Keyera to acquire Canadian NGL business from Plains All American
Keyera Corp. has agreed to acquire a large portion of the natural gas liquids (NGL) business of Plains All American Pipeline LP for a total cash consideration of about $5.15 billion (Can.) (US$3.75 billion).
Keyera will acquire substantially all of Plains' Canadian NGL business, plus select US assets, expanding Keyera's liquids infrastructure platform across western and eastern Canada.
The acquired portfolio includes large scale NGL extraction, fractionation, storage, pipelines and terminalling infrastructure in hubs such as Empress, Fort Saskatchewan, and Sarnia, complementing Keyera's existing operations, the company said in a release June 17.
In a separate release, Plains said it will retain “substantially all NGL assets in the United States” as well as all its crude oil assets in Canada.
Pro forma, Keyera said it expects to have an enterprise value of about $19 billion and to realize about $100 million in near-term run-rate synergies from corporate cost savings and operational efficiencies. Longer-term upside could be realized through commercial, logistical, and capital optimization opportunities across the integrated platform, the company continued.
Keyera's integrated platform
The acquisition serves as part of Keyera's long-term strategy to expand its integrated, fee-for-service NGL platform, aiding in market access for customers across all major NGL products including ethane, propane, butane, condensate, and iso-octane.
On a combined basis, Keyera’s portfolio—upon the deal’s closing—would include:
- C3+ fractionation capacity of about 193,000 b/d (post-PFS expansion), including field, straddle, and hub-based facilities.
- Storage capacity of about 23 million bbl.
- Over 1,500 miles of pipeline infrastructure, with aggregate throughput capacity of over 575,000 b/d.
- Straddle gas processing capacity of about 5.7 bcf/d (gross), through the Empress plant.
- Loading and logistics infrastructure, including truck and rail terminals in Canada and the US.
The deal is expected to close in first-quarter 2026, subject to customary closing conditions, including regulatory approvals.
