CALGARY, AB — January 7, 2026 — Leads & Copy — AltaGas Ltd. (TSX: ALA) has announced several corporate updates, including the retirement of CFO James Harbilas, the appointment of Sean Brown as the incoming CFO, the achievement of full commercial operations at Pipestone Phase II, a positive final investment decision (FID) on the Dimsdale Phase II expansion, and positive progress on the MVP Southgate project.
James Harbilas, AltaGas’ Executive Vice President and CFO, is set to retire on April 1, 2026. Sean Brown will succeed Harbilas as the new CFO, starting today. Harbilas will transition to the role of Strategic Advisor until his retirement to ensure a smooth transition.
Vern Yu, AltaGas’ President and Chief Executive Officer, thanked Harbilas for his contributions to AltaGas’ success over the past six years, during which the company de-leveraged its balance sheet, completed strategic acquisitions and divestitures, and advanced a disciplined capital allocation framework. Yu also welcomed Sean Brown, highlighting his 25 years of experience in energy infrastructure, finance, and capital markets.
Brown previously served as Senior Vice President & Chief Financial Officer at Gibson Energy Inc. and as a Managing Director, Global Energy Group, at BMO Capital Markets. He holds an MBA from the Richard Ivey School of Business, a BBA from Acadia University, and is a Chartered Financial Analyst (CFA).
Pipestone II has achieved full commercial operations after completing construction in early November and successful commissioning. The facility reached first gas in mid-December 2025, and full commercial operations were declared in late December. Pipestone I and II are now operating as a fully integrated complex. Train II is operating at over 90 percent of design capacity.
Long-term contracted volumes at Train II are expected to increase, with producers utilizing short-term interruptible capacity to process additional natural gas and natural gas liquids (NGLs) in the Alberta Montney. Pipestone II is fully contracted under long-term take-or-pay agreements and provides critical gas processing and liquids handling capacity.
AltaGas has also reached a positive FID on the Phase II expansion of the Dimsdale natural gas storage facility. The 30 Bcf expansion is supported by multi-year, take-or-pay firm storage service contracts, including commitments from Tourmaline and Gunvor, as well as four new Phase II customers. The expansion will include additional compression and dehydration capacity and the drilling of five new storage wells, increasing gas storage capacity in the Alberta Montney. The capital cost for the project is estimated at approximately $165 million, with a targeted in-service date of mid-2027.
In total, AltaGas will invest approximately $230 million to expand its gas storage capacity in the Alberta Montney over the next 18 months. The company believes the strong customer demand highlights the need for more gas storage in Western Canada to balance future Canadian LNG draws.
The MVP Southgate project, an extension of the MVP mainline into North Carolina, has received approval from the U.S. Federal Energy Regulatory Commission (FERC) for the new shortened pipeline route. This follows a positive Environmental Assessment issued by FERC and the U.S. Fish and Wildlife Service.
AltaGas expects MVP Southgate to generate attractive project-level returns with an expected sub-5.0x EBITDA build multiple, and MVP Boost is expected to achieve an approximately 3.0x EBITDA build multiple.
Jon Morrison
Senior Vice President, Corporate Development and Investor Relations
Jon.Morrison@altagas.ca
Aaron Swanson
Vice President, Investor Relations
Aaron.Swanson@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
Source: AltaGas
