Pembina Pipeline Corporation Reports Results for the Third Quarter of 2025 and Provides Business Update

Executive Summary

• Pembina reported Q3 2025 earnings of C$286 million (down 26% YoY) and adjusted EBITDA of C$1.034 billion (up 1% YoY).
• Updated 2025 adjusted EBITDA guidance to a range of C$4.25‑4.35 billion, slightly higher than the prior outlook.
• Announced new commercial agreements adding ~50,000 bpd on the Peace Pipeline and a 10‑year toll election covering 96% of Alliance Pipeline’s firm capacity.

Key Details

• Financial Results (Q3 2025):
• Revenue: C$1,791 million (−3%) vs. Q3 2024.
• Net revenue: C$1,211 million (−4%).
• Adjusted EBITDA: C$1,034 million (+1% YoY).
• Earnings: C$286 million (‑26% YoY).
• Adjusted cash flow from operating activities: C$648 million (‑11% YoY).

• Capital expenditures: C$178 million (‑32% YoY).

• Dividends: Board declared a Q4 2025 cash dividend of C$0.71 per share (eligible dividend), payable Dec 31 2025.

• Guidance Update: 2025 adjusted EBITDA now projected at C$4.25–4.35 billion (previously C$4.225–4.425 billion).

• Commercial Agreements:

• Peace Pipeline: renewal/addition of ~50,000 bpd with weighted‑average term ≈10 years; volumes to start Q4 2025 (renewals) and 2026 (new).

• Alliance Pipeline: shippers elected a new 10‑year toll on ~96% of the 1.325 bcf/d firm capacity, effective Nov 1 2025.

• Project Progress:

• $850 million of pipeline expansions slated for first half of 2026.
• RFS IV propane‑plus fractionator ≈75% complete; in‑service Q2 2026.
• PGI Wapiti Expansion +115 mmcf/d gas processing capacity, on‑budget, in‑service Q1 2026.

• PGI K3 cogeneration plant (28 MW) under budget, in‑service Q1 2026.

• Future Development Plans:

• Fox Creek‑to‑Namao Peace Pipeline expansion (≈70,000 bpd), FID expected by end‑2025.
• Taylor‑to‑Gordondale pipeline (≈89 km) – FID anticipated 2026.
• Birch‑to‑Taylor NEBC expansion (≈95 km) – FID 2026.

• Evaluation of Nipisi Pipeline capacity increase and other short‑haul opportunities on Alliance Pipeline, with open season slated Q1 2026.

• Cedar LNG: 20‑year agreement with PETRONAS for 1.0 mtpa of liquefaction capacity; remarketing of remaining 0.5 mtpa expected by end‑2025. Project remains on schedule and budget, targeting service in late 2028.

• Greenlight Electricity Centre: Progress toward commercialization; FID targeted first half of 2026; turbine supply agreement secured for ~900 MW first phase.

• Conference Call: Investor call scheduled for Friday, Nov 7 2025 at 8:00 a.m. MT (10:00 a.m. ET); replay available through Nov 14 2025.

Notable Quotes

(No direct quotes were provided in the release.)