Keyera

History

Keyera was founded in 1998 when Gulf Canada Resources Limited sold a 50% interest in its midstream division to a subsidiary of KeySpan Corporation, forming a partnership with the company. After Gulf sold its remaining interests in the midstream sector and the partnership, the company renamed KeySpan Energy Canada Partnership.

In 2003 Keyspan Facilities Income Fund, the predecessor to Keyera Corp., was formed as an unincorporated open-ended trust under the laws of the Province of Alberta. Units of the Fund began trading on the Toronto Stock Exchange under the trading symbol KEY.UN on May 30, 2003. A second public offering was completed in April 2004. The Fund completed a third public offering of 10.72 million units and $100 million of convertible debentures (KEY.DB). The proceeds of this offering were used to fund a portion of the purchase price associated with the acquisition of EnerPro Midstream Company from Chevron Canada Resources.

On December 2, 2004 the Fund purchased KeySpan Corporation's remaining interest in the operating partnership resulting in the operating partnership becoming a wholly owned subsidiary of the Fund. With KeySpan Corporation no longer holding an ownership interest in the operating partnership, the Fund and its subsidiaries changed their name from KeySpan to Keyera. The name Keyera was selected because it captured the two important aspects of the Fund's evolution and vision for its business: Key Facilities for a New Era. On February 2, 2005, Keyspan Facilities Income Fund became Keyera Facilities Income Fund.

Effective January 1, 2011, in response to changes in tax laws, the Fund completed its most significant internal reorganization - its conversion to a corporation. The conversion was completed pursuant to a plan of arrangement that was approved by unitholders of the Fund on May 11, 2010.