Keyera Corp. · TSX:KEY
Keyera — Merger or Acquisition (June 2025)
24 slides from Keyera's merger presentation, June 2025
Slide 1: Transformative Acquisition of Plains' Canadian NGL Business
Transformative Acquisition of Plains’ Canadian NGL Business Accelerating Growth, Expanding Reach, Creating Value for Customers and Shareholders June 2025
Slide 2: Our Purpose, Mission and Vision
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
Slide 3: Transaction Overview
Transaction Overview ▪ Brings key NGL platform under Canadian Ownership, supporting Canadian infrastructure, energy security and Keyera to acquire substantially all economic resilience of Plains’ Canadian NGL business ▪ Represents ~7.8x expected 2025E adjusted EBITDA1, or ~6.8x and select US assets
Slide 4: Strategic Acquisition Extending Keyera's Integrated Value Chain
Strategic Acquisition Extending Keyera’s Integrated Value Chain Complements Keyera’s existing business with an expanded NGL service offering and diversified market access ▪ Enhances scale of NGL infrastructure by Pro Forma Business Statistics △ combining Keyera’s and Plains’ gathering, G&P Capacity
Slide 5: Favourable North American Natural Gas Macro Dynamics
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 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, wi
Slide 6: Overview of Plains' Canadian NGL Business
Overview of Plains’ Canadian NGL Business Integrated commercial platform connecting growing WCSB supply to eastern Canada and the U.S. ▪ Large scale NGL platform with access to diverse sources of NGL supply and various demand markets across North America ▪ Fully integrated system with facilities and
Slide 7: Acquired Assets Segmented Overview and Margin Contribution
Acquired Assets Segmented Overview and Margin Contribution An integrated and geographically diverse portfolio of assets Realized Margin1 Asset & Description Contribution 2026E 2 Co-Ed ~ 10% C3+ and C5+ pipeline systems delivering Deep Basin volumes into Edmonton and PFS Plains Fort Saskatchewan Majo
Slide 8: Plains' Canadian NGL Business Anchored by Long-Term Contracts
Plains’ Canadian NGL Business Anchored by Long-Term Contracts High-quality cash flows preserve Keyera’s low risk, highly stable, contracted base Plains NGL High-Quality Cash Flows1 ▪ Strong credit portfolio with 75% of customers rated investment grade or secured through prepayments, deposits, Non- I
Slide 9: Acquisition Builds on Keyera's Strong Momentum
Acquisition Builds on Keyera’s Strong Momentum Acquisition of Plains’ Canadian NGL business enhances market connectivity, diversifies geographic reach, and creates a scalable platform for accelerated growth Sanctioned Frac II ▪ Adds 8,000 bpd of frac capacity under long-term take-or-pay contracts De
Slide 10: Creating a Cross-Canada NGL Corridor
Creating a Cross-Canada NGL Corridor Connecting production to key demand centers, delivering greater flexibility and market access for customers Extension of KAPS’ reach Increasing into NE B.C. Basin Supply Expanded Capacity KFS Frac II, III, PFS AltaGas Commercial Market Agreement Diversification E
Slide 11: Maximizing Customer Netbacks Through Complementary Capabilities
Maximizing Customer Netbacks Through Complementary Capabilities Acquisition enhances market access for various products Product Capabilities Demand Drivers Opportunity Keyera Plains Pro Forma ✓ ✓ Medical grade plastics, sterile Ethane (C2) ✓ Expands opportunity set within Alberta packaging ✓ Plains
Slide 12: Accelerating Keyera's Growth with Scalable Platform
Accelerating Keyera’s Growth with Scalable Platform Positioned for rapid expansion through near-term execution, synergy realization, and capital efficient growth 2024 2025E 2026E 2027E 2028E Substantial Fee-Based Adjusted EBITDA1 Growth Continued filling of Wapiti First Full Year2 Continued filling
Slide 13: Stable Cash Flow from a Resilient Platform
Stable Cash Flow from a Resilient Platform Pro forma business mix supported by low-risk, contracted cash flows Pro Forma Business Mix (Average 2026E-2028E) High-Quality Cash Flow Composition on Pro Forma Basis (Average 2026E-2028E) Expected Total Pro forma weighted average Expected Revenue Break-Dow
Slide 14: Financing Package Preserves Financial Strength and Flexibility
Financing Package Preserves Financial Strength and Flexibility Keyera will maintain a balance sheet in-line with its financial framework ▪ Fully committed financing to fund the acquisition Pro Forma Net Debt / Adjusted EBITDA1,2 ▪ Includes a $1.8 billion equity bought deal (subscription receipts) ~2
Slide 15: Unlocking Synergies for Immediate and Long-Term Value
Unlocking Synergies for Immediate and Long-Term Value Synergies driven by ability to optimize highly complementary asset base Near-Term Synergies of ~$100 MM Long-Term ~7.8x ▪ Corporate cost savings Commercial ▪ Structural cost efficiencies Synergies ✓ Supply chain management ~6.8x ✓ Optimizing cave
Slide 16: Accelerating Growth, Expanding Reach, Creating Value for Customers and Shareholders
Accelerating Growth, Expanding Reach, Creating Value for Customers and Shareholders ✓ Expands core NGL business Attractive Valuation Scalable Platform with Strong and Stable and Accretion Visible Growth Cash Flows ✓ Diversifies product supply and market reach 6.8x ~50% 2025E adjusted EBITDA1 includi
Slide 17: Contact Information
CONTACT INFORMATION 1-888-699-4853 Dan Cuthbertson ir@keyera.com General Manager, Investor Relations Katie Shea, CPA, CFA Senior Advisor, Investor Relations WWW.KEYERA.COM Keyera Corp. The Ampersand, West Tower 200 144 – 4th Avenue SW Calgary, Alberta T2P 3N4 Acquisition of Plains’ Canadian NGL Busi
Slide 18: Slide Notes
SLIDE NOTES Slide 3 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information 2. Keyera calculates distributable cash flow per share after cash taxes and maintenance
Slide 19: General Advisory
General Advisory A base shelf prospectus of Keyera Corp. (“Keyera” or the “Corporation”) dated December 12, 2023 (the “base shelf prospectus”) containing important information relating to the securities described in this presentation (the “Presentation”) has been filed with the securities regulatory
Slide 20: Forward Looking Information
Forward Looking Information To provide readers with information regarding Keyera, including its assessment of future plans, operations and financial performance, certain statements contained herein contain forward-looking information within the meaning of applicable Canadian securities legislation (
Slide 21: Forward Looking Information (cont'd)
Forward Looking Information (cont’d) In addition to factors referenced above, Keyera’s expectations with respect to future returns associated with certain growth capital projects not yet sanctioned are based on a number of assumptions, estimates and projections developed based on past experience and
Slide 22: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures This presentation refers to certain financial and other measures that are not determined in accordance with Generally Accepted Accounting Principles (GAAP), such as: adjusted EBITDA, distributable cash flow (DCF), DCF per share, payout ratio, compound annual gro
Slide 23: Readers' Advisory
Readers’ Advisory This Presentation has been prepared by Keyera solely for information purposes. Recipients of this Presentation may not reproduce or otherwise redistribute, in whole or in part, the Presentation to any other person. This Presentation does not constitute an offer to sell or a solicit
Slide 24: Readers' Advisory Cont'd
Readers’ Advisory Cont’d Where this Presentation quotes any market and industry data and other statistical information from any external source, it should not be interpreted that the Corporation has adopted or endorsed such information or statistics as being accurate. The Corporation has obtained ma