Midstream Infrastructure · Senior · Midstream · Canada · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Keyera Corp. Consolidated
Portfolio · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Integrated Canadian midstream energy infrastructure company operating three business segments: Gathering and Processing (interests in 11 active Alberta gas plants, 7 operated, with more than 1 Bcf/d of licensed gas processing capacity), Liquids Infrastructure (NGL fractionation, de-ethanization, underground storage, pipelines and the Alberta EnviroFuels iso-octane facility centered on the Edmonton/Fort Saskatchewan hub), and Marketing (NGL and iso-octane purchasing, blending, storage and sales). Pending acquisition: in June 2025 Keyera entered a definitive Plains Share Purchase Agreement to acquire Plains' Canadian NGL business and select U.S. assets for total cash consideration of $5.15 billion, expected to close around the end of Q1 2026.
Portfolio Aggregate · Processing facilities
As at 31 December 2025
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Processing facilities · 15 projects
Simonette Gas Plant
Asset · Gas Processing · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sour gas plant in the NGL-rich Montney and Duvernay formations with 450 MMcf/d licensed capacity, acid gas injection, condensate stabilization (27,000 Bbls/d) and associated gathering, now fully integrated to Keyera's Fort Saskatchewan liquids infrastructure via KAPS. 2025 average daily throughput 232 MMcf/d.
Processing facilities
As at 31 December 2025
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Rimbey Gas Plant
Asset · Gas Processing · Operating · Ownership 99%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Full-service sour gas plant 100 km southwest of Edmonton with 422 MMcf/d licensed capacity, NGL extraction, NGL fractionation (28,000 Bbls/d), ethane extraction (20,000 Bbls/d) and sulphur recovery. Terminus of Keyera's Keylink pipeline, connected to the Edmonton/Fort Saskatchewan area via the Rimbey Pipeline and the Alberta Ethane Gathering System. 2025 average daily throughput 204 MMcf/d.
Processing facilities
As at 31 December 2025
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Wapiti Gas Plant
Asset · Gas Processing · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sour gas plant in the condensate-rich Montney with 300 MMcf/d licensed capacity, acid gas injection, condensate stabilization (25,000 Bbls/d), water disposal, cogeneration and associated gathering. 2025 average daily throughput 260 MMcf/d.
Processing facilities
As at 31 December 2025
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Strachan Gas Plant
Asset · Gas Processing · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sweet gas plant 200 km southwest of Edmonton with 275 MMcf/d licensed capacity, interconnected to Keyera's Brazeau River and Nordegg gas plants. Services include inlet compression, gas dehydration and deep-cut NGL recovery. 2025 average daily throughput 204 MMcf/d.
Processing facilities
As at 31 December 2025
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Edmonton Terminal
Asset · Storage Liquids · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
NGL and iso-octane rail and storage terminal in Edmonton with 264,000 Bbls of storage capacity and 34,000 Bbls/d of rail handling capacity, part of Keyera's Edmonton/Fort Saskatchewan liquids hub.
Processing facilities
As at 31 December 2025
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Pipestone Gas Plant
Asset · Gas Processing · Operating · Ownership 99.9%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sour gas plant in the condensate-rich Montney, developed with anchor tenant Ovintiv under a 20-year infrastructure agreement. A late-2023 expansion increased capacity from 220 to 260 MMcf/d. The Pipestone liquids hub is designed for up to 24,000 Bbls/d of produced condensate and 22,000 Bbls/d of produced water. 2025 average daily throughput 251 MMcf/d.
Processing facilities
As at 31 December 2025
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Alder Flats Gas Plant
Asset · Gas Processing · Operating · Ownership 70%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Deep-cut sweet gas plant (also known as O'Chiese Nees-Ohpawganu'ck) with 226 MMcf/d licensed capacity, equipped with a turbo expander for ethane-rich NGL extraction; Keyera holds a 70% working interest, operated by Spartan Delta. 2025 average daily throughput 165 MMcf/d.
Processing facilities
As at 31 December 2025
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Brazeau River Gas Plant
Asset · Gas Processing · Operating · Ownership 94%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Gas plant ~170 km southwest of Edmonton with 218 MMcf/d licensed capacity, able to process both sweet and sour gas; processes include inlet compression, sour gas sweetening, dehydration, NGL recovery and acid gas injection. 2025 average daily throughput 125 MMcf/d.
Processing facilities
As at 31 December 2025
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Simonette East Complex
Asset · Gas Processing · Operating · Ownership 50.1%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Recently acquired sweet gas plants and associated infrastructure in the Simonette area (combined gross processing capacity 135 MMcf/d), Keyera 50.1% interest, non-operated. 2025 average daily throughput 135 MMcf/d.
Processing facilities
As at 31 December 2025
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Cynthia Gas Plant
Asset · Gas Processing · Operating · Ownership 94%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sour gas plant with 78 MMcf/d licensed capacity, turbo-expander NGL recovery and power generation. 2025 average daily throughput 49 MMcf/d.
Processing facilities
As at 31 December 2025
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Nordegg River Gas Plant
Asset · Gas Processing · Operating · Ownership 89%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sweet gas plant with 75 MMcf/d licensed capacity, interconnected with the Strachan plant. 2025 average daily throughput 39 MMcf/d.
Processing facilities
As at 31 December 2025
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Keyera Fort Saskatchewan (KFS)
Asset · Fractionation · Operating · Ownership 98%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Keyera's flagship NGL fractionation, de-ethanization, underground storage and terminalling complex in the Edmonton/Fort Saskatchewan hub (approximately 98% owned). Gross fractionation capacity 69,200 Bbls/d, de-ethanizer 30,000 Bbls/d, and underground NGL storage of 16,683,000 Bbls, plus the FSPL connecting pipeline system. The KFS Frac II debottleneck (+8,000 Bbls/d) and KFS Frac III growth projects advance the platform.
Processing facilities
As at 31 December 2025
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KFS Fractionation Unit III
Asset · Fractionation · Construction · Ownership 98%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sanctioned growth project at the KFS complex adding approximately 47,000 Bbls/d of incremental NGL fractionation capacity, advanced to a sanctioning decision in the first half of 2025.
Processing facilities
As at 31 December 2025
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Alberta EnviroFuels (AEF)
Asset · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Iso-octane production facility with nameplate capacity of approximately 14,000 Bbls/d, using butane as primary feedstock to produce iso-octane, a low-vapour-pressure, high-octane gasoline blending component. Creates synergies with Keyera's Marketing segment, which supplies butane feedstock. Capable of operating above nameplate under appropriate conditions.
Processing facilities
As at 31 December 2025
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KAPS Pipeline System
Asset · Pipeline Ngl · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
The Key Access Pipeline System, an NGL and condensate pipeline that became operational in Q2 2023, transporting Montney and Duvernay production from northwestern Alberta to Keyera's fractionation assets and condensate system in Fort Saskatchewan, fully integrating the Wapiti, Pipestone and Simonette gas plants to the downstream liquids platform. The KAPS Zone 4 expansion advanced through Front End Engineering and Design in 2025.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Natural gas
NGL
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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