. Estimated amounts are subject to variability depending on the actual construction costs.
Guarantees
AltaGas has guaranteed payments primarily for certain commitments on behalf of some of its subsidiaries. As at 
December 31, 2024, AltaGas has no guarantees issued on behalf of external parties.
Contingencies
AltaGas and its subsidiaries are subject to various legal claims and actions arising in the normal course of business. 
While the final outcome of such legal claims and actions cannot be predicted with certainty, the Corporation does 
not believe that the resolution of such claims and actions will have a material impact on the Corporation’s 
consolidated financial position or results of operations.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 137

Merger Commitments - District of Columbia
On August 9, 2023, the PSC of DC determined that AltaGas had failed to fulfill Term No. 5 Commitment of the PSC 
of DC’s merger approval order related to the June 2018 merger of AltaGas, WGL, and Washington Gas. On 
reconsideration, the PSC of DC confirmed, in relevant part, that it had credited AltaGas with causing the 
development of 2.4 MW of Tier one renewable resources by the July 6, 2023 deadline, and that the Company had 
breached its Term No. 5 Commitment only for the remaining 7.6 MW. As directed by the PSC of DC, AltaGas, the 
DCG, and the D.C. Office of People’s Counsel ("DC OPC") conducted negotiations in good faith to reach agreement 
on a penalty but were unable to reach agreement. Thereafter, AltaGas confirmed that it will specifically perform its 
Term No. 5 obligations by continuing to cause the development of the remaining 7.6 MW of solar renewable 
energy. On March 8, 2024, the PSC of DC issued an order to show cause why the penalty amount should not be 
the maximum allowed under D.C. Code §34-708 (US$5,000/day). On June 14, 2024, AltaGas and DCG jointly 
requested that the PSC of DC allow sixty (60) days for the parties to negotiate a settlement in the form of a consent 
decree or, if no agreement is reached, to file a report on the status of the negotiations. AltaGas and DCG have kept 
the PSC of DC appraised of the status of the negotiations and, on October 8, 2024, filed a Proposed Consent 
Decree for PSC of DC approval. On November 6, 2024, the PSC of DC approved the Consent Decree, without 
modification, as complete resolution of the issues in dispute concerning Merger Commitment No. 5. As at 
December 31, 2024, AltaGas recorded an accrued liability of approximately US$2.1 million and subsequently paid 
the civil penalty on January 5, 2025. In accordance with the terms of the PSC of DC approved Consent Decree, 
AltaGas continues to report on its progress that the Company is making in causing the development of the 
remaining megawatts of renewable resources in D.C.  
29.   Related Party Transactions
In the normal course of business, AltaGas transacts with its subsidiaries, affiliates and certain investments 
accounted for by the equity method. Amounts due to or from related parties on the Consolidated Balance Sheets 
were measured at the exchange amount and were as follows: 
As at
December 31, 
2024
December 31, 
2023
Due from related parties
Accounts receivable (a)
$ 
3 $ 
1 
Due to related parties
Accounts payable (b)
$ 
10 $ 
1 
(a)
Receivables from affiliates.
(b)
Payables to affiliates and an equity investment.
The following transactions with related parties have been recorded on the Consolidated Statements of Income for 
the years ended December 31, 2024 and 2023:
Year Ended December 31
2024
2023
Cost of sales (a) (b)
$ 
45 $ 
7 
(a)
In the ordinary course of business, AltaGas' subsidiary obtained natural gas storage services from an investment accounted for by the equity method. 
(b)
Includes pipeline capacity demand charges for the delivery of 200,000 Dth/d of natural gas from MVP, in connection with an agency agreement that WGL 
entered into with a third party in 2024. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 138

30.   Supplemental Cash Flow Information
The following table details the changes in operating assets and liabilities from operating activities: 
Year Ended
December 31
2024
2023
Source (use) of cash:
Accounts receivable
$ 
201 $ 
271 
Inventory
 
165  
242 
Risk management assets
 
46  
(53) 
Prepaid expenses and other current assets
 
4  
(1) 
Regulatory assets - current
 
(29)  
(17) 
Accounts payable and accrued liabilities
 
78  
(178) 
Customer deposits
 
(3)  
11 
Regulatory liabilities - current
 
(13)  
(97) 
Risk management liabilities
 
34  
— 
Other current liabilities
 
15  
(11) 
Other operating assets and liabilities
 
(68)  
(67) 
Changes in operating assets and liabilities
$ 
430 $ 
100 
The following table details the changes in non-cash investing and financing activities: 
Year Ended
December 31
2024
2023
Decrease (increase) of balance:
Exercise of stock options
$ 
6 $ 
2 
Net right-of-use assets obtained in exchange for new operating lease 
liabilities
$ 
(239) $ 
(141) 
Net right-of-use assets obtained in exchange for new finance lease liabilities
$ 
(42) $ 
(114) 
Capital expenditures included in accounts payable and accrued liabilities
$ 
(60) $ 
(3) 
Contributions from non-controlling interests to subsidiaries included in 
accounts receivable
$ 
(27) $ 
(33) 
The following cash payments have been included in the determination of earnings:
Year Ended
December 31
2024
2023
Interest paid (net of capitalized interest)
$ 
434 $ 
377 
Income taxes paid
$ 
31 $ 
36 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 139

The following table is a reconciliation of cash and restricted cash balances:
As at December 31
2024
2023
Cash and cash equivalents
$ 
85 $ 
95 
Restricted cash included in prepaid expenses and other current assets (a)
 
2  
3 
Restricted cash included in long-term investments and other assets (note 10) (a)
 
5  
6 
Cash, cash equivalents, and restricted cash per Consolidated Statements of Cash 
Flows
$ 
92 $ 
104 
(a)
The restricted cash balances included in "prepaid expenses and other current assets" and "long-term investments and other assets" relate to Rabbi trusts 
associated with WGL’s pension plans (see Note 27).
31.   Segmented Information
AltaGas owns and operates a portfolio of assets and services used to move energy from the source to the 
end-user. The following describes the Corporation’s reporting segments:
Utilities
n rate-regulated natural gas distribution assets in Michigan, D.C., Maryland, and Virginia;
n rate-regulated natural gas storage in the United States; and
n sale of natural gas and power to residential, commercial, and industrial customers in D.C., 
Maryland, Virginia, Delaware, Pennsylvania, and Ohio.
Midstream
n NGL processing and extraction plants;
n natural gas storage facilities;
n LPG export terminals;
n transmission pipelines to transport natural gas and NGLs;
n natural gas gathering lines and field processing facilities;
n purchase and sale of natural gas;
n natural gas and NGL marketing;
n marketing, storage and distribution of wellsite fluids and fuel, crude oil and condensate 
diluents; and
n interest in a regulated gas pipeline in the Marcellus/Utica gas formation.
Corporate/
Other
n the cost of providing corporate services, financing and general corporate overhead, corporate 
assets, financing other segments and the effects of changes in the fair value of certain risk 
management contracts; and
n a small portfolio of power assets.
AltaGas’ Chief Operating Decision-Maker (“CODM”) is the Executive Committee (“EC") which includes the President 
& Chief Executive Officer and the other Executive Officers of the Company. 
The EC assesses segment performance and determines how to allocate resources based on segment earnings 
reported on a periodic basis. Segment profitability guides the EC in making decisions regarding prudent capital 
allocation, reinvestment of profits, acquisition and disposition of assets, and driving shareholder returns through 
sustainable dividends. AltaGas has disclosed income (loss) before income taxes by segment as the measure in 
accordance with the measurement principles with those used in measuring the corresponding amounts in the 
consolidated financial statements. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 140

The following table provides a reconciliation of segment revenue to the disaggregated revenue table disclosed in 
Note 23:
Year Ended December 31, 2024
Utilities
Midstream
Corporate/
Other
Total
External revenue (note 23)
$ 
4,444 $ 
7,918 $ 
86 $ 
12,448 
Segment revenue
$ 
4,444 $ 
7,918 $ 
86 $ 
12,448 
Year Ended December 31, 2023
Utilities
Midstream
Corporate/
Other
Total
External revenue (note 23)
$ 
4,827 $ 
8,069 $ 
101 $ 
12,997 
Segment revenue
$ 
4,827 $ 
8,069 $ 
101 $ 
12,997 
Geographic Information
Year Ended December 31
2024
2023
Revenue (a)
   Canada
$ 
7,773 $ 
8,137 
   United States
 
4,743  
4,772 
Total
$ 
12,516 $ 
12,909 
(a)
Operating revenue from external customers, excluding unrealized gains and losses on risk management contracts. 
As at December 31
2024
2023
Property, plant and equipment
   Canada
$ 
4,235 $ 
3,664 
   United States
 
10,419  
9,064 
Total
$ 
14,654 $ 
12,728 
Operating right-of-use assets
   Canada
$ 
434 $ 
276 
   United States
 
56  
61 
Total
$ 
490 $ 
337 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 141

The following tables show the composition by segment: 
Year Ended December 31, 2024
Utilities
Midstream
Corporate/
Other
Total
Segment revenue (note 23)
$ 
4,444 $ 
7,918 $ 
86 $ 
12,448 
Cost of sales
 
(2,584)  
(6,586)  
(31)  
(9,201) 
Operating and administrative
 
(1,075)  
(604)  
(117)  
(1,796) 
Accretion expenses
 
(1)  
(4)  
—  
(5) 
Depreciation and amortization 
 
(296)  
(149)  
(30)  
(475) 
Provisions on assets (note 4)
 
—  
(16)  
(4)  
(20) 
Income from equity investments 
 
3  
57  
—  
60 
Other income (b)
 
136  
30  
11  
177 
Foreign exchange gains
 
—  
—  
13  
13 
Interest expense
 
—  
—  
(455)  
(455) 
Income (loss) before income taxes
$ 
627 $ 
646 $ 
(527) $ 
746 
Net additions to:
Property, plant and equipment (a) 
$ 
722 $ 
534 $ 
57 $ 
1,313 
Intangible assets
$ 
— $ 
5 $ 
6 $ 
11 
(a)
Net additions to property, plant, and equipment, and intangible assets may not agree to changes reflected in the Consolidated Statements of Cash Flows due 
to classification of business acquisition and foreign exchange changes on U.S. assets.
(b)
Other income for each reportable segment is comprised of:
▪
Midstream – primarily gains on asset sales, gain on settlement of ARO, and interest income of $4 million.
▪
Utilities – primarily other components of net benefit cost (income), including the partial settlement of WGL's post-retirement benefit pension plan, as 
well as interest income of $2 million. 
▪
Corporate – primarily interest income of $7 million, gain on partial debt extinguishment, and other components of net benefit cost (income).
Please refer to Note 26 for additional information. 
Year Ended December 31, 2023
Utilities
Midstream
Corporate/
Other
Total
Segment revenue (note 23)
$ 
4,827 $ 
8,069 $ 
101 $ 
12,997 
Cost of sales
 
(2,988)  
(7,098)  
(26)  
(10,112) 
Operating and administrative
 
(1,047)  
(436)  
(96)  
(1,579) 
Accretion expenses
 
(1)  
(10)  
—  
(11) 
Depreciation and amortization
 
(288)  
(123)  
(30)  
(441) 
Income from equity investments 
 
3  
52  
—  
55 
Other income (b)
 
380  
6  
17  
403 
Foreign exchange losses
 
—  
—  
(6)  
(6) 
Interest expense
 
—  
—  
(394)  
(394) 
Income (loss) before income taxes
$ 
886 $ 
460 $ 
(434) $ 
912 
Net additions (reductions) to:
Property, plant and equipment (a)
$ 
(314) $ 
177 $ 
(3) $ 
(140) 
Intangible assets
$ 
— $ 
8 $ 
1 $ 
9 
(a)
Net additions to property, plant, and equipment, and intangible assets may not agree to changes reflected in the Consolidated Statements of Cash Flows due 
to classification of business acquisition and foreign exchange changes on U.S. assets.
(b)
Other income for each reportable segment is comprised of:
▪
Midstream – primarily gains on asset sales, interest income of $5 million, other revenue, and other components of net benefit cost (income).
▪
Utilities – primarily gains on asset sales, interest income of $2 million, other components of net benefit cost (income), and gain on debt defeasance.
▪
Corporate – primarily gains on asset sales, interest income of $3 million, and other components of net benefit cost (income).
Please refer to Note 26 for additional information. 
AltaGas Ltd. – 2024 MD&A and Financial Statements - 142

The following table shows goodwill and total assets by segment:
Utilities
Midstream
Corporate/
Other
Total
As at December 31, 2024
Goodwill
$ 
3,950 $ 
1,741 $ 
— $ 
5,691 
Segmented assets
$ 
17,184 $ 
8,223 $ 
685 $ 
26,092 
As at December 31, 2023
Goodwill
$ 
3,630 $ 
1,640 $ 
— $ 
5,270 
Segmented assets
$ 
15,272 $ 
7,578 $ 
621 $ 
23,471 
32.   Subsequent Events
Subsequent events have been reviewed through March 6, 2025, the date on which these audited Consolidated 
Financial Statements were issued.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 143

SUPPLEMENTAL QUARTERLY OPERATING INFORMATION
Q4-24
Q3-24
Q2-24
Q1-24
Q4-23
OPERATING HIGHLIGHTS
UTILITIES
Natural gas deliveries - end use (Bcf) (1)
 
38.3  
8.9  
14.5  
54.5  
48.3 
Natural gas deliveries - transportation (Bcf) (1)
 
27.6  
20.7  
20.2  
35.1  
30.5 
Service sites (thousands) (2)
 1,568  1,560  1,560  1,562  1,560 
Degree day variance from normal - SEMCO (%) (3)
 
(13.5)  
(57.4)  (29.0)  
(13.8)  
(9.8) 
Degree day variance from normal - Washington Gas (%) (3) (4) 
 
(15.8)  (100.0)  
(31.6)  
(15.6)  
(9.2) 
WGL retail energy marketing - gas sales volumes (Mmcf)
 17,191  
8,179 
9,664  23,810  16,863 
WGL retail energy marketing - electricity sales volumes (GWh)
 3,851  4,344 
3,714  3,542  3,518 
MIDSTREAM
LPG export volumes (Bbls/d) (5)
 122,233 128,272  123,285 115,108 90,996
Total inlet gas processed (Mmcf/d) (5) 
 1,477 
1,303
1,420
1,401
1,312
Extracted ethane volumes (Bbls/d) (5)
 25,454 
20,314
19,618 20,369 23,879
Extracted NGL volumes (Bbls/d) (5) (6) (7)
 47,745 
46,707 47,054 48,272
36,138
Fractionation volumes (Bbls/d) (5) (8)
 45,398 43,445
43,421
41,072
38,150
Frac spread - realized ($/Bbl) (5) (9)
20.99
24.70
25.32
25.25
23.13
Frac spread - average spot price ($/Bbl) (5) (10)
26.07
30.39
29.61
25.45
20.55
Propane Far East Index ("FEI") to Mont Belvieu spread (US$/Bbl) (5) (7) (11)
 18.85  21.52  18.87  14.06  26.44 
Butane FEI to Mont Belvieu spread (US$/Bbl) (5) (7) (12)
 10.81  
18.53  19.27  13.87  27.74 
(1)
Bcf is one billion cubic feet. 
(2)
Service sites reflect all of the service sites of the utilities, including transportation and non-regulated business lines.
(3)
A degree day is a measure of coldness determined daily as the number of degrees the average temperature during the day in question is below 65 degrees 
Fahrenheit. Degree days for a particular period are determined by adding the degree days incurred during each day of the period. Normal degree days for a 
particular period are the average of degree days during the prior 15 years for SEMCO and during the prior 30 years for Washington Gas. 
(4)
In certain of Washington Gas’ jurisdictions (Virginia and Maryland) there are billing mechanisms in place that are designed to eliminate the effects of variance in 
customer usage caused by weather and other factors such as conservation. In D.C., there is no weather normalization billing mechanism nor does Washington 
Gas hedge to offset the effects of weather. As a result, colder or warmer weather will result in variances to financial results.
(5)
Average for the period.  
(6)
NGL volumes refer to propane, butane, and condensate.
(7)
Reflects the revision of numbers relating to prior periods in 2024.
(8)
Fractionation volumes include NGL mix volumes processed.
(9)
Realized frac spread or NGL margin, expressed in dollars per barrel of NGL, is derived from sales recorded by the segment during the period for frac spread 
exposed volumes plus the settlement value of frac hedges settled in the period less extraction premiums, divided by the total frac exposed volumes produced 
during the period.  
(10)
Average spot frac spread or NGL margin, expressed in dollars per barrel of NGL, is indicative of the average sales price that AltaGas receives for propane, 
butane and condensate less extraction premiums, before accounting for hedges, divided by the respective frac spread exposed volumes for the period.  
(11)
Average propane price spread between FEI and Mont Belvieu TET commercial index.
(12)
Average butane price spread between FEI and Mont Belvieu TET commercial index.
AltaGas Ltd. – 2024 MD&A and Financial Statements - 144

OTHER INFORMATION 
DEFINITIONS
Bbls/d
barrels per day
Bcf
billion cubic feet
CBM
cubic meter
Dth
dekatherm
Dth/d
dekatherm per day
GJ
gigajoule
GWh
gigawatt-hour
MBbl
thousands of barrels 
Mmcf
million cubic feet
Mmcf/d
million cubic feet per day
MW
megawatt
MWh
megawatt-hour
US$
United States dollar
ABOUT ALTAGAS
AltaGas is a leading North American energy infrastructure Company that connects NGLs and natural gas to 
domestic and global markets. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream 
business that is focused on delivering resilient and durable value for its stakeholders.
For more information visit www.altagas.ca or reach out to one of the following:
Jon Morrison
Senior Vice President, Investor Relations & Corporate Development
Jon.Morrison@altagas.ca
Aaron Swanson
Vice President, Investor Relations
Aaron.Swanson@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
AltaGas Ltd. – 2024 MD&A and Financial Statements - 145

For investor relations inquiries contact:
investor.relations@altagas.ca   |   altagas.ca
Telephone: 403.691.7100   |   Toll-free: 1.877.691.7199
1300, 707 5th Street SW,  Calgary Alberta,  T2P 0Y3