CALGARY,
AB, Nov. 8, 2023 /CNW/ - Keyera Corp. (TSX:
KEY) ("Keyera") announced its 2023 third quarter financial results
today, the highlights of which are included in this news release.
To view Management's Discussion and Analysis (the "MD&A") and
financial statements, visit either Keyera's website or its filings
on SEDAR+ at www.sedarplus.ca.
"We continue to deliver on our strategy, leveraging the strength
of our integrated value chain to create value for customers and
generate strong returns for shareholders," said Dean Setoguchi, President and CEO. "We continue
to grow our fee-for-service business segments which is improving
the quality of our cash flow. KAPS has fully integrated our value
chain making us stronger and more competitive, by increasing our
ability to attract volumes and maximize value for all
stakeholders."
Highlights
- Strong Quarterly Results – Net earnings were
$78 million (Q3 2022 – $123 million), adjusted earnings before interest,
taxes, depreciation, and amortization1 ("adjusted
EBITDA") were $288 million (Q3 2022 –
$247 million), and distributable cash
flow1 ("DCF") was $186
million (Q3 2022 – $162
million). Quarterly results were driven by record
contributions from the Liquids Infrastructure segment and continued
strong performance from Gathering and Processing ("G&P") and
Marketing.
- Solid Performance from Fee-For-Service Segments – The
G&P segment delivered realized margin1,3 of
$94 million (Q3 2022 – $89 million). This contribution reflects strong
volumes and includes a $3 million
impact from the Alberta wildfires.
The Liquids Infrastructure segment delivered another quarterly
record with realized margin1,3 of $128 million (Q3 2022 – $101 million). Results were driven by
contributions from the KAPS pipeline system and Keyera's
Fort Saskatchewan ("KFS")
complex.
- Pipestone Expansion ahead of Schedule – The Pipestone expansion is now expected to be
operational by the end of 2023, adding 40 million cubic feet per
day ("MMcf/d") of capacity increasing overall capacity from 220
MMcf/d to 260 MMcf/d. The project, supported by long-term
take-or-pay agreements, is on track to be completed at the lower
end of the original cost estimate range of $60 million to $70
million.
- 2023 Marketing Guidance Increased – With continued
strong performance from AEF, Keyera now expects full year 2023
realized margin1,3 for the Marketing segment to range
between $420 million and $450 million4 (previously $380 million to $410
million). The increase reflects strong year-to-date realized
margin1,3 (YTD 2023 – $350
million), current hedges in place and assumes current
forward commodity pricing for unhedged volumes for the remainder of
the year.
- Stronger Financial Position with Credit Upgrade –
Reflecting the company's improved quality of cash flows and strong
business outlook, Keyera received a credit upgrade to BBB stable
from S&P in September. The company continues to maintain its
strong financial position with net debt to adjusted
EBITDA2 at 2.5 times, well within the target range of
2.5 to 3.0 times.
2023 Capital and Cash Tax Guidance
- Keyera now expects growth capital expenditures to range between
$200 million and $220 million, previously $200 million to $240
million. The decrease is mostly due to the Pipestone expansion project coming in at the
low end of its budgeted cost estimate.
- Keyera reaffirms maintenance capital expenditures to range
between $95 million to $105 million.
- Reaffirming cash tax expense is expected to be $nil.
2024 Guidance Update
- Keyera will be providing 2024 guidance along with a general
business update in December
2023.
Maintenance Schedule
2023 Planned
Turnarounds and Outages
|
Rimbey Gas Plant
turnaround
|
3 weeks
|
Completed Q2
|
Keyera Fort
Saskatchewan Fractionation Unit 2 outage
|
1 week
|
Completed Q2
|
Keyera Fort
Saskatchewan Fractionation Unit 1 turnaround
|
2 weeks
|
Completed Q3
|
Pipestone Gas Plant
turnaround
|
3 weeks
|
Completed Q3
|
Wapiti Gas Plant
outage
|
10 days
|
Completed Q4
|
Summary of Key Measures
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
(Thousands of
Canadian dollars, except where noted)
|
2023
|
2022
|
2023
|
2022
|
Net earnings
|
78,112
|
123,389
|
374,840
|
410,189
|
Per share
($/share) – basic
|
0.34
|
0.56
|
1.64
|
1.86
|
Cash flow from
operating activities
|
197,422
|
135,104
|
744,747
|
790,919
|
Funds from
operations1
|
237,704
|
218,135
|
736,850
|
661,998
|
Distributable cash
flow1
|
186,335
|
162,340
|
621,059
|
549,351
|
Per share
($/share)1
|
0.81
|
0.73
|
2.71
|
2.49
|
Dividends
declared
|
114,577
|
106,091
|
334,564
|
318,273
|
Per share
($/share)
|
0.50
|
0.48
|
1.46
|
1.44
|
Payout
ratio %1
|
61 %
|
65 %
|
54 %
|
58 %
|
Adjusted
EBITDA1
|
287,560
|
246,849
|
872,530
|
819,983
|
Operating
margin
|
283,903
|
316,784
|
987,152
|
947,972
|
Realized
margin1,3
|
321,519
|
274,088
|
994,700
|
905,856
|
Gathering and Processing
|
|
|
|
|
Operating
margin
|
90,950
|
89,628
|
277,579
|
254,883
|
Realized
margin1,3
|
93,811
|
89,066
|
278,547
|
253,935
|
Gross processing
throughput5 (MMcf/d)
|
1,580
|
1,604
|
1,576
|
1,549
|
Net processing
throughput5 (MMcf/d)
|
1,349
|
1,378
|
1,346
|
1,330
|
Liquids Infrastructure
|
|
|
|
|
Operating
margin
|
123,623
|
102,993
|
358,334
|
307,337
|
Realized
margin1,3
|
128,051
|
101,414
|
365,944
|
304,159
|
Gross processing
throughput6 (Mbbl/d)
|
168
|
167
|
178
|
178
|
Net processing
throughput6 (Mbbl/d)
|
98
|
79
|
97
|
83
|
AEF iso-octane
production volumes (Mbbl/d)
|
14
|
11
|
14
|
13
|
Marketing
|
|
|
|
|
Operating
margin
|
69,387
|
124,235
|
351,400
|
386,680
|
Realized
margin1,3
|
99,714
|
83,680
|
350,370
|
348,690
|
Inventory
value
|
268,801
|
379,102
|
268,801
|
379,102
|
Sales volumes
(Bbl/d)
|
167,600
|
158,800
|
178,200
|
172,600
|
Acquisitions
|
—
|
—
|
366,537
|
—
|
Growth capital
expenditures
|
48,975
|
193,879
|
182,056
|
619,903
|
Maintenance capital
expenditures
|
38,717
|
34,374
|
79,752
|
68,516
|
Total capital expenditures
|
87,692
|
228,253
|
628,345
|
688,419
|
Weighted average number
of shares outstanding – basic and diluted
|
229,153
|
221,023
|
229,153
|
221,023
|
As at September 30,
|
|
|
2023
|
2022
|
Long-term
debt7
|
|
|
3,434,190
|
3,628,360
|
Credit
facility
|
|
|
490,000
|
30,000
|
Working capital
surplus (current assets less current liabilities)
|
(129,203)
|
(48,665)
|
Net debt
|
|
|
3,794,987
|
3,609,695
|
Common shares
outstanding – end of period
|
|
|
229,153
|
221,023
|
CEO's Message to Shareholders
Strategy driving success across business segments. With
strategically positioned assets and a fully integrated value chain,
Keyera continues to deliver strong results across all three
business segments. Notably, assets such as Wapiti, Pipestone, KAPS, KFS and our condensate system
are performing well. Volumes continue to trend upward in our
Gathering & Processing and Liquids Infrastructure segments
driving fee-for-service cash flow growth and providing
opportunities in the Marketing segment to deliver more products
throughout North America.
KAPS continues to deliver. We've seen KAPS outperform our
expectations in the quarter with customers delivering higher than
forecasted volumes as the pipeline continues to ramp-up. Our fully
integrated platform now offers customers a much-needed competitive
alternative from wellhead to end market, allowing Keyera to better
compete for volumes and attract full value chain returns.
Improving cash flow quality with fee-for-service growth.
At our March 2022 investor day, we
said part of our strategy is to improve the quality of cash flows.
Since the first quarter of 2022, realized margin from our
fee-for-service business has grown more than 20% driven by growth
from Wapiti, Pipestone, KAPS and
KFS. Reflecting the company's improved cash flow stability and
strong business outlook, S&P recently upgraded Keyera's
corporate credit rating to BBB stable, our target rating.
Marketing continues to outperform. We are on track for a
record year for realized margins from our Marketing business. This
result comes from our ability to leverage our physical assets and
logistics expertise to deliver products throughout North America. This distinct integrated
advantage continues to produce strong cash flows that drive above
average corporate returns. Marketing cash flows are reinvested into
long life infrastructure projects such as KAPS and the Pipestone expansion, in turn driving growth in
higher quality fee-for-service cash flows.
Clear capital allocation priorities. With successful
strategic investments and strong business performance, Keyera is
now delivering higher levels of discretionary cash flow. Last
quarter we took an important step, returning to our long-history of
sustainable dividend growth, supported by the strength of our
fee-for-service business. Our capital allocation priorities remain
grounded in Keyera's long history of prudent financial management.
Our first priority is to maintain a strong balance sheet. From
there, it will be a balance between disciplined growth capital
investments that further enhance our integrated value chain in
Western Canada and increasing
returns to shareholders.
Continued strong outlook. Keyera is well positioned
for the long-term, with strategically integrated assets that stand
to benefit from decades of volume growth in Western Canada. The basin continues to set new
production records and Canada
remains a preferred supplier of energy to the world. With LNG
Canada and the Trans Mountain Pipeline Expansion project on the
horizon, Keyera will continue to play an integral role in enabling
this growth.
On behalf of Keyera's board of directors and management team I
want to thank our teams, customers, shareholders, Indigenous rights
holders, neighboring communities, and other stakeholders for their
continued support.
Dean Setoguchi
President and CEO
Keyera Corp.
Notes:
|
|
|
1
|
Keyera uses certain
non-Generally Accepted Accounting Principles ("GAAP") and other
financial measures such as EBITDA, adjusted EBITDA, funds from
operations, distributable cash flow, distributable cash flow per
share, payout ratio, realized margin and return on invested
capital. Since these measures are not a standard measure under
GAAP, they may not be comparable to similar measures reported by
other entities. Where applicable, refer to the section of this news
release titled "Non-GAAP and Other Financial Measures" for a
reconciliation of the historical non-GAAP financial measures to the
most directly comparable GAAP measure.
|
|
|
2
|
Ratio is calculated in
accordance with the covenant test calculations related to the
company's credit facility and senior note agreements and excludes
hybrid notes.
|
|
|
3
|
Realized margin is not
a standard measure under GAAP and excludes the effect of unrealized
gains and losses from commodity-related risk management contracts.
For the three and nine months ended September 30, 2023, $38 million
and $8 million of non-cash losses associated with the
commodity-related contracts have been excluded in the calculation
of realized margin (Marketing – unrealized loss of $30 million and
unrealized gain of $1 million, Gathering and Processing –
unrealized losses of $3 million and $1 million, and Liquids
Infrastructure – unrealized losses of $4 million and $8 million).
See the section of this news release titled "Non-GAAP and Other
Financial Measures".
|
|
|
4
|
For the assumptions
associated with the realized margin guidance for the Marketing
segment, refer to the section titled "Segmented Results of
Operations: Marketing" of Management's Discussion and
Analysis.
|
|
|
5
|
Includes gas volumes
and the conversion of liquids volumes handled through the
processing facilities to a gas volume equivalent. Net processing
throughput refers to Keyera's share of raw gas processed at its
processing facilities.
|
|
|
6
|
Fractionation
throughput in the Liquids Infrastructure segment is the aggregation
of volumes processed through the fractionators and the
de-ethanizers at the Keyera and Dow Fort Saskatchewan
facilities.
|
|
|
7
|
Long-term debt includes
the total value of Keyera's hybrid notes which receive 50% equity
treatment by Keyera's rating agencies. The hybrid notes are also
excluded from Keyera's covenant test calculations related to the
company's credit facility and senior note agreements.
|
Third Quarter 2023 Results
Conference Call and Webcast
Keyera will be conducting a conference call and webcast for
investors, analysts, brokers and media representatives to discuss
the financial results for the third quarter of 2023 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, November 8, 2023. Callers may
participate by dialing 888-664-6392 or 416-764-8659. A
recording of the conference call will be available for replay until
10:00 PM Mountain Time on
November 21, 2023 (12:00 AM Eastern Time on November 22, 2023), by dialing 888-390-0541 or
416-764-8677 and entering passcode 552456.
To join the conference call without operator assistance, you may
register and enter your phone number here to receive an
instant automated call back. This link will be active
on Wednesday, November 8, 2023, at 7:00 AM Mountain
Time (9:00 AM Eastern Time).
A live webcast of the conference call can be
accessed here or through Keyera's website
at http://www.keyera.com/news/events. Shortly after the call,
an audio archive will be posted on the website for 90 days.
Additional Information
For more information about Keyera Corp., please visit our
website at www.keyera.com or contact:
Dan Cuthbertson, Director,
Investor Relations
Calvin Locke, Manager, Investor
Relations
Rahul Pandey, Senior Advisor,
Investor Relations
Email: ir@keyera.com
Telephone: 403.205.7670
Toll free: 888.699.4853
For media inquiries, please contact:
Kirsten Bell, Director,
Stakeholder Communications
Email: media@keyera.com
Telephone: 587.496.8092
About Keyera Corp.
Keyera Corp. (TSX:KEY) operates an integrated Canadian-based
energy infrastructure business with extensive interconnected assets
and depth of expertise in delivering energy solutions. Its
predominantly fee-for-service based business consists of natural
gas gathering and processing; natural gas liquids processing,
transportation, storage and marketing; iso-octane production and
sales; and an industry-leading condensate system in the
Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high
quality, value-added services to its customers across North America and is committed to conducting
its business ethically, safely and in an environmentally and
financially responsible manner.
Non-GAAP and Other
Financial Measures
This news release refers to certain financial and other measures
that are not determined in accordance with Generally Accepted
Accounting Principles ("GAAP") and as a result, may not be
comparable to similar measures reported by other entities.
Management believes that these supplemental measures facilitate the
understanding of Keyera's results of operations, leverage,
liquidity and financial position. These measures do not have any
standardized meaning under GAAP and therefore, should not be
considered in isolation, or used in substitution for measures of
performance prepared in accordance with GAAP. For additional
information on these non-GAAP and other financial measures,
including reconciliations to the most directly comparable GAAP
measures for Keyera's historical non-GAAP financial measures, refer
below and to Management's Discussion and Analysis available on
SEDAR+ at www.sedarplus.ca and Keyera's website at
www.keyera.com.
Funds from Operations and Distributable Cash Flow
("DCF")
Funds from operations is defined as cash flow from operating
activities adjusted for changes in non-cash working capital. This
measure is used to assess the level of cash flow generated from
operating activities excluding the effect of changes in non-cash
working capital, as they are primarily the result of seasonal
fluctuations in product inventories or other temporary changes.
Funds from operations is also a valuable measure that allows
investors to compare Keyera with other infrastructure companies
within the oil and gas industry.
Distributable cash flow is defined as cash flow from operating
activities adjusted for changes in non-cash working capital,
inventory write-downs, maintenance capital expenditures and lease
payments, including the periodic costs related to prepaid leases.
Distributable cash flow per share is defined as distributable cash
flow divided by weighted average number of shares – basic.
Distributable cash flow is used to assess the level of cash flow
generated from ongoing operations and to evaluate the adequacy of
internally generated cash flow to fund dividends.
The following is a reconciliation of funds from operations and
distributable cash flow to the most directly comparable GAAP
measure, cash flow from operating activities:
Funds from Operations and Distributable Cash
Flow
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
(Thousands of
Canadian dollars)
|
2023
|
2022
|
2023
|
2022
|
Cash flow from operating
activities
|
197,422
|
135,104
|
744,747
|
790,919
|
Add
(deduct):
|
|
|
|
|
Changes in
non-cash working capital
|
40,282
|
83,031
|
(7,897)
|
(128,921)
|
Funds from operations
|
237,704
|
218,135
|
736,850
|
661,998
|
Maintenance
capital
|
(38,717)
|
(34,374)
|
(79,752)
|
(68,516)
|
Leases
|
(12,057)
|
(11,230)
|
(34,254)
|
(32,691)
|
Prepaid
lease asset
|
(595)
|
(596)
|
(1,785)
|
(1,845)
|
Inventory
write-down
|
—
|
(9,595)
|
—
|
(9,595)
|
Distributable cash flow
|
186,335
|
162,340
|
621,059
|
549,351
|
Payout Ratio
Payout ratio is calculated as dividends declared to shareholders
divided by distributable cash flow. This ratio is used to assess
the sustainability of the company's dividend payment program.
Payout Ratio
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
(Thousands of
Canadian dollars, except %)
|
2023
|
2022
|
2023
|
2022
|
Distributable cash
flow1
|
186,335
|
162,340
|
621,059
|
549,351
|
Dividends declared to
shareholders
|
114,577
|
106,091
|
334,564
|
318,273
|
Payout ratio
|
61 %
|
65 %
|
54 %
|
58 %
|
1 Non-GAAP
measure as defined above.
|
EBITDA and Adjusted EBITDA
EBITDA is a measure showing earnings before finance costs,
taxes, depreciation and amortization. Adjusted EBITDA is calculated
as EBITDA before costs associated with non-cash items, including
unrealized gains/losses on commodity-related contracts, net foreign
currency gains/losses on U.S. debt and other, impairment expenses
and any other non-cash items such as gains/losses on the disposal
of property, plant and equipment. Management believes that these
supplemental measures facilitate the understanding of Keyera's
results from operations. In particular, these measures are used as
an indication of earnings generated from operations after
consideration of administrative and overhead costs.
The following is a reconciliation of EBITDA and adjusted EBITDA
to the most directly comparable GAAP measure, net earnings:
EBITDA and Adjusted EBITDA
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
(Thousands of
Canadian dollars)
|
2023
|
2022
|
2023
|
2022
|
Net earnings
|
78,112
|
123,389
|
374,840
|
410,189
|
Add
(deduct):
|
|
|
|
|
Finance
costs
|
57,982
|
40,892
|
146,849
|
124,267
|
Depreciation,
depletion and amortization expenses
|
84,548
|
68,645
|
232,946
|
172,634
|
Income tax
expense
|
24,677
|
39,571
|
112,286
|
128,216
|
EBITDA
|
245,319
|
272,497
|
866,921
|
835,306
|
Unrealized loss (gain)
on commodity contracts
|
37,616
|
(42,696)
|
7,548
|
(42,116)
|
Net foreign currency
loss (gain) on U.S. debt and other
|
1,284
|
17,048
|
(5,280)
|
26,316
|
Impairment
expense
|
3,341
|
—
|
3,341
|
—
|
Loss on disposal of
property, plant and equipment
|
—
|
—
|
—
|
477
|
Adjusted EBITDA
|
287,560
|
246,849
|
872,530
|
819,983
|
Realized Margin
Realized margin is defined as operating margin excluding
unrealized gains and losses on commodity-related risk management
contracts. Management believes that this supplemental measure
facilitates the understanding of the financial results for the
operating segments in the period without the effect of
mark-to-market changes from risk management contracts related to
future periods.
The following is a reconciliation of realized margin to the most
directly comparable GAAP measure, operating margin:
Operating Margin and Realized
Margin
Three months ended
September 30, 2023
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
90,950
|
123,623
|
69,387
|
(57)
|
283,903
|
Unrealized loss on risk
management contracts
|
2,861
|
4,428
|
30,327
|
—
|
37,616
|
Realized margin
(loss)
|
93,811
|
128,051
|
99,714
|
(57)
|
321,519
|
Operating Margin and Realized
Margin
Three months ended
September 30, 2022
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
89,628
|
102,993
|
124,235
|
(72)
|
316,784
|
Unrealized gain on risk
management contracts
|
(562)
|
(1,579)
|
(40,555)
|
—
|
(42,696)
|
Realized margin
(loss)
|
89,066
|
101,414
|
83,680
|
(72)
|
274,088
|
Operating Margin and Realized
Margin
Nine months ended
September 30, 2023
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
277,579
|
358,334
|
351,400
|
(161)
|
987,152
|
Unrealized loss (gain)
on risk management contracts
|
968
|
7,610
|
(1,030)
|
—
|
7,548
|
Realized margin
(loss)
|
278,547
|
365,944
|
350,370
|
(161)
|
994,700
|
Operating Margin and Realized
Margin
Nine months ended
September 30, 2022
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
254,883
|
307,337
|
386,680
|
(928)
|
947,972
|
Unrealized gain on risk
management contracts
|
(948)
|
(3,178)
|
(37,990)
|
—
|
(42,116)
|
Realized margin
(loss)
|
253,935
|
304,159
|
348,690
|
(928)
|
905,856
|
Forward-Looking Statements
In order to provide readers with information regarding Keyera,
including its assessment of future plans and operations, its
financial outlook and future prospects overall, this press release
contains certain statements that constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, "forward-looking information").
Forward-looking information is typically identified by words such
as "anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "plan", "intend", "believe", "commit",
"maintain", "future", "strategy" and similar words or expressions,
including the negatives or variations thereof. All statements other
than statements of historical fact contained in this document are
forward-looking information, including, without limitation,
statements regarding:
- target payout, targeted annual adjusted EBITDA growth rate and
net debt to adjusted EBITDA ratios;
- future capital expenditures and cash taxes;
- expectations regarding the anticipated benefits from certain
projects, including the KAPS pipeline system and the Pipestone gas plant and the Pipestone gas plant expansion and expected
capacity and volumes therefrom;
- expectations regarding the anticipated benefits from future
project opportunities;
- Keyera's reliance on key relationships and agreements;
- Keyera's future common share dividend;
- expectations about future demand for Keyera's infrastructure
and services;
- industry, market and economic conditions, including but not
limited to commodity prices, and any anticipated effects on
Keyera;
- Keyera's future financial position and operational performance
and future financial contributions and margins from its business
segments including, but not limited to, Keyera's expectation that
in 2023, its Marketing business will contribute realized margin of
between $420 million and $450 million and between the years 2024 and 2025,
a "base realized margin" of between $250
million and $280 million
annually, on average;
- the duration and impact of planned turnarounds and
outages;
- Keyera's ability to maintain credit ratings;
- estimated maintenance and turnaround costs and estimated
decommissioning expenses;
- Keyera's financial priorities, including its capital allocation
priorities, and ESG initiatives; and
- costs related to the Alberta
wildfires, where certain of Keyera's properties are proximately
located.
All forward-looking information reflects Keyera's beliefs and
assumptions based on information available at the time the
applicable forward-looking information is made and in light of
Keyera's current expectations. Forward-looking information does not
guarantee future performance. Management believes that its
assumptions and expectations reflected in the forward-looking
information contained herein are reasonable based on the
information available on the date such information is provided and
the process used to prepare the information. However, it cannot
assure readers that these expectations will prove to be
correct. All forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
actual results, events, levels of activity and achievements to
differ materially from those anticipated in the forward-looking
information.
Readers are cautioned that they should not unduly rely on the
forward-looking information included in this press release.
Further, readers are cautioned that the forward-looking information
contained herein is made as of the date of this press release.
Unless required by law, Keyera does not intend and does not assume
any obligation to update any forward-looking information. All
forward-looking information contained in this press release is
expressly qualified by this cautionary statement.
Further information about the assumptions, risks, uncertainties
and other factors affecting the forward-looking information
contained in this press release is available in filings made by
Keyera with Canadian provincial securities commissions, including
under "Forward-Looking Statements" in Keyera's MD&A for
the year ended December 31, 2022 and
for the period ended September 30,
2023 and in Keyera's Annual Information Form for the year
ended December 31, 2022, each of
which is available on the company's SEDAR+ profile at
www.sedarplus.ca.
SOURCE Keyera Corp.