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Keyera Corp.’s (TSX: KEY) Q1 2024 Revenue Drops 15% as Ethane Revenue Declines
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Highlights
Keyera Corp. (TSX: KEY) is a midstream energy company based in Alberta, Canada. The company maintains interests in approximately twelve operational gas plants and manages a network of over 4,000 kilometers of pipelines. It has a market capitalization of CAD 8.91 billion.
Keyera Corp. reported a 15% decline in revenue in Q1 2024 compared to the previous corresponding period (pcp), primarily attributed to reduced ethane revenues from the Rimbey gas plant. The company recorded a lower operating profit of CAD 283.0 million, reflecting the impact of decreased revenue. Earnings before tax totaled CAD 92.3 million in the quarter, down from CAD 178.3 million in pcp. It was driven by lower operating profit as well as increased finance and depreciation costs. Consequently, the company's net profit for the quarter stood at CAD 70.9 million, down from CAD 137.7 million in pcp, reflecting these factors.
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