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News Release For immediate release May 11 , 2021 KEYERA • • • • • • • Keyera Corp. Announces 2021 First Quarter Results CALGARY , May 11 , 2021 - Keyera Corp. ( TSX : KEY ) ( " Keyera " ) announced its 2021 first quarter financial results today , the highlights of which are included in this news release . To view the MD & A and financial statements , visit either Keyera's website or Keyera's filings on SEDAR at www.sedar.com . First Quarter Financial Highlights Adjusted earnings before interest , taxes , depreciation , and amortization ( " adjusted EBITDA " ) was $ 225 million , compared to $ 327 million in Q1 2020. Distributable cash flow¹ ( " DCF ” ) was $ 165 million , compared to $ 253 million for the same period last year . The year - over - year decrease in both figures is mostly due to exceptional quarterly performance in the marketing segment in the prior year period . Net earnings were $ 86 million , equal to the same period in 2020 . Trailing - twelve - month dividend payout ratio of 67 % , which is within the company's targeted range of 50 % to 70 % . Growth capital spending was $ 48 million and is expected to ramp up through the year as the construction of the KAPS project progresses , to reach the annual guidance range of $ 400 million to $ 450 million . In March , the company completed a $ 350 million hybrid note offering , in part to fund its proportional interest for the construction of the KAPS pipeline project . Keyera maintained its strong financial position with a net debt to adjusted EBITDA ratio 12 of 2.7x . The company has $ 1.5 billion in available liquidity with minimal near - term debt maturities . In the second half of 2021 , Keyera plans to provide an environment , social and governance ( “ ESG ” ) performance summary for the year 2020. The company also plans to release formal emissions reduction targets , and its first climate report , in - line with the recommendations from the Task Force on Climate - related Financial Disclosures ( " TCFD " ) in 2021 . Increasing 2021 Marketing Segment Guidance For 2021 , realized margin³ for the Marketing segment is expected to range between $ 260 million and $ 290 million . This replaces the previous annual guidance range of between $ 180 million and $ 220 million . The increase is based on year - to - date performance and negotiations for natural gas liquids ( " NGL " ) supply agreements for the contract year beginning April 1 , 2021 . Readers are referred to the section of the Q1 2021 MD & A titled , " Segmented Results : Marketing ” , for the assumptions associated with the updated 2021 guidance . 2021 maintenance capital guidance range is now expected to be $ 30 million to $ 40 million ( previously $ 25 million to $ 35 million ) to accommodate additional work being completed at the Alberta Envirofuels facility .