Hey there! I apologize. Sometimes when I reply to these, it looks like the question has been answered.
First off, if you're looking for exposure to the oil and gas sector, you're headed down the right path choosing pipelines over producers. However, I'd imagine you're looking at Keyera for the 9% yield, and wondering if it's sustainable.
To me, Keyera is a solid option in the sector. Most of the company's debt is not coming due in the next while and if you look to compare Keyera to Pembina and Enbridge, they have the most cash per share, the least debt per share and they are the only one of the 3 with positive working capital.
The company has $173 million in cash and over $1.5 billion in available credit. So, they have the liquidity to weather this storm, potentially even in a second wave situation.
The only issue I see, is the company has been on a gradual decline over the last 6-7 years. Over the last 6 years, it has a compound annual growth rate of -12.71%, quickly eating away any dividend income. Pembina and Enbridge haven't been world beaters by any means, but their CAGR's are significantly better than Keyera.
If you're investing in the company solely because of yield, you really have to think if you can earn more elsewhere. If Keyera is paying you 9%, but losing 5% annually in share price every year, there would be much, much better opportunities.
That decision however comes with personal opinions and outlooks on the oil and gas sector. I'm fairly bearish, and if I were to purchase a pipeline (which I already own it) it would be an industry leader like Enbridge.