PEMBINA PIPELINE (PBA) SEC Filings

Pembina Pipeline Corporation said Pacific Link, the proposed crude oil pipeline from Alberta to Canada's west coast, has been listed by the Government of Canada as a Project of National Interest. The proposed pipeline has a stated capacity of one million barrels per day for export to Asia-Pacific and other global markets. The listing places it in a federal review process described as clearer, more efficient and predictable, while maintaining environmental standards and Indigenous consultation.

Trans Mountain Corporation is responsible for the regulatory process, stakeholder and Indigenous engagement, construction and subsequent operation. Pembina's economic interest through construction will be 10%, with the opportunity to acquire up to an additional 10% once the project enters commercial operation. Pembina retains full discretion over its final investment decision and shall have no at-risk development capital prior to that decision.

Pembina Pipeline Corporation filed an updated Code of Ethics Policy 2026, which applies to all directors, officers, employees, consultants, and contractors. The policy sets out core values of being safe, trustworthy, respectful, collaborative, and entrepreneurial, and emphasizes honest, lawful, and ethical conduct in all business dealings.

The policy provides detailed rules on conflicts of interest, gifts and hospitality, dealings with government officials, insider trading, confidentiality, financial reporting integrity, protection of company assets, and fair competition. It also reinforces Pembina’s commitments to health, safety and the environment, human rights, respectful workplaces, zero tolerance for violence and harassment, and equal opportunity employment.

Leaders have specific responsibilities to model ethical behavior, ensure training and annual declarations, and address potential violations. The document establishes procedures for reporting concerns through the Whistleblower Policy, prohibits reprisals against good-faith reporters, and notes that breaches may lead to termination and potential civil or criminal consequences. The policy is reviewed annually and was last approved in July 2026.

Pembina Pipeline Corporation announced that its Board of Directors declared quarterly dividends on preferred share Series 1, 3, 5, 7, 15, 17, 21 and 25. Per share dividends are $0.407813, $0.376188, $0.425875, $0, $0.385250, $0.412813, $0.393875 and $0.405063, respectively, with payments in August, September and October 2026 tied to series-specific record dates.

Pembina also described its policy for preferred share record and payment dates, under which dividends are paid quarterly if, as and when declared. The company plans to release second quarter 2026 results on July 30, 2026, followed by a webcasted conference call on July 31, 2026 at 8:00 a.m. MT (10:00 a.m. ET).

Pembina Pipeline Corporation filed a Form 6-K highlighting a news release about Meta’s planned new data centre in Alberta and Pembina’s related power project involvement. Through the Greenlight Electricity Centre Limited Partnership with Morgan Stanley Infrastructure Partners and Kineticor, Pembina is part of a dedicated, behind-the-meter gas-to-power project to supply electricity for Meta’s facility.

The release positions gas-to-power infrastructure for data centres as a new growth platform and notes that increased power demand may support higher Western Canadian natural gas production. Pembina also reiterates its broader role as a long-standing North American energy transportation and midstream service provider.

Pembina Pipeline Corporation has signed a non-binding Heads of Agreement to join a proposed nation-building energy corridor. The initiative contemplates a new crude oil pipeline system of approximately one million barrels per day from Alberta to Canada’s West Coast, plus a related export terminal.

Under the framework, the Project would sit in a development company owned by the Government of Canada, the Province of Alberta and Pembina, with a future working interest reserved for Indigenous partners. Pembina’s economic interest is expected to be 10 percent during construction, with the opportunity to increase by up to an additional 10 percent at commercial operation.

Trans Mountain Corporation will lead construction, regulatory approvals, engagement and operations, while Pembina provides execution expertise and an independent view on cost, schedule and risk. Pembina emphasizes a disciplined, risk-managed approach: it has full discretion over any final investment decision, no at-risk development capital before that decision, and intends to assess the Project against its capital allocation guardrails and defined milestones before proceeding.

Pembina Pipeline Corporation and its partners have approved a positive final investment decision for the Greenlight Electricity Centre, a 932 MW gas-fired combined-cycle power plant in Alberta dedicated to powering a major data centre. The project is structured under a long-term tolling agreement, providing capacity and usage-based payments that align with Pembina’s fee-based midstream model.

Total project cost is expected to be about $4.6 billion, with roughly $2.3 billion net to Pembina. After factoring in $190 million of land sale proceeds, Pembina’s total net investment is approximately $2.1 billion, targeting annual run-rate adjusted EBITDA of about $310 million to Pembina once in service in the second half of 2030. The project will be 60% debt-financed at the asset level and 40% through equity, and requires about 150 million cubic feet per day of natural gas, supporting broader growth in Pembina’s gas and NGL businesses.

Pembina Pipeline Corporation is moving ahead with its Heartland Extraction Plant, a new 750 million cubic feet per day straddle plant that will monetize its liquids extraction rights on the Yellowhead Pipeline and expand its Alberta Industrial Heartland presence.

The project is expected to cost about $570 million with an anticipated in-service date in late 2029. Pembina has a long-term agreement to supply Dow with ethane from Heartland starting in late 2029, scaling to 22,500 barrels per day by the end of 2030, and will retain up to 9,500 barrels per day of propane-plus NGL for fractionation and marketing. Including an amended ethane supply agreement, Pembina will provide Dow 57,500 barrels per day of ethane, 15 percent above the original 50,000 barrels per day commitment. Management expects project EBITDA, a mix of fixed fees and frac spread exposure, to achieve a 5–7 times EBITDA build multiple using long-term average pricing, supporting the company’s 5–7 percent fee-based adjusted EBITDA per share growth target to 2030.

Pembina Pipeline Corporation is renewing its normal course issuer bid, allowing it to repurchase up to five percent, or 29,071,759, of its 581,435,185 issued and outstanding common shares. The program runs from May 19, 2026 until May 18, 2027 or earlier if the limit is reached.

Repurchased shares will be cancelled. Purchases may occur on the TSX, NYSE or alternative trading systems under TSX rules and U.S. Rule 10b-18, with a daily TSX limit of 693,233 shares. Pembina’s decision to buy shares will depend on financial performance, excess cash after dividends and capital spending, and comparisons with other uses of cash such as new investments or debt reduction.

The prior buyback program, which also allowed purchases of up to 29,045,408 shares and expires May 15, 2026, saw no shares repurchased. Management views buybacks as a potential way to deploy capital when the share price does not reflect underlying value.

Pembina Pipeline Corporation reported the results of its virtual 2026 annual meeting of shareholders. Shareholders voted 350,946,183 common shares, representing 60.37 percent of issued and outstanding shares. All 10 director nominees were elected, each receiving at least 95.95 percent of votes cast in favour.

Shareholders also approved the appointment of KPMG LLP as auditors with 91.16 percent support. In an advisory vote, the Company’s approach to executive compensation received 96.56 percent support, indicating strong backing for Pembina’s governance and pay practices as described in its Management Information Circular.