Operational - Quarterly Summary
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Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
Q3 2023 |
Utilities |
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| Natural gas deliveries – end use (Bcf) (1) | 8.9 | 14.5 | 54.5 | 48.3 | 8.5 |
| Natural gas deliveries – transportation (Bcf) (1) | 20.7 | 20.2 | 35.1 | 30.5 | 19.9 |
| Service sites (thousands) (2) | 1,560 | 1,560 | 1,562 | 1,560 | 1,553 |
| Degree day variance from normal – SEMCO Gas (Michigan) (%) (3) | (57.4) | (29.0) | (13.8) | (9.8) | (19.4) |
| Degree day variance from normal – Washington Gas (D.C.) (%) (3)(4)(5) | (100.0) | (31.6) | (15.6) | (9.2) | – |
| WGL retail energy marketing – gas sales volumes (Mmcf) | 8,179 | 9,664 | 23,810 | 16,863 | 8,550 |
| WGL retail energy marketing – electricity sales volumes (GWh) | 4,344 | 3,714 | 3,542 | 3,518 | 4,134 |
Midstream |
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| LPG export volumes (Bbls/d) (6) | 128,272 | 123,285 | 115,108 | 90,996 | 118,213 |
| Total inlet gas processed (Mmcf/d) (6) | 1,303 | 1,420 | 1,401 | 1,312 | 1,182 |
| Extracted ethane volumes (Bbls/d) (6) | 20,314 | 19,618 | 20,369 | 23,879 | 25,501 |
| Extracted NGL volumes (Bbls/d) (6)(7)(8) | 46,707 | 47,054 | 48,272 | 36,138 | 36,070 |
| Fractionation volumes (Bbls/d) (6)(9) | 43,445 | 43,421 | 41,072 | 38,150 | 39,699 |
| Frac spread – realized ($/Bbl) (6)(10) | 24.70 | 25.32 | 25.25 | 23.13 | 23.75 |
| Frac spread – average spot price ($/Bbl) (6)(11) | 30.39 | 29.61 | 25.45 | 20.55 | 21.31 |
| Propane Far East Index (FEI) to Mont Belvieu spread (US$/Bbl) (6)(12) | 13.28 | 14.52 | 14.06 | 26.44 | 21.30 |
| Butane FEI to Mont Belvieu spread (US$/Bbl) (6)(13) | 17.44 | 16.17 | 13.87 | 27.74 | 22.07 |
Notes:
(1) Bcf is one billion cubic feet.
(2) Service sites reflect all of the service sites of the utilities, including transportation and non‑regulated business lines.
(3) A degree day is a measure of coldness determined daily as the number of degrees the average temperature during the day in question is below 65 degrees Fahrenheit. Degree days for a particular period are determined by adding the degree days incurred during each day of the period. Normal degree days for a particular period are the average of degree days during the prior 15 years for SEMCO Gas and during the prior 30 years for Washington Gas.
(4) In certain of Washington Gas’ jurisdictions (Virginia and Maryland) there are billing mechanisms in place which are designed to eliminate the effects of variance in customer usage caused by weather and other factors such as conservation. In the District of Columbia, there is no weather normalization billing mechanism nor does Washington Gas hedge to offset the effects of weather. As a result, colder or warmer weather will result in variances to financial results.
(5) The -100 percent degree day variance for Washington Gas in the third quarter of 2024 is a result of there being 12 normal degree days in the third quarter, compared to nil actual degree days. Given that the normal degree days in the third quarter are so low compared to other quarters, any change causes a large variance when shown as a percentage.
(6) Average for the period.
(7) NGL volumes refer to propane, butane and condensate.
(8) Reflects the revision of volumes in the first quarter of 2024.
(9) Fractionation volumes include NGL mix volumes processed.
(10) Realized frac spread or NGL margin, expressed in dollars per barrel of NGL, is derived from sales recorded by the segment during the period for frac spread exposed volumes plus the settlement value of frac hedges settled in the period less extraction premiums, divided by the total frac exposed volumes produced during the period.
(11) Average spot frac spread or NGL margin, expressed in dollars per barrel of NGL, is indicative of the average sales price that AltaGas receives for propane, butane and condensate less extraction premiums, before accounting for hedges, divided by the respective frac spread exposed volumes for the period.
(12) Average propane price spread between FEI and Mont Belvieu TET commercial index.
(13) Average butane price spread between FEI and Mont Belvieu TET commercial index.