Group 1 - Pembina Pipeline Corporation and Kineticor Asset Management have formed a joint venture named Greenlight Electricity Center Limited Partnership, focusing on enhancing Alberta's power and data infrastructure [1] - The Greenlight Electricity Center is an advanced gas-fired power generation facility with a capacity of up to 1,800 MW, designed to be developed in modular phases of 450 MW each [2] - The project aligns with Alberta's goal of attracting $100 billion in data center investments by 2030, providing reliable power solutions to data centers [3] Group 2 - The joint venture allows Pembina and Kineticor to integrate their value chains, leveraging the proximity of the Alliance Pipeline to supply natural gas for the project [4] - Pembina Pipeline Corporation is recognized as a vertically integrated operator of energy infrastructure assets, currently holding a Zacks Rank 3 (Hold) [5] - Other top-ranked stocks in the energy sector include Repsol, Prairie Operating, and Gulfport Energy, with Repsol and Prairie Operating holding a Zacks Rank 1 (Strong Buy) [6]

Financial Data and Key Metrics Changes - The company reported quarterly earnings of $572 million, with record quarterly adjusted EBITDA of $1.254 billion, and record quarterly adjusted cash flow from operating activities of $922 million or $1.59 per share [6][7] - For the full year 2024, earnings reached $1.874 billion, with record annual adjusted EBITDA of $4.408 billion, a 15% increase from 2023, and record full year adjusted cash flow from operating activities of $3.265 billion or $5.70 per share [7][22] - The fourth quarter adjusted EBITDA increased by 21% compared to the same period in the prior year [19] Business Line Data and Key Metrics Changes - In the pipelines segment, higher contributions were noted from Alliance due to increased ownership and higher demand for seasonal contracts, while lower net revenue was observed on the Cochin pipeline due to lower firm tolls [20] - Facilities saw an increase in contributions from PGI due to higher revenue associated with oil batteries acquired in Q4 2024 [20] - The marketing and new ventures segment reflected higher net revenue from contracts with customers due to increased ownership interest in Aux Sable and higher NGL margins [20] Market Data and Key Metrics Changes - Total volumes were 3.67 million barrels per day in Q4, representing a 6% increase over the same period in the prior year [22] - The company executed contracts for approximately 170,000 BOE per day of pipeline transportation, primarily on Alliance and Peace Pipeline [9] Company Strategy and Development Direction - The company aims to strengthen its existing franchise, increase exposure to lighter hydrocarbons, and access global market pricing for Canadian energy products [8] - Pembina is focusing on capital-efficient projects, including the Cedar LNG project and the Phase VIII Peace Pipeline expansion, to accommodate growing production in the Western Canadian Sedimentary Basin [10][11] - The company is also exploring opportunities in the data center industry through the Greenlight Electricity Centre project [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the growth opportunities in the Western Canadian Sedimentary Basin and the company's strategic positioning to benefit from this growth [24] - The company anticipates continued momentum into early 2025, reflecting a strong position in the Canadian energy industry [17] Other Important Information - The company announced a 3.4% increase in the common share dividend, reflecting strong financial results [22] - The ratio of proportionally consolidated debt-to-adjusted EBITDA was 3.5 times, indicating a strong balance sheet and a BBB credit rating [23] Q&A Session Summary Question: What kind of commercial and growth opportunities might the rights to the NGLs off the Yellowhead mainline project create? - The company estimates it could build approximately 500 million cubic feet per day of extraction capacity, resulting in about 25,000 barrels of NGL extraction [29] Question: Can you talk about the potential capital requirement for the NGLs off the Yellowhead mainline? - The estimated cost for an asset of this size is in the range of $400 million to $500 million [49] Question: How is the company progressing in contracting capacity for Cedar LNG? - The company has received positive responses from a broad range of customers and is working through the contracting process [54] Question: What is the expected return profile for the Greenlight project? - The returns are expected to be consistent with midstream infrastructure returns, with ongoing negotiations for long-term contracts [66] Question: How is the company addressing the ongoing rate case situation with shippers on the Alliance pipeline? - The company is actively engaging with shippers to reach a negotiated settlement and is evaluating expansion opportunities based on shipper demand [41][72] Question: How does the company view the appetite for risk and purchase returns in the current market? - The company continues to evaluate opportunities across its value chain, focusing on creative solutions and maintaining a strong track record in capital execution [111]

Company Overview - Kineticor Asset Management LP has partnered with Pembina Pipeline Corporation to acquire a 50 percent interest in the Greenlight Electricity Centre Limited Partnership [1] - Pembina is a leading energy transportation and midstream service provider with over 70 years of experience in North America's energy industry [9] - Kineticor has a portfolio exceeding 2,700 MW in various stages of development and operations [8] Project Details - The Greenlight Electricity Centre (GLEC) is a proposed multi-phased gas-fired combined cycle power generation facility with a capacity of up to 1,800 MW, including carbon capture optionality [2] - GLEC will be developed in modular phases of approximately 450 MW each, scaling with market demand, up to a maximum initial design of 1,800 MW [5] - The project is strategically located in Alberta's Industrial Heartland, near transmission lines and utility infrastructure [2][4] Market Demand and Strategy - The GLEC aims to support Alberta's growing data centre industry, which is expected to drive increasing electricity needs [5] - The Government of Alberta has set a target of attracting $100 billion in data centre investments by 2030, promoting the need for reliable power solutions [7] - Pembina and Kineticor are committed to delivering cost-effective power solutions to data centres in the province [7] Development Progress - GLEC is currently in Stage 3 of the Alberta Electric System Operator (AESO) interconnection process, progressing through permitting, design, and contracting [5] - Greenlight is targeting grid interconnection in early 2027 and is engaging with customers for long-term power offtake agreements [6] - The facility's location near Edmonton provides access to a skilled labor force, enhancing its development potential [6]

Pembina Pipeline Corporation Reports Record Results for the Fourth Quarter of 2024 and Provides Business Update All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted cash flow from operatin ...

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Pembina Pipeline Corporation (PBA) is a key player in the energy transportation and midstream services sector, operating across three primary segments, Pipelines, Facilities and Marketing and New Ventures. With a transportation capacity of 2.9 million barrels of oil equivalent per day, Pembina's Pipelines segment plays a vital role in moving energy resources across North America. The Facilities segment handles the transportation and storage of natural gas, condensate and natural gas liquids, while the Marke ...

Pembina Pipeline Corporation (PBA) has closed its 50% working interest acquisition in Whitecap Resources Inc.'s (Whitecap) 15-07 Kaybob Complex, effective Dec. 31, 2024. This strategic acquisition is significant in Pembina’s continued efforts to expand its infrastructure capabilities and further set the company’s position in the energy sector. As part of the transaction, PBA’s subsidiary, Pembina Gas Infrastructure Inc. (“PGI”), has entered long-term, take-or-pay agreements with Whitecap for capacity at the ...

Pembina Pipeline Corporation’s (PBA) 2025 corporate guidance is driven by a focus on stability and growth. In 2025, the company projects an adjusted EBITDA of C$4.2 to C$4.5 billion driven by positive impacts of volume growth in the Western Canadian Sedimentary Basin (WCSB), new assets acquired and consolidation of the Alliance and Aux Sable assets.PBA’s Adjusted EBITDA GuidanceThe 2025 EBITDA outlook of PBA is driven by several positive impacts, like increased producer activity across WCSB, higher volumes ...

Pembina Pipeline Corporation (PBA) reported third-quarter 2024 earnings per share of 44 cents, which missed the Zacks Consensus Estimate of 56.  This underperformance was primarily due to weak delivery in the company’s Pipelines and facilities segments. PBA’s Pipelines volume for the third quarter of 2024 was reported at 2,738 thousand barrels of oil equivalent per day (mboe/d), below the consensus estimate of 2,754 mboe/d. Facilities volume for the same period was 810 mboe/d, missing the consensus expectat ...

REPORT TO SHAREHOLDERS Third Quarter 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents 1. About Pembina 2. Financial & Operating Overview 3. Segment Results 4. Liquidity & Capital Resources 5. Share Capital 6. Capital Expenditures 7. Selected Quarterly Information 8. Selected Equity Accounted Investee Information 9. Related Party Transactions 10. Accounting Policies & Estimates 11. Non-GAAP & Other Financial Measures 12. Other 13. Abbreviations 14. Forward-Looking Statements & Information | --- | ...