AltaGas and Keyera Announce Agreements that Leverage each Company’s Infrastructure to Drive Competitive Industry Solutions

CALGARY, AB, Feb. 7, 2025 – AltaGas Ltd. (“AltaGas”) (TSX: ALA) and Keyera Corp. (“Keyera”) (TSX: KEY) are pleased to announce long-term commercial agreements that leverage each company’s infrastructure to provide value-added services to customers and strengthen each company’s long-term growth outlook. These agreements include Keyera entering into a long-term tolling agreement on AltaGas’ global exports platform, AltaGas contracting fractionation services at Keyera Fort Saskatchewan (“KFS”), and AltaGas contracting access to Keyera’s rail, storage, and logistics infrastructure. These agreements further de-risk both organizations’ infrastructure investments and ensure more of Canada’s vital energy products reach premium Asian markets.

Expanding Global Market Access with Long-Term Liquids Export Agreements

Keyera has entered a 15-year tolling contract at AltaGas’ Ridley Island Energy Export Facility (“REEF”) for 12,500 Bbls/d of liquified petroleum gases (“LPG”) export capacity. The contract builds on the existing volumes that Keyera currently flows through AltaGas’ Ridley Island Propane Export Terminal (“RIPET”). The new agreement will provide Keyera the ability to offer its customers more diversified market access for LPGs, including premium Asian markets, while providing AltaGas with long-term ratable export volumes and cash flows.

Inclusive of previously announced contracts, AltaGas has now reached its base long-term tolling target for the REEF project. Construction on REEF continues to progress in line with the delivery schedule and is targeted to come online near 2026 year-end. With only ten shipping days to the fastest growing LPG demand markets in Northeast Asia, REEF will efficiently deliver Canada’s vital energy products to the world, while allowing Canadian LPGs to realize the strongest market price.

Long-Term Agreement for Fractionation Services

AltaGas has entered an 18-year agreement for 8,000 Bbls/d fractionation capacity at KFS, which includes the natural gas liquids (“NGLs”) that will be produced from AltaGas’ Pipestone II plant currently under construction. These volume commitments will provide AltaGas long-term fractionation capacity for its Alberta Montney volumes. For Keyera, this provides long-term visibility for volumes to support further growth investments, including the proposed KFS Fractionation Unit III expansion project and the potential to expand additional rail and logistics offerings. AltaGas will have take-in-kind rights for LPG volumes from KFS and has entered into a services agreement providing the company access to Keyera’s extensive rail, storage, and logistics network in Alberta’s Industrial Heartland, which efficiently connects LPG volumes into AltaGas’ global exports’ network.

“We are pleased to partner with Keyera and execute long-term agreements that will improve the value of both companies’ infrastructure and ensure we’re collectively delivering the best outcomes for the Canadian energy industry” said Vern Yu, President and CEO of AltaGas. “These agreements strengthen the long-term growth and predictability of cash flows for both companies and strengthens Canada’s link into key Asian markets.”

“This collaboration with AltaGas strengthens our integrated value chain and creates more diversified sales opportunities for our customers, enabling them to consistently reach the highest value markets” said Dean Setoguchi, President and CEO of Keyera. “Together, we are working to make the energy industry in Canada more competitive”.

About Keyera

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage, and marketing; iso-octane production and sales; and an industry-leading condensate system in the EdmontonFort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified energy infrastructure business that is focused on delivering resilient and durable value for its stakeholders. From wellhead to tidewater, AltaGas’ Midstream business is focused on providing its customers with safe and reliable service and connectivity that facilitates the best outcomes for their businesses. This includes global market access for North American LPGs, which provides North American producers and aggregators with the best netbacks for LPGs while delivering diversity of supply and stronger energy security to its downstream customers in Asia.

For more information please contact:

Keyera: Dan Cuthbertson, General Manager, Investor Relations (dan_cuthbertson@keyera.com)

AltaGas: Jon Morrison, Senior Vice President, Corporate Development and Investor Relations (Jon.Morrison@altagas.ca) or Aaron Swanson, Vice President, Investor Relations (Aaron.Swanson@altagas.ca)

NT4