Core Insights - Pembina Pipeline Corporation (PBA) reported fourth-quarter 2024 earnings per share of 66 cents, exceeding the Zacks Consensus Estimate of 59 cents, driven by strong performance in facilities and marketing & new ventures segments [1][2] - The company's quarterly revenues of $1.5 billion decreased by approximately 15.4% year over year, missing the Zacks Consensus Estimate of $1.8 billion [3] - Operating cash flow increased by 2.5% to C$902 million, while adjusted EBITDA reached a record C$1,254 million compared to C$1,033 million in the prior-year period [3] Financial Performance - PBA's facilities volume for the fourth quarter was 877 thousand barrels of oil equivalent per day (mboe/d), surpassing the consensus mark of 860 mboe/d [1][3] - Earnings from the pipelines segment decreased by about 21% year over year to C$534 million, attributed to the reversal of a previous impairment related to the Nipisi Pipeline [6] - Facilities segment earnings increased by 24% year over year to C$177 million, driven by unrealized gains on interest rate derivative financial instruments [7] - Marketing & New Ventures segment earnings rose by 20% year over year to C$245 million, also benefiting from unrealized gains on interest rate derivative financial instruments [8] Volume and Sales - Total volumes for the fourth quarter reached 4,016 mboe/d, up from 3,752 mboe/d in the prior-year quarter [3] - Natural gas liquids (NGL) sales volumes totaled 252 mboe/d, reflecting a 16% increase compared to the year-ago quarter, supported by higher sales of ethane, propane, and butane [9] Capital Expenditure and Balance Sheet - Pembina's capital expenditure for the quarter was C$242 million, an increase from C$177 million a year ago [11] - As of December 31, 2024, the company had cash and cash equivalents of C$141 million and long-term debt of C$10.5 billion, with a debt-to-capitalization ratio of 37.6% [11] Future Guidance - For 2025, Pembina expects adjusted EBITDA to be in the range of C$4.2 billion to C$4.5 billion and aims to maintain a debt-to-adjusted EBITDA ratio between 3.3 and 3.6 times [12]