Good morning. My name is Danny, and I will be your conference operator today. At this time, I would like to welcome everyone to Keyera's 2025 Fourth Quarter and Year-End Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then one on your telephone keypad. If you would like to withdraw your question, please press the pound key. Thank you. I would now like to turn the call over to Dan Cuthbertson, General Manager of Investor Relations. You may begin.
Thanks, and good morning. Joining me today will be Dean Setoguchi, President and CEO, Eileen Marikar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President, Liquids Business Unit, and Brad Slessor, Senior Vice President, G&P and NGL Pipelines Business Unit. We will begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions. I'd like to remind listeners that some of the comments and answers that we will give today relate to future events. These forward-looking statements are given as of today's date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-GAAP financial measures. For more information on non-GAAP measures and forward-looking statements, please refer to Keyera's public filings available on SEDAR and on our website. With that, I'll turn the call over to Dean.
Thanks, Dan, and good morning, everyone. 2025 was a transformational year for Keyera. We continued to demonstrate the strength of our fee-for-service business, delivering record results in both Liquids Infrastructure and Gathering and Processing. These results were driven by higher utilization across our integrated system, which supports continued dividend growth. Keyera's marketing business finished the year at the top end of our revised guidance. While results were below our long-term base expectations, we continue to view our marketing segment as a strategic differentiator that provides strong cash flow and, in stronger market environments, can deliver outsized contributions. This cash can be used to strengthen our balance sheet and accelerate growth by reinvesting in our fee-for-service business. During the year, we continued to advance our strategy of strengthening and extending our integrated value chain.
We sanctioned three highly strategic and capital-efficient growth projects, including two Frac expansions at KFS, in addition to KAPS Zone 4. These projects are highly contracted and will continue to support growth and high-quality fee-based cash flow. These contracts demonstrate the competitiveness of our services. In June, we announced the transformational acquisition of the Plains' Canadian NGL business. Once this highly strategic transaction closes, it will expand our national platform, strengthen our integrated value chain, and enhance our ability to better serve customers and partners across Canada. For Keyera, it will support further growth and long-term shareholder value. We continue to demonstrate disciplined portfolio management, completing two additional transactions: the addition of the additional gas plant capacity in the Simonette area and the divestiture of our non-core Wildhorse asset. Together, these transactions reflect our continued focus on optimizing our asset base and recycling capital into higher return on strategy opportunities.
I'll now briefly discuss the AEF outage. In mid-January, we announced an unplanned outage following the identification of an issue with a vessel on site. The safety of our employees, contractors, and the integrity of the facility remain top priorities while the restart work continues. Repairs are underway, and we expect the facility to be back to full production in May. Lastly, I want to touch on our recent organization changes. In preparation for the closing of the Plains transaction, we have reorganized our leadership reporting structure to better position the business for its next phase of growth and to drive competitiveness. Under the new structure, we'll operate with two business units supported by our existing enablement teams, and Brad Slessor now leads the G&P and NGL Pipelines Business Unit, and Jamie Urquhart leads the Liquids Business Unit, which includes our Liquids Infrastructure assets, and marketing business.
These changes do not affect how we'll report our segment and financial results. Overall, 2025 was a year of strong execution. We have continued to build a more efficient and competitive platform that creates meaningful value for our customers and shareholders while positioning Keyera for long-term growth. With that, I'll turn the call over to Eileen to review our financial results and outlook.
Thanks, Dean, and good morning, everyone. Keyera's fourth quarter and year-end results reflected stable performance and continued strength in our fee-for-service business. Not including deal and integration costs associated with the Plains acquisition, annual Adjusted EBITDA was CAD 1.16 billion. Distributable Cash Flow was CAD 767 million, or CAD 3.35 per share for the year, and annual net earnings were CAD 432 million. As Dean mentioned, we continue to see strong year-over-year growth in our fee-for-service segments, delivering record results driven by higher utilization across the value chain. In Gathering and Processing, we have record annual Realized Margin, delivering CAD 439 million, up from CAD 413 million last year. The increase reflects higher throughput and growing contributions from our Wapiti and Simonette gas plants as contracted volumes continue to grow.
In Liquids Infrastructure, realized margin was a record CAD 593 million for the year, up from CAD 558 million in 2024. This growth was supported by higher storage contracting and utilization of our condensate system, as well as the steady ramp-up of KAPS volumes. Now turning to the marketing segment. Realized margin was CAD 300 million for the year, compared to CAD 485 million last year. The lower results mostly reflect lower premiums and volumes for isooctane sales. Now we'll touch on our 2026 guidance. Growth capital is still expected to range between CAD 400 million and CAD 475 million. Maintenance capital is expected to be CAD 140 million-CAD 160 million. Cash taxes are expected to range between CAD 60 million and CAD 70 million.
Consistent with prior years, Marketing segment realized margin guidance will be provided with first quarter results in mid-May, following the conclusion of the NGL contracting season. As previously disclosed, this will reflect the approximate CAD 110 million impact associated with the unplanned AEF outage and turnaround. Following the closing of the Plains acquisition, we'll provide pro forma guidance and a comprehensive business outlook for the combined platform, reflecting our enhanced scale and long-term growth profile. With that, I'll turn it back to Dean for closing remarks.
Thanks, Eileen. 2025 was a transformative year for Keyera. We executed on our strategy, strengthened our value chain, and continued to build a competitive and efficient platform that creates value for our customers and shareholders. On behalf of our Board and Management Team, I want to thank our employees, customers, shareholders, indigenous rights holders, and other stakeholders for the continued support. With that, we'll open the line for questions. Operator, please go ahead.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star key followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star key followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please, while we assemble the queue. Your first question comes from Aaron MacNeil of TD Cowen. Please go ahead.
Good morning, all. Thanks for taking my questions. As you can imagine, we're getting a lot of inbounds on the Simonette Gas Plant acquisition this morning. Just wondering if there's any more details that you could provide in terms of, you know, the transaction multiple or potential financial contributions, whether or not the assets are connected to KAPS, and if not, what the timeline might be for connectivity there or any other details?
Hi, good morning, Aaron. It's Dean, and thank you very much for the questions regarding the Simonette area gas plant capacity acquisitions that we made. You know what I'd say is that, you know, we like the area, and as you know, we have our own Simonette gas plant, so this really fortifies and strengthens our G&P footprint in that area. You know, we're working with a private oil and gas company, and we do have confidentiality provisions, and it's important for our customer not to disclose details of that contract, so we are not able to do that. But I'd just say that there are some downstream services that are included as part of this transaction.
As we've always said about, you know, our infrastructure investments, is that this one included is solidly between our, meets our, 10%-15% return on capital threshold.
That's helpful. And maybe just a bit of an oddball question, and I can appreciate that you won't speak to specific customers or contracts, but ARC recently removed the second phase of Attachie from its five-year outlook, you know, which was expected to be a meaningful contributor to overall basin condensate growth. I guess just broadly speaking, would you sort of reiterate your standalone Keyera growth outlook despite the, you know, that removal of the project?
Yeah, absolutely. I mean, you know what? First of all, I, I'm not going to make specific comments on ARC and their plans, other than say that, you know, I think that they're a very good operating company, and they are gonna continue to find ways and deliver growth for their stakeholders. You know, when you step back from a macro perspective, you know, the Western Canadian Sedimentary Basin is a very competitive place to drill and grow your production base. And as we, you know, confidently see, you know, more products egress out of our basin, you know, that just gives us optimism that, you know, we're gonna see continued growth in the future. And I'm talking about, again, just, you know, filling up the original two phases or the two trains of LNG Canada.
You know, we're hearing there's a lot more momentum around the next phase being sanctioned sometime in the next year or so. So, you know, that will be positive. Data centers on both sides of the border are, you know, I think, a real thing, and that's gonna drive more gas, net gas demand. And then obviously, the expansions on Trans Mountain and also Enbridge's system are very good for condensate demand. So, you know, when you take that macro overlay and where we're positioned on the liquids-rich Montney Fairway, we're in the sweet spot, and you know, which is why we expanded our footprint in the Simonette with the Simonette acquisition. And you know, we see it as an area that we see a lot of demand for more services, and we're gonna compete for that.
So overall, our business outlook is still very strong. And I do want to reiterate the contracts that we announced last year, and we continue to sign, they're very high take-or-pay. So, you know, we have a high level of confidence in the delivery of our cash flow growth, which we again reiterate our 7%-8% fee-for-service EBITDA growth out to 2027. And as you know, projects like KAPS Zone 4 and specifically our Frac III will continue to drive our growth outlook for our fee-for-service business beyond 2027 as well. So, you know, overall, again, we think that the basin is gonna be strong and we're certainly gonna capture our fair share of that growth and deliver meaningful results.
Okay. Thanks, Dean. I'll turn it back.
Yeah, thank you.
Your next question comes from Robert Hope of Scotiabank. Please go ahead.
Morning, everyone. I want to go back to the Simonette acquisition. The MD&A has some commentary that the transaction also unlocks potential follow-on growth opportunities in the area. Can you maybe add a little bit of color to this? And then maybe just to, you know, would this include a KAPS connection, or are those assets currently connected to KAPS?
Yeah. You know what? Like I said, I'm, I'm not gonna speak to the specific services that are attached to this contract, because, again, we're just respecting the wishes and the, and the confidentiality provisions in our agreement. But, what I'd say is that we generally see very good demand in that area. I mean, the Simonette area really borders the Montney and the Duvernay developments, and we like it. We do have extra capacity in our Simonette gas plant. We are working on opportunities to potentially expand our Simonette gas plant. So when you look at these two other, you know, gas plant working interests that we acquired, it ties in very nicely with that G&P footprint in the Simonette area.
Again, when we look at that footprint, we see ways that we can continue to offer our broader service to the customers in that area.
All right. Appreciate that.
Anything you wanna add, Rob? Thank you.
Maybe a more broad question. You know, looking at 2025, the dividend payout ratio was kind of in the mid-range of that 50%-70% target range. You know, as you add the Plains assets, which will be quite accretive, how are you thinking about allocation of capital? Because this will put you kind of towards the lower end, if not below, your targeted payout range.
Yeah. Maybe I'll just make a general comment and, you know, remind everyone that, you know, Keyera originated back in 2023. When we became public, it was as a trust, and I know that there are a lot of investors that still love that dividend. And so that's something that's very important to us, but also very important to our shareholders, and something that we continue to want to grow just like we have in the past. So, you know, and if I didn't, my parents probably wouldn't talk to me anymore. But anyway, with that, I'll turn it over to Aline for further comments.
Sure. Good morning, Rob. Yeah, just, you know, again, our philosophy overall on the dividend growth, really won't change even as we bring Plains on. We wanna make sure it's sustainable through all the various business cycles. And so we do that by maintaining, as you noted, a conservative payout ratio and by continuing to grow our fee-based cash flow. And so with Plains and our recent sanctioning of growth projects, that fee-for-service cash flow is going to continue to grow. So beyond the dividend, really, our capital allocation priorities are to fund our sanction growth capital program and repay debt so that we bring our balance sheet back to the low end of our target range.
You know, maintaining that low leverage has been a competitive advantage for us and really has allowed us to pursue opportunities when they arise, and we want to always be in that position.
Thank you. I'll hop back in the queue.
Your next question comes from Ben Pham of BMO. Please go ahead.
Hi, morning. I just want to stay on the topic of acquisitions. I would love to hear your thoughts around just the pace of further potential acquisitions that's crossing your desks there, and do you think this could be maybe a repeatable strategy for you in Western Canada?
Yeah. Good morning, Ben, and thank you for the question. You know what? Overall, we just think that there's a great opportunity to continue to grow. You know, I really love you know, starting from macro, I mean, I love the Prime Minister's vision for Canada to be an energy superpower, and we should be. So, you know, as we see more LNG and pipeline expansions to the West Coast and also more capacity built in the United States, there's gonna be a lot of growth in this basin. We have a very competitive basin, and with that, you know, there's gonna be core infrastructure requirements and capacity that's gonna be required to enable that growth.
Some of that is gonna be greenfield, brownfield, and tuck-in acquisitions like what we just announced. So we see opportunities, you know, on the horizon for all three. At the same time, though, you know, our primary focus today is to deliver on the three projects that we have sanctioned, the two Frac expansions and Zone 4, and also, you know, closing our Plains acquisition and getting that fully integrated and capturing synergies. So, you know, we just don't want to get ahead of ourselves, and we wanna make sure that we don't bite off more than we can chew. Those are our big priorities in the near term, but certainly, medium and long term, we see a lot of great opportunities.
Gotcha. And then on, just on the Plains transaction, you mentioned the end of Q1 2026 and center around all the conversation you're having. But are you, is Keyera in a position now where you have a good sense of what you need to do or not do to close the deal? And is anything in particular that's driving that target on the timing?
Yeah, you know what? I can't speak to specifics on details of our discussions with the Bureau, but, you know, like I say, you know, we feel very confident that we'll be able to close this transaction somewhere around the end of the quarter. But again, you know, we're dealing with a federal agency, and not all the timing is within our control, but we are where we thought we'd be at this point in time.
Okay, got it. Okay, thank you.
Thank you.
Your next question comes from Maurice Choy of RBC Capital Markets. Please go ahead.
Thank you and good morning. Maybe just sticking with the Plains discussion, notwithstanding that the deal hasn't closed, but if I could just look beyond the closing. Have you seen your customers already wanting to initiate contract discussions to look at the combined portfolio and service offerings? And do you see these being executed relatively soon after the deal closes?
Oh, good morning, Maurice, and thank you for the question. You know, I think the first comment I'd say is that we still have to operate 100% as separate entities until this transaction closes. So there are no discussions going on that involve, you know, combined services between the two platforms today. You know, we wanna make sure that that's very clear. But certainly want to reiterate that, you know, we see a lot of opportunities to provide our customers a more competitive service than they receive today. You know, we think with the combined assets, they're gonna have a more reliable service, you know, and also a competitive service as well, with our logistics capabilities, our market capabilities, and the cross-country reach to access markets.
So this is gonna be a great benefit for our customers. But again, it'll have to wait. Those discussions will have to wait until after we close.
That makes sense. Maybe I could just switch over to the Simonette transaction. I'm not necessarily looking for color on the assets specifically, but just more philosophically, are you seeing further opportunities for these sorts of partnerships, where you own a partial ownership of a gas plant but can benefit fully downstream? And what would some of the gating items be for you to form these types of partnerships?
Yeah, that's a great question. I mean, you know, we're a midstream infrastructure company, and we're a service company, so we're there to provide solutions that help our customers be successful. And, you know, there are opportunities sometimes where it makes more sense for us to own infrastructure and again, provide them other needed services to help enhance their netbacks and their success. And, this is just one example of that. And, you know, we see more opportunities in the future, but again, we just don't want to get ahead of our skis, and we just wanna focus on the Plains acquisition, and again, the three projects we have underway.
Longer term, medium and long term, for sure, we see more opportunities like that.
That's great color . Thank you very much.
Yeah. Thank you very much.
Your next question comes from Robert Catellier of CIBC Capital Markets. Please go ahead.
Okay, good morning, everyone. I think I might try another Plains question here. You know, under Keyera's ownership, we'd expect the cash flow from the Plains assets to be reinvested in Canada, whereas the cash flow was largely being repatriated under Plains' ownership. So how big a consideration do you think that is in terms of the various approvals you're seeking?
Morning. Morning, Rob. That's a great question, but, you know, I can't comment on, again, the competition process. But what I can say is that there's never been a greater time where it's important for Canadian companies to own Canadian assets, and especially one like ours, where this transaction helps us provide a more competitive service for our customers that helps them and enables them to grow and our basin to grow, and for us to fulfill that vision of being the energy superpower.
You know, you just look at what's happening and, you know, with our partners or our neighbors in the United States and what's happening in the world, the Middle East. It's just never been a more important time for us also to have control over our own resources and energy security. And you're right. With that, as a Canadian company, we are gonna reinvest in Canada. This is where we, you know, our headquarters are right here in Calgary, and with that, we're gonna create a lot of jobs.
You know, we do a lot of great work with the communities that we, you know, invest in, you know, and so, and we have great Indigenous partnerships in terms of all the services that we award or contracts we award to them as well. So it's a win-win for everybody. So anyway, yeah, I agree with you 100%. Right now, it's got to be, you know, Canadian ownership is super important.
Well, thanks for that answer. I know it's a tough question to answer under the circumstances. My second question has to do with, I wanted your views, or updated views on the investment conditions required for a potential condensate splitter.
Yeah, well, you know what? It would have to meet our investment hurdles just like any other investment. So, you know, we, we've generally have a guideline public, you know, that we've shared publicly, the 10%-15% return on capital on a standalone basis for infrastructure. And, and, you know, generally, we want it to be have integrated benefits as well, which will enhance those returns. You know, we wanted to have contracting behind it, so we, you know, mitigate our our commodity exposure on a on investment like that. And obviously, we wanna make sure we, we can build infrastructure like that at a at a cost that, again, helps us generate that those kind of returns. Anything else you wanna add, Jamie?
Okay, then maybe my last question. In the marketing, you talked about the lower crude prices and the effect on blending margins. I wonder if there's understanding your guidance for market will come out later. Wondering if there's any way you can quantify what impact you see that having on, the lower crude prices having on the blending margins?
Yeah. So Robert, it's Jamie. Thanks for the question. Yeah, there's no doubt that lower crude prices have an impact on lots of components of our business, including our blending business. You know, I think the thing that I would say is that, you know, in order for us to hit our guidance, there's just a few core assumptions that we've shared with the market for many years now with respect to commodity pricing, but also the ability for our assets to operate the way we expect them to operate. You know, AEF and our Frac capacity being the primary drivers of that.
So, you know, all I can share is that even in today's current commodity environment, with those assets operating the way we fully expect them to do in the future, we're confident with respect to meeting being within the guidance that we've provided to the market.
Okay. Thanks very much, everyone.
I'll also say too. Yeah, thank you. I'll also say too, I mean, if you look where crude's trading, I mean, I think everyone thought it was gonna trade down to $50. You know, and we're in the mid-$60s, and that's a pretty good value.
Okay, thank you.
Thank you.
Your next question comes from Theresa Chen of Barclays. Please go ahead.
Morning. With diluent flows altering across North America, given the need for the U.S. to send incremental barrels to Venezuela, how does this inform your view of condensate supply and demand balances in Western Canada, and Keyera's role within this outlook?
Yeah, good morning, and thank you for the question. I mean, you know, before I turn it over to Jamie, you know, I'd just say generally, that we have an industry-leading condensate system. So irrespective of where it comes from, whether it comes from the field or whether it comes from on a pipeline from the U.S., you know, we provide storage services, we aggregate those volumes, and we also deliver it up to the oil sands. You know, the other thing I'd point out is that we have the ability also to rail it in, and when needed. So again, we have a very, very strong system for condensate, which is used for diluent. But Jamie, you wanna add some comments?
Yeah. No, I think the only thing I'd add is that, and it comes back to Dean's earlier comment with respect to our belief in the basin, is that we believe that condensate growth within the Western Canadian Sedimentary Basin will be a big part of continuing to be the primary supplier of condensate needs for oil sands and the growth that we expect to see in the oil sands industry. So not to say that Venezuela won't perhaps have, at some point in the future, but that will be requiring tens of billions of dollars of investment and some significant time, in our view. There might be a little bit of a pull for condensate out of North America.
We fully expect that, you know, that won't have a significant impact on the condensate supply in Western Canada.
Thank you. In terms of the unplanned outage at AEF, can you provide more details on the nature of the outage and how you're addressing the operational credibility of this asset on a go-forward basis?
Yeah. So that's a great question, and I'm surprised we've taken that long in our call to get to this, but happy to. You know, all I can share is that we've got an investigation underway and really you know are looking to determine the root cause of the event. At this time, you know, the repair work is underway, and we fully expect to be back up and running at full rates in the May time frame. But I think really to the last part of your question is while the facility is offline, we're taking the opportunity to look at that unit holistically.
We're taking a very proactive approach by inspecting, you know, all the major accessible components during that outage to ensure the long-term integrity of the asset.
Thank you.
Next question comes from AJ O'Donnell of TPH. Please go ahead.
Morning, everyone. Just wondering if I could go back to, condensate. You know, just thinking about kind of the robust supply and demand signals that we're gonna be seeing over the coming years, and in light of, you know, the couple egress expansions that we've had, between Mainline and also a DRA optimization on TMX. Just curious, where do you guys sit right now with, as far as evaluating, growth capital projects on your condensate system? Like, what innings do you think we're in right now, and at what point do you think we could start to see some projects get across the finish line?
Hi, good morning, AJ. You know what? I'm gonna turn that, that question over to, to, to Jamie.
Okay. Well, you know, I mean, you know, you alluded to that, yeah, we see obviously some really positive tailwinds with respect to the ability for oil sands growth within our basin, and with that comes condensate growth. And you know, our condensate system as Dean alluded to earlier handles you know approximately 70% of all the condensate that ultimately is used within the oil sands. And so we've identified different opportunities within our system, obviously, to be able to serve that growing need. And you know, there was a reference earlier to the condensate splitter, but you know, it's storage for condensate. It's lots of different components of the business model that we've created for the condensate system.
All I can share with you is that, as condensate demand grows within the basin, we expect to continue to get more than our lion's share of the opportunity within that growth of the condensate requirements in our basin.
Yeah, and, and just to add to what Jamie said, is that we've evaluated our system and, and as the basin continues to grow, we have evaluated opportunities to debottleneck it if we, if we need to. So we're being proactive about it. And, and again, you know, we certainly believe we're gonna be able to provide those services as the demand continues to grow.
Okay. Appreciate the detail there. Maybe going back to on the G&P segment broadly, just looking at volumes, Q4 versus Q3, down a little bit, but just curious, as we sit here roughly, you know, halfway through Q1, can you give us an update on kind of how producer activity is overall trending on your system?
Yeah, that's a great question, and I'm gonna turn that over to our new Senior Vice President, Brad Slessor. Go ahead, Brad.
Good morning, AJ. Thanks for the question. Yeah, you noted in Q4, volumes were down a little bit. We had a planned curtailment at one of our bigger plants in the north, so that'd be the result of some of that. That outage went very well, safely. We got all the work done, and the team's doing a great job getting that facility back up and running, back to full rates. We're seeing, you know, a lot of great wells being drilled around our facilities. We're seeing, you know, both Simonette, Wapiti, and a lot of our plants in the south continue to add volumes month-over-month. So we're very optimistic about how that business is trending right now.
I think sometimes, though, you see some blips in our production, or sorry, our throughputs, and sometimes that's just related to well pads and, you know, just normal declines and then the next well pad, the timing of that being tied in and things like that. But overall, we feel very, very good about, you know, the demand behind our facilities, especially in our North portfolio.
Great. Thank you for the time. Appreciate it.
Thanks. Have a good day.
Your next question comes from Patrick Kenny of National Bank Financial. Please go ahead.
Thank you. Good morning, everyone. Just on the disposition of the Wildhorse terminal, I know the contracting demand wasn't, you know, panning out as you had hoped, but just given post Venezuela and, you know, all storage assets, perhaps gaining some option value at least, curious your thoughts around the decision to sell now at this price, and then also if maybe you can confirm your thoughts around your Canadian crude oil storage assets still being, you know, core to the business going forward.
Yeah. Good morning, Patrick. Yeah, you know what? Listen, we have a very disciplined strategy, and, you know, we wanna make sure that we're staying focused on what matters most to our business and our customers. And you know what? We're not a big crude product handler and service provider, and especially down in the U.S. We do not have big competitive advantages down in the U.S. So you know what? We thought it's best to sell this asset. And you know what? Plains is gonna be able to take it and make it much better and more profitable part of their organization, because they have a very big footprint in Cushing. So it's a win for them.
For us, again, we're able to redirect funds into other core activities like the Simonette acquisition. I also want to point out, I mean, this is just part of a trend of, again, our discipline strategy. We sold off three gas plants last year. You know, our North Pembina gas plant, Caribou, and also Edson. So we wanna always clean up our portfolio of non-core assets because they take a lot of extra time and effort, a disproportionate amount of time and effort amongst our people, and we wanna direct that to what is core to our business, which is our integrated NGL value chain in Canada.
Got it. Okay, thanks for that. And then I guess, just on the leadership changes. So first off, congrats to Brad on the well-deserved promotion there, but looks like the bench might be shortened here a little bit with Jarrod's departure. So I'm just wondering, you know, if you might be looking to refill or, you know, more of a dedicated operations or a COO role going forward, especially with the you know, the integration of the Plains assets right around the corner, or is this the team in place, you know, capable of handling the pro forma portfolio?
Yeah, that's a great question. You know what? First of all, I wanna acknowledge, you know, Jarrod's departure because, you know, we've all worked with him for a long time. I mean, the guy started as a summer student and, worked his way up, all the way up in the organization. So it tells you what a strong performer he's always been. And, and he's had a really great career here, and he's added a lot of value, and, but we also respect his own personal decisions. Having said that, you know, when we look at our organization, we've made a significant investment in our leadership. And, you know, when I look across at our vice president group, you know, both on the operations and engineering side, these are very, very strong leaders.
When I look at the leadership stack below them as well, very, very strong leaders in place. So, you know, when we think about the long-term future of Keyera, we wanna make sure that any one of us around the table, when it's our time to retire or leave, it's very seamless for this organization, and we can continue on and continue to grow and be more successful. So that's always part of our succession plans in our company. And so it brings opportunities for others. And you know what? I have a very strong confidence that they will step up. I think, you know, from an organizational perspective, we're always evaluating, you know, what the best structure is for Keyera.
And, you know, if it involves hiring a senior ops engineering leader at some point in the future, we'll absolutely do it. But again, I just want to reiterate that we have very, very strong bench strength in our leadership across the company.
Okay, that's great. I'll leave it there. Appreciate the comments.
All right, thanks. Hey, hopefully you're gonna get a chance to watch the game, so go Canada.
There are no further questions at this time. I will now turn the call back over to Dan Cuthbertson. Please continue.
Thanks all again, for joining us today. Please feel free to reach out to our investor relations team with any additional questions. Enjoy the rest of the day and have a good weekend, everybody.
Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.