AltaGas announces Long-Term Global Exports Tolling Agreement

Press Release

CALGARY, AB, June 9, 2025 AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) is pleased to announce an incremental long-term tolling agreement that advances the Company’s commercial de-risking and continues to reduce long-term commodity exposure across the enterprise. Keyera Corp. (“Keyera”) will flow an additional 12,500 Bbls/d of liquified petroleum gases (“LPGs”) through AltaGas’ west coast export facilities. The incremental tolling volumes will commence in 2028, post the Keyera Fort Saskatchewan III expansion project going into service.

This agreement expands on the 12,500 Bbls/d of long-term export capacity that Keyera previously contracted for and was announced in February of this year. In aggregate, Keyera will now have 25,000 Bbls/d of LPG export capacity from AltaGas’ west coast facilities under 15-year tolling agreements with a growing portion of Keyera’s LPGs being directed to premium downstream markets in Asia.

Demand for Global Markets Access Remains Robust

The importance of market diversification and the strategic advantage of AltaGas’ global exports platform is being reinforced in the current market with U.S. and global tariffs creating increased market uncertainty. AltaGas provides its customers the opportunity for protection against tariff and counter-tariff impacts and ensures access to the highest priced global markets. As Canadian upstream production continues to grow, we believe it is critical to connect more of Canada’s vital energy products to premium global markets for the benefit of all Canadians. AltaGas is positioned to benefit from the long-term fundamentals of growing Canadian natural gas and natural gas liquids (“NGL”) production, strong Asian demand and the Company’s structural shipping advantage from the west coast. AltaGas has exceeded its long-term tolling target across its global exports portfolio and will continue to evaluate additional long-term contracts.

Construction progress on the Ridley Island Energy Export Facility (“REEF”) continues to progress. Uplands work is advancing with overburden removal finished and rock blasting nearing completion. Offsite fabrication is progressing according to the execution plan. Fabrication is taking place in Asia with the LPG storage vessels and bullets over 70 percent complete. Compression and refrigeration fabrication is also progressing offsite in controlled manufacturing environments, in Canada, on a modular basis. Progress on the jetty continues to accelerate and is recovering from weather-related delays experienced during the winter. Over 60 percent of total project costs are now incurred or committed, further de-risking construction execution.

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 energy infrastructure business that is focused on delivering resilient and durable value for its stakeholders. From wellhead to tidewater, AltaGas’ Midstream business is focused on providing its customers with safe and reliable service and connectivity that facilitates the best outcomes for their businesses. This includes global market access for North American LPGs, which provides North American producers and aggregators with the best netbacks for LPGs while delivering diversity of supply and stronger energy security to its downstream customers in Asia.

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

Media Inquiries
1-403-206-2841
media.relations@altagas.ca

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