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    Sumantra Banerjee • UBS

    Sumantra Banerjee's questions to Pembina Pipeline Corp (PBA) leadership

    Sumantra Banerjee's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2025

    Question

    Sumantra Banerjee from UBS Group AG inquired about Pembina's interest in future power generation opportunities and whether they would follow a similar partnership model as the Greenlight project.

    Answer

    President & CEO Scott Burrows stated that the company is not currently focused on future power opportunities, as its full attention is on executing the large-scale Greenlight data center project. SVP & CFO Cameron Goldade added that the rationale for this specific project was its unique, 'hand in glove' integration with Pembina's existing value chain, including its land position and gas supply opportunities.

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    Sumantra Banerjee's questions to Pembina Pipeline Corp (PBA) leadership • Q1 2025

    Question

    Sumantra Banerjee from UBS asked about Pembina's capital allocation priorities following the dividend increase and what factors could push results toward the high end of the 2025 guidance range.

    Answer

    CFO Cameron Goldade explained that while the base case has been debt reduction, the company is actively reconsidering shifting free cash flow towards share buybacks, market conditions permitting. He identified commodity price variability in the marketing business and potential for higher interruptible volumes as the primary factors that could drive results toward the upper end of the guidance range.

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    Sumantra Banerjee's questions to Western Midstream Partners LP (WES) leadership

    Sumantra Banerjee's questions to Western Midstream Partners LP (WES) leadership • Q1 2025

    Question

    Sumantra Banerjee of UBS asked how share buybacks fit into the company's capital allocation priorities, especially now that leverage is below the 3x target, and in relation to the stated goal of distribution increases.

    Answer

    CEO Oscar Brown reiterated the capital allocation cascade: first organic growth, then inorganic M&A, with buybacks being an opportunistic tool if the return on equity becomes more attractive than growth projects. He emphasized that all capital allocation is aimed at sustaining or growing the distribution, but also noted that the company is cautious about buybacks due to their impact on the stock's float.

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