Thursday, August 7, 2014

Keyera Corp. - KEY.t

Keyera Corp. - KEY.t is one of the largest independent natural gas and natural gas liquids midstream businesses in western Canada.

The company provides a range of gathering, processing, fractionation, storage, transportation and marketing services to the oil and gas industry. Keyera focuses on providing essential services to producers and delivering natural gas liquids and other related products to key markets across North America.








On August 6, 2014 the company reported Numbers

Keyera Corp. (TSX:KEY) announced their 2014 second quarter results today, the highlights of which are included in this press release.

HIGHLIGHTS

Net earnings were $62.9 million ($0.78 per share) in the second quarter of 2014, $14.7 million ($0.16 per share) higher than the $48.2 million ($0.62 per share) in the second quarter of 2013.

Adjusted earnings before interest, taxes, depreciation and amortization1, 2 (Adjusted "EBITDA") were $143.0 million in the second quarter of 2014, 44% higher than the $99.4 million posted in the same period in 2013.

Distributable cash flow, 2 was $84.0 million ($1.04 per share) in the second quarter of 2014 compared to $79.3 million ($1.01 per share) recorded in the second quarter of 2013.

Keyera's Gathering and Processing business delivered an operating margin3 of $64.0 million in the second quarter of 2014, compared to $38.9 million in the same quarter of 2013.

The NGL Infrastructure segment also delivered record operating margin3 of $49.0 million in the second quarter of 2014, 68% higher than the $29.1 million recorded in the second quarter of 2013.

Marketing operating margin3 was $52.8 million in the second quarter of 2014, compared to $46.8 million in the second quarter of last year.

Effective with its May dividend paid in June, Keyera increased its dividend by 7.5%, from $0.20 to $0.215 per share per month, or $2.58 per share annually. This is Keyera's twelfth dividend increase since going public in 2003, representing an 8% compound annual growth rate in dividends per share.

Keyera acquired an 85% ownership interest in the Cynthia gas plant and various interests in associated assets in west central Alberta, and has been appointed operator.

Keyera reached an agreement to participate as a 30% non-operating owner in the Enbridge Norlite pipeline. The Norlite pipeline will deliver condensate from Fort Saskatchewan to the Athabasca oil sands.

Keyera advanced a number of capital projects, including construction of the Rimbey gas plant turbo expander, the de-ethanizer at Fort Saskatchewan, the condensate stabilizer at the Simonette gas plant and site preparation of the Josephburg terminal.

Construction of the Twin Rivers pipeline project, with an expanded scope, is scheduled to begin later this year Keyera successfully completed a public offering of 4,312,500 common shares in May, generating gross total proceeds of $318 million. Net proceeds of the offering will be used to partially fund Keyera's capital growth program, to reduce its short term indebtedness under its credit facilities and for general corporate purposes.

Total growth capital investment was $157.0 million in the second quarter of 2014 and $355.6 million year-to-date.

Growth capital investment for 2014, excluding acquisitions, is now expected to be between $700 million and $800 million.4
Q2 Report (click to view)
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