Canada's Keyera posts Q1 loss, impacted by AEF outage

Keyera

14/05/2026 11:15

Overview

Canada energy infrastructure firm posts Q1 net loss

Lower Marketing segment results, due to AEF outage, offset record Gathering and Processing margin

Company completed acquisition of Plains Canadian NGL business after quarter-end

Outlook

Company reaffirms 7–8% fee-based adjusted EBITDA CAGR target for 2024–2027

Result Drivers

RECORD GATHERING AND PROCESSING - Record realized margin in Gathering and Processing driven by record throughput at Wapiti gas plant and new Simonette East gas plant interest

AEF OUTAGE IMPACT - Alberta EnviroFuels outage reduced processing margin in Liquids Infrastructure and led to sharp drop in Marketing segment realized margin

INVENTORY TIMING EFFECTS - Timing of butane inventory risk management activities in Marketing segment delayed offsetting physical sales of iso-octane, with impacts expected to reverse later in the year

Company press release: ID:nCNWL8zjma

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
-C$122 mln
Q1 Adjusted EBITDA
C$202.90 mln
Q1 FFO
C$143.21 mln
Q1 Basic EPS
-C$0.53


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

Wall Street's median 12-month price target for Keyera Corp is C$55.00, about 3.7% above its May 13 closing price of C$53.02

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 19 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)