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2Q 2025 Report – Keyera Corp.

Keyera Corp. · Aug 1, 2025 · 83 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q 2025 Report – Keyera Corp. – slide 1
    2025 Second Quarter Report
  2. 2Q 2025 Report – Keyera Corp. – slide 2
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 2025 Second Quarter Report For the period ended June 30, 2025 Keyera delivered strong results this quarter, reflecting the strength of our integrated value chain and…
  3. 2Q 2025 Report – Keyera Corp. – slide 3
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 2025 Guidance Update Marketing segment 2025 realized margin1 is expected to remain within the previous guidance range of 310 million to 350 million, which is inclusive…
  4. 2Q 2025 Report – Keyera Corp. – slide 4
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 In connection with the acquisition, the company successfully closed a 2.07 billion bought-deal offering of subscription receipts during the quarter. Upon closing of the…
  5. 2Q 2025 Report – Keyera Corp. – slide 5
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Three months ended Six months ended Summary of Key Measures June 30, June 30, (Thousands of Canadian dollars, except where noted) 2025 2024 2025 2024 Net earnings…
  6. 2Q 2025 Report – Keyera Corp. – slide 6
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 CEOs Message to Shareholders Executing on Our Strategy with Strong Momentum. We continue to see strong customer demand across our integrated system, reflecting the value…
  7. 2Q 2025 Report – Keyera Corp. – slide 7
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Notes: 1 Keyera uses certain non-Generally Accepted Accounting Principles (GAAP) and other financial measures such as EBITDA, adjusted EBITDA, funds from operations,…
  8. 2Q 2025 Report – Keyera Corp. – slide 8
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Managements Discussion and Analysis The following management's discussion and analysis (MD&A) was prepared as of August 7, 2025 and is a review of the results of…
  9. 2Q 2025 Report – Keyera Corp. – slide 9
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Overview Keyeras second quarter results reflect strong performance across the business, as demonstrated by the following accomplishments: Solid financial results Net…
  10. 2Q 2025 Report – Keyera Corp. – slide 10
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 KFS Fractionation Unit III As previously disclosed in May, this 47,000 barrel per day expansion is expected to cost 500 million, including investments to enhance…
  11. 2Q 2025 Report – Keyera Corp. – slide 11
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 CONSOLIDATED FINANCIAL RESULTS The following table highlights some of the key consolidated financial results for the three and six months ended June 30, 2025 and 2024:…
  12. 2Q 2025 Report – Keyera Corp. – slide 12
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Net Earnings Second Quarter Results For the three months ended June 30, 2025, net earnings were 127 million, 16 million lower than the same period in the prior year due…
  13. 2Q 2025 Report – Keyera Corp. – slide 13
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Operating Margin and Realized Margin Second Quarter Results For the three months ended June 30, 2025, operating margin was 366 million, 4 million lower than the same…
  14. 2Q 2025 Report – Keyera Corp. – slide 14
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Year-To-Date Results For the six months ended June 30, 2025, operating margin was 717 million, 64 million higher than the same period of the prior year primarily due to…
  15. 2Q 2025 Report – Keyera Corp. – slide 15
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Cash Flow Metrics Second Quarter Results Cash flow from operating activities for the second quarter of 2025 was 146 million, 127 million lower than the same period in the…
  16. 2Q 2025 Report – Keyera Corp. – slide 16
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Year-To-Date Results On a year-to-date basis, cash flow from operating activities was 311 million, 360 million lower than the same period in the prior year primarily due…
  17. 2Q 2025 Report – Keyera Corp. – slide 17
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 SEGMENTED RESULTS OF OPERATIONS The discussion of the results of operations for each of the operating segments focuses on operating margin and realized margin. Operating…
  18. 2Q 2025 Report – Keyera Corp. – slide 18
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Gathering and Processing Keyera currently has interests in 9 active gas plants1,2, all of which are located in Alberta. Keyera operates 7 of the 9 active gas plants. The…
  19. 2Q 2025 Report – Keyera Corp. – slide 19
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Second Quarter Operating Margin and Revenue Increase was primarily due to 10 million in higher operating Operating margin from increased processing throughput at the…
  20. 2Q 2025 Report – Keyera Corp. – slide 20
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Gathering and Processing Activity The Gathering and Processing segment delivered strong second-quarter performance, recording a 9% increase in realized margin compared to…
  21. 2Q 2025 Report – Keyera Corp. – slide 21
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Liquids Infrastructure The Liquids Infrastructure segment provides fractionation, storage, transportation, liquids blending and terminalling services for NGLs and crude…
  22. 2Q 2025 Report – Keyera Corp. – slide 22
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Second Quarter Operating Margin and Revenue Increase was primarily due to 11 million in higher contribution from: higher contracted volumes through Keyeras…
  23. 2Q 2025 Report – Keyera Corp. – slide 23
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Liquids Infrastructure Activity The Liquids Infrastructure business delivered an outstanding second quarter, highlighted by strong financial performance and the…
  24. 2Q 2025 Report – Keyera Corp. – slide 24
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 activities were safely and successfully completed at a total cost of approximately 15 million, all of which will be recovered from the Marketing segment. The outage…
  25. 2Q 2025 Report – Keyera Corp. – slide 25
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Liquids Infrastructure Capital Projects Status Update Facility/Area Project Description Project Status Update KAPS KAPS Zone 4 Detailed engineering activities are…
  26. 2Q 2025 Report – Keyera Corp. – slide 26
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Marketing The Marketing segment is focused on the purchase and sale of products associated with Keyera and other third- party facilities, including NGLs, crude oil and…
  27. 2Q 2025 Report – Keyera Corp. – slide 27
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 In a typical year, Keyera expects the Marketing business to contribute on average, a base realized margin of between 310 million and 350 million. This guidance assumes:…
  28. 2Q 2025 Report – Keyera Corp. – slide 28
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Second Quarter Operating Margin, Realized Margin and Revenue Decrease was primarily due to 76 million in lower realized margin as described in more detail below.…
  29. 2Q 2025 Report – Keyera Corp. – slide 29
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Year-to-Date Operating Margin, Realized Margin and Revenue Increase was primarily due to 61 million in unrealized non- cash gains from risk management contracts in…
  30. 2Q 2025 Report – Keyera Corp. – slide 30
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Market Commentary In the second quarter of 2025, Keyeras Marketing business effectively preserved and captured margin despite a softer commodity price environment, and…
  31. 2Q 2025 Report – Keyera Corp. – slide 31
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Risk Management When possible, Keyera uses hedging strategies to mitigate risk in its Marketing business, including foreign currency exchange risk associated with the…
  32. 2Q 2025 Report – Keyera Corp. – slide 32
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 CORPORATE AND OTHER Three months ended Six months ended Non-Operating Expenses and Other June 30, June 30, (Thousands of Canadian dollars) 2025 2024 2025 2024 General…
  33. 2Q 2025 Report – Keyera Corp. – slide 33
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Net Foreign Currency Gain (Loss) on U.S. Debt and Other Three months ended Six months ended Net Foreign Currency Gain (Loss) on U.S. Debt and Other June 30, June 30,…
  34. 2Q 2025 Report – Keyera Corp. – slide 34
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Taxes In general, as earnings before taxes increase, total tax expense (current and deferred taxes) will also be higher. If sufficient tax pools exist, current income…
  35. 2Q 2025 Report – Keyera Corp. – slide 35
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 CRITICAL ACCOUNTING ESTIMATES In preparing Keyeras accompanying financial statements in accordance with GAAP, management is required to make estimates and assumptions…
  36. 2Q 2025 Report – Keyera Corp. – slide 36
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 LIQUIDITY AND CAPITAL RESOURCES The following is a comparison of cash inflows (outflows) from operating, investing and financing activities for the three months ended…
  37. 2Q 2025 Report – Keyera Corp. – slide 37
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 The following is a comparison of cash inflows (outflows) from operating, investing and financing activities for the six months ended June 30, 2025 and 2024: Cash…
  38. 2Q 2025 Report – Keyera Corp. – slide 38
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Working capital requirements are strongly influenced by the amounts of inventory held in storage and their related commodity prices. Product inventories are required to…
  39. 2Q 2025 Report – Keyera Corp. – slide 39
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Long-term Debt (including Credit Facilities) Below is a summary of Keyeras long-term debt obligations as at June 30, 2025: As at June 30, 2025 After (Thousands of…
  40. 2Q 2025 Report – Keyera Corp. – slide 40
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 As at June 30, 2025, Keyera had 3.4 billion and US205 million of long-term debt. To manage the foreign currency exposure on the U.S. dollar denominated debt, Keyera has…
  41. 2Q 2025 Report – Keyera Corp. – slide 41
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 On June 20, 2025, Keyera completed a bought deal offering in Canada of subscription receipts (the Subscription Receipt Offering or Offering), whereby Keyera issued…
  42. 2Q 2025 Report – Keyera Corp. – slide 42
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Capital Expenditures and Acquisitions The following table is a breakdown of capital expenditures and acquisitions for the three and six months ended June 30, 2025 and…
  43. 2Q 2025 Report – Keyera Corp. – slide 43
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 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:…
  44. 2Q 2025 Report – Keyera Corp. – slide 44
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 EBITDA AND ADJUSTED EBITDA EBITDA and adjusted EBITDA are not standard measures under GAAP and therefore, may not be comparable to similar measures reported by other…
  45. 2Q 2025 Report – Keyera Corp. – slide 45
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Canada and the U.S. The significant uncertainty surrounding recent trade relations between Canada and the U.S. has the potential to create considerable market and…
  46. 2Q 2025 Report – Keyera Corp. – slide 46
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 ENVIRONMENTAL REGULATION AND CLIMATE CHANGE Keyera is subject to a range of operational laws, regulations and requirements imposed by various levels of government and…
  47. 2Q 2025 Report – Keyera Corp. – slide 47
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 SUMMARY OF QUARTERLY RESULTS The following table presents selected financial information for Keyera: Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,…
  48. 2Q 2025 Report – Keyera Corp. – slide 48
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 an impairment charge recognized for the Wildhorse terminal in the Liquids Infrastructure segment that impacted net earnings; periods marked by exceptionally strong…
  49. 2Q 2025 Report – Keyera Corp. – slide 49
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Changes in Internal Control over Financial Reporting No changes were made for the period beginning January 1, 2025 and ending June 30, 2025 that have materially affected,…
  50. 2Q 2025 Report – Keyera Corp. – slide 50
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 NON-GAAP AND OTHER FINANCIAL MEASURES This discussion and analysis may refer to certain financial measures that are not determined in accordance with GAAP. Measures such…
  51. 2Q 2025 Report – Keyera Corp. – slide 51
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Realized Margin Definition Realized Margin: Operating margin excluding unrealized gains and losses on commodity-related risk management contracts. Fee-for-Service…
  52. 2Q 2025 Report – Keyera Corp. – slide 52
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Related Guidance Annual Base Realized Margin for the Marketing Segment Measures (310 million to 350 million) (Forward-Looking This measure represents Keyeras…
  53. 2Q 2025 Report – Keyera Corp. – slide 53
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Return on Invested Capital (ROIC) Definition ROIC: Adjusted cash flow from operating activities, divided by invested capital. Invested capital includes property,…
  54. 2Q 2025 Report – Keyera Corp. – slide 54
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Compound Annual Growth Rate (CAGR) Calculations Definition CAGR is calculated as follows: * Beginning and end of period values for the CAGR calculations are…
  55. 2Q 2025 Report – Keyera Corp. – slide 55
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Compound Annual Growth Rate (CAGR) Calculations Utilization CAGR for fee-based adjusted EBITDA represents the expected earnings growth attributable to the…
  56. 2Q 2025 Report – Keyera Corp. – slide 56
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 FORWARD-LOOKING STATEMENTS In order to provide readers with information regarding Keyera, including its assessment of future plans and operations, its financial outlook…
  57. 2Q 2025 Report – Keyera Corp. – slide 57
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 plans, targets, and strategies with respect to reducing greenhouse gas emissions and anticipated reductions in emissions levels; and Keyeras ESG, climate change and…
  58. 2Q 2025 Report – Keyera Corp. – slide 58
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 hedging strategy risks; counterparty performance and credit risk; changes in operating and capital costs; cost and availability of financing; ability to expand,…
  59. 2Q 2025 Report – Keyera Corp. – slide 59
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Investor Information DIVIDENDS TO SHAREHOLDERS Dividends declared to shareholders of Keyera were 0.52 per share in the second quarter of 2025. TAXABILITY OF DIVIDENDS…
  60. 2Q 2025 Report – Keyera Corp. – slide 60
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera Corp. Condensed Interim Consolidated Statements of Financial Position (Thousands of Canadian dollars) (Unaudited) June 30, December 31, As at Note 2025 2024…
  61. 2Q 2025 Report – Keyera Corp. – slide 61
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera Corp. Condensed Interim Consolidated Statements of Net Earnings and Comprehensive Income (Thousands of Canadian dollars, except per share information)…
  62. 2Q 2025 Report – Keyera Corp. – slide 62
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera Corp. Condensed Interim Consolidated Statements of Cash Flows (Thousands of Canadian dollars) (Unaudited) Three months ended Six months ended June 30, June 30,…
  63. 2Q 2025 Report – Keyera Corp. – slide 63
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera Corp. Condensed Interim Consolidated Statements of Changes in Equity (Thousands of Canadian dollars) (Unaudited) Accumulated Other Share Accumulated…
  64. 2Q 2025 Report – Keyera Corp. – slide 64
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera Corp. Notes to the Condensed Interim Consolidated Financial Statements As at and for the three and six months ended June 30, 2025 and 2024 (All amounts expressed…
  65. 2Q 2025 Report – Keyera Corp. – slide 65
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Adoption of new accounting standards There were no significant new or amended IFRS Accounting Standards, IAS Standards, IFRIC Interpretations or SIC Interpretations…
  66. 2Q 2025 Report – Keyera Corp. – slide 66
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 5. SUBSCRIPTION RECEIPT OFFERING On June 17, 2025, Keyera announced that it had entered into a definitive agreement with Plains All American Pipeline, L.P. and Plains…
  67. 2Q 2025 Report – Keyera Corp. – slide 67
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 The subscription receipt arrangement creates the following separate financial instruments, which have been recorded on the unaudited condensed interim consolidated…
  68. 2Q 2025 Report – Keyera Corp. – slide 68
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 8. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares outstanding for the related period:…
  69. 2Q 2025 Report – Keyera Corp. – slide 69
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Pension contributions made on behalf of employees and the costs recorded for the DSU plan are recognized in general & administrative expenses. The compensation costs…
  70. 2Q 2025 Report – Keyera Corp. – slide 70
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Financial instruments include cash, subscription receipt proceeds held in escrow, trade and other receivables, derivative…
  71. 2Q 2025 Report – Keyera Corp. – slide 71
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Fair value of derivative instruments The fair values of the derivative instruments are listed below and represent an estimate of the amount that Keyera would receive…
  72. 2Q 2025 Report – Keyera Corp. – slide 72
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Weighted Net Fair Value2 Notional Average (Thousands of As at December 31, 2024 Maturing by Volume1 Price Canadian dollars) Marketing Financial contracts: Seller of…
  73. 2Q 2025 Report – Keyera Corp. – slide 73
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Unrealized gains (losses), representing the change in fair value of derivative contracts, were: Three months ended Six months ended June 30, June 30, (Thousands of…
  74. 2Q 2025 Report – Keyera Corp. – slide 74
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Keyera is also exposed to foreign currency risk related to its U.S. dollar denominated long-term debt and U.S. dollar denominated Secured Overnight Financing Rate…
  75. 2Q 2025 Report – Keyera Corp. – slide 75
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Risk Management Sensitivities The following table summarizes the sensitivity of the fair value of Keyeras risk management positions to fluctuations in commodity price,…
  76. 2Q 2025 Report – Keyera Corp. – slide 76
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 13. FINANCE COSTS The components of finance costs were: Three months ended Six months ended June 30, June 30, (Thousands of Canadian dollars) 2025 2024 2025 2024…
  77. 2Q 2025 Report – Keyera Corp. – slide 77
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 15. SEGMENT INFORMATION Keyera has the following three key reportable operating segments based on the nature of its business activities. Keyera also has a Corporate…
  78. 2Q 2025 Report – Keyera Corp. – slide 78
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Inter-segment and intra-segment sales and expenses are recorded at current market prices at the date of the transaction. These transactions are eliminated on…
  79. 2Q 2025 Report – Keyera Corp. – slide 79
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Inter- Six months ended June 30, 2025 Gathering & Liquids Corporate segment (Thousands of Canadian dollars) Processing Infrastructure Marketing and Other Eliminations…
  80. 2Q 2025 Report – Keyera Corp. – slide 80
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Disaggregation of Revenue The following table shows revenue disaggregated by the major service lines offered by Keyera in its four reportable operating segments. Three…
  81. 2Q 2025 Report – Keyera Corp. – slide 81
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Six months ended June 30, 2025 Gathering & Liquids Corporate (Thousands of Canadian dollars) Processing Infrastructure Marketing and Other Total Gas handling and…
  82. 2Q 2025 Report – Keyera Corp. – slide 82
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Geographical Information Keyera operates in two geographical areas, Canada and the U.S. Keyeras revenue from external customers and information about its non-current…
  83. 2Q 2025 Report – Keyera Corp. – slide 83
    Keyera Corp. TSX: KEY 2025 Second Quarter Report August 7, 2025 Corporate Information Board of Directors Officers Jim V. Bertram (1) C. Dean Setoguchi Corporate Director President and Chief Executive Officer Calgary, Alberta…