Keyera flags extended outage at AEF facility

Executive Summary

• Keyera Corp. experienced an extended unplanned outage at its Alberta Envirofuels facility (AEF) in early January 2026 due to component failure in long-life equipment.
• The facility is expected to return to service in May 2026, during which time Keyera will also complete a previously planned six-week major turnaround, eliminating the need for a separate shutdown in fall 2026.
• The outage and pulled-forward turnaround result in significant financial impacts for 2026, including an $110-million hit to marketing segment realized margin, a $15-million impact on liquids infrastructure realized margin, and a revised maintenance capital guidance range of $140-million to $160-million.

Key Details

• Outage Cause: Investigation identified component failure involving long-life equipment that had been replaced approximately three years ago as part of continuing maintenance and reliability programs; the cause of the early failure is currently under investigation.
• Timeline: Outage initiated in early January 2026; anticipated return to service in May 2026.
• Turnaround Consolidation: The previously planned six-week major turnaround, originally scheduled for fall 2026, will be completed during the current outage period.
• 2026 Financial Impacts (Stand-alone, Pre-Plains Acquisition):
  • Marketing segment realized margin impact: Approximately $110-million.
  • Liquids infrastructure segment realized margin impact: Approximately $15-million.
  • Cash taxes: Expected to decrease by approximately $30-million.
  • Maintenance capital: Expected to increase by approximately $10-million.
• Revised Guidance: 2026 maintenance capital guidance range revised upward to $140-million to $160-million (previously $130-million to $150-million).
• Future Guidance: 2026 marketing guidance will be provided following the conclusion of the NGL contract season as part of the first quarter 2026 financial results in May.

Notable Quotes

• "Throughout this process, Keyera's priority remains the safety of its employees and contractors, and the long-term integrity and reliability of the facility."