Transformative Acquisition of Plains’ Canadian NGL Business
Accelerating Growth, Expanding Reach, Creating Value for Customers and Shareholders
June 17, 2025
OUR PURPOSE
Empowering the lives of people today to create a sustainable tomorrow.
OUR MISSION
Connecting energy for life.
OUR VISION
To be the North American leader in delivering energy infrastructure solutions.
Acquisition of Plains’ Canadian NGL Business 2
Transaction Overview
Keyera to acquire substantially all of Plains’ Canadian NGL business and select US assets for total purchase price of $5.15 billion in cash consideration, subject to adjustments
Acquisition of Plains’ Canadian NGL Business
Brings key NGL platform under Canadian Ownership, supporting Canadian infrastructure, energy security and economic resilience
Represents ~7.8x expected 2025E adjusted EBITDA1, or ~6.8x
including run-rate synergies
Delivers mid-teens percentage accretion to distributable cash flow per share1,2 in the first full year
Prudently funded to maintain balance sheet strength and flexibility, with pro forma net debt to adjusted EBITDA3 within target range of 2.5-3.0x
- Fully financed with secured, committed bridge facility
Concurrent $1.8 billion bought deal equity offering and subsequent debt financing de-risks funding plan
Expected to close in Q1 2026, subject to regulatory approvals
1,2.3. See slide 18 for notes regarding this slide 3
Strategic Acquisition Extending Keyera’s Integrated Value Chain
Complements Keyera’s existing business with an expanded NGL service offering and diversified market access
Other PFS Supply (C3+)
Global LPG
Export
Co-ed (C3+ / C5+)
Empress (C2 / C3+)
US
Pro Forma Business Statistics
△
G&P Capacity
(~50% Montney)
~2.2 Bcf/d
Straddle Capacity
~5.7 Bcf/d
+ ~5.7
C3+ Fractionation1
~347 kbpd
+ ~193
NGL Storage
~44 MMbbls
+ ~23
NGL Pipeline Capacity
~1,955 kbpd
+ ~575
- Enhances scale of NGL infrastructure by combining Keyera’s and Plains’ gathering, fractionation and storage operations
- Extends integrated value chain to eastern North America, providing geographic diversification and expanded reach to downstream customers
- Unlocks commercial potential, by applying Keyera’s expertise in risk management, marketing, and operational optimization to improve margins and drive performance
- Delivers meaningful synergies, with approximately $100 million of expected near-term annual cost savings and operational enhancements in the first full year
- Maintains strong contract foundation, with
~70% of pro forma fee-for-service realized margin supported by long-term commercial agreements reinforcing dividend sustainability and growth
Acquisition of Plains’ Canadian NGL Business
1, See slide 18 for notes regarding this slide
4
Favourable North American Natural Gas Macro Dynamics
Strong demand pull for low-cost, long-life WCSB inventory driving continued volume growth for gas and NGL’s
Demand Pull
+3
+15
WCSB Natural Gas Flows1,3
X LNG Growth 2024-2030 (Bcf/d)
WCSB plays among the lowest supply cost and fastest growing in North America, with long inventory lives
Strong demand pull for WCSB production driven by LNG, petrochemicals, power needs from AI and data centres
Montney, Duvernay and Deep Basin gas production expected to grow by ~6 Bcf/d by 2040
Associated NGL volumes expected to grow by ~500 Mbbl/d by 2040
Gas Production (Bcf/d)
NGL/C5 Production (Mbbl/d)
Inventory | ||||
Midland Utica
SCOOP/STK Marcellus Haynesville | 24 | |||
12 | ||||
9 | ||||
6 | ||||
5 | ||||
4 | ||||
3 | ||||
1 | ||||
25 1,500
Production (Bcf/d)
Production (Mbbl/d)
20 1,200
15
10
5
-
2024A 2030E 2040E
900
600
300
-
2024A 2030E 2040E
BC Montney
AB Montney
Deep Basin
Duvernay
BC Montney
AB Montney
Deep Basin
Duvernay
Acquisition of Plains’ Canadian NGL Business
1,2,3. See slide 18 for notes regarding this slide
5
Attachments
- Original document
- Permalink
Disclaimer
Keyera Corporation published this content on June 17, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 17, 2025 at 20:45 UTC.
