Keyera Co.

Keyera has bought the remaining 50% of the KAPS pipeline from Stonepeak for $1.215 billion and now owns 100% of the NGL pipeline system that links Montney and Duvernay to downstream markets. Construction of KAPS Zone 4 is on schedule and on budget, with planned in‑service mid‑2027; Keyera expects the acquisition to add a low single‑digit percentage to distributable cash flow per share over the next few years and to raise the fee‑based adjusted EBITDA growth target for 2025–2027 to 16–18%. The transaction is being financed by a $525 million bought‑deal offering and credit facilities; KAPS is backed by long‑term contracts (average remaining term ~12 years, 75% take‑or‑pay); net debt/EBITDA is expected to be within the 2.5x–3.0x target range by 2028. » More on de.investing.com

Keyera reported Q1 2026 EPS of −$0.53 versus an expectation of $0.24, thus missing the forecast significantly. Revenue rose to $1.59 billion, beating estimates by 43%, accompanied by a record CAD 118 million margin in gas gathering and processing. The acquisition of Plains’ NGL business strengthens the integrated platform and market position, which helped the stock rise 2.44% despite the earnings decline and leaves the company well positioned for further revenue growth. » More on de.investing.com

Keyera shares fell 6.3%, the largest drop since 2021, after Canada’s Competition Bureau filed an application with the Competition Tribunal seeking to prevent Plains All American Pipeline’s acquisition of the Canadian liquefied gas business. The authority cited concerns that the transaction would harm competition in processing and storage of liquefied gas, particularly in Fort Saskatchewan, Alberta. A technical briefing by the Competition Bureau is planned to explain the details of the objections and the merger-control process. » More on de.investing.com

Keyera presented its Q4-2025 investor presentation and highlights the acquisition of Plains’ Canadian NGL business as a core strategy, with closing expected by the end of Q1 2026; the deal is intended to create a nationwide NGL corridor network with substantial incremental capacity. The company is targeting average annual growth in fee-based adjusted EBITDA of 7–8% from 2024–2027 and expects the Plains transaction to accelerate that growth. Keyera maintains investment-grade ratings (BBB/Stable), reports net debt of about 1.8x EBITDA, and forecasts 2026 growth capital expenditures of USD 400–475 million, with stable cash flows underpinned by a high share of take-or-pay contracts. At the same time, Keyera missed the Q4 earnings target (EPS CAD 0.39 vs. CAD 0.45) and pointed to operational challenges, such as an unplanned AEF outage. » More on de.investing.com

Keyera reported Q3 2025 EPS of $0.37 (forecast $0.54) and revenue of $1.82bn (forecast $1.94bn), both well below expectations. Despite the miss, the stock rose 2.32% in premarket trading, supported by strong growth in fee-based segments and improved infrastructure margins. The company reaffirmed a positive outlook with a target of 7–8% CAGR for adjusted fee-based EBITDA through 2027 and expects the Plains NGL acquisition to close in Q1 2026 with at least CAD 100m in synergies, but sees risks from commodity price volatility and integration challenges. » More on de.investing.com