Mr. Cornhill: AltaGas was formed April 1, 1994. Until that time, I was President of Alberta and Southern Gas, which was a subsidiary of PG&E. Alberta and Southern Gas was being shut down as a result of restructuring of the California gas market. I had looked at the midstream business in the US which developed in the mid- to late 1980s and saw that there was the same need here in Canada, and I put a business plan together. I completed the shutdown of Alberta and Southern Gas on April 1, 1994 and the next day started AltaGas Services Inc. to implement the midstream business plan. We had 20 employees and 37,000 in assets. Since then, we have grown the company quite extensively and today have assets of over 450 million Canadian and have some 350 employees. We offer the full range of midstream services. We own over 60 natural gas processing facilities in western and northern Canada. We market gas and have interests in deep-cut extraction facilities. We own a natural gas utility in the province of Alberta and service approximately 6% of the province's natural gas distribution market. We're also involved in the only natural gas distribution project north of the Arctic Circle. We are rapidly growing.
TWST: Are you providing, as you say, midstream?
Mr. Cornhill: Yes. Midstream activities include those services and
facilities required to move natural gas from the wellhead to the end-use
market. We operate some 1,000 wells in Alberta for producers. Our
gathering and processing facilities have total processing capacity of
650 million cubic feet per day. The two deep cut facilities have a net
processing capacity of 200 million cubic feet per day. We have some
small intra-provincial transmission lines and our gas utility serves
about 55,000 customers in the province of Alberta.
Tickers included in this excerpt: ALA.TO
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.