Core Viewpoint - Pembina Pipeline Corporation has declared quarterly dividends for its preferred shares, with specific payment dates and amounts outlined for each series [1][2]. Dividend Declaration - The Board of Directors has declared dividends for preferred shares Series 1, 3, 5, 7, 15, 17, 21, and 25 [1]. - Series 1, 3, 5, 7, and 21 dividends are payable on March 2, 2026, to shareholders of record on February 2, 2026 [1]. - Series 15 and 17 dividends are payable on March 31, 2026, to shareholders of record on March 16, 2026 [1]. - Series 25 dividends are payable on February 17, 2026, to shareholders of record on February 2, 2026 [1]. Dividend Amounts - Preferred Shares, Series 1: $0.407813 [2] - Preferred Shares, Series 3: $0.376188 [2] - Preferred Shares, Series 5: $0.425875 [2] - Preferred Shares, Series 7: $0.372063 [2] - Preferred Shares, Series 15: $0.385250 [2] - Preferred Shares, Series 17: $0.412813 [2] - Preferred Shares, Series 21: $0.393875 [2] - Preferred Shares, Series 25: $0.405063 [2] Payment Policy - Pembina pays cash dividends in Canadian dollars on preferred shares Series 1, 3, 5, 7, and 21 on the first day of March, June, September, and December [3]. - Dividends on Series 15 and 17 are payable on the last day of March, June, September, and December [3]. - Series 25 dividends are payable on the 15th day of February, May, August, and November [3]. Upcoming Financial Events - Pembina will release its fourth quarter 2025 results on February 26, 2026, after market close [4]. - A live webcast of the conference call is scheduled for February 27, 2026, at 8:00 a.m. MT [4][5]. Company Overview - Pembina Pipeline Corporation is a leading energy transportation and midstream service provider with over 70 years of service in North America's energy industry [6]. - The company owns a network of assets, including pipelines, gas gathering and processing facilities, and logistics services [6]. - Pembina aims to provide safe and reliable energy solutions that connect producers and consumers globally [6].

Core Insights - Pembina Pipeline Corporation (PBA) is a prominent energy infrastructure company in Canada, focusing on pipeline systems, storage, and transportation services, with a strategy aimed at long-term sustainability and capitalizing on market demand [1] - The company has revised its 2026 financial guidance, projecting a 4% increase in fee-based adjusted EBITDA, targeting a range of C$4.1 billion to C$4.4 billion, driven by higher volumes across its diversified assets [2] - Pembina anticipates a moderate contribution from its marketing business due to fluctuating commodity prices, but overall financial outlook remains strong with significant capital investments planned [3] Financial Performance - PBA's fee-based EBITDA is expected to reach C$4.1 billion to C$4.4 billion in 2026, supported by increased volumes across its assets [8] - The growth outlook is contingent on sustained producer activity and volume growth in the Western Canadian Sedimentary Basin (WCSB) [8] - The marketing segment's earnings may soften in 2026, although hedging strategies provide some protection against price volatility [11] Market Risks - The Cedar LNG project is a multi-year capital endeavor with operational risks, not expected to be operational until late 2028, leading to significant capital outflows [5] - PBA has underperformed compared to the Oil & Gas Production and Pipelines sub-industry and the broader oil and energy sector, with a decline of 4.9% over the past three months [6] - The Greenlight Electricity Center has not yet reached a final investment decision, adding uncertainty to future growth [9] Core Strengths - Pembina's proactive hedging strategy covers approximately 30% of its frac spread exposure for the first half of 2026, providing cash flow stability [11] - The company offers a unique integrated service across multiple commodities, positioning it to capture a larger share of volume growth in the basin [12] - Pembina has demonstrated strong commercial success in its core pipeline business, renewing contracts totaling over 200,000 barrels per day of capacity [13] - The company has a solid track record of executing major capital projects on time and within budget, enhancing credibility with customers and investors [14]

Group 1 - Pembina Pipeline Corporation (NYSE:PBA) is recognized as one of the 15 Global Dividend Stocks, making it a potential option for portfolio diversification [1] - BMO Capital has updated its outlook on Pembina, lowering the price target to C$58 from C$59 while maintaining an Outperform rating [2] - Pembina offers a quarterly dividend with an annualized yield of approximately 5.5%, appealing to investors seeking steady cash returns [3] Group 2 - In Q3 2025, Pembina reported adjusted EBITDA of $1.03 billion, reflecting a modest year-over-year increase driven by higher contracted volumes and inflation-linked toll adjustments [4] - The company experienced improved pipeline utilization due to strengthened demand, contributing positively to its financial performance [4] - Adjusted cash flow from operating activities reached $648 million in the quarter, significantly covering dividend payments, which is crucial for dividend-focused investors [5] Group 3 - Pembina operates one of the largest energy transportation and midstream networks in Canada, facilitating the movement of crude oil, natural gas, and natural gas liquids [6]

Core Viewpoint - Global dividend stocks are gaining attention as global dividends reached a record $1.75 trillion in 2024, reflecting a 6.6% underlying growth, with 17 out of 49 tracked countries paying record dividends [2][3]. Global Dividend Market - The growth in global dividends is broad-based, with significant contributions from countries like the US, Canada, France, Japan, and China [3]. - Approximately 88% of firms worldwide either increased or maintained their dividend payouts during the year, indicating strong consistency for long-term investors [3]. UK Dividend Market - The UK has seen a slower recovery in dividend growth, with expectations for 2026 to deliver a record £86 billion in FTSE 100 dividends, up from £80.7 billion forecasted for 2025 [4]. - The FTSE 100 is projected to offer a forward dividend yield of about 3.2% in 2025 and 3.4% in 2026, which remains above the S&P 500's dividend yield [5]. Pembina Pipeline Corporation - Pembina Pipeline Corporation has a dividend yield of 5.47% and reported adjusted EBITDA of $1.03 billion in Q3 2025, showing a modest year-over-year increase [10][12]. - The company’s adjusted cash flow from operating activities reached $648 million in the quarter, covering dividend payments effectively [13]. - Pembina operates one of the largest energy transportation and midstream networks in Canada, moving crude oil, natural gas, and natural gas liquids [14]. NatWest Group plc - NatWest Group plc has a dividend yield of 3.67% and reported a profit before tax of £2.18 billion in Q3 2025, a 30.4% year-over-year increase [15][17]. - The bank's non-interest income climbed 25.9% to £0.91 billion, while net interest income grew 12.7% to £3.09 billion, indicating a shift towards fee-based businesses [18]. - NatWest has implemented structural hedges to protect lending margins, extending its position into 2027, which may lead to industry-leading margins [19]. Bank of Montreal - Bank of Montreal has a dividend yield of 3.66% and reported a significant increase in profit driven by a rebound in dealmaking and stronger equity markets [21][22]. - The capital markets unit's profit more than doubled to C$521 million, supported by higher revenue from global market activity [23]. - Provision for credit losses fell to C$755 million from C$1.52 billion the previous year, indicating improved confidence in credit quality [24].

Core Insights - Pembina Pipeline Corporation has outlined a growth strategy for 2026, focusing on increasing fee-based adjusted EBITDA and expanding its pipeline systems to capitalize on market conditions and customer demand [2][3][18] Financial Performance - Pembina projects an adjusted EBITDA of C$4.1 billion to C$4.4 billion for 2026, representing an approximate 4% increase compared to 2025, driven by increased volumes across its diversified energy assets [3][9] - The company anticipates a compound annual growth rate of about 5% in fee-based adjusted EBITDA per share from 2023 to 2026 [4] Capital Investments and Expansions - Pembina's capital investment program for 2026 is set at C$1.6 billion, with C$640 million allocated to pipeline expansions and C$255 million for facilities projects [5][6] - The expansion of the Peace Pipeline System includes a C$200 million investment to increase propane-plus market delivery capacity by 70,000 barrels per day [10][11] Strategic Agreements - Pembina has secured a 12-year agreement with Ovintiv Inc. for 0.5 million tons per annum of liquefaction capacity at the Cedar LNG facility, expected to contribute C$220 million to C$280 million annually in adjusted EBITDA [7][8] Innovation and Sustainability - The Greenlight Electricity Center project aims to provide up to 1,800 MW of electricity to Alberta's power grid, with significant progress made in 2025 [12][13] - Pembina's focus on safe, reliable, and cost-effective energy infrastructure solutions is central to its long-term sustainability and growth strategy [19][20] Leadership Transition - Pembina is undergoing a leadership transition with key executives retiring by the end of 2025, aiming to strengthen organizational capabilities [14][15] Marketing Outlook - The marketing segment is expected to have a more moderate contribution in 2026 due to lower frac spreads and changing natural gas prices, but Pembina continues to navigate these dynamics through hedging strategies [16][17]

Core Insights - Pembina Pipeline Corporation announced its 2026 financial guidance, a commercial agreement for Cedar LNG capacity, and an expansion of the Peace Pipeline System to meet increasing customer demand [1][3]. Financial Guidance - The company expects adjusted EBITDA for 2026 to be between $4.125 billion and $4.425 billion, reflecting an approximate four percent increase in fee-based adjusted EBITDA compared to 2025 [5][6]. - The midpoint of the 2026 guidance indicates a compound annual growth rate of about five percent in fee-based adjusted EBITDA per share from 2023 to 2026, aligning with targets set during the 2024 Investor Day [5][6]. - The capital investment program for 2026 is projected to total approximately $1.6 billion, with a focus on sustaining capital and growth projects [13][16]. Cedar LNG Agreement - Pembina signed a 12-year agreement with Ovintiv Inc. for 0.5 million tonnes per annum (mtpa) of liquefaction capacity at the Cedar LNG facility, completing the remarketing of its total 1.5 mtpa capacity [18][21]. - The expected annual run-rate adjusted EBITDA contribution from Cedar LNG is revised to between $220 million and $280 million, reflecting a 10 percent increase from earlier estimates [21][22]. Pipeline Expansion and Capacity - Pembina approved a $200 million expansion of the Peace Pipeline System to enhance propane-plus market delivery capacity into the Namao, Alberta hub [5][6]. - The company is advancing additional expansions, including the Birch-to-Taylor and Taylor-to-Gordondale projects, to accommodate forecasted volume growth from Canadian oil and gas producers [25][28]. Market Dynamics and Strategy - The Western Canadian Sedimentary Basin is experiencing robust production growth, driven by new LNG and LPG export capacity and evolving energy demands [3][4]. - Pembina's strategy focuses on providing safe, reliable, and cost-effective energy infrastructure solutions, with a commitment to executing projects on time and within budget [4][29]. Organizational Changes - Pembina is consolidating key executive portfolios as part of an organizational evolution, with several senior executives set to retire by the end of 2025 [33][34].

Core Viewpoint - Ovintiv Inc. has signed a 12-year agreement with Pembina Pipeline Corporation for 0.5 million tonnes per annum of liquefaction capacity at the Cedar LNG facility, enhancing its access to export markets and supporting its strategy to maximize profitability from its Montney gas resource [1][2]. Group 1: Agreement Details - The agreement allows Ovintiv to export 0.5 million tonnes per annum of LNG, with Pembina providing transportation and liquefaction capacity over a 12-year term, starting with commercial operations expected in late 2028 [1]. - The partnership is aimed at supplying low-cost Canadian natural gas to international markets, which is expected to support energy security and contribute to global emissions reductions [2]. Group 2: Strategic Implications - This agreement is a significant step in Ovintiv's strategy to expand market access and enhance the profitability of its natural gas resources by participating in global LNG markets [2]. - The export from the west coast of Canada is noted to offer the shortest shipping distance to Asian LNG markets from North America, positioning Ovintiv favorably in the competitive landscape [1].

Core Insights - Pembina Pipeline Corporation (PBA) is a leading energy transportation and midstream service provider in North America, focusing on the transportation, storage, and processing of oil, natural gas, and natural gas liquids [1][2] - The company plays a crucial role in the energy sector by providing essential infrastructure that ensures the timely delivery of energy resources, making it integral to the entire supply chain [2] - Pembina's consistent focus on innovation and operational excellence contributes significantly to Canada's energy security and drives economic growth [3] Financial Performance - PBA reported a solid fiscal third quarter with adjusted EBITDA of C$1,034 million, reflecting a 1% year-over-year increase, indicating resilience in core operations [7] - The company has narrowed its full-year 2025 adjusted EBITDA guidance to a range of C$4.25-C$4.35 billion, showcasing management's confidence in predictable cash flows despite market volatility [7] - The revenue model is predominantly fee-based and long-term contracted, providing reliable visibility for investors [7] Long-Term Contracting Success - PBA has secured long-term contracts on the Peace and Alliance pipelines, locking in extended take-or-pay revenues [8][9] - A recent agreement for 50,000 barrels per day on the Peace Pipeline system has a weighted average term of approximately 10 years, ensuring high utilization rates [9] - Approximately 96% of the firm capacity on the Alliance Pipeline has been contracted for 10-year tolls, further de-risking the base business [9] Strategic Growth Initiatives - Pembina has signed a pivotal 20-year agreement with PETRONAS for 1 million tons per annum of capacity at the Cedar LNG facility, validating its LNG export strategy [10] - The Cedar LNG project is on track for a late-2028 in-service date, with a synthetic tolling structure that allows for market upside [10] - The Greenlight project, a proposed 1.8-gigawatt natural gas-fired power generation facility, diversifies Pembina's customer base and creates incremental demand for its services [11] Market Performance and Risks - PBA has underperformed in the year-to-date period, with a growth of only 7.1%, lagging behind the Oil & Gas Production and Pipelines sub-industry, which grew by 11.9% [12][13] - The reduced midpoint of the full-year 2025 adjusted EBITDA guidance reflects expectations of "a little less optionality" in the marketing business [16] - Major growth projects like Cedar LNG and Greenlight involve long gestation periods and execution risks, which could limit near-term cash flow [18][19]

Core Insights - The article emphasizes the author's extensive experience in investment banking, particularly in equity research and corporate finance within the Canadian electric utilities and infrastructure sectors [1] Group 1: Experience and Background - The author has over twenty years of experience in sell-side equity research, corporate and project finance, M&A, and valuations [1] - Ten years were spent as an equity research analyst at global banks, including UniCredit Securities and HSBC Global Markets, achieving top ratings in surveys [1] - Prior to investment banking, the author worked for ten years in a Canadian corporate environment focusing on power projects and M&A [1] Group 2: Investment Philosophy - The author believes in actionable investment ideas and the importance of compelling narratives and clear arguments [1] - There is an intention to share insights and contribute to a more informed investment community [1]

Core Insights - The article emphasizes the author's extensive experience in investment banking, particularly in equity research and corporate finance within the Canadian electric utilities and infrastructure sectors [1] Group 1: Experience and Expertise - The author has over twenty years of experience in sell-side equity research, corporate and project finance, M&A, and valuations [1] - A decade was spent as an equity research analyst at global banks, including UniCredit Securities and HSBC Global Markets, achieving top ratings in Institutional Investor and Extel surveys [1] - Prior to investment banking, the author worked for ten years in a Canadian corporate environment focusing on power project development and finance [1] Group 2: Investment Philosophy - The author believes in actionable investment ideas and the importance of compelling narratives and clear arguments [1] - There is an intention to share insights and stories to contribute to a smarter and richer world [1] - The author publishes short actionable notes on investing and portfolio revisions on a Substack platform [1]