Plains All American Completes Divestiture of Interest in Keyera Fort Saskatchewan Facility

Rhea-AI Summary

On February 13, 2023, Plains All American (PAA) announced the successful closure of a transaction involving the sale of its non-operated interest in the Keyera Fort Saskatchewan facility to Keyera for approximately $367 million CAD ($271 million USD). This strategic move is expected to enhance connectivity to the Plains Fort Saskatchewan complex while achieving an attractive multiple. Plains All American specializes in midstream energy infrastructure, managing logistics services for crude oil and natural gas liquids.

Positive

• Successful sale of non-operated interest in Keyera Fort Saskatchewan for approximately $367 million CAD ($271 million USD).
• Transaction expected to improve connectivity to the Plains Fort Saskatchewan complex.
• Sale completed at an attractive multiple.

Negative

• None.

HOUSTON, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Plains All American (Nasdaq: PAA & PAGP), through its wholly owned subsidiary Plains Midstream Canada, has closed the previously announced transaction to sell its non-operated ownership interest in the Keyera Fort Saskatchewan facility to Keyera for approximately $367 million CAD ($271 million USD). The transaction was completed at an attractive multiple and on terms that will improve connectivity to the Plains Fort Saskatchewan complex.

About Plains
Plains All American (Nasdaq: PAA) is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). Plains owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation, and other infrastructure assets, serving key producing basins, transportation corridors, and major market hubs and export outlets in the United States and Canada. On average, Plains handles more than seven million barrels per day of crude oil and NGL.

Plains GP Holdings (Nasdaq: PAGP) is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas, and its Canadian operations are managed by Plains Midstream Canada, which is based in Calgary, Alberta. For more information, please visit www.plains.com.

For more information:
Investor Relations	Media Relations
Michael Gladstein	Morgan Ash
Director, Investor Relations	Manager, Media & Crisis Communications
(866) 809-1291	(866) 809-1290

FAQ

What was the amount of the sale of the Keyera Fort Saskatchewan facility by Plains All American (PAA)?

The sale was for approximately $367 million CAD ($271 million USD).

When was the transaction to sell the Keyera Fort Saskatchewan facility announced?

The transaction was announced on February 13, 2023.

What impact does the Keyera facility sale have on Plains All American (PAA)?

The sale is expected to enhance connectivity to the Plains Fort Saskatchewan complex and was completed at an attractive multiple.