https://www.pipelinenewsnorth.ca/altagas-reports-strong-performance-at-ridley-island-1.24178759
AltaGas Ltd. managed to do something in its second quarter that is somewhat unique these days in the Canadian oil and gas sector — produce a solid profit and even provide an optimistic outlook despite the headwinds created by the COVID-19 pandemic.
The Ridley Island Propane Export Terminal contributed $30 million of normalized EBITDA in the second quarter on exports of 41,460 bbls/d delivered to Asian markets at an EBITDA contribution of approximately $8/bbl, the company said.
AltaGas remains on track to hit its 50,000 bbls/d export target through Ridley Island by year-end. The company has secured 50,000 bbls/d of supply at April 1, 2020, with 33% under long-term tolling agreement.
“Performance at RIPET remains strong,” CEO and president Randy Crawford said. “We continue to deliver on our goals, setting a record in the second quarter with 41,460 bbls/d of Canadian propane exported to Asia on seven ships. We are pleased with the progress we continue to make at RIPET and we remain on track to hit 50,000 bbls/d before year-end.”