The assets include more than 1,500 miles of pipeline infrastructure, which have a combined capacity of 575,000 barrels per day.

Plains All American Pipeline (PAA) has agreed to sell its entire Canadian natural gas liquids (NGL) business to Keyera for about C$5.15 billion ($3.75 billion), as it aims to focus more on crude oil transportation.

The assets include more than 1,500 miles of pipeline infrastructure, which have a combined capacity of 575,000 barrels per day (bbl/d), Calgary-based Keyera said.

The deal, expected to close in the first quarter of 2026, will also cost $360 million in taxes to Plains.

“With core NGL infrastructure in Alberta, the combined platform enables access to high-demand markets through Liquefied Petroleum Gas export access on the West Coast, while also reaching key consumption hubs in eastern Canada and the United States,” Keyera said in a statement.

Keyera CEO Dean Setoguchi told Bloomberg News that the companies have been negotiating the deal for six months, but Keyera has been interested in the Plains assets for the past decade.

The Canadian firm was able to move forward with the deal after paying down about C$500 million of debt, Setoguchi reportedly said.

The transaction is expected to be accretive to distributable cash flow (DCF) per share, delivering mid-teens percentage accretion in the first full year, Keyera said in a statement.

Following the closing of the deal, Plains will retain substantially all NGL assets in the United States and will also keep all crude oil assets in Canada.

Plains All American stock has risen 3.7% this year, while Plains GP, which holds a controlling interest in the company, is up 2.2%.

Several U.S. energy companies have been exiting Canada to focus on their domestic operations. There are also concerns over the export of oil and other energy commodities to the U.S., as the Trump administration has imposed a 10% tariff on them.  

Retail sentiment on Stocktwits was ‘neutral’ (54/100), while retail chatter was ‘high’.

PAA’s Sentiment Meter and Message Volume as of 03:55 a.m. ET on June 18, 2025 | Source: Stocktwits

For updates and corrections, email newsroom[at]stocktwits[dot]com.<