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Keyera Corp. Q1- 2020 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 at Mar-31-2020 of $7.5B compared to $6.8B as at Dec-31-2018. Keyera has been 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 had planned for a $2.9B growth capital program, including $650M for Keyera's 50% share of KAPS prior to the reduction in response to the COVID crisis. Of this capital, $1.7B has been invested since inception, as phase one of the Wapiti gas plant, the North Wapiti Pipeline System and the Simonette expansion were all completed in 2019. Growth capital expenditures for 2020 were forecast at $700M-$800M (2019 – $986M), excluding acquisitions. This has been reduced to approximately $500M. During 2019, Keyera invested $986M in growth capital. Capital spending for 2018 was $1.3B the largest capital program in their history. The first major project, phase one of the Wapiti gas plant commenced operation during Q2-2019 as planned. The largest project is the $650M expansion of gas gathering and processing in the Montney region planned for completion in 2023.

Operations

Keyera currently has interests in 19 active gas plants and one gas plant that is under construction, all of which are located in Alberta. Keyera operates 17 of the 19 active gas plants and has the option to become the operator of the gas plant currently under construction, five years after the commencement of its operations. 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. Most of Keyera's facilities are also equipped with condensate handling capabilities. 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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