Keyera celebrates the completion of the KAPS pipeline

Keyera Corp. (TSX: KEY) ("Keyera"), one of Canada's largest independent midstream energy infrastructure businesses, recently completed the KAPS pipeline – Alberta's newest natural gas liquids (NGLs) and condensate pipeline spanning 575 kilometres, and supporting Canada's role on the global energy stage. KAPS is operated by Keyera and 50% owned by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets.

"KAPS is more than a pipeline, it's truly an energy infrastructure solution that is helping to unlock partnership and prosperity through a purposeful approach," says Dean Setoguchi, President & CEO of Keyera. "The support KAPS has received is a testament to both commercial need and the listen-first approach Keyera takes with external stakeholders and Indigenous communities. KAPS has been years in the making, and it is the platform that propels us forward and lets us focus on what we do best – supply responsibly produced Canadian energy."

The KAPS pipeline will safely transport 350,000 barrels per day of NGLs and condensate from the liquids-rich Montney and Duvernay basins to Keyera's liquids processing and storage hub in Alberta's Industrial Heartland, located in Fort Saskatchewan. By providing a competitive transportation alternative that allows producers to grow natural gas production, KAPS is advancing Alberta's energy industry. This highly desired industry pipeline solution is designed to integrate services, generate more volumes, and expand commercial opportunities; all of which drives benefit for Alberta and fuels greater domestic economic growth.

"The completion of the KAPS pipeline represents a significant milestone in the expansion of natural gas production in Western Canada. As natural gas continues to be a key contributor to the global energy mix and energy transition, especially in East Asia, we believe that KAPS has a critical role to play," says Anthony Borreca, Senior Managing Director at Stonepeak. "KAPS has the ability to support decarbonization and energy security goals on a local and global level and we look forward to continuing to partner with Keyera as responsible stewards of this asset as production gets underway."

Integral to the successful construction and completion of KAPS was Keyera's engagement and partnerships with communities along the pipeline route, including 10 municipalities, 22 Indigenous communities and 60 Indigenous-owned or affiliated businesses. Determining the pipeline route was a collaborative effort that extended well beyond regulatory, environmental, safety and land factors. It included input from traditional land use studies from each Indigenous community, approximately 400 site visits with Rights holders, and the approval of nearly 600 landowners and occupants.

"This is such great news for Keyera, its partners, and for Alberta," says the Honourable, Danielle Smith, Premier of Alberta. "KAPS is furthering economic opportunity and prosperity for Indigenous partners and communities as well as for the entire province. I'm excited to see the positive impacts this project will have and the economic growth we'll see in the years to come."

During construction, KAPS generated more than $650 million in labour income and 7.7 million people hours. Now in service, KAPS plays a key role in positioning Alberta as an integral conduit for petrochemical and upgrading feedstock in the region and a competitive world class destination for growth and investment today and tomorrow.

"This year Keyera celebrated our 25th anniversary, and we look forward to continuing to collaborate with the communities along the KAPS pipeline route for the next 25," says Setoguchi. "In recognition of today's celebration and in commitment to these communities, we are investing $300,000 from our Keyera Connects Social Investment Program into partnerships focused on capacity building and sustainability."