Plains All American closed the transaction to sell its non-operated ownership interest in the Keyera Fort Saskatchewan facility, the company announced in a press release on Feb. 13.
The completed transaction came only a few days after Plains announced its fourth-quarter and year-end 2022 earnings, where it reported $263 million in earnings on $12.95 revenues and anticipates a financially strong 2023.
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Through its subsidiary Plains Midstream Canada, the company sold the interest to Keyera for approximately CA$367 million ($271 million).
According to the release, the previously announced divestiture was completed on terms that will improve connectivity to the Plains Fort Saskatchewan complex at an attractive multiple.
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