Keyera Reports Transformational 2025 with Record Results

Highlights include strong fee-for-service business, sanctioned growth projects, and impact of unplanned outage at Alberta facility

Published on Feb. 16, 2026

Got story updates? Submit your updates here. ›

Keyera (TSE:KEY) executives said 2025 marked a 'transformational year' for the company, highlighting record results in its fee-for-service businesses and a slate of sanctioned growth projects, while also outlining the expected financial impact of an unplanned outage at its Alberta EnviroFuels (AEF) facility.

Why it matters

Keyera is a major midstream energy player in Western Canada, operating natural gas gathering and processing facilities as well as liquids infrastructure. The company's strong performance and strategic investments signal continued growth in the region, driven by factors like LNG development and data center demand.

The details

Keyera's fee-for-service segments, including Liquids Infrastructure and Gathering and Processing, delivered record results in 2025 driven by higher utilization across the company's integrated system. However, the marketing business finished the year 'at the top end' of revised guidance, below long-term expectations, mostly due to lower premiums and volumes for isooctane sales. The company also outlined the expected CAD 110 million impact from an unplanned outage and turnaround at its AEF facility. Keyera sanctioned three 'highly strategic and capital-efficient' growth projects in 2025, including fractionation expansions, and acquired additional gas plant capacity in the Simonette area while divesting the 'non-core' Wildhorse asset.

  • Keyera announced the unplanned outage at AEF in mid-January 2026.
  • The company expects the AEF facility to return to full production in May 2026.
  • Keyera expects to close its acquisition of Plains' Canadian NGL business around the end of Q1 2026.

The players

Keyera

A midstream energy business that operates primarily out of Alberta, Canada, with primary lines of business including natural gas gathering and processing, NGL and crude oil storage and transportation, and marketing of NGLs, iso-octane, and crude oil.

Dean Setoguchi

President and CEO of Keyera.

Jamie Urquhart

Senior Vice President of the Liquids Business Unit at Keyera.

Brad Slessor

Leads the Gathering and Processing and NGL Pipelines Business Unit at Keyera following recent organizational changes.

Plains

Keyera is in the process of acquiring Plains' Canadian NGL business, a 'transformational' deal for the company.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.