Keyera Surprises to the Upside
No-moat Keyera reported fourth-quarter earnings, and the marketing segment exceeded our expectations. Operating margin in the segment was CAD 54 million, up from CAD 9 million in the year-ago quarter and above our expectations of CAD 40 million. The increased performance was driven by favorable seasonal demand and pricing.Keyera reported a fourth-quarter adjusted operating margin of CAD 211 million compared with CAD 155 million in the prior-year period and exceeded our expectations. The higher...
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