Lowering Keyera Fair Value Estimate on Weak Marketing Segment Outlook
Keyera reported a third-quarter operating margin of CAD 170 million, CAD 32 million lower than the year-ago quarter and below our expectation of CAD 205 million. The gathering and processing and liquids infrastructure segments reported operating margins of CAD 72 million and CAD 63 million, respectively, both in line with our expectations. However, the marketing segment reported an operating margin of CAD 33 million, well below our expectations of CAD 60 million and CAD 32 million lower than the...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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