AltaGas Ltd. reported Thursday that the Ridley Island Propane Export Terminal exported a record 42,736 bbls/d of Canadian propane to Asia during the quarter, underpinned by ongoing growth in throughput volumes in northeast B.C.
The company said it exported an average of 43,000 bbls/d in the quarter, a 20% increase over the same period last year. Its goal is to soon export 50,000 bbls/d from that terminal.
Meanwhile, its overall propane exports from North America are destined to continue rising even more, as a result of its stake in Petrogas Energy Corp., in which it now has a 74 per cent ownership.
The company's growth engine going forward will be its RIPET which has just gone into operation in the last two years and which continues to see growth in volumes, as well as its U.S.-based midstream assets.
During the quarter, the Canada Energy Regulator (CER) also granted AltaGas an additional 25-year licence to export up to 46,000 bbls/d of propane, bringing the aggregate propane export capacity under 25-year export licenses to 92,000 bbls/d.
Overall, the company was able to record a revenue increase to $969 million in the quarter, up from $888 million in 2019. For the first nine months of 2020, it reported revenue of $3.9 billion, down marginally from $3.96 billion in 2019.
The company shelled out $67 million in monthly dividend payments in the quarter and has committed $201 million for overall dividends in the first three quarters of this year.
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Email Managing Editor Matt Preprost at firstname.lastname@example.org.