Mr. Dean Setoguchi reports

KEYERA ANNOUNCES SANCTIONING OF KAPS ZONE 4 AND PROVIDES OTHER COMMERCIAL UPDATES

Keyera Corp. has received the formal sanctioning of Kaps Zone 4, a strategic extension of its integrated system. This expansion strengthens Keyera's connectivity to the growing liquids-rich Montney regions of northeast British Columbia and northwest Alberta, some of the most active and resource-rich areas in North America.

"The sanctioning of Kaps Zone 4 marks another important milestone in the execution of our strategy to grow and extend our value chain," said Dean Setoguchi, president and chief executive officer. "This project reflects strong customer demand for our fully integrated service offerings and our ability to connect to valuable end markets. By enhancing connectivity and optionality, Zone 4 strengthens our competitive position and delivers greater value to our customers."

Kaps Zone 4 is an 85-kilometre extension of the existing Kaps pipeline, connecting Pipestone to Gordondale, Alta. It will connect to NorthRiver Midstream's Northeast B.C. Connector project. Together, these systems offer Montney producers a fully integrated and cost-effective route from northeastern British Columbia to Fort Saskatchewan area fractionation and Keyera's industry-leading condensate hub. The capital cost of Kaps Zone 4 is expected to be $220-million (net to Keyera), which includes investments in additional pumping capacity on Kaps zones 1 to 3. The project is targeted to enter service in mid-2027.

The project is backed by long-term transportation agreements with several investment-grade Montney producers, averaging 11 years in duration and 75-per-cent take-or-pay commitments. The agreements include downstream services such as fractionation, storage, transportation and marketing, further demonstrating the value of Keyera's integrated offering.

Keyera has secured over 75,000 barrels per day of new contracted volumes across Kaps zones 1 through 4 in recent months, with substantially all volumes also committed to incremental downstream services.

Keyera's current and future fractionation capacity, which includes the Fort Saskatchewan fractionation Unit II debottleneck and the Fort Saskatchewan fractionation Unit III expansion project, is now substantially fully contracted, supporting strong utilization and returns across the system.

Investments in Kaps Zone 4 and fractionation expansions directly contribute to the growth of Keyera's long-term, fee-for-service cash flows, supporting continued sustainable dividend growth.

In response to growing volumes across Keyera's integrated system, Keyera has entered into an agreement with AltaGas to export an additional 12,500 barrels per day of natural gas liquids through AltaGas's West Coast export facilities starting in 2028. This builds on the 12,500 barrels per day announced earlier this year. The agreement will further strengthen Keyera's ability to offer its customers more diversified market access for LPGs (liquefied petroleum gases), including premium Asian markets, while providing AltaGas with long-term ratable export volumes and cash flows.

About Keyera Corp.

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service-based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high-quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

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