Financial Data and Key Metrics Changes - Pembina reported adjusted EBITDA of CAD 1.034 billion for Q3 2025, representing a 1% increase year-over-year [15] - Earnings for the third quarter were CAD 286 million, a 26% decrease compared to the same period last year [16] - Total volumes in the pipelines and facilities divisions were 3.6 million barrels of oil equivalent per day, a 2% increase year-over-year [18] Business Line Data and Key Metrics Changes - In the pipelines segment, higher demand on seasonal contracts and increased tolls contributed to revenue growth, while lower firm tolls on the Cochin Pipeline impacted results [15] - The facilities segment saw higher contributions from Pembina Gas Infrastructure (PGI) due to transactions with Whitecap Resources and increased volumes at the Duvernay complex [15] - Marketing and new ventures experienced lower net revenue due to decreased NGL margins and higher input natural gas prices [16] Market Data and Key Metrics Changes - The company has secured a 20-year agreement with Petronas for 1 million tons per annum of liquefaction capacity at the Cedar LNG facility, enhancing its export business [5] - The Green Light Electricity Center project has secured a 907 megawatt power grid allocation, with expectations for development as early as 2027 [7] Company Strategy and Development Direction - Pembina aims to ensure long-term resilience and provide visibility to attractive growth through the end of the decade [4] - The company is focused on expanding its LNG business while maintaining a risk profile characterized by long-term, contracted cash flow streams [6] - Pembina continues to strengthen its core business through successful recontracting and capital project execution [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the tightened adjusted EBITDA guidance range of CAD 4.25 billion to CAD 4.35 billion for 2025 [18] - The company remains optimistic about growth opportunities in the Western Canadian Sedimentary Basin (WCSB) despite current commodity price pressures [19] - Management is in a listening mode with customers to refine the outlook for 2026 based on their transportation service needs [22] Other Important Information - Pembina is nearing completion on approximately CAD 850 million of projects expected to enter service in the first half of 2026 [11] - The company is progressing on various conventional pipeline projects to enable growth in the WCSB [12] Q&A Session Summary Question: Can you share insights on pricing outlook and volumetric expectations for 2026? - Management is currently meeting with customers to understand their needs and will provide a refined outlook in December [22] Question: What are the next steps for the Green Light project? - The company is continuing commercial discussions and engineering work, aiming for a final investment decision in the first half of 2026 [24] Question: Can you comment on the volume trends in the conventional business segment? - Conventional volumes in Q3 were up about 4% quarter-over-quarter, with expectations for continued single-digit growth supported by oil sands demand [80][82]

Summary of Conference Call Company and Industry Overview - The conference call involved Iberdrola, a leading global utility company focused on renewable energy and regulated networks [1][2][3] - The company is heavily investing in infrastructure to support growth in the U.S. and U.K. markets, which are expected to account for 65% of total investments by 2028 [2][3][4] Key Investment Plans - Iberdrola plans to invest approximately €58 billion over the next four years, with 85% allocated to countries with high credit ratings [20][21] - A significant portion of the investment, €37 billion, will be directed towards network expansion, with 60% of this amount focused on capacity growth [21][22] - The U.S. and U.K. will receive over 70% of the network investment, with Brazil and Spain receiving smaller allocations [22][23] Financial Projections - By 2028, the total regulated asset base is projected to grow to €70 billion, with a significant increase in both distribution and transmission assets [23][24] - The company expects EBITDA to reach €18 billion by 2028, reflecting a €3 billion increase from 2024 [11][64] - The U.S. and U.K. are projected to contribute 50% of total EBITDA by 2028, up from 37% in 2024 [64][65] Regulatory Framework and Market Conditions - Iberdrola operates under stable regulatory frameworks that provide visibility and attractive returns, with a projected average return on equity of 9.5% [22][24] - The company is focused on reducing exposure to energy price volatility, limiting it to 25% of total EBITDA [14][70] Growth in Renewable Energy - The investment plan includes €21 billion for power generation, with a focus on offshore wind, onshore wind, solar PV, and storage projects [11][40] - Iberdrola aims to increase its installed capacity to nearly 61,000 megawatts by 2028, with 90% of this capacity being emissions-free [40][41] Operational Efficiency and Cost Management - The company is implementing initiatives to enhance operational efficiency, targeting €400 million in operating efficiencies by 2028 [51][52] - A robust supply chain strategy is in place, with 80% of strategic equipment needs already secured, minimizing exposure to commodity price fluctuations [54][56] Market Position and Shareholder Returns - Iberdrola has delivered a total shareholder return of 359% over the last ten years, outperforming major indices [70][71] - The company maintains a dividend policy aligned with earnings growth, with a payout ratio between 65-75% of earnings per share [15][70] Conclusion - Iberdrola's strategic focus on regulated networks and renewable energy positions it well for future growth, supported by a disciplined investment approach and strong regulatory frameworks [65][70]