Financial Performance - Revenue for Q4 2024 was $2,145 million, a 17% increase from $1,836 million in Q4 2023, and full-year revenue reached $7,384 million, up 17% from $6,331 million in 2023[4] - Adjusted EBITDA for Q4 2024 was $1,254 million, representing a 21% increase compared to $1,033 million in Q4 2023, and full-year adjusted EBITDA was $4,408 million, a 15% increase from $3,824 million in 2023[9] - Net revenue for Q4 2024 was $1,383 million, up 21% from $1,142 million in Q4 2023, and full-year net revenue was $4,776 million, a 20% increase from $3,973 million in 2023[4] - Earnings for Q4 2024 were $572 million, an 18% decrease from $698 million in Q4 2023, while full-year earnings increased by 6% to $1,874 million from $1,776 million in 2023[18] - Adjusted EBITDA for the twelve months ended December 31, 2024, reached $4,408 million, up 15.3% from $3,824 million in 2023[94] - The company reported earnings of $1,874 million for the twelve months ended December 31, 2024, compared to $1,776 million in 2023, reflecting a 5.5% increase[94] - Total revenue for the twelve months ended December 31, 2024, was $7,384 million, a 16.6% increase from $6,331 million in 2023[89] - The cost of goods sold for the twelve months ended December 31, 2024, was $2,608 million, compared to $2,358 million in 2023, indicating a 10.6% increase[89] Cash Flow - Cash flow from operating activities for Q4 2024 was $902 million, a 3% increase from $880 million in Q4 2023, and full-year cash flow was $3,214 million, a 22% increase from $2,635 million in 2023[25] - Adjusted cash flow from operating activities for Q4 2024 was $922 million, a 23% increase from $747 million in Q4 2023, and full-year adjusted cash flow was $3,265 million, also a 23% increase from $2,646 million in 2023[29] - Adjusted cash flow from operating activities increased to $922 million for Q4 2024, up from $747 million in Q4 2023, representing a 23.4% increase[103] - Total cash flow from operating activities for the year ended December 31, 2024, was $3,214 million, up from $2,635 million in 2023, marking a 21.9% increase[103] - Adjusted cash flow from operating activities per common share rose to $1.59 in Q4 2024, compared to $1.36 in Q4 2023, reflecting a 16.9% increase[103] Divisions Performance - Pipelines division reported adjusted EBITDA of $686 million for Q4 2024, an 11% increase from $617 million in Q4 2023, and $2,533 million for the full year, a 13% increase from $2,234 million in 2023[11] - Facilities division achieved adjusted EBITDA of $373 million for Q4 2024, a 15% increase from $324 million in Q4 2023, and $1,347 million for the full year, an 11% increase from $1,213 million in 2023[12] - Marketing & New Ventures reported adjusted EBITDA of $234 million for Q4 2024, a 35% increase from $173 million in Q4 2023, and $724 million for the full year, a 21% increase from $597 million in 2023[13] Volume Metrics - Total Pipelines and Facilities volumes increased by 6% to 3,667 mboe/d in Q4 and 7% to 3,548 mboe/d for the full year compared to the prior year[34] - Pipelines volumes rose by 5% to 2,790 mboe/d in Q4 and by 7% to 2,711 mboe/d for the full year, driven by the Alliance/Aux Sable Acquisition and the reactivation of the Nipisi Pipeline[35][36] - Facilities volumes increased by 9% to 877 mboe/d in Q4 and for the full year to 837 mboe/d, reflecting volumes recognized at Aux Sable post-acquisition[37][38] - Marketed NGL volumes grew by 16% to 252 mboe/d in Q4 and by 23% to 228 mboe/d for the full year, attributed to higher sales from increased ownership interest in Aux Sable[39] - Marketed crude oil volumes increased by 17% to 96 mboe/d in Q4 and by 15% to 99 mboe/d for the full year, reflecting enhanced blending opportunities[40] Capital Expenditures and Investments - Capital expenditures for the full year 2024 were $955 million, significantly up from $606 million in 2023, reflecting ongoing investments in growth initiatives[4] - Pembina is advancing the Cedar LNG Project, which is expected to connect Canadian natural gas reserves to global markets, particularly in Asia[45] - The company is developing the Greenlight Electricity Centre, a gas-fired power generation facility with a potential capacity of up to 1,800 MW, expected to be operational by 2029[50] - Pembina is constructing a new 55,000 bpd propane-plus fractionator (RFS IV) at the Redwater Complex, expected to be in service in the first half of 2026[64] - The company is evaluating an expansion of the Peace Pipeline system to add approximately 200,000 bpd of capacity, enhancing its market delivery capabilities[64] - PGI executed a long-term, take-or-pay agreement with Veren for approximately 95 MMcf/d of gas processing service, solidifying contracted volumes in the Kaybob area[66] - PGI closed its acquisition of a 50% working interest in Whitecap's Kaybob Complex, with a commitment of up to $400 million for future infrastructure development, expected to be in service by late 2026/early 2027[66] - Pembina expects total capital investment for the ethane supply commitment under the agreement with Dow to be less than $300 million, improving capital efficiency[67] - PGI acquired four batteries from Veren with a 15-year take-or-pay agreement, committing up to $300 million for future infrastructure in the Gold Creek and Karr areas, expected to be operational in the first half of 2026[67] - Pembina is constructing the Cedar LNG Project with a capacity of 3.3 mtpa, with site clearing commenced in Q3 2024 and construction expected to begin in mid-2025, aiming for an in-service date in late 2028[68] - Pembina has entered into an agreement for 1.5 mtpa of capacity at Cedar LNG and is actively remarketing this capacity, receiving positive market responses[68] Shareholder Returns - The board declared a common share cash dividend of $0.69 per share for Q1 2025, payable on March 31, 2025[71] - For U.S. fund shareholders, the expected cash dividend is approximately U.S.$0.4812 per share, subject to exchange rate fluctuations and withholding taxes[72] Guidance and Future Outlook - The 2025 adjusted EBITDA guidance is set between $4.2 billion and $4.5 billion, reflecting continued volume growth and the full-year impact of the Alliance and Aux Sable consolidation[57] - Pembina's 2025 guidance includes anticipated adjusted EBITDA and a year-end proportionately consolidated debt-to-adjusted EBITDA ratio, reflecting future operational expectations[78] - Pembina's forward-looking statements are based on various assumptions, including commodity prices, regulatory environments, and market conditions, which may impact future performance[79] Debt and Taxation - Proportionately consolidated debt increased to $15,393 million as of December 31, 2024, from $12,708 million in 2023, a rise of 21.0%[104] - Proportionately consolidated debt-to-adjusted EBITDA ratio was 3.5 times for 2024, up from 3.3 times in 2023[104] - The company reported a current tax expense of $261 million for the year ended December 31, 2024, down from $325 million in 2023, a decrease of 19.7%[103] - Preferred share dividends paid increased to $132 million in 2024 from $120 million in 2023, reflecting a 10.0% increase[103]

Core Points - The Alberta Energy Regulator (AER) has imposed a $24,000 administrative penalty on Pembina Pipeline Corporation for violating the Public Lands Act [1][2] - The violation occurred between January 23 and 28, 2023, when Pembina began activities near Saddle Hills County without conducting a required wildlife sweep [2] - The penalty must be paid within 30 days of the decision [2] Regulatory Context - Administrative penalties are part of the AER's compliance and enforcement tools for companies that fail to meet regulatory requirements [3] - The AER's role includes ensuring the safe and environmentally responsible development of energy and mineral resources in Alberta [4]

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Core Insights - Pembina Pipeline Corporation is a significant player in the energy transportation and midstream services sector, operating in three main segments: Pipelines, Facilities, and Marketing and New Ventures [1] - The company expects an adjusted EBITDA of C$4.2 billion to C$4.5 billion for 2025, driven by increased activity in the Western Canadian Sedimentary Basin and new asset acquisitions [2] - Pembina plans a capital expenditure (Capex) of C$1.1 billion for 2025, with the potential to increase by C$200 million if additional projects are approved [2] Financial Performance - Pembina reported an adjusted EBITDA of C$1 billion for Q3 2024, with cash flow from operations increasing by 43.2% year over year to C$922 million, indicating financial stability [4] - The company maintains a consistent quarterly dividend of 69 Canadian cents per share, appealing to income-focused investors [7] Strategic Growth Initiatives - Pembina completed the acquisition of a 50% stake in Whitecap's Kaybob complex, enhancing operational efficiency and market position [5] - The core Pipelines and Facilities segments have shown positive volume trends, with pipeline volumes growing by 5.5% year over year [6] Project Developments - The Cedar LNG Project, in partnership with the Haisla Nation, is progressing with early construction milestones completed, alongside other expansion projects aimed at increasing capacity [8] Market Position and Challenges - Pembina's stock has declined by 13.3% over the past three months, underperforming compared to peers in the industry [11][12] - The company faces challenges with its Cochin Pipeline, resulting in a C$44 million EBITDA decline due to lower tolls and contracting gaps [9] - Regulatory approvals for expansion projects like Cedar LNG are critical, as delays could impact project timelines and costs [10] Commodity Price Sensitivity - The Marketing and New Ventures segment is sensitive to commodity price fluctuations, which can lead to revenue instability [13] Capital Expenditure Concerns - Significant capital expenditure commitments for major projects, such as the C$4 billion Cedar LNG facility, could strain free cash flow and limit returns for investors [14]

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 | --- | ...

Pembina Pipeline Corporation (PBA) is set to release third-quarter results on Nov. 5, 2024. The Zacks Consensus Estimate for earnings is pegged at 56 cents per share and that for revenues is pinned at $1.48 billion.Let us delve into the factors that are likely to have influenced the oil and gas storage and transportation service provider’s performance in the to-be-reported quarter. But first, it is worth taking a look at Pembina’s performance in the last reported quarter.Stay up-to-date with all quarterly r ...

The market expects Pembina Pipeline (PBA) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...