Keyera Completes Acquisition of Core Fort Saskatchewan Facilities

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CALGARY, AB, Feb. 13, 2023 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera" or the "Corporation") today confirms the closing of the previously announced acquisition of a 21% working interest in the Keyera Fort Saskatchewan ("KFS") complex from Plains Midstream Canada, bringing its total ownership in KFS to 98%. Total cash consideration including adjustments was $366.5 million.

The transaction offers many benefits to Keyera including:

  • Meaningful synergies with Keyera's integrated platform
  • Accretive to Distributable Cash Flow per share1
  • Increased fractionation capacity in a high-demand market, while eliminating new-build project execution risk in an inflationary environment
  • Additional capital efficient growth options including the potential for future fractionation debottlenecks

The acquisition includes capacity additions of about 14,000 barrels per day of fractionation, 6,000 barrels per day of de-ethanization, 3.7 million barrels of storage and 79,200 barrels per day of capacity in four pipelines that transport NGLs between Edmonton and Fort Saskatchewan.

About Keyera Corp.

Keyera Corp. (TSX:KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

Additional Information

For more information about Keyera Corp., please visit our website at or contact:

Investor Inquiries
Dan Cuthbertson, Director, Investor Relations
Calvin Locke, Manager, Investor Relations
Rahul Pandey, Senior Advisor, Investor Relations
Email: [email protected] Telephone: 403.205.7670
Toll free: 888.699.4853

Media Inquiries
Kirsten Bell, Director, Stakeholder Communications
Terry Cunha, Advisor, Media Relations
Email: [email protected]
Telephone: 587.496.8092



Distributable cash flow per share is not a standard measure under GAAP. See the section of this news release titled "Non-GAAP and Other Financial Measures" for additional information.

Non-GAAP and Other Financial Measures

This news release refers to certain financial and other measures that include forward-looking information. These measures are not determined in accordance with Generally Accepted Accounting Principles (GAAP) and as a result, may not be comparable to similar measures reported by other entities. Since these measures do not have any standardized meaning under GAAP, they should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP. 

Specifically, references to distributable cash flow per share have been included. For additional information regarding the composition of this measure, how management utilizes it, and the equivalent historical non-GAAP financial measure,  refer to "Management's Discussion and Analysis" (MD&A) for the year ended December 31, 2021, which is available on SEDAR at and Keyera's website at Specifically, the sections of the MD&A titled, "Dividends: Funds from Operations and Distributable Cash Flow", and "Non-GAAP and Other Financial Measures" include information that has been incorporated by reference. References to adjusted EBITDA in this news release are in relation to net debt to adjusted EBITDA which is calculated in accordance with the covenant test calculations related to the Corporation's credit facility and senior note agreements and excludes hybrid notes. For further information regarding the covenant test calculations, refer to the section of the MD&A for the period ended December 31, 2021 titled, "Liquidity and Capital Resources".

Forward-Looking Information

Certain statements contained herein, including future-oriented financial information or financial outlooks, within the meaning of applicable securities laws, are forward-looking (collectively, "forward-looking statements"). The forward-looking statements contained herein are intended to provide readers with information regarding Keyera, including its assessment of future plans, operations and financial performance related to its acquisition of additional working interest in the Keyera Fort Saskatchewan facility and the Offering, and may not be appropriate for other purposes. These forward-looking statements relate to future events or Keyera's future performance. Such statements are predictions only and actual events or results may differ materially. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "plan", "intend", "believe", and similar expressions, including the negatives thereof. All statements other than statements of historical fact contained in this document are forward-looking statements. 

The forward-looking statements reflect management's current beliefs and assumptions with respect to such things as the outlook for general economic trends, industry trends, commodity prices, capital markets, and the governmental, regulatory, and legal environment. In some instances, forward-looking statements contained herein may be attributed to third party sources. Management believes that its assumptions herein are reasonable and that the expectations reflected in the forward-looking statements contained herein are also reasonable based on the information available on the date such statements were made, and the process used to prepare the information. However, Keyera cannot assure readers that these expectations will prove to be correct.

All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward-looking statements. For information about the risk factors that could cause actual results to differ materially from forward-looking statements, as well as other assumptions used to develop the forward looking statements, please refer to Keyera's filings made with Canadian provincial securities commissions, including Keyera's Management Discussion & Analysis for the year ended December 31, 2021 dated February 16, 2022 and Keyera's Annual Information Form for the year ended December 31, 2021 dated February 16, 2022, which can be viewed on SEDAR at and on the Keyera website at In addition, the effects, risks and impacts related to widespread epidemic or pandemic outbreaks, including the coronavirus disease (COVID-19), on Keyera's business, the global economy and markets continue to be unknown at this time and could cause Keyera's actual results to differ materially from the forward-looking statements contained in this news release.

Readers are cautioned that the foregoing is not exhaustive, that they should not unduly rely on these forward-looking statements and that the forward-looking statements in this news release speak only as of the date hereof. Unless required by law, Keyera does not intend and does not assume any obligation to update its forward-looking statements. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Further information about the factors affecting forward-looking statements and management's assumptions and analysis thereof, is available in filings made by Keyera with Canadian provincial securities commissions, which can be viewed on SEDAR at

Keyera Completes Acquisition of Core Fort Saskatchewan Facilities (CNW Group/Keyera Corp.)

Keyera Corp. Logo (CNW Group/Keyera Corp.)

SOURCE Keyera Corp.

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