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Pembina Pipeline Corporation reports developments in its energy transportation and midstream business, which includes hydrocarbon liquids and natural gas pipelines, gas gathering and processing, oil and natural gas liquids infrastructure, logistics services and an export terminals business. The company’s common shares trade as PBA on the NYSE and PPL on the TSX.
Recurring updates include quarterly and annual operating results, adjusted EBITDA and cash flow measures, guidance, common and preferred share dividends, and shareholder meeting outcomes. Company news also covers volume trends and commercial activity across systems such as Alliance Pipeline, Cochin Pipeline, Peace Pipeline, conventional pipeline corridors, PGI gas processing and the Redwater Complex, along with capital projects and Marketing & New Ventures activity tied to natural gas liquids and export capacity.
Pembina Pipeline (TSX: PPL; NYSE: PBA) announced that no conversions of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 5 (TSX: PPL.PR.E), will occur into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 6, on June 1, 2024. This decision follows the insufficient number of conversion notices received by the May 17, 2024, deadline. Less than the 1,000,000 Series 5 Shares required for conversion to Series 6 Shares were tendered. The full press release, including multimedia, is available on Business Wire's website.
Pembina Pipeline will host its 2024 Investor Day in Toronto, Ontario, starting at 8:30 a.m. ET. The event will provide an overview of Pembina's business and outlook amidst changes in the western Canadian energy industry. Pembina plans to invest and grow its core business in response to increasing energy demand, while also driving long-term resilience by offering new services for a lower-carbon economy.
The company expects multi-year volume growth driven by the completion of the Trans Mountain Pipeline expansion, new West Coast LNG and NGL export capacity, and new petrochemical facilities. Pembina forecasts a 4% to 6% compound annual growth of fee-based adjusted EBITDA per share through 2026, with capital expenditures ranging from $2.2 billion to $4.0 billion. The Cedar LNG project is progressing towards a final investment decision in June 2024.
Pembina Pipeline (TSX: PPL; NYSE: PBA) announced the renewal of its normal course issuer bid (NCIB) to repurchase up to five percent of its issued and outstanding common shares.
This renewal, approved by the Toronto Stock Exchange, allows Pembina to buy back up to 28,976,578 common shares between May 16, 2024, and May 15, 2025. As of May 8, 2024, Pembina had 579,531,577 common shares outstanding.
The repurchased shares will be cancelled. Pembina believes that its shares sometimes trade below their intrinsic value, making repurchases an efficient use of financial resources.
The number of shares repurchased will depend on financial performance, cash availability, and other investment opportunities. Pembina’s previous NCIB expired on March 9, 2024, under which it repurchased 1,197,432 shares at an average price of $41.76 per share.
Pembina Pipeline reported the voting results from its annual meeting of common shareholders, with a total of 549,576,825 common shares voted. The election of directors, appointment of auditors, and acceptance of the company's approach to executive compensation were successfully approved.
Pembina Pipeline reported strong financial results for the first quarter of 2024, including record quarterly adjusted EBITDA of $1,044 million. The company raised its 2024 adjusted EBITDA guidance range, signed long-term agreements, and made progress on key projects like the Cedar LNG project. Additionally, Pembina increased its quarterly common share dividend by 3.4%.
Pembina Pipeline announced that it will not redeem its Series 5 Preferred Shares and holders will have the option to convert them into Series 6 Shares. The annual dividend rates for the Series 5 and Series 6 Shares were also disclosed.
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