Keyera Targets Aggressive Growth Following Plains Asset Integration

The integration of Plains’ processing, storage, and marketing infrastructure has provided the connectivity necessary to scale operations. Management anticipates further gains through supply chain optimization and improved market access. These operational improvements underpin a new financial outlook, with fee-based adjusted EBITDA per-share growth projected at a 16% compound annual rate through 2027, followed by sustained growth of 7% to 8% annually through 2029.

Looking toward 2026, the company expects realized margins in its marketing segment to reach between C$360 million and C$390 million. This guidance accounts for scheduled maintenance at the AEF isooctane facility and ongoing fractionation expansion projects. To protect against volatility, Keyera has hedged 90% of its expected 2026 liquids-processing margins and roughly half of its 2027 exposure.

Capital deployment remains focused on maintaining investment-grade credit ratings while adhering to a 50% to 70% payout ratio. For the upcoming 2026 fiscal year, Keyera has earmarked C$550 million to C$625 million for growth capital, alongside C$240 million to C$260 million allocated for maintenance requirements.