Keyera

What Keyera does

Keyera Corp. is one of Canada's largest midstream energy infrastructure operators, providing integrated gathering, processing, fractionation, transportation, storage, and marketing services for natural gas and natural gas liquids (NGLs). The Calgary-headquartered company operates a connected asset network spanning Alberta's Montney and Duvernay resource plays through to Eastern Canada and U.S. Midwest/Eastern markets, anchored by the Empress Straddle Plants (5.7 Bcf/d processing capacity), the Fort Saskatchewan Complex (Canada's primary NGL hub with fractionation, de-ethanizer services, and cavern storage), the 575 km KAPS NGL/condensate pipeline (now 100% owned), the Sarnia Fractionation Plant, and the EnviroFuels iso-octane facility in Edmonton.

The company generates revenue predominantly through fee-for-service arrangements under long-term take-or-pay contracts, supplemented by transactional NGL marketing and iso-octane sales. Revenue is organized across three primary streams: Gathering & Processing (natural gas gathering and processing through interconnected pipelines and gas plants), Liquids Infrastructure (NGL processing, transportation, storage, and the condensate system in Edmonton/Fort Saskatchewan), and Marketing (proprietary and third-party NGL marketing with disciplined risk management). Customer segments include Western Canadian natural gas producers in Montney/Duvernay plays and NGL marketers/end users, with export-focused customers served via rail and pipeline routes to West Coast and U.S. markets.

Keyera's strategic transformation accelerated in 2026 with the $5.15 billion acquisition of Plains Midstream Canada's NGL business (closed May 2026 despite Competition Bureau challenge) and the $1.215 billion acquisition of the remaining 50% KAPS interest from Stonepeak Partners (closed June 2026), financed through a combination of senior notes, hybrid notes, subscription receipts, and equity offerings totaling over CAD $7 billion. The partnerships and ACE Rail Terminal joint venture with AltaGas and CN extend export capacity to West Coast markets. With 1,001-5,000 employees, 27+ years of operating history, an MSCI AAA ESG rating, and a CAD $11.29 billion market capitalization, Keyera has positioned itself as a dominant, integrated NGL infrastructure platform across Canada.

Name

Keyera

Legal name

Keyera Corp.

Website

https://keyera.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Keyera is a Calgary-based, publicly traded Canadian midstream energy infrastructure operator providing integrated natural gas gathering and processing, NGL fractionation, pipeline transportation, storage, and marketing services to producers and NGL end users across Canada and into U.S. markets.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Natural Gas (486210), Other Pipeline Transportation (4869), Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Natural Gas Transmission (4922), Natural Gas Transmisison & Distribution (4923), Pipe Lines (No Natural Gas) (4610)

akta.pro primary industry

NGL Fractionation (Y-Grade to Purity Products) (EUALACAE)

akta.pro secondary industries

Natural Gas Gathering Systems (EUALACAA), NGL/LPG Pipeline Storage & Terminaling (Caverns, Bullet Tanks, Tank Farms) (TLAGAEAM), Gas Processing Plant Residue Gas & NGL Takeaway (Midstream Interface) (EUAAACAK), Aggregator/Brokered Natural Gas Sales (Brokers, Marketers, Aggregators) (EUAAADAF)

Keywords

• Natural gas processing
• NGL fractionation services
• Midstream pipeline transportation
• Condensate storage services
• Iso-octane production

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Gathering & Processing: Natural gas gathering and processing through interconnected network of pipelines and gas plants in Alberta. Revenue is predominantly fee-for-service based, providing stable, contracted cash flows.
2. Liquids Infrastructure: NGL processing, transportation, storage and marketing. Includes fractionation, pipeline systems, and condensate system in Edmonton/Fort Saskatchewan area.
3. Marketing: Marketing business leveraging infrastructure to reach top-value markets for energy products, with disciplined risk management protecting margins and inventories from commodity price volatility.
4. Iso-Octane Production and Sales: Production and sales of iso-octane, a high-octane gasoline blending component, from the EnviroFuels facility.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Keyera operates an integrated Canadian midstream business providing fee-for-service natural gas gathering and processing, NGL extraction and fractionation, pipeline transportation, storage, and marketing services. The company connects Western Canada's Montney and Duvernay production to North American markets via interconnected assets including the KAPS Pipeline, Empress Straddle Plants, Fort Saskatchewan Complex, Sarnia Fractionation Plant, and Keyera EnviroFuels iso-octane facility.

Product overview

Keyera operates an integrated, Canadian-based midstream business providing energy infrastructure solutions. The company's core offering is a unified midstream platform combining natural gas gathering and processing with NGL processing, transportation, storage, and marketing services. Key facilities include the Empress Straddle Plants (ethene/NGL extraction), Fort Saskatchewan Complex (fractionation and storage), KAPS Pipeline (575km NGL/condensate pipeline now 100% owned), Keyera EnviroFuels (iso-octane production), Rimbey/Simonette/Wapiti gas plants (sour gas processing), and Sarnia Fractionation Plant (Eastern Canada operations). The company also operates an industry-leading condensate system and offers customer portal services for nominations, invoicing, and rail logistics. Major recent acquisitions include Plains Midstream Canada's NGL business (completed May 2026) and full ownership of KAPS Pipeline (June 2026), significantly expanding fractionation capacity, storage, and pipeline infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Gathering and Processing Services Fee-for-service raw natural gas gathering and processing through interconnected pipelines and gas plants in Alberta (Rimbey, Simonette, Wapiti, Empress), including sour gas processing, NGL extraction, and sulphur recovery, for upstream oil and gas producers operating in the Montney and Duvernay plays.
• NGL Fractionation Services Separation of mixed NGL streams into saleable ethane, propane, butane, iso-butane, and condensate at the Fort Saskatchewan Complex and Empress Straddle Plants, plus de-ethanizer services. Capacity was significantly expanded with the May 2026 Plains Midstream Canada acquisition (193,000 bbl/d of fractionation capacity added).
• NGL and Condensate Pipeline Transportation Fee-for-service transportation of NGLs and condensate via the 575 km KAPS Pipeline connecting Montney and Duvernay production in northwestern Alberta to the Fort Saskatchewan hub, with take-or-pay contracts averaging 12 years remaining term and 75% take-or-pay contribution.
• NGL and Condensate Storage Services Cavern and tank storage for propane, butane, iso-butane, and condensate at the Fort Saskatchewan Complex and the Edmonton/Fort Saskatchewan condensate system, with 23 million barrels of storage capacity following the May 2026 Plains Midstream Canada acquisition.
• Iso-Octane Production and Sales Production and sale of iso-octane, a low vapour pressure, high-octane gasoline blending component, manufactured from butane feedstock at the Keyera EnviroFuels (KEF) facility near Edmonton — one of the largest iso-octane facilities in North America.
• Sarnia NGL Fractionation, Storage and Shipping Services Fractionation, storage, and shipping services at the Sarnia, Ontario facility that connect Western Canadian NGL production to Ontario and midwestern/eastern U.S. markets.
• Condensate Transportation System Services Industry-leading condensate transportation and storage system in the Edmonton and Fort Saskatchewan areas of Alberta, providing service to oilsands diluent and condensate customers under published toll schedules.
• NGL Marketing Services Marketing of propane, butane, and other NGL products using Keyera's infrastructure footprint to reach top-value North American and international markets, with disciplined risk management to protect margins and inventories from commodity price volatility.

Quantifiable outcome

• Fee-based adjusted EBITDA per share CAGR of 16-18% between 2025 and 2027
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• AltaGas Ltd.coreStrategic or Co-development Partner · 20 May 2026Keyera partnered with AltaGas and CN to develop the Alberta Corridor Export (ACE) Rail Terminal Project, a CA$240 million rail-linked propane and butane terminal in Alberta's Industrial Heartland targeting mid-2028 service. The collaboration connects Keyera's ACE Rail Terminal with CN's rail network and AltaGas' West Coast export platform.
• CN (Canadian National Railway)coreStrategic or Co-development Partner · 20 May 2026CN partnered with Keyera and AltaGas for the ACE Rail Terminal Project, providing rail network access for unit train loading capabilities to transport propane and butane from Fort Saskatchewan to West Coast export markets.
• NorthRiver MidstreamminorStrategic or Co-development PartnerNorthRiver Midstream's Northeast BC Connector will connect to Keyera's KAPS Zone 4 extension, establishing an integrated midstream infrastructure network in western Canada connecting northeastern British Columbia to northwestern Alberta.

Scale indicators24 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Plains All American Pipeline: Plains sold its Canadian NGL business to Keyera in 2026 but retains a large U.S./Canada crude oil midstream footprint and is a comparable gathering, processing, and pipeline operator in the same North American basins Keyera serves.
• Enterprise Products Partners: Enterprise Products is the largest U.S. NGL midstream franchise with extensive fractionation, pipelines, storage, and export infrastructure. It serves as a global benchmark for integrated NGL platforms of the type Keyera is building post-Plains.
• Targa Resources Corp. Targa operates a fully integrated U.S. NGL value chain from Permian and Bakken gas processing through fractionation, transportation, and export terminaling. It mirrors Keyera's downstream NGL marketing and fractionation model.
• Pembina Pipeline Corporation: Pembina is Canada's other large-scale integrated midstream operator, with parallel natural gas processing, NGL fractionation, and pipeline assets across Western Canada. It is the most directly comparable peer to Keyera in terms of business mix, basin exposure, and customer base.
• ONEOK Inc. ONEOK is a leading U.S. NGL-focused midstream operator with gathering, processing, fractionation, storage, and pipeline assets. It is highly comparable to Keyera's NGL infrastructure strategy and a benchmark for fee-based NGL economics.
• Gibson Energy: Gibson operates Canadian liquids midstream infrastructure including terminals, storage, and pipelines, and shares Keyera's Western Canadian-focused, fee-based business model serving oil and gas producers.
• AltaGas Ltd. AltaGas is a Canadian midstream and utility operator with propane export terminals on the West Coast. It is both a direct competitor in Canadian NGL marketing and Keyera's partner in the ACE Rail Terminal Project.

Broad incumbents

• Enbridge Inc. Enbridge operates Canada's largest pipeline system including liquids and natural gas transmission, with integrated midstream and renewable energy holdings. It is a broader incumbent that competes with Keyera for gas processing and NGL takeaway customers in Western Canada.
• TC Energy: TC Energy owns and operates extensive Canadian and U.S. natural gas pipelines, liquids pipelines, and storage assets. It competes with Keyera on gas transmission, storage, and downstream market access for Western Canadian production.
• Williams Companies: Williams operates large-scale U.S. natural gas gathering, processing, and transmission infrastructure. It is comparable as a broad midstream incumbent with significant NGL recovery operations adjacent to Keyera's core business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@keyera_corp
• LinkedInlinkedin.com/company/keyera
• Xx.com/KeyeraCorp
• Facebookfacebook.com/KeyeraCorporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keyera