Keyes Helium Complex
In July 2026 Helix completed the acquisition of the Keyes Helium Complex in Keyes, Oklahoma, one of only six operational helium liquefaction facilities in the United States.
Keyes gives Helix the ability to purify and liquefy helium from its own wells, from third-party producers and from tube trailers, and to sell liquid helium to customers well beyond regional gaseous-helium markets.
Acquisition
- Aggregate consideration of US$11m (US$10m cash and US$1m in shares), announced July 2026
- Approximately 65% below an estimated replacement cost of US$31m (±20%)
- Completed 13 July 2026; Helix’s operations team has been on site since mid-July and is overseeing the facility
Asset profile
- Helium refinery: purification and liquefaction
- Gathering system: approximately 750 miles of low-pressure gas gathering across Oklahoma, Colorado and Kansas
- Compression: 4,470 HP (owned and leased), supporting throughput of up to ~15 MMcf/d
- Helium source: a nitrogen blending skid enables 100% tolling of high-purity (~98.5%) helium, independent of the former Bureau of Land Management system
- Vintage: 1980s–1990s; operational and well maintained
An existing earnings base
Most capacity is contracted under take-or-pay firm tolling arrangements (restructured in 2024), with an 80/20 percentage-of-proceeds structure on the gathering system. For the five months ended 31 May 2026, the Keyes Complex and gathering system generated unaudited revenue of US$2.91m and EBITDA of US$1.42m (an approximately 48.8% margin).
A neutral liquefier for a fragmented market
Keyes is modestly scaled and suited to independent producers who need access to liquefaction. It can aggregate helium from multiple sources, including Helix’s Rudyard production, giving Helix two revenue streams (its own helium sales and third-party tolling) and more choice over offtake and pricing.
