Q1 2026 Keyera Corp Earnings Call Transcript
Key Points
- Keyera Corp (KEYUF) successfully closed the acquisition of Plains Canadian NGL business, expanding its integrated platform.
- The acquisition enhances connectivity, processing, transport, and marketing capabilities, providing improved access to key markets.
- Keyera Corp (KEYUF) delivered a new quarterly record for realized margin in gathering and processing, driven by record throughput at Wapiti.
- Growth projects such as KFS FRAC 2D and FRAC 3 are progressing well, with some expected to come in below budget.
- The company maintains a strong balance sheet with a net debt to adjusted EBITDA ratio of 2.2 times, providing financial flexibility.
- The Commissioner of Competition has filed an application with the Competition Tribunal regarding the Plains acquisition, creating uncertainty.
- Keyera Corp (KEYUF) reported a net earnings loss of $122 million for the quarter.
- The marketing segment realized margin decreased to $13 million, impacted by the AES outage and butane risk management activities.
- The reliability of the AEF facility has been below expectations, requiring a revised maintenance strategy.
- There is uncertainty regarding the timeline and outcome of the competition tribunal process, which could impact the acquisition's benefits.
Good morning, my name is Joel and I will be your conference operator today. At this time, I would like to welcome everyone to the Keyera's 2026 first quarter conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Dan Cuthbertson, General Manager, Investor Relations. You may begin.
Thanks, 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, Liquids Business Unit; and Brad Slessor, Senior Vice President, GMT and NGL Pipelines Business Unit.
We will 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 will 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
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