Plains All American to Sell Canadian NGL Business to Keyera in $3.75 Billion Deal

Plains All American has agreed to sell its Canadian natural gas liquids (NGL) business to Keyera for $3.75 billion, streamlining its portfolio to focus on U.S. crude operations. The deal, expected to close in Q1 2026, positions Plains as a pure-play midstream crude oil leader while enhancing free cash flow and reducing commodity exposure.