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Keyera Lowers Marketing Margin Guidance Amid Line 5 Disruption

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Keyera (KEY.TO) after trade Thursday said it lowered its 2026 marketing segment realized margin guidance to C$320 million to C$350 million, from C$360 million to C$390 million.

The company said the updated outlook reflects the impact of the ongoing Line 5 disruption and lower expected production at its Alberta EnviroFuels facility, or AEF, partly offset by stronger results from other parts of the marketing business.

Enbridge's Line 5 pipeline remains shut down following a third-party line strike in Wisconsin on Aug. 25. Enbridge currently expects the pipeline to safely return to service by Sept. 8, the company added.

AEF returned to full operations in early June after a five-month outage for repairs. Keyera expects AEF to operate at more than 70% of capacity through April 2027. Redesigned replacement equipment is expected to be ready for installation in May 2027, requiring about a one-month outage. This will replace the maintenance outage previously planned for 2028, with full production expected to resume in June 2027, the company said.

"The AEF operating impacts and Line 5 disruption are expected to have a minimal impact on 2026 Liquids Infrastructure realized margin and are not expected to affect Keyera's broader fee-based outlook. All other 2026 guidance remains unchanged," it added.

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