Plains All American, Plains GP to sell NGL business to Keyera for $3.75B
Plains All American (PAA) and Plains GP Holdings (PAGP) announced that it has executed definitive agreements with Keyera pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately C$5.15B, or $3.75B. The transaction is expected to close in the first quarter of 2026, and is subject to customary closing conditions, including regulatory approvals. As a result of the transaction, Plains will divest its Canadian NGL business but will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada. Proceeds from the transaction are expected to be approximately $3B net after: taxes; transaction expenses and a potential one-time special distribution. The estimated 35c per unit special distribution is intended to offset potential individual tax liabilities associated with the transaction and is subject to board approval, ultimate tax implications, and successful closing of the transaction. Proceeds from the transaction will be prioritized toward: bolt-on M&A to extend and expand the crude oil focused portfolio; capital structure optimization including potential repurchases of Series A and Series B Preferred units and common unit repurchases. Closing of this transaction is a taxable event that is expected to result in a flow through of taxable income to the holders of PAA common units and impact the taxability of distributions to the holders of PAGP Class A shares. The tax impact on each holder of PAA common units will vary based on their specific tax circumstances, including their individual ownership, previous passive loss limitations where applicable, tax basis and their holding period. We currently estimate that PAA will incur approximately $360M of entity-level taxes payable in Canada associated with the sale of the NGL business and the restructuring of our remaining Canadian crude assets. This is expected to generate a foreign tax credit for PAA common unitholders at close of the transaction that, along with utilization of passive activity loss carry forwards, if any, will offset a significant portion of the taxable gain passed through to individual unitholders.
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Business Insider
5 hours ago
- Business Insider
Plains All American, Plains GP to sell NGL business to Keyera for $3.75B
Plains All American (PAA) and Plains GP Holdings (PAGP) announced that it has executed definitive agreements with Keyera pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately C$5.15B, or $3.75B. The transaction is expected to close in the first quarter of 2026, and is subject to customary closing conditions, including regulatory approvals. As a result of the transaction, Plains will divest its Canadian NGL business but will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada. Proceeds from the transaction are expected to be approximately $3B net after: taxes; transaction expenses and a potential one-time special distribution. The estimated 35c per unit special distribution is intended to offset potential individual tax liabilities associated with the transaction and is subject to board approval, ultimate tax implications, and successful closing of the transaction. Proceeds from the transaction will be prioritized toward: bolt-on M&A to extend and expand the crude oil focused portfolio; capital structure optimization including potential repurchases of Series A and Series B Preferred units and common unit repurchases. Closing of this transaction is a taxable event that is expected to result in a flow through of taxable income to the holders of PAA common units and impact the taxability of distributions to the holders of PAGP Class A shares. The tax impact on each holder of PAA common units will vary based on their specific tax circumstances, including their individual ownership, previous passive loss limitations where applicable, tax basis and their holding period. We currently estimate that PAA will incur approximately $360M of entity-level taxes payable in Canada associated with the sale of the NGL business and the restructuring of our remaining Canadian crude assets. This is expected to generate a foreign tax credit for PAA common unitholders at close of the transaction that, along with utilization of passive activity loss carry forwards, if any, will offset a significant portion of the taxable gain passed through to individual unitholders. Confident Investing Starts Here:
Chicago Tribune
6 hours ago
- Chicago Tribune
G7 leaders fail to reach ambitious joint agreements on key issues after Trump's exit
KANANASKIS, Alberta — Six of the Group of Seven leaders discussed Russia's war in Ukraine and the Israel-Iran conflict but failed to reach major agreements on those and many other top issues — wrapping up a summit that was forced to try and show how the wealthy nations' club might still shape global policy despite the early departure of U.S. President Donald Trump. Canadian Prime Minister Mark Carney and his counterparts from the U.K., France, Germany, Italy and Japan were joined during Tuesday's final sessions by Ukrainian President Volodymyr Zelenskyy and NATO chief Mark Rutte. 'We need support from allies and I'm here,' Zelenskyy said, before adding, 'We are ready for the peace negotiations, unconditional ceasefire. I think it's very important. But for this, we need pressure.' The remaining leaders agreed to jointly attempt to combat what they called non-market policies that could jeopardize global access to critical minerals. They also pledged to limit the downsides of artificial intelligence on jobs and the environment, while still embracing the potential of the 'technological revolution.' There was consensus on other issues, but though the summit was meant to showcase unity on top global concerns, no joint statement on the conflict in Ukraine was released. Zelenskyy had been set to meet with Trump while world leaders were gathering in the Canadian Rocky Mountain resort of Kananaskis, but that was scrapped. The U.S. also previously signed an agreement granting American access to Ukraine's vast mineral resources. A senior Canadian official said the U.S. opposed a joint statement on Ukraine amid its efforts to promote negotiations with Russia. The official said it only became clear during the summit's first day on Monday that there wouldn't be a joint statement — though other attendees suggested no consensus agreement was seriously on the table. The official spoke on condition of anonymity due to not being authorized to discuss summit deliberations. In Trump's absence, the remaining six leaders held an extensive session on Ukraine. Lacking unanimity, individual leaders also met with Zelenskyy to reassure him of their support. The summit also was largely overshadowed by a showdown over Iran's nuclear program that could escalate. Israel launched an aerial bombardment campaign against Iran, and Iran has hit back with missiles and drones. French President Emmanuel Macron warned against the U.S. and other powers pushing for regime change in Iran, suggesting it could destabilize the greater Middle East. 'I believe the greatest mistake today would be to pursue regime change in Iran through military means, as that would lead to chaos,' Macron said. Before leaving, Trump joined the other leaders in issuing a statement saying Iran 'can never have a nuclear weapon' and calling for a 'de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.' Getting unanimity — even on a short and broadly worded statement — was a modest measure of success. Macron said Carney fulfilled his mission as G7 host by preserving the unity of the multilateral organization. 'We shouldn't ask the Canadian presidency to resolve every issue on earth today. That would be unfair,' said Macron, who will host the G7 next year. Carney said in his final remarks Tuesday evening that Trump's early exit was about the 'extraordinary' situation in the Middle East, not anything that occurred during the summit. 'There was no problem,' Canada's prime minister said. 'Mr. Trump felt it was better to be in Washington, and I can understand that.' Carney said Canada would impose new economic sanctions against Russia and was releasing its own statement offering 'unwavering support for a secure and sovereign Ukraine.' Asked if the U.S. pushed to soften any possible joint statement from the gathered leaders on Ukraine, Carney said he consulted with Trump while preparing the language his own country used. Still, Trump's departure only served to heighten the drama of a world on the verge of several firestorms — and of a summit deprived early of its most-watched world leader. ` 'We did everything I had to do at the G7,' Trump said while flying back to Washington. But things were getting awkward even before he left. After the famous photo from the G7 in 2018 featured Trump and then-German Chancellor Angela Merkel displaying less-than-friendly body language, this year's edition included a dramatic eye-roll by Italian Prime Minister Giorgia Meloni as French President Emmanuel Macron whispered something in her ear during a Monday roundtable. That, and concerns about the Russia-Ukraine war, little progress on the conflict in Gaza and now the situation in Iran have made things all the more tense — especially after Trump imposed severe tariffs on multiple nations that risk a global economic slowdown. Members of Trump's trade team remained in Canada to continue discussing tariffs, including Treasury Secretary Scott Bessent, who sat at the table as world leaders met with Zelenskyy. Trump's stance on Ukraine also put him fundamentally at odds with the other G7 leaders, who are clear that Russia is the aggressor in the war. The U.S. declined to join new sanctions against Russia, with Trump saying, 'When I sanction a country, that costs the U.S. a lot of money, a tremendous amount of money.' Trump also said at the summit that there would have been no war in Ukraine if G7 members hadn't expelled Putin from the organization in 2014 for annexing Crimea. Kremlin spokesperson Dmitry Peskov said the G7 now looks 'very pale and quite useless' compared to 'for example, such formats as the G20.' Additionally, the U.S. president has placed greater priority on addressing his grievances with other nations' trade policies than on collaboration with G7 allies. He has imposed 50% tariffs on steel and aluminum, as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. One bright spot for Trump during the summit came when he and British Prime Minister Keir Starmer signed a trade framework that was previously announced in May. Trump said British trade was 'very well protected' because 'I like them, that's why. That's their ultimate protection.' But, while announcing that agreement, Trump brandished pages spelling out the deal and dropped them. Starmer stooped to pick them up, later explaining that he was compelled to ditch diplomatic decorum because anyone else trying to help risked spooking the president's security team. 'There were quite strict rules about who can get close to the president,' Starmer said, adding that he was 'just deeply conscious that in a situation like that it would not have been good for anybody else to have stepped forward.'
Hamilton Spectator
8 hours ago
- Hamilton Spectator
G7 summit ends without joint communiqué, but Canada, India reach diplomatic truce
KANANASKIS - Canada failed to rally the U.S. to voice the same support for Ukraine as European and Japanese allies, but ended the G7 summit in Alberta on Tuesday with an agreement with India to restore top diplomats in both countries. The G7 summit came to a close after the group's leaders issued a series of joint statements on key priorities. As expected, the leaders did not issue a joint communiqué, the lengthy statement outlining shared views that typically ends G7 summits. Instead, there were several statements on individual issues ranging from transnational repression and migrant smuggling to AI and quantum technology. There was no joint statement on the war in Ukraine, even though Prime Minister Mark Carney had made support for the country one of the summit's key discussion topics on Tuesday, inviting President Volodymyr Zelenskyy to attend the event in person. A senior Canadian government official — who briefed reporters at the G7 on background — said the U.S. was offside with the other countries on Ukraine and sought weaker language than what the other members proposed. Canada planned to use the language the other countries agreed to in its closing chair's statement. Ottawa did not want to release a weak statement, the official said. The official said that it was challenging to get the U.S. to agree on a statement on Ukraine in part because Washington is trying to negotiate a ceasefire or peace deal between Russia and Ukraine. Carney outlined $4.3 billion in new Canadian support for Ukraine's defence and another set of sanctions on Russia as he met with Zelenskyy on the sidelines of the G7 summit on Tuesday morning. That sum includes $2 billion for the purchase and donation of weapons and matériel, along with a $2.3-billion loan to help the embattled country rebuild its infrastructure, to be repaid by interest on frozen Russian assets. French President Emmanuel Macron said Carney fulfilled his mission as G7 host by preserving the unity of the multilateral organization. 'We shouldn't ask the Canadian presidency to resolve every issue on earth today. That would be unfair. But he held the group together,' said Macron, who will host the G7 next year. The G7 leaders note they are 'deeply concerned by growing reports of transnational repression,' defined in the statement as an aggressive form of foreign interference which sees states or their proxies try to intimidate, harass, harm or coerce people outside their borders. The statement condemns all forms of transnational repression, which can include activities ranging from cyber-surveillance to assassination. It says a G7 initiative led by Canada that tracks online misinformation and threats to democracy, the Rapid Response Mechanism, will have its public reports include updates on transnational repression, and that the group will co-ordinate ways to counter those threats. The statement was published just before Carney met with his Indian counterpart, Narendra Modi, whose government has been singled out by Canadian intelligence officials as a prolific perpetrator of foreign interference in Canada, including transnational repression. As their bilateral meeting began Tuesday, Carney said it was 'a great honour' to host Prime Minister Modi at the G7. 'It's a testament to the importance of your country, to your leadership, and to the importance of the issues that we look to tackle together,' Carney said, noting those issues include the energy transition, the future of AI and the fight against transnational repression and terrorism. Speaking through a translator, Modi said attending the G7 summit offers a great opportunity to serve the world. 'I believe that India-Canada relations are extremely important, and India and Canada should work together,' Modi said, noting that the two countries share democratic values. Following their meeting, Carney's office said the two leaders agreed to designate new high commissioners and restore regular diplomatic services to citizens in both countries. In 2023 and 2024, former prime minister Justin Trudeau and the RCMP said there was evidence linking agents of the Indian government to the murder of Canadian Sikh separatist activist Hardeep Singh Nijjar in Surrey, B.C., in June 2023. Last October, RCMP Commissioner Mike Duheme said the Mounties had evidence linking Indian government officials to other crimes in Canada, including extortion, coercion and homicide. Later that month, Canada announced it had expelled six Indian diplomats who refused to waive their diplomatic immunity in order to participate in the RCMP investigation — including the high commissioner. India expelled the acting Canadian high commissioner in New Delhi and five other Canadian diplomats in response, and the posts have remained vacant since then. Carney's decision to invite Modi to the G7 drew criticism from some Sikh organizations in Canada. The G7 leaders also signed on to a statement pledging to tackle migrant smuggling, including by exploring the potential use of sanctions to target criminals involved in migrant smuggling and human trafficking operations. Another statement pledged to explore ways to benefit public services using artificial intelligence, including a Canadian initiative to 'increase government efficiency' at a time when Ottawa and most G7 peers seek to cut back spending on their civil service. A wider group of signatories, which includes Australia, India and South Korea, is committing to working together to invest in responsible critical minerals projects. Australia, India, Mexico, South Korea and South Africa also signed on with the G7 to a wildfire charter that calls for co-operation to prevent, fight and recover from devastating fires. The G7 leaders did release a statement Monday evening calling for a de-escalation of hostilities in the Middle East in response to continued fighting between Israel and Iran. That came shortly before U.S. President Donald Trump announced he planned to leave the summit a day early to deal with the ongoing crisis. Treasury Secretary Scott Bessent remained in Kananaskis on Tuesday as the American delegation's lead. — With files from Emilie Bergeron in Kananaskis and Sarah Ritchie in Ottawa This report by The Canadian Press was first published June 17, 2025. Note to readers:This is a corrected story. 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