Keyera Corp.·Energy

Twenty-nine midstream energy companies were evaluated on a relative favorability matrix with factors representing yield, yield coverage, valuation, profitability, growth, and leverage. Based on this analysis, UGP, HESM, and USAC are the most favorable prospects in the midstream industry. I recommend investors who own TRP, GEL, or DKL carefully review their position, as these midstreams compare unfavorably to peers.

Keyera Corp. (KEY:CA) Q4 2025 Earnings Call Transcript

Keyera is set to acquire Plains' Canadian NGL business for CAD 5.15B, potentially transforming its market position. The subscription receipts trade at a 2% discount to common shares, offering an attractive entry point if the deal closes. Post-acquisition, KEY targets a debt/EBITDA ratio of 2.9x by 2026, declining to 2.5x by 2028, supporting balance sheet strength.
Keyera Corp. engages in the energy infrastructure business in Canada. The company operates through Gathering and Processing, Liquids Infrastructure, and Marketing segments. The Gathering and Processing segment owns and operates raw gas gathering pipelines and processing plants, which collect and process raw natural gas, remove waste products, and separate the economic components primarily natural gas liquids; and provides condensate handling services. This segment has approximately 4,400 kilometers of gathering pipelines; and holds interests in 12 active gas plants in Alberta. The Liquids Infrastructure segment provides gathering, processing, fractionation, storage, transportation, liquids blending, and terminalling services for natural gas liquids (NGLs) and crude oil through a network of facilities that include underground NGL storage caverns, above ground storage tanks, NGL fractionation and de-ethanization facilities, pipelines, rail and truck terminals, NGL blending facilities, and the Alberta EnviroFuels facility. This segment also produces iso-octane. The Marketing segment engages in the marketing of propane, butane, condensate, and iso-octane, as well as liquids blending activities. The company was formerly known as Keyera Facilities Income Fund and changed its name to Keyera Corp. in January 2011. Keyera Corp. was founded in 2003 and is headquartered in Calgary, Canada.
Energy
Oil & Gas Midstream
1,005
2005-11-15
0.86