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News Release For immediate release November 3 , 2021 KEYERA Keyera Corp. Announces 2021 Third Quarter Results CALGARY , Nov 3 , 2021 - Keyera Corp. ( TSX : KEY ) ( " Keyera " ) announced its 2021 third 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 . Third Quarter Financial Highlights Adjusted earnings before interest , taxes , depreciation , and amortization ( " adjusted EBITDA " ) was $ 214 million , compared to $ 196 million in Q3 2020. The increase was mostly due to stronger margin contributions from the Gathering and Processing segment as industry activity continued to pick - up . Results were impacted by $ 25 million in realized hedging losses on product inventory . These losses are expected to be more than offset by physical sales in the next two quarters . • Distributable cash flow¹ ( " DCF ” ) was $ 149 million , compared to $ 175 million for the same period last year . The year - over - year decrease includes higher current taxes and higher maintenance capital spending for planned work at the Wapiti gas plant aimed at enhancing reliability and reducing ongoing operating costs . • Net earnings were $ 70 million , compared to $ 33 million for the same period in 2020 . • Growth capital spending was $ 136 million in the third quarter , and $ 264 million year - to - date as spending on the KAPS project accelerated . • Keyera maintained its strong financial position at quarter - end with a net debt to adjusted EBITDA ratio¹² of 2.7x . The company ended the quarter with $ 1.4 billion in available liquidity . • Keyera recently released its 2020 ESG Performance Report , which can be viewed at www.keyera.com/sustainability . The company plans to publish its first climate report in the coming weeks , which will include emission reduction targets . Third Quarter Business Segment Highlights • The Gathering and Processing ( “ G & P ” ) segment delivered realized margin³ of $ 76 million compared to $ 49 million in the same quarter last year . The continued recovery in drilling activity is driving higher plant volumes , including at the Pipestone gas plant , which saw 93 % utilization , up from 84 % in the previous quarter . Overall G & P processing volumes were up 28 % compared to the same quarter in 2020. Realized margins³ include an approximate $ 5 million impact from a 10 - day planned maintenance outage at the Wapiti gas plant , and an approximate $ 3 - million impact from reduced ethane sales volumes from the Rimbey gas plant because of a scheduled third - party maintenance outage . o Due to an expected increase in customer demand , the planned suspension of the Nordegg gas plant in 2022 has been cancelled to allow for the processing of increasing volumes in the Southern plants capture area . With the cancellation of the Nordegg suspension , the G & P optimization program in the South region is now complete . The program is delivering increased plant utilization , resulting in approximately $ 15 million of ongoing annualized cost savings to be fully realized in 2022. The program also reduced absolute corporate emissions by 12 % for operated facilities in 2021 relative to 2019 . • The Liquids Infrastructure segment delivered a realized margin³ of $ 98 million compared to $ 99 million in the third quarter of 2020. These results were supported by continued strong demand for fractionation , cavern storage and diluent handling services at Keyera's Fort Saskatchewan ( KFS )