Strong Q2 2025 Financial Performance
Adjusted EBITDA was $252 million, although it included $12 million in onetime transaction costs related to the Plains acquisition. Distributable cash flow was $159 million or $0.69 per share, with net earnings of $127 million, down from $142 million last year.
Significant Long-Term Contracting Achievements
Secured over 100,000 barrels per day of new long-term contracted volumes on KAPS Zones 1 to 4. The frac capacity at KFS is now substantially contracted, supporting a growth target of 7% to 8% annual fee-based adjusted EBITDA from 2024 to 2027.
Transformational Acquisition
Acquired Plains' Canadian NGL business, expected to be mid-teens accretive to DCF per share in the first full year, assuming $100 million in near-term synergies. Fee-based adjusted EBITDA expected to increase by approximately 50% over that period.
Dividend Increase
Board approved a 4% annual increase in dividend, driven by strong fee-for-service growth and sustainable cash flow.