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Keyera Corp. Q2-2018 Earnings & Price Target Update

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Keyera operates one of the largest natural gas midstream businesses in Canada with total assets of $6.6B and planned capital spending of $1B range for 2018. Keyera is growing mainly from internally sourced capital development projects, not acquisitions. Assets include regional gathering pipelines and natural gas processing facilities that extract natural gas liquids from natural gas and a marketing division that purchases and sells NGLs including the production from Keyera. Growth strategies have added petroleum liquid products including condensate sold to oil sands producers, the addition of iso-octane processing used in gasoline production and expansion of NGL processing capacity. Revenues are reported in two segments; Natural Gas Gathering and Processing, NGL Infrastructure which also includes Marketing. The natural gas gathering and processing segments is primarily fee based; marketing involves taking ownership of inventory. The Gathering and Processing, NGL Infrastructure, and Marketing each contribute approximately one third of operating profit margins.

Gathering & Processing

Keyera currently has interests in 18 active gas plants in western Canada and is the operator of 16 of these facilities, making it one of the largest natural gas processors in Alberta. The Gathering and Processing segment includes raw gas gathering systems and processing plants strategically located in the natural gas production areas on the western side of the Western Canada Sedimentary Basin. Several of the gas plants are interconnected by raw gas gathering pipelines, allowing raw gas to be directed to the gas plant best suited to process the gas. Keyera's facilities and gathering systems collectively constitute a network that is well positioned to serve drilling and production activity in the WCSB.

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