Keyera’s Marketing Segment Continues to Disappoint
No-moat Keyera reported third-quarter earnings, and the marketing segment continues to underperform. Operating margin in the segment was negative CAD 15 million, down from CAD 24 million in the year-ago quarter and well below our expectations. The decline was driven by an unrealized loss on risk management contracts of CAD 25 million. Even without the unrealized loss, the company’s realized operating margin was CAD 10 million, which was also below our expectations and CAD 33 million in the year...Keyera is engaged in the business of operating natural gas midstream businesses in Canada. Midstream entities operate in the oil and gas sector between the upstream sector, which includes oil and gas exploration and production businesses, and the downstream sector, which includes the refining, distribution and retail marketing of finished products. Co. is organized into two integrated businesses, (i) The Gathering and Processing Business Unit which Co. is engaged in owning and operating raw gas gathering pipelines and processing plants and (ii) The Liquids Business Unit consisting of natural gas liquids infrastructure and marketing.
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