PEMBINA PIPELINE (PBA) Company Report

Analyst Coverage

Research analysts who have asked questions during PEMBINA PIPELINE earnings calls.

Patrick Kenny

National Bank Financial

4 questions for PBA

Also covers: ATGFF, EMRAF, ENB +5 more

Praneeth Satish

Wells Fargo

4 questions for PBA

Also covers: ARIS, CSIQ, ENB +11 more

Robert Catellier

CIBC Capital Markets

4 questions for PBA

Also covers: ATGFF, BIP, ENB +3 more

Robert Hope

Scotiabank

4 questions for PBA

Also covers: AQN, ATGFF, BEP +10 more

Aaron MacNeil

TD Cowen

3 questions for PBA

Also covers: BLDP, EFXT, ENB +3 more

Benjamin Pham

BMO Capital Markets

3 questions for PBA

Also covers: AQN, ATGFF, BEP +8 more

Jeremy Tonet

JPMorgan Chase & Co.

3 questions for PBA

Also covers: AEE, AEP, AM +45 more

Maurice Choy

RBC Capital Markets

3 questions for PBA

Also covers: ATGFF, BIP, EMA +7 more

Theresa Chen

Barclays PLC

3 questions for PBA

Also covers: CQP, DINO, DTM +20 more

Spiro Dounis

Citigroup Inc.

2 questions for PBA

Also covers: ARIS, CQP, DTM +14 more

Sumantra Banerjee

UBS Group AG

2 questions for PBA

Also covers: WES

Andrew John O'Donnell

Stifel Financial Corp.

1 question for PBA

Ben Pham

BMO Capital Markets

1 question for PBA

Also covers: EMA, EMRAF, ENB +2 more

Manav Gupta

UBS Group

1 question for PBA

Also covers: ADM, AMTX, BE +34 more

Robert Kwan

RBC Capital Markets

1 question for PBA

Also covers: ATGFF, BAM, BN +2 more

Latest news

Recent press releases and 8-K filings for PBA.

Pembina Pipeline Corporation Announces 2026 Guidance and Cedar LNG Capacity Agreement

PBA

Guidance Update

New Projects/Investments

Pembina Pipeline Corporation announced its 2026 financial guidance, projecting adjusted EBITDA between $4.125 billion and $4.425 billion and a capital investment program of approximately $1.6 billion. The company anticipates its proportionately consolidated debt-to-adjusted EBITDA ratio to peak in 2026 at approximately 3.7 to 4.0 times.
The company reaffirmed its three-year guidance, expecting 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately five percent, with the 2024 to 2026 capital investment program remaining internally self-funded.
Pembina secured a 12-year agreement with Ovintiv Inc. for 0.5 million tonnes per annum (mtpa) of Cedar LNG capacity, completing the remarketing of its 1.5 mtpa capacity. The annual run-rate adjusted EBITDA contribution from Cedar LNG is now expected to be US$220 million to US$280 million, representing a 10 percent increase in base contribution.
The Cedar LNG project is progressing on time and on budget for a late 2028 in-service date, with 2026 anticipated as the largest single capital investment year for the project.
Pembina approved a $200 million expansion of the Peace Pipeline System and renewed or executed new contracts totaling over 200,000 barrels per day ("bpd") of conventional pipeline transportation capacity throughout 2025.

Dec 15, 2025, 11:44 PM

6-K

Pembina Pipeline Corporation Reports Q3 2025 Results and Updates Full-Year Guidance

PBA

Earnings

Guidance Update

New Projects/Investments

Pembina Pipeline Corporation reported Q3 2025 adjusted EBITDA of CAD 1.034 billion, representing a 1% increase over the same period in the prior year, and earnings of CAD 286 million, a 26% decrease from the prior year.
The company updated and narrowed its full-year 2025 adjusted EBITDA guidance range to CAD 4.25 billion-CAD 4.35 billion.
Pembina signed a 20-year agreement with Petronas for 1 million tons per annum of liquefaction capacity at the Cedar LNG facility, with definitive agreements for the remaining 0.5 million tons expected by the end of 2025.
Progress continues on the Green Light Electricity Center, a proposed up to 1.8 gigawatt natural gas-fired power generation project, targeting a final investment decision in the first half of 2026 with the first phase of 900 megawatts planned for 2030.
Total volumes in the pipelines and facilities divisions were 3.6 million barrels of oil equivalent per day in Q3 2025, a 2% increase over the same period in the prior year.

Nov 7, 2025, 3:00 PM

Transcript

Pembina Pipeline Corporation Reports Q3 and Nine-Month 2025 Financial Results

PBA

Earnings

New Projects/Investments

M&A

Pembina Pipeline Corporation reported total revenue of $1,791 million for the three months ended September 30, 2025, and $5,865 million for the nine months ended September 30, 2025, compared to $1,844 million and $5,239 million for the respective periods in 2024.
Adjusted EBITDA increased to $1,034 million for the three months ended September 30, 2025, and $3,214 million for the nine months ended September 30, 2025, up from $1,019 million and $3,154 million in the prior year periods, respectively.
Earnings for the three months ended September 30, 2025, decreased to $286 million ($0.43 per common share) from $385 million ($0.60 per common share) in 2024, and for the nine months ended September 30, 2025, decreased to $1,205 million ($1.88 per common share) from $1,302 million ($2.08 per common share) in 2024.
The Pipelines segment's Adjusted EBITDA grew to $630 million in Q3 2025 and $1,953 million for the nine months ended September 30, 2025, driven by higher demand on the Alliance Pipeline and increased tolls on the Peace Pipeline system.
Pembina is advancing over $1.0 billion in conventional NGL and condensate pipeline expansions, with final investment decisions anticipated by the end of 2025 for the Fox Creek-to-Namao Expansion and in 2026 for the Taylor-to-Gordondale Project and Birch-to-Taylor NEBC System Expansion.

Nov 6, 2025, 10:15 PM

6-K

Pembina Pipeline Corporation Reports Q3 2025 Results and Updates 2025 Adjusted EBITDA Guidance

PBA

Earnings

Guidance Update

New Projects/Investments

Pembina Pipeline Corporation reported Q3 2025 earnings of $286 million and adjusted EBITDA of $1,034 million.
The company updated its 2025 adjusted EBITDA guidance range to $4.25 billion to $4.35 billion.
New commercial agreements include transportation agreements on the Peace Pipeline for approximately 50,000 bpd with a weighted average term of approximately 10 years, and Alliance Pipeline shippers electing a new 10-year toll on approximately 96 percent of the firm capacity available.
Pembina continues to advance more than $1 billion of proposed pipeline expansions and has entered into a 20-year agreement with PETRONAS related to 1.0 mtpa of Cedar LNG capacity, with the Cedar LNG facility expected to be in service in late 2028.
A Q4 2025 common share cash dividend of $0.71 per share was declared, payable on December 31, 2025, to shareholders of record on December 15, 2025.

Nov 6, 2025, 10:05 PM

6-K

Pembina Secures LNG Deal with Petronas for Cedar Project

PBA

New Projects/Investments

Pembina Pipeline Corp. has secured a 20-year liquefaction capacity deal with Malaysia's Petronas for one million tonnes per year at the Cedar LNG project.
This agreement brings the total contracted capacity for the $4 billion Cedar LNG facility to 2.5 million tonnes per year out of its 3 million tonne total capacity.
The Cedar LNG project, co-developed by Pembina and the Haisla Nation, remains on track for commercial operations by late 2028.
Pembina anticipates finalizing agreements for the remaining 500,000 tonnes per year of capacity by the end of this year.

Nov 5, 2025, 9:12 PM

Morningstar

Pembina Pipeline Corporation Announces Closing of Subordinated Note Offering and Redemption of Preferred Shares

PBA

Debt Issuance

Dividends

Pembina Pipeline Corporation has closed an offering of $225 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2, due June 6, 2055.
The net proceeds from this offering are intended to fund the redemption of all outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9.
The Series 9 Class A Preferred Shares will be redeemed on December 1, 2025, at a price of $25.00 per share, for an aggregate of $225 million.
A final quarterly dividend of $0.268875 per Series 9 Class A Preferred Share will be paid on December 1, 2025, to holders of record on November 3, 2025.

Oct 10, 2025, 9:00 PM

6-K

Pembina Pipeline Provides Update on Greenlight Electricity Centre Project

PBA

New Projects/Investments

Guidance Update

Pembina Pipeline Corporation (PBA) provided an update on the Greenlight Electricity Centre, a multi-phased gas-fired combined cycle power generation facility in Alberta with a capacity of up to 1,800 megawatts (MW), developed in partnership with Kineticor.
The project has secured a 907 MW allocation from the Alberta Electric System Operator (AESO) for a potential customer, with grid connection and power access anticipated as early as 2027.
A conditional land purchase and sale agreement with the customer is expected to close in Q4 2025, generating approximately $190 million (net to Pembina), with proceeds to be used for project development and debt reduction.
A Final Investment Decision (FID) for the project is targeted for the first half of 2026, with project start-up anticipated as early as 2030.

Oct 6, 2025, 11:06 AM

6-K

Pembina Pipeline Receives Canada Energy Regulator Approval for Alliance Pipeline Settlement

PBA

Legal Proceedings

Guidance Update

The Canada Energy Regulator (CER) has approved a negotiated settlement between Alliance Pipeline Limited Partnership and shippers for the Canadian portion of the Alliance Pipeline.
This approval establishes a just and reasonable tolling structure for the Alliance Pipeline for the next ten years.
Pembina's President and CEO, Scott Burrows, stated that the company aims to maximize the value of this critical North American energy infrastructure asset.
The Alliance Pipeline is a 3,850 km integrated Canadian and U.S. natural gas transmission pipeline that delivers an average of 1.7 bcf/d of liquids rich gas.