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News Release For immediate release Aug 5 , 2021 KEYERA • • Keyera Corp. Announces 2021 Second Quarter Results - CALGARY , Aug 5 , 2021 Keyera Corp. ( TSX : KEY ) ( " Keyera " ) announced its 2021 second 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 . Second Quarter Financial Highlights Adjusted earnings before interest , taxes , depreciation , and amortization ( " adjusted EBITDA " ) was $ 224 million , compared to $ 182 million in Q2 2020 . The year - over - year increase was due to record margin contributions from the Gathering and Processing segment and higher contributions from the Marketing segment . This was partially offset by a $ 20 million non - cash accrual related to long - term compensation and lower margin contribution from the Liquids Infrastructure segment related in part to planned maintenance . Distributable cash flow¹ ( " DCF " ) was $ 148 million , compared to $ 158 million for the same period last year . The year - over - year decrease takes into account the same items as adjusted EBITDA , noted above , and higher maintenance capital spending compared to Q2 2020 . Net earnings were $ 79 million , compared to $ 18 million for the same period in 2020 . • Growth capital spending was $ 80 million in the second quarter , and $ 128 million year - to - date . Spending is expected to ramp up in the second half of the year to reach the annual guidance range of $ 400 million to $ 450 million , as construction of the KAPS project ramps up . • • • • Keyera maintained its strong financial position with a net debt to adjusted EBITDA ratio²of 2.7x . The company ended the quarter with $ 1.5 billion in available liquidity and 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 , which is in line with the recommendations from the Task Force on Climate - related Financial Disclosures ( " TCFD " ) in 2021 . Second Quarter Business Segment Highlights The Gathering and Processing ( " G & P " ) segment generated a record quarterly realized margin³ of $ 86 million . Overall G & P processing volumes are up over 10 % compared to the end of 2020. This includes an increase of approximately 25 % for operated gas plants in the North region with Wapiti reaching new highs and the Pipestone facility averaging 74 % utilization in the quarter , well ahead of expectations . The Liquids Infrastructure segment delivered a quarterly realized margin³ of $ 96 million . Results include the impact of a planned maintenance outage at Keyera's Fort Saskatchewan complex in June and seasonally lower propane loading activity .