Keyera Announces 2026 Marketing Guidance Update and Provides Operational Update

CALGARY, AB, Sept. 3, 2026 /CNW/ -- Keyera Corp. (TSX: KEY) ("Keyera" or the "Company") today announced that it has revised its 2026 Marketing segment realized margin¹ guidance to $320 million to $350 million from $360 million to $390 million. The revised outlook reflects the estimated impact of the ongoing Line 5 disruption and lower expected production at the Company's Alberta EnviroFuels facility ("AEF"), partially offset by stronger than anticipated contributions from other parts of the Marketing portfolio.

Line 5 Update

Enbridge's Line 5 pipeline remains shut down following an August 25 third-party line strike in Wisconsin. Enbridge is currently targeting a safe return to service by September 8, 2026.

Keyera uses Line 5 to transport natural gas liquids mix from its Fort Saskatchewan and Empress operations to its Sarnia fractionation facility. Based on the current expected return-to-service timing, Keyera estimates the disruption will reduce 2026 Marketing segment realized margin¹ by approximately $30 million, reflecting a combination of lost and deferred product sales.

AEF Update

AEF resumed full operations in early June following a five-month outage during which Keyera completed required repairs on existing damaged equipment. While the facility initially returned to full production, subsequent operating performance has indicated that additional equipment replacement work is required to support sustained full production rates.

Keyera expects AEF to continue operating at rates above 70% of capacity through April 2027. Redesigned permanent replacement equipment is expected to be ready for installation in May 2027. Installation will require an approximately one-month outage, replacing the maintenance outage previously planned for 2028. Keyera expects AEF to return to full production in June 2027.

Updated 2026 Outlook

Measure	Previous guidance	Revised guidance
Marketing segment realized margin¹	$360-$390 million	$320-$350 million

The AEF operating impacts and Line 5 disruption are expected to have a minimal impact on 2026 Liquids Infrastructure realized margin¹ and are not expected to affect Keyera's broader fee-based outlook. All other 2026 guidance remains unchanged.

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¹ Non-GAAP financial measure. See "Non-GAAP and Other Financial Measures" in this news release.

About Keyera Corp.

Keyera Corp. (TSX:KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:
Dan Cuthbertson, Director, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations
Email: [email protected]
Telephone: [phone]
Toll free: 888.699.4853

Forward-Looking Information

This news release contains certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"). Forward-looking information is typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "can", "project", "should", "would", "plan", "intend", "believe", "target", "outlook", "scheduled", "positioned" and similar words or expressions, including the negatives or variations thereof. All statements other than statements of historical fact are forward-looking information, including, without limitation, statements regarding 2026 Marketing segment realized margin guidance; expected contributions from parts of the Marketing portfolio; expected AEF production rates; the timing for installation of the replacement equipment; the timing and duration of the planned May 2027 outage; the timing of expected return of AEF to full production; the replacement of the maintenance outage previously planned for 2028; the timing of Line 5's return to service; the estimated impact of the Line 5 disruption on Marketing and Liquids Infrastructure segments; and Keyera's broader fee-based outlook and remaining 2026 guidance.

Forward-looking information reflects Keyera's beliefs and assumptions based on information available when such applicable forward-looking information is made and in light of Keyera's current expectations, including assumptions regarding safe and reliable AEF operations at the expected rates; satisfactory engineering, fabrication, delivery and installation of the replacement equipment; contributions from other parts of the Marketing portfolio; availability and cost of crews and materials; accuracy of outage schedules and cost estimates; Line 5 returning to service by the indicated date; Keyera's ability to use storage and system flexibility; the timing and value of product sales; the outlook for general economic trends, industry trends, and commodity prices; the governmental, regulatory and legal environment; and the effectiveness of risk-management activities. Actual outcomes may differ materially due to factors including further deterioration or interruption of AEF operations; satisfactory maintenance work at AEF; delays or changes in equipment design, fabrication, delivery or installation; changes in the scope or duration of the May 2027 outage; a delay in Line 5's return to service; reduced system flexibility; changes in commodity prices, market conditions or product-sale timing; changes in the governmental, regulatory and legal environment; and other known or unknown factors.

Management believes the assumptions and expectations reflected in the forward-looking information are reasonable based on information available on the date such information is provided and the process used to prepare it. However, Keyera cannot assure readers that these expectations will prove correct. Readers are cautioned that the foregoing list of important factors is not exhaustive and should not unduly rely on the forward-looking information included in this news release. The forward-looking information is made as of the date of this news release. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. All forward-looking information is expressly qualified by this cautionary statement.

Non-GAAP and Other Financial Measures

This news release refers to certain non-GAAP and other financial measures that include forward-looking information. Realized margin is not a standard measure under generally accepted accounting principles ("GAAP") and may not be comparable to similar measures reported by other entities. Realized margin is defined as operating margin excluding unrealized gains and losses on commodity-related risk-management contracts. The most directly comparable GAAP measure to realized margin for the Marketing and Liquids Infrastructure segments is operating margin for those segments. Management believes realized margin facilitates understanding of Keyera's operating performance without the effect of mark-to-market changes from risk-management contracts related to future periods. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For further information, refer to the sections titled "Segmented Results of Operations: Marketing", "Segmented Results of Operations: Liquids Infrastructure", "Non-GAAP and Other Financial Measures" and "Forward-Looking Statements" in Keyera's Management's Discussion and Analysis for the period ended June 30, 2026.

SOURCE Keyera Corp.