Keyera Corp. reported a net loss of $122 million in the first quarter of 2026, swinging from a profit of $96 million in the same period last year. The Calgary-based energy infrastructure company said revenue fell to $1.38 billion, down from $1.69 billion in the first quarter of 2025.
Key factors behind the loss
The company attributed the weaker results to lower margins in its marketing segment, reduced volumes in its gathering and processing business, and higher operating costs. The Keyera KAPS pipeline, which began operations in early 2025, contributed to increased depreciation expenses. Additionally, a planned turnaround at its Fort Saskatchewan fractionation plant reduced throughput during the quarter.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $210 million, compared with $310 million in the prior-year quarter. Analysts had expected adjusted EBITDA of approximately $240 million.
Outlook and market reaction
Keyera maintained its 2026 capital expenditure guidance of $500 million, with a focus on completing the KAPS pipeline expansion and advancing its proposed liquefied petroleum gas export terminal in Prince Rupert, B.C. Shares of Keyera fell 3.2% to $32.45 on the Toronto Stock Exchange following the earnings release.
The company declared a quarterly dividend of $0.20 per share, unchanged from the previous quarter.
