Plains All American selling Canadian NGL business

A Plains All American NGL facility. The company plans to sell its Canadian NGL business to Keyera for $3.75 billion. (Image: Plains All American)

Plains All American Pipeline, L.P. and Plains GP Holdings have agreed to sell nearly all of their Canadian natural gas liquids (NGL) assets to Calgary-based Keyera Corp. in a deal valued at approximately $5.15 billion Canadian dollars ($3.75 billion U.S.), the companies announced June 17.

The transaction, expected to close in the first quarter of 2026 pending regulatory approvals and customary closing conditions, will mark a significant shift in Plains’ portfolio. The sale includes substantially all of Plains’ NGL operations in Canada, while the company will retain its U.S.-based NGL assets and all of its Canadian crude oil infrastructure.

“This is a win-win transaction for both Plains and Keyera,” said Willie Chiang, chairman and CEO of Plains. “Plains is exiting the Canadian NGL business at an attractive valuation while Keyera is receiving highly complementary and critical infrastructure in a strategic market.”

The move allows Plains to narrow its strategic focus to crude oil midstream operations, particularly across North America. The divested assets include gathering, storage, and processing infrastructure supporting Canada’s NGL sector, long considered a stable earnings contributor for Plains.

Chiang said the transaction advances the company’s growth strategy while reducing exposure to commodity price volatility and simplifying seasonal operations. The deal is also expected to improve Plains’ free cash flow profile.

Keyera, a major midstream operator in Canada, will significantly expand its footprint in the NGL value chain with the acquisition. The assets align with Keyera’s long-term strategy of growing its integrated liquids business and bolstering its presence in Western Canada.

As part of the transition, Plains will reclassify the divested NGL assets as discontinued operations as of June 30, 2025.