Canada’s energy industry has seen more than its share of merger-and-acquisition activity this year. The latest big deal involves the midstream sector, with Keyera agreeing on June 17 to buy Plains Midstream Canada’s NGL business in Canada for C$5.15 billion ($3.75 billion). The purchase will transform Alberta-focused Keyera into a nationwide NGL machine and caps its very busy first half of 2025. In today’s RBN blog, we take a closer look at the agreement and how it ties into other recent initiatives by the Canadian midstreamer.
There’s been a flurry of M&A up north. Small property and production asset purchases/sales that barely make a flash on the radar of the industry’s press have been commonplace, but the recent blockbuster C$15 billion ($10.7 billion) merger between oil and gas producers Whitecap Resources and Veren Inc. set the Canadian oil and gas producing sector abuzz. And all of this is happening in an environment where Western Canada’s natural gas prices have been, at times, trading at mere pennies per MMBtu this summer as crude oil prices swing wildly on U.S. tariff zig-zags and recent geopolitical turbulence in the Middle East.
Not to be outdone, Canada’s midstream space, often quietly working behind the scenes to process, store and transport natural gas, NGLs and crude oil, saw its own large-scale transformative acquisition announced a couple of weeks ago. Keyera’s plan to buy substantially all of Plains Midstream Canada’s NGL assets in Canada, while subject to shareholder and regulatory approvals, is expected to close by Q1 2026. Before we get too deep into the details of the deal, let’s take a very quick tour of both companies in terms of their operations and footprints across North America, starting with Keyera.
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Keyera Corp. is a Calgary, AB-based midstream company that operates 12 natural gas processing plants, NGL fractionation plants, pipelines, storage, and rail- and truck-loading terminals as well as the Alberta EnviroFuels (AEF) plant, a manufacturer of iso-octane, an important component of motor gasoline — all located in Alberta. The company also operates two storage sites, one for crude oil (Wildhorse Terminal) at Cushing, OK, and the other for NGLs (Oklahoma Liquids Terminal) near Tulsa, OK.
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About the song
“Don’t Fence Me In” was written by Cole Porter and Robert Fletcher for Adios, Argentina, an unreleased 20th Century Fox musical motion picture in 1934. There was controversy over the copyright, showing Porter as the sole composer. Fletcher later successfully sued Porter’s publishing company to add his name as co-author of the song. The song is about freedom and the desire to roam in the American West. Porter later said it was one of his least favorite songs he had written. The tune was performed in public for the first time by Kate Smith on her radio show in October 1944. Roy Rogers sang the song in the 1944 Warner Bros. film Hollywood Canteen, then as the title tune of the 1945 film Don’t Fence Me In. Other artists who have recorded the song are Frank Sinatra, Gene Autry, Ella Fitzgerald, Eddie Arnold, James Brown, Willie Nelson and Leon Russell. Bing Crosby and The Andrews Sisters recorded the song in a 30-minute session in July 1944 and released it as a 78 RPM single on Decca Records, backed with “Pistol Packin’ Mama,” in November 1944. It went to #1 on the Billboard Pop Singles chart. The song was featured in the Decca Records 78 RPM Bing Crosby album, Welcome Stranger and Don't Fence Me In, an album of Bing Crosby and The Andrews Sisters. Personnel on the record were: Bing Crosby, The Andrews Sisters (vocals), and Vic Shoen and his Orchestra (musical accompaniment).
The 12-song, 78-RPM Bing Crosby album, Welcome Stranger, was released in April 1946 and went to #2 on the Billboard Popular Record Albums chart. All of the 78 RPM records in the 12-song portfolio album were also available as singles.
Bing Crosby was an American singer, comedian, actor and entertainer. He released 71 studio albums, two live albums, 307 compilation albums, 27 EPs and 409 singles. He is one of the world's best-selling recording artists, with estimated sales of over 300 million records worldwide. He appeared in 104 motion pictures and 74 television shows. He won an American Music Award, an Academy Award, a Golden Globe Award, a New York Film Critics Circle Award and has a Grammy Lifetime Achievement Award, is a member of the National Association of Broadcasters Hall of Fame, and has a star on the Hollywood Walk of Fame. Crosby died in October 1977, after playing 18 rounds of golf in Madrid, Spain, at 74.
