Keyera makes progress on joint-venture projects
Midstream player Keyera Corp. reported a 52% decline in net earnings, falling to $52.4 million in the third quarter. The company's liquids infrastructure business had a record quarter, thanks to strong performance from its condensate distribution business.
Keyera has three joint-venture projects currently under construction:
the Norlite diluent pipeline (JV with Enbridge), on schedule for completion in mid-2017
the South Grand Rapids diluent pipeline (JV with TransCanada and Brion Energy), on schedule for completion in late 2017
the Base Line Tank Terminal crude oil storage (JV with Kinder Morgan), expected to be put into service in early 2018.
Keyera says it sees continued downward pressures on fees and transport volumes but thinks it is well positioned for growth when the market recovers.