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Keyera Corp KEY Stock Quote

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Keyera’s Q3 Results Look Weak; Higher KAPS Costs and Weaker Marketing Outlook

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Keyera’s third-quarter results were weak, in our view. After updating our model, we will maintain our no-moat rating and CAD 30 fair value estimate. The biggest disappointment was another increase in costs for the KAPS project to CAD 1 billion from CAD 900 million. The project’s costs were at a midpoint of CAD 840 million earlier this year at 70% complete. The higher costs are primarily caused by poor weather, but the pipeline (currently 90% complete) is expected to be in service at the end of the first quarter of 2023.

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Business Description

Keyera is a midstream energy business that operates primarily out of Alberta. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for natural gas liquids and crude oil, and the marketing of NGLs, iso-octane, and crude oil. The firm currently has interests in about a dozen active gas plants and operates over 4,000 kilometers of pipelines.

144 - 4th Avenue SW, Suite 200, The Ampersand, West Tower
Calgary, AB, T2P 3N4, Canada
T +1 403 205-7670
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 1,005