CALGARY,
AB, Aug. 10, 2023 /CNW/ - Keyera Corp. (TSX:
KEY) ("Keyera") announced its 2023 second quarter financial results
today, the highlights of which are included in this news release.
To view Management's Discussion and Analysis (the "MD&A") and
financial statements, visit either Keyera's website or its filings
on SEDAR+ at www.sedarplus.ca.
"Keyera continues to execute its strategy, delivering yet
another strong quarter which was supported by the strength of all
three business segments. This consistent performance enables us to
return to our long history of sustainable dividend growth," said
Dean Setoguchi, President and CEO.
"In addition, KAPS has now fully integrated our value chain, making
us more competitive, enhancing our ability to attract volumes and
maximizing value for all stakeholders."
Highlights
- Strong Quarterly Results – Net earnings were
$159 million (Q2 2022 – $173 million), adjusted earnings before interest,
taxes, depreciation, and amortization1 ("adjusted
EBITDA") were $293 million (Q2 2022 –
$316 million), and distributable cash
flow1 ("DCF") was $207
million (Q2 2022 – $209
million). Quarterly results were driven by record
contribution from the Liquids Infrastructure segment and third
highest ever contribution from the Marketing segment.
- Return to Sustainable Dividend Growth – As announced
yesterday, Keyera's Board approved a 4.2% increase in the quarterly
dividend. The 2023 third quarter dividend will be $0.50 per common share and will be payable on
September 29, 2023. Dividend growth
is supported by growth in stable long-term cash flows from Keyera's
fee-for-service business.
- KAPS Fully In-Service – The natural gas liquids line
which is the second of two pipelines within the KAPS pipeline
system, is now in service, having shipped its first volumes in
June.
- Marketing Segment Guidance Increased – Keyera now
expects full year 2023 realized margin1,3 for the
Marketing segment to range between $380
million and $410
million4 (previously $330
million to $370 million). The
increase takes into account strong year-to-date realized
margin1,3 (1H 2023 – $251
million), current hedges in place and assumes current
forward commodity pricing for unhedged volumes for the remainder of
the year.
- Solid Performance from Fee-For-Service Segments – The
Gathering and Processing ("G&P") segment delivered realized
margin1,3 of $84 million
(Q2 2022 – $88 million). This
contribution reflects a $13 million
impact from the Alberta wildfires.
The Liquids Infrastructure segment delivered another quarterly
record with realized margin1,3 of $119 million (Q2 2022 – $98 million), representing year-over-year growth
of 22%. This growth is driven by initial contributions from the
KAPS pipeline system, strong incremental demand for storage and the
acquisition of an additional 21% working interest in Keyera's
Fort Saskatchewan complex last
year.
- Strong Financial Position – The company continues to
maintain its strong financial position with net debt to adjusted
EBITDA2 at 2.6 times, well within the target range of
2.5 to 3.0 times.
2023 Capital and Cash Tax Guidance
- Keyera reaffirms growth capital expenditures to range between
$200 million and $240 million.
- Maintenance capital expenditures are now expected to range
between $95 million and $105 million versus the previous range of
$75 million to $85 million. About half of the increase is due to
the completion of work that was prepaid. The remainder is due to
additional maintenance costs at the Pipestone Gas Plant which are
expected to be recovered through increased future realized
margin.
- Reaffirming cash tax expense is expected to be $nil.
Maintenance Schedule
Upcoming Planned
Turnarounds and Outages
|
Rimbey Gas Plant
turnaround
|
3 weeks
|
Completed Q2
|
Keyera Fort
Saskatchewan Fractionation Unit 2 outage
|
1 week
|
Completed Q2
|
Keyera Fort
Saskatchewan Fractionation Unit 1 turnaround
|
2 weeks
|
Q3/23
|
Pipestone Gas Plant
turnaround
|
2 weeks
|
Q3/23
|
Wapiti Gas Plant
outage
|
10 days
|
Q4/23
|
Summary of Key Measures
|
Three months ended
June 30,
|
Six months ended
June 30,
|
(Thousands of
Canadian dollars, except where noted)
|
2023
|
2022
|
2023
|
2022
|
Net earnings
|
158,939
|
173,006
|
296,728
|
286,800
|
Per share
($/share) – basic
|
0.69
|
0.78
|
1.29
|
1.30
|
Cash flow from
operating activities
|
235,836
|
198,763
|
547,325
|
655,815
|
Funds from
operations1
|
251,840
|
246,290
|
499,146
|
443,863
|
Distributable cash
flow1
|
207,357
|
208,553
|
434,724
|
387,011
|
Per share
($/share)1
|
0.90
|
0.94
|
1.90
|
1.75
|
Dividends
declared
|
109,993
|
106,091
|
219,987
|
212,182
|
Per share
($/share)
|
0.48
|
0.48
|
0.96
|
0.96
|
Payout
ratio %1
|
53 %
|
51 %
|
51 %
|
55 %
|
Adjusted
EBITDA1
|
292,812
|
315,931
|
584,970
|
573,134
|
Operating
margin
|
370,813
|
358,262
|
703,249
|
631,188
|
Realized
margin1,3
|
337,727
|
347,900
|
673,181
|
631,768
|
Gathering and Processing
|
|
|
|
|
Operating
margin
|
87,207
|
88,686
|
186,629
|
165,255
|
Realized
margin1,3
|
84,430
|
88,182
|
184,736
|
164,869
|
Gross processing
throughput5 (MMcf/d)
|
1,456
|
1,529
|
1,574
|
1,521
|
Net processing
throughput5 (MMcf/d)
|
1,244
|
1,300
|
1,345
|
1,305
|
Liquids Infrastructure
|
|
|
|
|
Operating
margin
|
117,305
|
99,472
|
234,711
|
204,344
|
Realized
margin1,3
|
119,228
|
97,825
|
237,893
|
202,745
|
Gross processing
throughput6 (Mbbl/d)
|
173
|
180
|
183
|
183
|
Net processing
throughput6 (Mbbl/d)
|
94
|
80
|
96
|
85
|
AEF iso-octane
production volumes (Mbbl/d)
|
14
|
15
|
14
|
14
|
Marketing
|
|
|
|
|
Operating
margin
|
166,371
|
170,196
|
282,013
|
262,445
|
Realized
margin1,3
|
134,139
|
161,985
|
250,656
|
265,010
|
Inventory
value
|
182,547
|
330,517
|
182,547
|
330,517
|
Sales volumes
(Bbl/d)
|
161,300
|
164,600
|
183,600
|
179,600
|
Acquisitions
|
—
|
—
|
366,537
|
—
|
Growth capital
expenditures
|
52,349
|
182,455
|
133,081
|
426,024
|
Maintenance capital
expenditures
|
32,783
|
26,906
|
41,035
|
34,142
|
Total capital expenditures
|
85,132
|
209,361
|
540,653
|
460,166
|
Weighted average number
of shares outstanding – basic and diluted
|
229,153
|
221,023
|
229,153
|
221,023
|
As at June 30,
|
|
|
2023
|
2022
|
Long-term
debt7
|
|
|
3,427,515
|
3,600,315
|
Credit
facility
|
|
|
440,000
|
—
|
Working capital
surplus (current assets less current liabilities)
|
(116,283)
|
(132,054)
|
Net debt
|
|
|
3,751,232
|
3,468,261
|
Common shares
outstanding – end of period
|
|
|
229,153
|
221,023
|
CEO's Message to Shareholders
Our strategy continues to deliver. Keyera has
strategically positioned its assets to benefit from volume growth
in key areas of the Western Canada
basin. Over the last five years, we have invested significantly to
create a G&P footprint in the growing Montney and Duvernay fairway and integrate these assets to
our core liquids infrastructure in Edmonton and Fort
Saskatchewan via KAPS. These investments continue to deliver
volume and cash flow growth. We've seen continued strong growth in
our Gathering and Processing volumes and the Liquids Infrastructure
segment delivered over 20% realized margin growth this quarter
compared to the same period a year ago, setting a new realized
margin record for the segment.
Returning to dividend growth. We are pleased to return to
Keyera's long history of sustainable dividend growth with the Board
approval of a 4.2% increase in the quarterly dividend. Dividend
growth is supported by the continued growth of Keyera's
fee-for-service business.
KAPS is fully in-service. KAPS integrates our value
chain, makes us more competitive and enhances our ability to
attract new volumes. Our platform offers customers a much-needed
competitive alternative from wellhead to end market.
Cash flow inflection point and capital allocation
priorities. The major strategic growth investments of the last
five years are now complete and are contributing to cash flow
growth. Going forward, our annual growth capital program is
expected to be lower, which means we will have more discretionary
cash flow. Our capital allocation priorities are unchanged. They
are first to ensure financial strength, and then to balance between
increasing shareholder returns and disciplined capital investment.
In keeping with these priorities, our debt leverage metrics are
firmly within our targeted range, and we've now increased the
dividend.
Disciplined capital investment. Our 2022 to 2025 target
of 6-7% annual adjusted EBITDA growth from our fee-for-service
business is on track, mostly driven by previously invested capital.
This includes the continued filling of available capacity in our
G&P segment, the acquisition of an additional 21% interest in
KFS, the expansion of the Pipestone Gas Plant and the ramp-up of
KAPS.
Inventory of future investment opportunities. Our future
growth investments will focus on projects that leverage and enhance
our existing core asset position in Western Canada. These opportunities include a
capital efficient de-bottleneck of existing fractionation capacity,
a new fractionation expansion and the potential for a KAPS Zone 4
expansion. Any decision to proceed on incremental investments will
need to be underpinned by long-term contracts and strong
returns.
Strong outlook for future growth. Canada's energy resources are essential in
meeting the world's growing energy demand. Our basin continues to
grow and set new records for both natural gas and crude oil
production. LNG Canada and the Trans Mountain Expansion pipeline
are expected to unlock further growth. As an essential
infrastructure service provider, Keyera will continue to play an
integral role in enabling basin growth.
On behalf of Keyera's board of directors and management team I
want to thank our teams, customers, shareholders, Indigenous rights
holders, neighboring communities, and other stakeholders for their
continued support.
Dean Setoguchi
President and CEO
Keyera Corp.
Notes:
|
|
|
1
|
Keyera uses certain
non-Generally Accepted Accounting Principles ("GAAP") and other
financial measures such as EBITDA, adjusted EBITDA, funds from
operations, distributable cash flow, distributable cash flow per
share, payout ratio, realized margin and return on invested
capital. Since these measures are not a standard measure under
GAAP, they may not be comparable to similar measures reported by
other entities. Where applicable, refer to the section of this news
release titled "Non-GAAP and Other Financial Measures" for a
reconciliation of the historical non-GAAP financial measures to the
most directly comparable GAAP measure.
|
|
|
2
|
Ratio is calculated in
accordance with the covenant test calculations related to the
company's credit facility and senior note agreements and excludes
hybrid notes.
|
|
|
3
|
Realized margin is not
a standard measure under GAAP and excludes the effect of unrealized
gains and losses from commodity-related risk management contracts.
For the three and six months ended June 30, 2023, $33 million and
$30 million of non-cash gains associated with the commodity-related
contracts have been excluded in the calculation of realized margin
(Marketing – unrealized gains of $32 million and $31 million,
Gathering and Processing – unrealized gains of $3 million and $2
million, and Liquids Infrastructure – unrealized losses of $2
million and $3 million). See the section of this news release
titled "Non-GAAP and Other Financial Measures".
|
|
|
4
|
For the assumptions
associated with the realized margin guidance for the Marketing
segment, refer to the section titled "Segmented Results of
Operations: Marketing" of Management's Discussion and
Analysis.
|
|
|
5
|
Includes gas volumes
and the conversion of liquids volumes handled through the
processing facilities to a gas volume equivalent. Net processing
throughput refers to Keyera's share of raw gas processed at its
processing facilities.
|
|
|
6
|
Fractionation
throughput in the Liquids Infrastructure segment is the aggregation
of volumes processed through the fractionators and the
de-ethanizers at the Keyera and Dow Fort Saskatchewan
facilities.
|
|
|
7
|
Long-term debt includes
the total value of Keyera's hybrid notes which receive 50% equity
treatment by Keyera's rating agencies. The hybrid notes are also
excluded from Keyera's covenant test calculations related to the
company's credit facility and senior note agreements.
|
Second Quarter 2023 Results Conference Call and Webcast
Keyera will be conducting a conference call and webcast for
investors, analysts, brokers and media representatives to discuss
the financial results for the second quarter of 2023 at
8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, August 10, 2023. Callers may
participate by dialing 888-664-6392 or 416-764-8659. A
recording of the conference call will be available for replay until
10:00 PM Mountain Time on
August 23, 2023 (12:00 AM Eastern Time on August 24, 2023), by dialing 888-390-0541 or
416-764-8677 and entering passcode 520970.
To join the conference call without operator assistance, you may
register and enter your phone number here to receive an
instant automated call back. This link will be active
on Thursday, August 10, 2023, at 7:00 AM Mountain
Time (9:00 AM Eastern Time).
A live webcast of the conference call can be
accessed here or through Keyera's website
at http://www.keyera.com/news/events. Shortly after the call,
an audio archive will be posted on the website for 90 days.
Additional Information
For more information about Keyera Corp., please visit our
website at www.keyera.com or contact:
Dan Cuthbertson, Director,
Investor Relations
Calvin Locke, Manager, Investor
Relations
Rahul Pandey, Senior Advisor,
Investor Relations
Email: ir@keyera.com
Telephone: 403.205.7670
Toll free: 888.699.4853
For media inquiries, please contact:
Kirsten Bell, Director,
Stakeholder Communications
Email: media@keyera.com
Telephone: 587.496.8092
About Keyera Corp.
Keyera Corp. (TSX:KEY) operates an integrated Canadian-based
energy infrastructure business with extensive interconnected assets
and depth of expertise in delivering energy solutions. Its
predominantly fee-for-service based business consists of natural
gas gathering and processing; natural gas liquids processing,
transportation, storage and marketing; iso-octane production and
sales; and an industry-leading condensate system in the
Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high
quality, value-added services to its customers across North America and is committed to conducting
its business ethically, safely and in an environmentally and
financially responsible manner.
Non-GAAP and Other Financial
Measures
This news release refers to certain financial and other measures
that are not determined in accordance with Generally Accepted
Accounting Principles ("GAAP") and as a result, may not be
comparable to similar measures reported by other entities.
Management believes that these supplemental measures facilitate the
understanding of Keyera's results of operations, leverage,
liquidity and financial position. These measures do not have any
standardized meaning under GAAP and therefore, should not be
considered in isolation, or used in substitution for measures of
performance prepared in accordance with GAAP. For additional
information on these non-GAAP and other financial measures,
including reconciliations to the most directly comparable GAAP
measures for Keyera's historical non-GAAP financial measures, refer
below and to Management's Discussion and Analysis available on
SEDAR+ at www.sedarplus.ca and Keyera's website at
www.keyera.com.
Funds from Operations and Distributable Cash Flow
("DCF")
Funds from operations is defined as cash flow from operating
activities adjusted for changes in non-cash working capital. This
measure is used to assess the level of cash flow generated from
operating activities excluding the effect of changes in non-cash
working capital, as they are primarily the result of seasonal
fluctuations in product inventories or other temporary changes.
Funds from operations is also a valuable measure that allows
investors to compare Keyera with other infrastructure companies
within the oil and gas industry.
Distributable cash flow is defined as cash flow from operating
activities adjusted for changes in non-cash working capital,
inventory write-downs, maintenance capital expenditures and lease
payments, including the periodic costs related to prepaid leases.
Distributable cash flow per share is defined as distributable cash
flow divided by weighted average number of shares – basic.
Distributable cash flow is used to assess the level of cash flow
generated from ongoing operations and to evaluate the adequacy of
internally generated cash flow to fund dividends.
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:
Funds from Operations and Distributable Cash
Flow
|
For the three months ended
June 30,
|
For the six months ended
June 30,
|
(Thousands of
Canadian dollars)
|
2023
|
2022
|
2023
|
2022
|
Cash flow from operating
activities
|
235,836
|
198,763
|
547,325
|
655,815
|
Add
(deduct):
|
|
|
|
|
Changes in
non-cash working capital
|
16,004
|
47,527
|
(48,179)
|
(211,952)
|
Funds from operations
|
251,840
|
246,290
|
499,146
|
443,863
|
Maintenance
capital
|
(32,783)
|
(26,906)
|
(41,035)
|
(34,142)
|
Leases
|
(11,105)
|
(10,213)
|
(22,197)
|
(21,461)
|
Prepaid lease
asset
|
(595)
|
(618)
|
(1,190)
|
(1,249)
|
Distributable cash flow
|
207,357
|
208,553
|
434,724
|
387,011
|
Payout Ratio
Payout ratio is calculated as dividends declared to shareholders
divided by distributable cash flow. This ratio is used to assess
the sustainability of the company's dividend payment program.
Payout Ratio
|
For the three months ended
June 30,
|
For the six months ended
June 30,
|
(Thousands of
Canadian dollars, except %)
|
2023
|
2022
|
2023
|
2022
|
Distributable cash
flow1
|
207,357
|
208,553
|
434,724
|
387,011
|
Dividends declared to
shareholders
|
109,993
|
106,091
|
219,987
|
212,182
|
Payout ratio
|
53 %
|
51 %
|
51 %
|
55 %
|
1 Non-GAAP
measure as defined above.
|
EBITDA and Adjusted EBITDA
EBITDA is a measure showing earnings before finance costs,
taxes, depreciation and amortization. Adjusted EBITDA is calculated
as EBITDA before costs associated with non-cash items, including
unrealized gains/losses on commodity-related contracts, net foreign
currency gains/losses on U.S. debt and other, impairment expenses
and any other non-cash items such as gains/losses on the disposal
of property, plant and equipment. Management believes that these
supplemental measures facilitate the understanding of Keyera's
results from operations. In particular, these measures are used as
an indication of earnings generated from operations after
consideration of administrative and overhead costs.
The following is a reconciliation of EBITDA and adjusted EBITDA
to the most directly comparable GAAP measure, net earnings:
EBITDA and Adjusted EBITDA
|
For the three months ended
June 30,
|
For the six months ended
June 30,
|
(Thousands of
Canadian dollars)
|
2023
|
2022
|
2023
|
2022
|
Net earnings
|
158,939
|
173,006
|
296,728
|
286,800
|
Add
(deduct):
|
|
|
|
|
Finance
costs
|
47,146
|
42,008
|
88,867
|
83,375
|
Depreciation,
depletion and amortization expenses
|
76,212
|
54,341
|
148,398
|
103,989
|
Income tax
expense
|
47,053
|
52,952
|
87,609
|
88,645
|
EBITDA
|
329,350
|
322,307
|
621,602
|
562,809
|
Unrealized (gain) loss
on commodity contracts
|
(33,086)
|
(10,362)
|
(30,068)
|
580
|
Net foreign currency
(gain) loss on U.S. debt and other
|
(3,452)
|
3,986
|
(6,564)
|
9,268
|
Loss on disposal of
property, plant and equipment
|
—
|
—
|
—
|
477
|
Adjusted EBITDA
|
292,812
|
315,931
|
584,970
|
573,134
|
Realized Margin
Realized margin is defined as operating margin excluding
unrealized gains and losses on commodity-related risk management
contracts. Management believes that this supplemental measure
facilitates the understanding of the financial results for the
operating segments in the period without the effect of
mark-to-market changes from risk management contracts related to
future periods.
The following is a reconciliation of realized margin to the most
directly comparable GAAP measure, operating margin:
Operating Margin and
Realized Margin
For the three months
ended June 30, 2023
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
87,207
|
117,305
|
166,371
|
(70)
|
370,813
|
Unrealized (gain) loss
on risk management contracts
|
(2,777)
|
1,923
|
(32,232)
|
—
|
(33,086)
|
Realized margin
(loss)
|
84,430
|
119,228
|
134,139
|
(70)
|
337,727
|
Operating Margin and
Realized Margin
For the three months
ended June 30, 2022
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
88,686
|
99,472
|
170,196
|
(92)
|
358,262
|
Unrealized gain on risk
management contracts
|
(504)
|
(1,647)
|
(8,211)
|
—
|
(10,362)
|
Realized margin
(loss)
|
88,182
|
97,825
|
161,985
|
(92)
|
347,900
|
Operating Margin and
Realized Margin
For the six months
ended June 30, 2023
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
186,629
|
234,711
|
282,013
|
(104)
|
703,249
|
Unrealized (gain) loss
on risk management contracts
|
(1,893)
|
3,182
|
(31,357)
|
—
|
(30,068)
|
Realized margin
(loss)
|
184,736
|
237,893
|
250,656
|
(104)
|
673,181
|
Operating Margin and
Realized Margin
For the six months
ended June 30, 2022
|
(Thousands of
Canadian dollars)
|
Gathering &
Processing
|
Liquids
Infrastructure
|
Marketing
|
Corporate
and Other
|
Total
|
Operating margin
(loss)
|
165,255
|
204,344
|
262,445
|
(856)
|
631,188
|
Unrealized (gain) loss
on risk management contracts
|
(386)
|
(1,599)
|
2,565
|
—
|
580
|
Realized margin
(loss)
|
164,869
|
202,745
|
265,010
|
(856)
|
631,768
|
Compound Annual Growth Rate ("CAGR") for Adjusted EBITDA from the
Fee-for-Service Business
CAGR for adjusted EBITDA from the fee-for-service business (also
referred to as the "annual adjusted EBITDA growth rate from the
fee-for-service business") is intended to provide information on a
forward-looking basis. This calculation utilizes beginning and end
of period adjusted EBITDA, which includes the following components
and assumptions: (i) forecasted realized margin for the Gathering
and Processing, and Liquids infrastructure segments, (ii) realized
margin for the Marketing segment, which is held at a value within
the current expected base realized margin of between $250 million and $280
million, and (iii) adjustments for total forecasted general
and administrative, and long-term incentive plan expenses. By
holding contribution from the Marketing segment flat within the
base realized margin range, this forward-looking CAGR calculation
represents the expected earnings growth attributable to the
fee-for-service business. Margin and EBITDA growth reinforces
Keyera's ability to sustainably return capital to shareholders over
the long term.
From 2022 to 2025, the CAGR for adjusted EBITDA from the
fee-for-service business is expected to be within the range of 6%
to 7%. For additional information, refer to the section titled
"Non-GAAP and Other Financial Measures" of Management's Discussion
and Analysis.
Forward-Looking Statements
In order to provide readers with information regarding Keyera,
including its assessment of future plans and operations, its
financial outlook and future prospects overall, this press release
contains certain statements that constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, "forward-looking information").
Forward-looking information is typically identified by words such
as "anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "plan", "intend", "believe", "commit",
"maintain", "future", "strategy" and similar words or expressions,
including the negatives or variations thereof. All statements other
than statements of historical fact contained in this document are
forward-looking information, including, without limitation,
statements regarding:
- target payout, targeted annual adjusted EBITDA growth rate and
net debt to adjusted EBITDA ratios;
- future capital expenditures and cash taxes;
- expectations regarding the anticipated benefits from certain
projects, including the KAPS pipeline system, the Pipestone gas plant and the Pipestone gas plant expansion, and the KFS
complex, and expected capacity and volumes therefrom;
- expectations regarding the anticipated benefits from future
project opportunities including the KAPS Zone 4 expansion, KFS
fractionation de-bottleneck and KFS fractionation expansion;
- Keyera's reliance on key relationships and agreements;
- Keyera's future common share dividend;
- expectations about future demand for Keyera's infrastructure
and services;
- industry, market and economic conditions, including but not
limited to commodity prices, and any anticipated effects on
Keyera;
- Keyera's future financial position and operational performance
and future financial contributions and margins from its business
segments including, but not limited to, Keyera's expectation that
in 2023, its Marketing business will contribute realized margin of
between $380 million and $410 million and between the years 2024 and 2025,
a "base realized margin" of between $250
million and $280 million
annually, on average;
- estimated maintenance and turnaround costs and estimated
decommissioning expenses;
- Keyera's financial priorities, including its capital allocation
priorities, and ESG initiatives; and
- Potential restrictions or interference with Keyera's
operations, as well as expected costs related thereto, caused by
the wildfires across Alberta,
where certain of Keyera's properties are proximately located, and
governmental or regulatory responses thereof.
All forward-looking information reflects Keyera's beliefs and
assumptions based on information available at the time the
applicable forward-looking information is made and in light of
Keyera's current expectations. Forward-looking information does not
guarantee future performance. Management believes that its
assumptions and expectations reflected in the forward-looking
information contained herein are reasonable based on the
information available on the date such information is provided and
the process used to prepare the information. However, it cannot
assure readers that these expectations will prove to be
correct. All forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
actual results, events, levels of activity and achievements to
differ materially from those anticipated in the forward-looking
information.
Readers are cautioned that they should not unduly rely on the
forward-looking information included in this press release.
Further, readers are cautioned that the forward-looking information
contained herein is made as of the date of this press release.
Unless required by law, Keyera does not intend and does not assume
any obligation to update any forward-looking information. All
forward-looking information contained in this press release is
expressly qualified by this cautionary statement.
Further information about the assumptions, risks, uncertainties
and other factors affecting the forward-looking information
contained in this press release is available in filings made by
Keyera with Canadian provincial securities commissions, including
under "Forward-Looking Statements" in Keyera's MD&A for
the year ended December 31, 2022 and
for the period ended June 30, 2023
and in Keyera's Annual Information Form for the year ended
December 31, 2022, each of which is
available on the company's SEDAR+ profile at
www.sedarplus.ca.
SOURCE Keyera Corp.