PRESS RELEASE

Keyera Announces Closing of Acquisition of Plains’ Canadian NGL Business

Keyera Corp. announced the closing of its previously announced acquisition of substantially all of Plains’ Canadian natural gas liquids business for $5.3 billion including closing adjustments.

“This is a significant milestone for Keyera and marks the successful completion of a highly strategic transaction,” said Dean Setoguchi, President and Chief Executive Officer. “The acquired assets are highly complementary to our existing platform and directly aligned with our strategy of strengthening and extending our integrated NGL value chain. The combined platform enhances connectivity across the basin and provides customers with improved access to markets, greater flexibility and increased reliability. We remain highly confident in the strategic merits of this transaction and our position that it strengthens competition and improves outcomes for customers.”

Closing Details
- The Transaction closed in its entirety on May 12, 2026.

- The Transaction was funded through previously issued subscription receipts, cash on hand and previously issued debt financing.

- Upon closing, each outstanding subscription receipt was automatically converted, without additional consideration, into one Keyera common share in accordance with its terms.

Competition Tribunal Process

As previously disclosed, the Commissioner of Competition has filed an application with the Competition Tribunal in connection with the Transaction.

Keyera disagrees with the Commissioner’s assertions and characterization of the Transaction and intends to respond through the Competition Tribunal process. The Company remains confident that the Transaction strengthens competition across the basin by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.

Under the Competition Tribunal process, Keyera has 45 days to file its response to the application, after which the Commissioner will have an opportunity to reply. The Competition Tribunal will then establish the schedule for the proceeding. While timelines may vary depending on the nature and complexity of the matter, proceedings before the Competition Tribunal can extend over a number of months.

Keyera remains confident in both the strength of its defense and the strategic and financial merits of the Transaction.

Strategic Merits

As originally announced on June 17, 2025, the Transaction materially expands Keyera’s integrated NGL platform and strengthens its ability to deliver value to customers across the value chain.

The combined platform:
- Establishes Canadian ownership of critical energy infrastructure, reinforcing long-term energy security and enabling continued domestic investment and job creation

- Strengthens competition across the basin by advancing a more integrated and efficient NGL network, enhancing Canada’s ability to compete in global energy markets

- Provides customers with improved access to key markets and greater flexibility in how their products are handled, transported and sold

- Increases alignment across gathering, fractionation, storage, transportation and marketing infrastructure, improving overall system reliability and efficiency
The Transaction is a natural extension of Keyera’s strategy to strengthen and extend its integrated value chain, positioning the Company to better serve customers and support long-term growth across the basin.

Financial Merits
- The Transaction is expected to deliver strong financial performance consistent with the framework outlined at announcement.

- Over $100 million of annual run-rate synergies are estimated to be realized within 12 months of closing

- The Transaction is expected to be mid-teens accretive to distributable cash flow per share once integration is complete and near-term synergies are fully realized
Pro forma net debt to adjusted EBITDA is anticipated to return to the Company’s long-term target range of 2.5x to 3.0x around the end of 2027, with continued deleveraging toward the lower end of the range over the medium term

These expectations remain consistent with the strategic rationale, financial framework and capital allocation priorities outlined at announcement and reflect Keyera’s continued confidence in the value creation of the Transaction.

Integration Underway
Keyera has been actively preparing for integration since the Transaction was announced in June 2025. Following closing, the Company will begin integrating employees, systems and operations to capture operational efficiencies and realize identified synergies.

Subscription Receipts
The $5.3 billion purchase price for the Transaction, including closing adjustments, was funded, in part, from the net proceeds of Keyera’s $2.07 billion bought deal offering of subscription receipts, which closed on June 20, 2025.

With the closing of the Transaction, each holder of Subscription Receipts will be entitled to receive, automatically and without payment of any additional consideration or further action on the part of the holder, one common share of Keyera (a “Common Share“). On March 31, 2026, Keyera made a cash payment per Subscription Receipt, to holders of Subscription Receipts of record as of March 15, 2026, of $0.54 (a “Dividend Equivalent Payment“), such amount being equal to the dividend per Common Share paid on such date to holders of Common Shares. No further Dividend Equivalent Payment will be paid or is payable to holders of Subscription Receipts in connection with closing of the Transaction.

Trading in the Subscription Receipts is expected to be halted, the transfer register maintained by the subscription receipt agent will be closed and the Subscription Receipts will be delisted from the Toronto Stock Exchange (the “TSX“), in each case, effective as of the close of trading today. The Common Shares to be issued pursuant to the terms of the Subscription Receipts are expected to commence trading on the TSX tomorrow.

About Keyera Corp.
Keyera Corp. 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; isooctane 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.