Pembina Pipeline Stock Price, News & Analysis

Pembina Pipeline reported Q3 2024 earnings of $385 million, with adjusted EBITDA of $1,019 million and quarterly adjusted cash flow from operating activities of $724 million. The company narrowed its 2024 adjusted EBITDA guidance to $4.225-$4.325 billion from the previous $4.2-$4.35 billion. Key developments include Pembina's acquisition of a 14.6% interest in Aux Sable's U.S. operations and PGI's $420 million transaction with Whitecap Resources. The company maintains a strong balance sheet with a debt-to-adjusted EBITDA ratio of 3.6x.

Pembina Pipeline announced it will not redeem its Series 7 Preferred Shares on December 1, 2024. Shareholders can convert their Series 7 Shares to Series 8 Shares during November 1-18, 2024. The annual dividend rate for Series 7 Shares will be 5.953% from December 1, 2024, to December 1, 2029. For Series 8 Shares, the initial floating rate will be 6.583% for the period ending March 1, 2025. The upcoming dividend payment of $0.273750 per Series 7 Share will be paid on December 2, 2024, to shareholders of record on November 1, 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) has declared quarterly dividends for its preferred shares, Series 1, 3, 5, 7, 9, 15, 17, 19, 21, 22, and 25. The dividends are payable on various dates in November and December 2024, with corresponding record dates in October, November, and December 2024.

The company also announced its Third Quarter 2024 Results Conference Call and Webcast, scheduled for November 6, 2024, at 8:00 a.m. MT. Pembina will release its Q3 2024 results on November 5, 2024, after markets close. The conference call dial-in numbers and webcast details were provided for interested parties to participate or access the replay.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced that Pembina Gas Infrastructure Inc. (PGI), jointly owned by Pembina and KKR, has entered into agreements with Veren Inc. to acquire Veren's Gold Creek and Karr area oil batteries for $400 million ($240 million, net to Pembina). The transaction includes:

1. Acquisition of four batteries with 320 million cubic feet per day of natural gas handling capacity and 53,000 barrels per day of liquids handling capacity.
2. Veren retaining operatorship of acquired assets and assuming operatorship of existing PGI-owned batteries.
3. PGI funding up to $300 million for Veren's future infrastructure.
4. A 15-year take-or-pay agreement and area-of-dedication for gathering and processing services.

The deal is expected to generate initial annual adjusted EBITDA of approximately $50 million ($30 million, net to Pembina) and close in Q4 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced record financial results for Q2 2024, with earnings of $479 million and adjusted EBITDA of $1,091 million.

The company closed a $3.1 billion acquisition of additional interests in Alliance and Aux Sable and made a final investment decision on the US$4 billion Cedar LNG Project. Pembina also acquired the remaining 14.6% interest in Aux Sable's U.S. operations.

Phase VIII Peace Pipeline Expansion was completed under budget. 2024 guidance has been raised with adjusted EBITDA now projected between $4.20 billion and $4.35 billion.

The board declared a quarterly dividend of $0.69 per share payable on September 27, 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced that its Board of Directors has declared quarterly dividends for several series of preferred shares, payable in September and October 2024. Specific dividend amounts range from $0.268875 to $0.515301 per share, with payment dates varying by series. Pembina also confirmed a conference call and webcast scheduled for August 9, 2024, to discuss its second-quarter 2024 results, which will be released on August 8, 2024, after market close. The call is open to investors, analysts, brokers, and media, with replay options available until August 16, 2024.

Pembina Pipeline (NYSE: PBA) has successfully redeemed $150 million of its $300 million Series 19 Medium Term Notes, due June 22, 2026. The redemption occurred on July 6, 2024, at a price of approximately $1,002.19 per $1,000 principal amount, covering the principal and accrued interest. Pembina financed this redemption using a portion of the $950 million raised from a recent senior unsecured medium-term notes offering.

The Series 19 Notes were initially issued on June 20, 2023, under a pricing supplement to Pembina's 2021 short form base shelf prospectus. Detailed information is available on Pembina's SEDAR+ profile.

Pembina Pipeline announced that its subsidiary, Pembina Gas Infrastructure (PGI), has agreed to acquire a 50% working interest in Whitecap Resources' Kaybob Complex for $420 million ($252 million net to Pembina). PGI will fund Whitecap's Lator area development and gain long-term take-or-pay agreements for its infrastructure. Additionally, new and extended agreements have been signed for integrated transportation, fractionation, and marketing services, enhancing utilization of PGI and Pembina's assets. The deal is expected to close in Q3 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) has successfully closed a $950 million public note offering. The offering consists of three tranches: $650 million in Series 23 Notes with a 5.22% coupon maturing in 2033, $150 million in Series 20 Notes with a 5.02% coupon maturing in 2032, and $150 million in Series 22 Notes with a 5.67% coupon maturing in 2054. The proceeds will be used to repay debt under Pembina's revolving credit facility, fund the redemption of $150 million of Series 19 Notes due in 2026, and for general corporate purposes. The notes were offered via a short form base shelf prospectus dated December 20, 2023, and related pricing supplements dated June 26, 2024.