With its financial outlook for 2026 improving, AltaGas has raised its 2026 guidance after reporting record second-quarter earnings, driven in part by strong export volumes and continued investment in energy infrastructure, including the Ridley Island Energy Export Facility near Prince Rupert.
The Calgary-based company reported normalized EBITDA of $391 million in the second quarter, compared to $342 million in the same quarter last year. The net income before tax was $383 million, compared to $226 million last year.
Following the results, AltaGas increased its 2026 guidance for normalized EBITDA to between $2 billion and $2.1 billion. It also raised its outlook for normalized earnings per share to between $2.35 and $2.60.
AltaGas also increased its 2026 capital budget to $1.8 billion from $1.7 billion because of higher construction costs for the Ridley Island Energy Export Facility, or REEF, and investment in growth projects in northeastern B.C.
The company reported that REEF was roughly 85 percent complete. However, challenging conditions in marine construction and delays caused by weather have increased the projected cost of the project by 12 percent, to around $1.5 billion. AltaGas is now anticipating commercial operations to begin ahead of the close of the first quarter of 2027.
According to AltaGas, the project continues to be integral to the company’s efforts to increase liquefied petroleum gas exports to Asia. For the second quarter, the firm set an export record by exporting 144,420 barrels per day of LPG in 23 cargoes, marking an improvement of 13 percent from the comparable period in 2025.
AltaGas president and CEO Vern Yu said demand for energy in North America and Asia continues to support the company’s utilities and midstream businesses.
“We are excited to bring the first phase of REEF into service in early 2027 and further strengthen Canada’s position as a leading LPG exporter to Asia,” Yu said.
