Keyera Corp. reported third quarter results on November 10. This was the first full quarter following the closing of the acquisition of Plains Midstream's Canadian NGLs business in May. Gross throughput for the Gathering & Processing and Fractionation businesses were up 10% and down 10% year-over-year, respectively. Fractionation output was down due to turnarounds at the Empress and KFS North fractionators, while Enbridge’s Line 5 outage impacted Sarnia output.
The Alberta Envirofuels (AEF) facility near Edmonton produced 10 Mb/d of iso-octane in Q3 vs. 14 Mb/d a year prior. 50% capacity utilization is now expected for Q4 (vs. ~70% previously), and a four-week outage is now planned for January to repair exchanger tubes. A full replacement of the heat exchanger is still scheduled for May 2027.
Guidance for 2026 Marketing margins has been revised again, this time to CAD$400-$430 million, up from CAD$320-$350 million in September, due to stronger butane sales and iso-octane margins, and revaluing Plains inventory and hedges.
Keyera announced a ~15% (~100 Mb/d) debottleneck to its Fort Saskatchewan Condensate System (FSCS) pipeline and storage network, due for start-up in early 2027.
Start-up timing has slipped from year-end 2026 to Q2 2027 for the debottleneck of the KFS North fractionator acquired from Plains, that should add about 8 Mb/d of fractionation capacity and 14 Mb/d of rail loading capacity. There were no changes to guidance for start-up timing for the KAPS Zone 4 pipeline (mid-2027) and the KFS Fractionation III project ( mid-2028), while start-up of the ACE Rail Terminal is now expected in “early” 2028.
Keyera is evaluating a low-cost debottleneck of the Co-ed NGLs pipeline acquired from Plains, and a debottleneck of its 30% owned Norlite condensate pipeline system, which has potential for about 200 Mb/d more capacity from adding pump stations. More details are expected in 2027 on potential new gas plant capacity (debottlenecks at Simonette and Wapiti, a new plant at Gold Creek).
Source: Keyera Corp.
