Keyera's evolution

• Dean Setoguchi is named Keyera's new President & CEO, effective January 1, 2021.
• Completed its optimization of its southern gas processing assets.
• Acquired the remaining 50 per cent ownership interest in the Alberta Crude Terminal and now owns and operates 100 per cent of the facility.
• The 17th storage cavern was completed and came into service in September.
• The Wildhorse Terminal in Cushing, Oklahoma commenced operations.

• Added a 16th underground cavern at our Fort Saskatchewan facility, increasing our total underground storage capacity to 15.5 million barrels.
• Pipestone gas plant, developed in a joint effort with Ovintiv Inc., becomes operational. The facility supports condensate focused Pipestone Montney development.
• Phase 2 of the Wapiti gas plant was completed, and added an additional 150 million cubic feet per day of sour gas processing capacity.
• Keyera entered into a 15-year power purchase agreement with Samsung Renewable Energy Inc. to purchase solar power from a 25-megawatt capacity solar generation facility located north of Drumheller, Alberta. The facility is anticipated to begin commercial operation in mid-2022.

• North Wapiti Pipeline System (NWPS) becomes operational, extending the capture area of our Wapiti gas plant.

• Completed phase one of the Wapiti gas plant. Phase one included construction of a 150 million cubic feet sour gas processing plant and 25,000 barrels of condensate processing facilities per day.

• Issued $600 million of 6.875% fixed-to-floating rate subordinated hybrid notes due June 13, 2079. The net proceeds will be used to fund our ongoing capital program, repay indebtedness under Keyera’s revolving credit facility, and for general corporate purposes.

• Announced the proceeding of KAPS, which will transport NGLs and condensate from northwest of Grande Prairie into Fort Saskatchewan, Keyera’s fractionation facility and condensate hub.

• Announced a sulphur handling project at South Cheecham Terminal.

• Completed construction of new inlet liquids separation facilities and a new flare system at Simonette to accommodate high volumes of liquids-rich gas coming into the plant. The Simonette expansion project becomes operational, bringing its total capacity to 450 million cubic feet per day.

Canada: 

• Completed the Keylink NGL gathering system, connecting eight of our gas plants into our Rimbey gas plant for fractionation.

• Entered into a 20-year infrastructure development and midstream service agreement with Encana to support their condensate focused Pipestone development.

• Start-up of our newly constructed Base Line Terminal. The 12-tank, 4.8 million barrel facility is fully contracted with long-term take-or-pay agreements.

• Construction completed on the South Grand Rapids Pipeline, extending from our Edmonton Terminal to TransCanada’s Heartland Terminal near Fort Saskatchewan.

• Completed liquids handling expansion at our Simonette gas plant and announced expansion of the plants processing capacity.

• The 15th underground cavern was put into service at our Fort Saskatchewan facility, increasing total storage capacity to approximately 14 million bbls.

• Keyera issued $400 million of senior unsecured medium term notes, having a fixed coupon of 3.934% per annum, paid semi-annually, and maturing on June 21, 2028.   

United States:

• Expanded US business with the announcement of Wildhorse Terminal, a crude oil storage and blending terminal in Cushing, Oklahoma.

• Acquired a logistics and liquids blending terminal located in Tulsa, Oklahoma.

• Completed the Hull Terminal pipeline system, which extends through our Hull Terminal and ends at North America’s largest NGL hub, Mont Belvieu.

• Announced over $245 milion of growth capital initiatives, including a new NGL gathering system (Keylink) and a project to expand the liquids handling capacity at our Simonette gas plant.

• Construction of Norlite pipeline completed, enabling delivery of diluent from Fort Saskatchewan area to certain oil sands projects.

• Announced plans to construct the North Wapiti Pipeline System (NWPS) to the Montney area.

• Acquired 1,290 acres of undeveloped land in the Industrial Heartland area new Fort Saskatchewan.

• DBRS Limited assigned Keyera an Issuer Rating of "BBB" with a "Stable" trend and S&P Global assigned Keyera a Long-term Corporate Credit Rating of "BBB/Stable."

• Entered agreements with Athabasca Oil Corporation and Murphy Oil Company Ltd. to process production from their Montney and Duvernay operations west of Fox Creek, Alberta.

• Announced plans to add improved inlet liquids handling facilities and acid gas injection facilities to the Simonette gas plant for an expected cost of $85-$100 million, expected to be operational in the third quarter of 2019.

• Successfully completed a public offering of 14,030,000 common shares priced at $35.20 each, for total gross proceeds of approximately $494 million.

• Completed fractionation expansion at our Fort Saskatchewan facility.
• Closed an acquisition from Bellatrix Exploration Ltd. for an additional 35% ownership interest in the Alder Flats gas plant and its associated gathering pipelines, bringing our total ownership to a 70% interest.

• Announced acquisition of a 50% interest in southernmost portion of the diluent Grand Rapids Pipeline.

• Completed several projects including the Simonette gas plant expansion and condensate stabilizer, the Twin Rivers pipeline system, the turbo expander at our Rimbey gas plant, and the newly constructed Alder Flats and Zeta Creek gas plants.  

• Announced a two-for-one split of outstanding common shares. Each shareholder received one additional common share of Keyera for each common share held on the share split record date, which was April 1, 2015.

• Acquired a 70.79% ownership interest in the Ricinus deep-cut gas plant.

• Keyera Josephburg Terminal (KJT) became operational.
• Effective with the May dividend, we amended and reactivated the Premium DividendTM component of our Premium DividendTM and Dividend Reinvestment Plan. 

• Agreed to participate in a new deep-cut gas plant and related pipelines in the Alder Flats area.

• Agreed to participate as a 60% owner in the Zeta Creek gas plant.

• Acquired an 85% ownership interest in the West Pembina gas plant.

• Completed construction and officially opened the South Cheecham Rail and Truck Terminal.

• Acquired the Alberta EnviroFuels from Chevron Standard Limited and Neste Canada Inc., including an iso-octane manufacturing facility, associated pipelines, and iso-octane sales agreements with major refiners in Canada and the U.S.

• Completed another public offering of a total of 4,715,000 common shares at $43 per share.

• Announced over $330 million of growth capital initiatives, including the construction of a de-ethanizer at Fort Saskatchewan fractionation facility, and installation of a turbo expander at Rimbey gas plant.

• Entered into agreement to acquire a rail and truck terminal in Hull, Texas to handle receipt and delivery of propane, butane, and NGL mix.

• Completed construction of the Carlos pipeline, which began delivering production from the liquids-rich Glauconite formation in the Hoadley area to the Rimbey gas plant.

• The Fund converted from an income trust structure to a corporate structure.

• Completed several acquisitions including:

  • 100% interests in the Simonette gas plant, North Cabin pipeline, and Solomon and Cabin Creek facilities.

  • 36.5% interest in Minnehik Buck Lake gas plant.

  • 22% ownership interest in non-operated Edson gas plant.

  • Additional ownership interests in Keyera-operated West Pembina, Nordegg River, Gilby, and Brazeau River gas plants.

• Completed 40 million cubic feet per day expansion of Caribou gas plant.

• Initiated construction on a connector pipeline from Enbridge Southern Lights Pipeline to our Edmonton Terminal, and a new pipeline segment connecting our Fort Saskatchewan facilities to the Polaris pipeline.

• Entered into a long-term oil sands diluent handling agreement with Husky for Husky-operated Sunrise oil sands project.

• Completed construction of the ethane extraction project at the Rimbey gas plant.

• Increased ownership in Strachan gas plant to 91% from 86%.

• Acquired an additional 33% interest (to 54%) in the West Pembina gas plant.

• Announced significant long-term fee-for-service agreements with Imperial Oil to provide diluent transportation, storage and rail offload services.

• Unitholders of the Fund approved an internal reorganization to streamline the Fund's overall structure, consolidate ownership interests, achieve greater accounting, legal, reporting, and income tax simplicity, and enhance tax planning flexibility.

• Acquired a property with above-ground storage capacity and rail access near our Edmonton Terminal that has since been developed into Alberta Diluent Terminal (ADT).

• Acquired ownership interests in the West Pembina gas plant, Judy Creek pipeline system, and Bonnie Glen crude oil and condensate system.

• Acquired 100% ownership of the Nevis gas plant.

• Increased ownership in the Rimbey gas plant, Brazeau River gas plant, and Brazeau North East gas gathering system.

• The Fund completed a fifth public offering of $80 million of convertible debentures (KEY.DB.A) – funds were used to finance several acquisitions and growth projects.

• Completed reorganization of Rimbey Pipeline Co. Ltd. to form a new limited partnership called Rimbey Pipeline Limited Partnership. 

• The Fund began streamlining its structure by amalgamating EnerPro and Keyera Energy Management Ltd. 

• Name changes from KeySpan Corporation to Keyera, meaning "key facilities for a new era". 

• KeySpan Facilities Income Fund becomes Keyera Facilities Income Fund.

• Completed several strategic acquisitions including the purchase of additional interests in the Strachan gas plant, Medicine River Pipeline, and Rimbey Gull Lake pipeline.

• Expanded presence in the U.S. with the incorporation of Keyera Energy Inc. and the acquisition of four propane terminals.

• The Fund completed a second public offering of 15.617 million units. Proceeds from the second offering were used to acquire a 35.91% interest in the primary operating partnership of KeySpan Corporation. The fund increased its indirect interest in the partnership to 75%.

• The Fund completed a third public offering of 10.72 million units and $100 million of convertible debentures (KEY.DB) that matured on June 30, 2011. The proceeds of this offering were used to fund a portion of the purchase price associated with the acquisition of EnerPro Midstream Company from Chevron Canada Resources. With this acquisition came all of Chevron's western Canadian gas gathering and processing facilities, as well as its NGL infrastructure assets.

• The Fund contributed the assets of EnerPro to the operating partnership, increasing its indirect interest to 82.56%.

• The Fund purchased KeySpan Corporation's remaining interest in the operating partnership and became a wholly owned subsidiary of the Fund.

• KeySpan Facilities Income Fund was created, and units began trading on the Toronto Stock Exchange after closing of the Initial Public Offering of 17 million units. After the IPO, KeySpan Corporation owned a majority interest in the fund’s primary operating partnership and the fund indirectly owned 39%.

• Gulf sold its remaining interest in Gulf Midstream Services to KeySpan Corporation and Gulf Midstream Services, and the partnership was renamed KeySpan Energy Canada Partnership.

• Gulf sold a 50% interest in its midstream assets to a wholly-owned subsidiary of KeySpan Corporation, together forming a partnership called Gulf Midstream Services.

• A large portion of our western Canadian assets were built and operated by Gulf Canada Resources Limited and Chevron Canada Resources.