Core Viewpoint - AltaGas Ltd. has decided to retain ownership of the Mountain Valley Pipeline (MVP) as a long-term investment, which is expected to enhance shareholder value through increased normalized EPS and improved credit metrics over the next few years [1][8][9]. Equity Financing - AltaGas has entered into a bought deal equity financing agreement to issue $400 million of common equity at an offering price of $39.65 per share, with a total of 10,100,000 shares being sold [2][4]. - An over-allotment option allows underwriters to purchase an additional 1,515,000 shares for up to $60 million within 30 days after the offering closes [3]. Use of Proceeds - The net proceeds from the equity offering will be used for leverage reduction and to fund future growth, achieving similar near-term de-leveraging as a full monetization of MVP [4][9]. MVP Ownership Rationale - AltaGas expects project-level MVP EBITDA to significantly increase by the second half of 2028 due to two expansion projects, making continued ownership more valuable than a potential sale [9]. - Retaining MVP is projected to result in $0.02 higher normalized EPS in 2026, $0.03 in 2027, and $0.05 in 2028 and beyond compared to a divestiture [9]. MVP Expansion Projects - The MVP Boost expansion will add 600 MMcf/d of capacity, with a mid-2028 in-service date, and has been contracted under 20-year take-or-pay agreements with investment-grade utilities [10]. - The MVP Southgate project is progressing efficiently, with an expected <5.0x EBITDA build multiple and anticipated to be in service ahead of MVP Boost [10]. Operational Performance - The MVP Mainline is exceeding financial expectations in 2025, supported by long-term contracts with investment-grade counterparties, and is crucial for connecting Appalachian gas to key markets [10].