Financial Framework and ESG Leadership
Expected to Reach High End of Growth Target
6-7% CAGR for adjusted EBITDA holding Marketing constant
6-7% CAGR for Adjusted EBITDA
holding Marketing constant¹
2022
2023
2024E
2025E
Assumes flat
Marketing
Realized
Margin¹
of $310MM
Fee-For-Service Growth Drivers '22-'25
>20% realized margin¹ growth since beginning of '22;
Near-term growth requires little incremental capital
Gathering & Processing
Filling available capacity at Wapiti
Pipestone Gas Plant expansion (complete Dec 2023)
Liquid Infrastructure
Continued ramp-up of KAPS
Acquisition of additional 21% stake in KFS
Re-contracting of fractionation and other services at
KFS under stronger terms
Growth Drivers 2025+
Projects subject to strong contractual underpinning
and Board sanction
KAPS Zone 4 expansion
KFS Frac II debottleneck
KFS Frac III expansion
Low Carbon Hub Strategy
Adjusted
EBITDA1
($MM)
See slide 21 for notes regarding this slide
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