Keyera reports $122M first-quarter loss, revenue down from year ago

The Keyera KAPS pipeline in Fort Saskatchewan, Alta. (John Hanson/CTV News Edmonton)

CALGARY — Keyera Corp. reported a loss of $122 million in its latest quarter as it saw a large unrealized non-cash loss associated with risk management contracts.

The company says the loss amounted to 53 cents per share for the quarter ended March 31 compared with a profit of $130.3 million or 57 cents per share in the first quarter of 2025.

Distributable cash flow per share amounted to 44 cents, down from 83 cents per share a year earlier.

Revenue totalled $1.30 billion, down from $1.76 billion in the same quarter last year.

Earlier this week, Keyera closed its deal to buy the Canadian natural gas liquids business of U.S. firm Plains All American Pipeline LP despite a challenge launched by the federal competition regulator.

The Competition Bureau has applied to the Competition Tribunal to challenge the deal alleging it will likely harm energy producers and stifle investment, however the company disagrees with the regulator’s assertions.

This report by The Canadian Press was first published May 14, 2026.

Read more:

• Keyera closes Plains deal despite challenge by federal competition regulator
• Competition Bureau challenging Keyera deal with Plains All American Pipeline
• Competition Bureau obtains court order in investigation into Keyera-Plains deal