Core Insights - Keyera reported record results in its fee-for-service businesses, with significant growth in both Liquids Infrastructure and Gathering and Processing segments, driven by higher utilization and increased contracting [3][4][7] Liquids Infrastructure - The Liquids Infrastructure segment achieved a record realized margin of CAD 593 million, an increase from CAD 558 million in 2024, supported by higher storage contracting and increased utilization of the condensate system [1] Gathering and Processing - The Gathering and Processing segment also reached a record annual realized margin of CAD 439 million, up from CAD 413 million in 2024, driven by higher throughput and contributions from the Wapiti and Simonette gas plants [1] Financial Performance - Keyera's annual Adjusted EBITDA was CAD 1.16 billion, with Distributable Cash Flow of CAD 767 million (CAD 3.35 per share) and net earnings of CAD 432 million [2][7] Growth Initiatives - The company sanctioned three strategic growth projects in 2025, including two fractionation expansions, and acquired additional capacity in the Simonette area while divesting the non-core Wildhorse asset [5][11][12] Acquisition of Plains' NGL Business - Keyera's pending acquisition of Plains' Canadian NGL business is described as "transformational," with expectations for the deal to close around the end of the quarter [5][14] AEF Outage Impact - An unplanned outage at the Alberta EnviroFuels facility is expected to reduce guidance by approximately CAD 110 million, with full production anticipated to return in May [6][16] Marketing Business Performance - The marketing segment reported a realized margin of CAD 300 million in 2025, down from CAD 485 million the previous year, primarily due to lower premiums and volumes for isooctane sales [8][9] Future Outlook - Keyera anticipates 7% to 8% fee-for-service EBITDA growth through 2027, supported by take-or-pay contracts and contributions from new projects [17] Condensate Market Role - Keyera plays a significant role in the diluent market, handling about 70% of the condensate used in the oil sands, with ongoing evaluations for storage and system enhancements [18] Organizational Changes - Recent organizational changes were made to prepare for the Plains transaction, with a reorganization into two business units, which will not affect segment reporting [19]