Keyera : Plains' Canadian NGL Business Presentation (Acquisition Presentation)

Published: 2025-06-17 18:40:10 ET KEY.TO

Published on 06/17/2025 at 18:40

Transformative Acquisition of Plains’ Canadian NGL Business

Accelerating Growth, Expanding Reach, Creating Value for Customers and Shareholders

June 17, 2025

OUR PURPOSE

Empowering the lives of people today to create a sustainable tomorrow.

OUR MISSION

Connecting energy for life.

OUR VISION

To be the North American leader in delivering energy infrastructure solutions.

Acquisition of Plains’ Canadian NGL Business 2

Transaction Overview

Keyera to acquire substantially all of Plains’ Canadian NGL business and select US assets for total purchase price of $5.15 billion in cash consideration, subject to adjustments

Acquisition of Plains’ Canadian NGL Business

Brings key NGL platform under Canadian Ownership, supporting Canadian infrastructure, energy security and economic resilience

Represents ~7.8x expected 2025E adjusted EBITDA1, or ~6.8x

including run-rate synergies

Delivers mid-teens percentage accretion to distributable cash flow per share1,2 in the first full year

Prudently funded to maintain balance sheet strength and flexibility, with pro forma net debt to adjusted EBITDA3 within target range of 2.5-3.0x

Concurrent $1.8 billion bought deal equity offering and subsequent debt financing de-risks funding plan

Expected to close in Q1 2026, subject to regulatory approvals

1,2.3. See slide 18 for notes regarding this slide 3

Strategic Acquisition Extending Keyera’s Integrated Value Chain

Complements Keyera’s existing business with an expanded NGL service offering and diversified market access

Other PFS Supply (C3+)

Global LPG

Export

Co-ed (C3+ / C5+)

Empress (C2 / C3+)

US

Pro Forma Business Statistics

△

G&P Capacity

(~50% Montney)

~2.2 Bcf/d

Straddle Capacity

~5.7 Bcf/d

+ ~5.7

C3+ Fractionation1

~347 kbpd

+ ~193

NGL Storage

~44 MMbbls

+ ~23

NGL Pipeline Capacity

~1,955 kbpd

+ ~575

~70% of pro forma fee-for-service realized margin supported by long-term commercial agreements reinforcing dividend sustainability and growth

Acquisition of Plains’ Canadian NGL Business

1, See slide 18 for notes regarding this slide

4

Favourable North American Natural Gas Macro Dynamics

Strong demand pull for low-cost, long-life WCSB inventory driving continued volume growth for gas and NGL’s

Demand Pull

+3

+15

WCSB Natural Gas Flows1,3

X LNG Growth 2024-2030 (Bcf/d)

WCSB plays among the lowest supply cost and fastest growing in North America, with long inventory lives

Strong demand pull for WCSB production driven by LNG, petrochemicals, power needs from AI and data centres

Montney, Duvernay and Deep Basin gas production expected to grow by ~6 Bcf/d by 2040

Associated NGL volumes expected to grow by ~500 Mbbl/d by 2040

Gas Production (Bcf/d)

NGL/C5 Production (Mbbl/d)

Inventory

Montney Delaware

Midland Utica

Duvernay

SCOOP/STK

Marcellus Haynesville

24

12

9

6

5

4

3

1

25 1,500

Production (Bcf/d)

Production (Mbbl/d)

20 1,200

15

10

5

-

2024A 2030E 2040E

900

600

300

-

2024A 2030E 2040E

BC Montney AB Montney

Deep Basin Duvernay

BC Montney AB Montney

Deep Basin Duvernay

Acquisition of Plains’ Canadian NGL Business

1,2,3. See slide 18 for notes regarding this slide

5

Disclaimer

Keyera Corporation published this content on June 17, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 17, 2025 at 22:39 UTC.