Plains ($PAA, PAGP) exits Canadian NGL sector with $5.15B CAD deal with Keyera (KEY)

Plains All American Pipeline, L.P. and Plains GP Holdings, collectively known as Plains (PAA, PAGP), have entered definitive agreements to sell nearly all of their NGL business in Canada to Keyera Corp. for approximately $5.15 billion CAD ($3.75 billion USD).

Plains is exiting the Canadian NGL market while retaining most of its U.S. NGL assets and all Canadian crude oil assets.

The deal is expected to close in the first quarter of 2026.