Keyera

Keyera was founded in 1998 when Gulf Canada Resources Limited sold a 50% interest in its midstream division to a subsidiary of KeySpan Corporation, forming a partnership with the company. After Gulf sold its remaining interests in the midstream sector and the partnership, the company renamed KeySpan Energy Canada Partnership.

In 2003 Keyspan Facilities Income Fund, the predecessor to Keyera Corp., was formed as an unincorporated open-ended trust under the laws of the Province of Alberta. Units of the Fund began trading on the Toronto Stock Exchange under the trading symbol KEY.UN on May 30, 2003. A second public offering was completed in April 2004. The Fund completed a third public offering of 10.72 million units and $100 million of convertible debentures (KEY.DB). The proceeds of this offering were used to fund a portion of the purchase price associated with the acquisition of EnerPro Midstream Company from Chevron Canada Resources.[4]

On December 2, 2004 the Fund purchased KeySpan Corporation's remaining interest in the operating partnership resulting in the operating partnership becoming a wholly owned subsidiary of the Fund.[5] With KeySpan Corporation no longer holding an ownership interest in the operating partnership, the Fund and its subsidiaries changed their name from KeySpan to Keyera. The name Keyera was selected because it captured the two important aspects of the Fund's evolution and vision for its business: Key Facilities for a New Era. Therefore, effective February 2, 2005, Keyspan Facilities Income Fund became Keyera Facilities Income Fund.[6]

Effective January 1, 2011, in response to changes in tax laws, the Fund completed its most significant internal reorganization - its conversion to a corporation.[7] The conversion was completed pursuant to a plan of arrangement that was approved by unitholders of the Fund on May 11, 2010.

Keyera has interests in 19 gas plants in western Canada and over 4,500 km of pipelines, thereby making it one of the largest gas processors in Alberta.[8]

Keyera's natural gas processing plants span the province of Alberta, primarily in the Foothills and North Central regions of the province. It also has one gas processing plant, Caribou, in northeast British Columbia. The company's natural gas liquids transportation, fractionation, storage infrastructure is primarily located in the Edmonton/Fort Saskatchewan region of the province, one of the energy industry's central hubs for services and infrastructure.

Demand for Keyera's services continues as oil and gas producers remain focused on drilling liquids-rich gas in the Western Canada Sedimentary Basin and developing the oil sands. Natural gas producers require significant infrastructure to support growing natural gas drilling activity, and bitumen producers require diluent handling and other logistics services to serve their needs. [9]

Keyera had a successful year in 2014, delivering record financial results, completing a number of strategic growth initiatives and announcing several acquisitions to complement existing operations. For the second consecutive year, all three of Keyera's business segments generated record results. The Gathering and Processing Business Unit generated operating margin of $218 million in 2014 (2013 - $157 million); the NGL Infrastructure segment's operating margin was $189 million (2013 - $123 million); and operating margin in the Marketing segment was $237 million (2013 - $133 million).[10]