Storming the Fort: CSV Announces Potential Greenfield Fractionator in Fort Sask

Research evidence excerpt

Storming the Fort: CSV Announces Potential Greenfield Fractionator in Fort Sask

Energy Infrastructure

Keyera Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

June 9, 2026

Price: C$57.38 (06/9/2026) Storming the Fort: CSV Announces Potential

Price Target: C$68.00 Greenfield Fractionator in Fort Sask

BUY (1)

ESG SCORE: 65/100

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

CSV’s proposed greenfield fractionation capacity modestly strengthens Keyera's tribunal case

aaron.macneil@tdsecurities.com

in our view, as it challenges the Bureau’s view on limited alternatives, but its small scale, pre-

Mark Newson, CFA^ FID status and other factors temper this view. For a more detailed overview of our views on the

403 299 3207 Competition Bureau process, see: Plains Transaction Closes, But Questions Remain. Maintain

mark.newson@tdsecurities.com

BUY, $68 PT.

Ben Fullarton^

416 308 8209 Event: CSV announced its intention to build a fractionator in Fort Saskatchewan (press

ben.fullarton@tdsecurities.com release).

Key Data Impact: POTENTIALLY POSITIVE

Symbol TSX: KEY-T

Market Cap C$16.2B Press Release Details: CSV’s proposed facility contemplates ~35,000 bbl/d of NGL

General: Market cap, net debt and EV contemplate Plains fractionation at Fort Saskatchewan, with a targeted 2027 FID and 2029 startup. CSV is

transaction finalizing site options and welcomed customer inquiries in the release. CSV is a private

Calgary-based midstream company. This project would mark its first move into fractionation

beyond its existing gas processing asset footprint.

Keyera Readthrough's: Given the ongoing Competition Tribunal process regarding Keyera’s

proposed acquisition of Plains’ Fort Saskatchewan, this announcement carries potential

implications for the case.