Q2 2025 Keyera Corp Earnings Call Transcript
Key Points
- Keyera Corp (KEYUF) delivered strong results in the second quarter, advancing its long-term strategy with strong commercial momentum.
- The company sanctioned three capital-efficient growth projects, including Frac II Debottleneck, Frac III, and KAPS Zone 4.
- Keyera Corp (KEYUF) secured over 100,000 barrels per day of new long-term contracted volumes on KAPS Zones 1 to 4.
- The transformational acquisition of Plains' Canadian NGL business is expected to be mid-teens accretive to distributable cash flow per share in the first full year.
- The company's fee-based adjusted EBITDA is projected to increase by approximately 50% over the period following the acquisition.
- Adjusted EBITDA for the second quarter was $252 million, down from $326 million in Q2 2024.
- Distributable cash flow decreased to $159 million or $0.69 per share, compared to the previous year.
- Marketing realized margin declined to $60 million from $136 million last year, mainly due to softer commodity pricing.
- The annual impact of the 2025 AEF outage is estimated at $50 million.
- There is uncertainty regarding the timeline for closing the Plains acquisition, which is subject to Competition Bureau approval.
Good morning. My name is Angeline, and I will be your conference operator today. At this time, I would like to welcome everyone to Keyera's 2025 second quarter conference call. (Operator Instructions)
I would now like to turn the call over to Dan Cuthbertson, General Manager of Investor Relations. You may begin.
Thank you, and good morning. Joining me today will be Dean Setoguchi, President and CEO; Eileen Marikar, Senior Vice President and CFO; Jamie Urquhart, Senior Vice President and Chief Commercial Officer; and Jarrod Beztilny, Senior Vice President, Operations and Engineering. We'll begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions.
I'd like to remind listeners that some of the comments and answers that we'll give today relate to future events. These forward-looking statements are given as of today's date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-GAAP financial
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