Plains and Keyera Agree to Mutually Beneficial Keyera Fort Saskatchewan Transaction

Plains has agreed to sell to Keyera a 21% stake in its Keyera Fort Saskatchewan facility for CAD 365 million in what we view as a mutually beneficial transaction. Given the small size of the deal, we do not expect it will affect our fair value estimates or no-moat ratings for both entities. For Plains, the deal raises a good amount of cash that it can use for deleveraging and investment at the Plains Fort Saskatchewan facility (separate from the Keyera one). This investment could include improving connectivity to Keyera assets.