Company Reports

Pembina Pipeline is building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquid and related liquefied petroleum gas offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina posted adjusted EBITDA of 1.06 CAD, in line with the PitchBook consensus. This was the first report since Greenlight Electricity Centre was sanctioned and a partnership with West Coast Pipeline was announced.

Pembina Pipeline is building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquid and related liquefied petroleum gas offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Since last week, there have been two developments in provincial and federal agreements in Canada. First, British Columbia appeared to drop its objections to new pipelines. Second, Alberta and Ontario have proposed a new transcontinental oil pipeline entirely within Canada.

Pembina Pipeline posted adjusted EBITDA of CAD 1.13 billion in the first quarter compared with PitchBook consensus of CAD 1.09 billion. More favorable natural gas liquid spreads likely drove the difference. Better commodity pricing boosted 2026 EBITDA guidance by CAD 175 million to CAD 4.45 billion.

Pembina Pipeline is building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquid and related liquefied petroleum gas offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina reported full-year adjusted EBITDA of CAD 4.3 billion at the midpoint of revised guidance. The 2026 guidance suggests flat year-over-year growth as marketing contributions and the Alliance toll rates take effect. Dow has resumed development of its plant, targeting 2029-30 in-service dates.

Pembina is actively building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquified petroleum gases offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina is actively building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquified petroleum gases offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina is actively building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquified petroleum gases offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina Pipeline reported third-quarter adjusted EBITDA 2% above PitchBook expectations but lowered EBITDA guidance by roughly 1%. Two big announcements led this quarter. The Greenlight Innovation Center secured power in 2027 and the first purchase commitments for Cedar LNG have been signed.

Pembina delivered adjusted EBITDA in line with PitchBook consensus or CAD 1,013 million versus CAD 1,019 million. Management lowered the midpoint of EBITDA guidance to CAD 4,325 million from CAD 4,350 million as weaker margins in the marketing segment and lower Alliance pipeline tolls take effect.

Pembina is actively building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquified petroleum gases offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

After taking a fresh look, we lower no-moat-rated Pembina's fair value estimate to CAD 53 from CAD 55 and to USD 38 from USD 39, respectively. Management indicated that toll negotiations for the Canadian section of the Alliance pipeline are likely to result in a negative outcome, with rates expected to decline. The exact timing is unknown, as discussions are ongoing. Further uncertainty around US tolls is now likely weighing on shares, which are up for review at the end of the year.

Pembina is actively building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquified petroleum gases offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Pembina reported full-year EBITDA of CAD 4.4 billion and adjusted cash flow from operations of CAD 3.3 billion. It maintained its 2025 EBITDA guidance but reduced its capital expenditure expectation by CAD 250 million, to CAD 850 million.

On Dec. 12, Pembina provided its initial 2025 financial guidance as well as a business update. Pembina expects EBITDA of CAD 4.2 billion-CAD 4.5 billion and capital expenditures of CAD 1.1 billion. Long-term EBITDA per-share growth of 4%-6% was reaffirmed.

Pembina offers a fully integrated "store" to its customers, allowing it to retain full economics over the midstream value chain. Its major earlier growth opportunities across liquefied natural gas (a CAD 4 billion-CAD 5 billion net investment in Jordan Cove LNG and the related Ruby pipeline repositioning) and petrochemicals (a CAD 4.5 billion venture with Canada Kuwait Petrochemical) were essentially canceled in early 2021, resulting in significant write-offs.

Pembina's third-quarter results showed pipelines and facilities volumes increased 6% and 1% year on year, respectively. However, adjusted EBITDA was flat year on year due to lower tolls on its Cochin pipeline. Full-year 2024 adjusted EBITDA is tracking to the midpoint of its prior guidance range.

In June 2024, TC Energy shareholders approved the spinoff of the firm’s liquids pipelines business. The spinoff will be called South Bow Corporation. We reduce our fair value estimate to CAD 53 from CAD 67 and maintain our narrow moat rating for the remaining TC Energy firm. South Bow has a lower-risk growth profile as compared with the overall TC Energy business, so divesting this liquids pipelines segment will allow TC Energy to focus on segments that are generating strong returns on capital, such as renewable energy.