The following is a summary of the Keyera Corp. (KEYUF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Keyera reported net earnings of $185 million for Q3 2024, a significant increase from $78 million in the same period last year.

• Adjusted EBITDA was $322 million, up from $288 million year-over-year, driven by higher contributions from all business segments.

• Distributable cash flow increased to $195 million, or $0.85 per share, compared to $186 million, or $0.81 per share, in Q3 2023.

• The company reaffirmed its Marketing segment realized margin guidance range at $450 million to $480 million for 2024.

• Growth capital for 2024 is expected at the upper end of the previously guided range of $80 million to $100 million.

Business Progress:

• Keyera continues to advance two key fractionation projects, Frac II debottleneck and Frac III, which will significantly increase net fractionation capacity by approximately 60%.

• The company is progressing with customer contracting and engineering for these projects, aiming for an in-service date late in 2026 for Frac II debottleneck and preliminary works for Frac III.

Opportunities:

• Basin volume growth in Western Canada is materializing, with TMX, LNG Canada, a growing petrochemical industry, and increasing LPG exports off the West Coast supporting future demand.

• Strong future demand for the company's services allows for capital-efficient growth projects.

Risks:

• There were no explicit risks discussed, but fluctuations in throughput and the pace of large-scale projects, such as those in the LNG industry, could impact expected business growth.

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