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Keyera Corp. Q1-2019 Earnings, Price Target Update

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Keyera Corp. (KEY) operates one of the largest natural gas midstream businesses in Canada with total assets of $7.2B and capital spending of $1.3B for during 2018. This was the largest capital program in their history. In 2019, the capital budget is $800-$900M to advance the $2.9 B capital program currently underway. The first major project, phase one of the Wapiti gas plant should be operational by mid-2019.

Keyera has been 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.

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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