Keyera Corp

Latest Results (23.12.2024):

Net Earnings and EBITDA

In the third quarter of 2024, Keyera Corp. reported net earnings of $185 million, a significant increase from $78 million in the same quarter of 2023. The adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) also rose to $322 million, compared to $288 million in the previous year. This growth was primarily driven by higher contributions across all three of Keyera's business segments.

Distributable Cash Flow

Keyera Corp. achieved a distributable cash flow of $195 million in the third quarter of 2024, up from $186 million in the third quarter of 2023. This increase reflects the company's ability to generate high-quality cash flow, supported by strong performance in its Gathering & Processing and Liquids Infrastructure segments.

Segment Performance

The Marketing Segment of Keyera Corp. delivered a realized margin of $135 million in the third quarter of 2024, up from $100 million in the same period of 2023. This improvement was driven by higher sales volumes of propane, condensate, and iso-octane, showcasing the segment's continued strong performance.

Financial Position

Keyera Corp. ended the third quarter of 2024 with a net debt to adjusted EBITDA ratio of 1.9 times, which is below the targeted range of 2.5 to 3.0 times. This strong financial position allows the company to pursue and self-fund opportunities that enhance shareholder value, maintaining financial strength and flexibility.

Fractionation Capacity Expansion

Keyera Corp. is advancing projects to increase its fractionation capacity in Western Canada. The company is working on a debottleneck project at the Keyera Fort Saskatchewan Fractionation Unit II to add 8,000 barrels per day of capacity. Additionally, Keyera is progressing with customer contracting and engineering for the new 47,000 barrel per day Keyera Fort Saskatchewan Fractionation Unit III, which will significantly boost the company's fractionation capacity.