Pembina Pipeline SEC Filings

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 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 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.

Pembina Pipeline Corporation reported Q1 2026 revenue of $2,106 million, down from $2,282 million, as lower NGL prices and the new Alliance Pipeline toll structure offset higher volumes. Earnings were $498 million with basic EPS of $0.80, essentially flat year over year, while adjusted earnings rose to $505 million or $0.81 per share.

Adjusted EBITDA was $1,131 million, slightly below $1,167 million a year ago, but adjusted cash flow from operating activities increased to $790 million or $1.36 per share. Reported cash flow from operating activities fell to $335 million due mainly to higher receivables, margin deposits and tax payments. Capital expenditures were $187 million, with major growth projects including pipeline expansions in Alberta and B.C., the RFS IV fractionator and Prince Rupert Terminal optimization, while equity-accounted investees like PGI and Cedar LNG continued to receive significant funding.

Pembina Pipeline Corporation reported solid but slightly lower first quarter 2026 results while raising its full-year outlook and dividend. Revenue was $2,106 million versus $2,282 million a year earlier. Adjusted EBITDA was $1,131 million, a $36 million (three percent) decrease, mainly from weaker Marketing & New Ventures and a new toll structure on Alliance Pipeline.

Earnings were $498 million, down $4 million year-over-year, while adjusted earnings rose to $505 million. Reported cash flow from operating activities fell to $335 million, but adjusted cash flow from operating activities increased to $790 million or $1.36 per share, modestly above last year.

Pembina raised its 2026 adjusted EBITDA guidance to $4.35–$4.55 billion, a $175 million increase at the midpoint, reflecting stronger commodity prices and a better marketing outlook, including premium propane export exposure and extensive frac spread hedging. The board also increased the quarterly common share dividend to $0.735 per share, about 3.5 percent higher, payable June 30, 2026.

Operationally, the Wapiti Expansion and the 28 megawatt K3 Cogeneration Facility entered service on time and on budget, RFS IV is nearing completion, and about 110,000 bpd of Peace Pipeline transportation capacity has been renewed or newly contracted, supporting the company’s fee-based growth strategy.

Pembina Pipeline Corporation provided a strategic business update outlining its long-term growth plan and capital discipline. The company targets 5–7 percent compound annual growth in fee-based adjusted EBITDA per share through 2030, driven by higher utilization of existing assets, sanctioned projects entering service, and a pipeline of new developments.

Pembina’s 3Cs strategy – Capture, Connect, and Catalyze – focuses on expanding core pipelines and processing, improving market access for LNG and LPG exports, and developing new demand platforms such as gas-to-power for data centres and petrochemicals. The company emphasizes maintaining leverage within targets, preserving its investment-grade credit rating, and supporting a reliable, growing dividend.

Financially, adjusted EBITDA was $4,408 million in 2024 and $4,289 million in 2025, with a $3,790 million fee-based contribution in 2025. For 2026, Pembina has hedged about 65 percent of its frac spread exposure, at a weighted average price of approximately C$35.40 per barrel, with higher hedge coverage in the second and third quarters.

Pembina Pipeline Corporation has filed materials for its 2026 annual shareholder meeting, to be held as a virtual-only audio webcast on May 8, 2026. Shareholders will receive 2025 audited financial statements, vote on electing 10 directors, reappointing KPMG as auditor, and approving an advisory say-on-pay resolution on executive compensation.

The circular highlights 2025 adjusted EBITDA of about $4.3 billion, investment-grade credit ratings of BBB (high)/BBB, and a target to cut greenhouse gas emissions intensity by 30% by 2030 versus 2019. Pembina reports 581,304,559 common shares outstanding as of March 19, 2026 and emphasizes board diversity, governance, risk oversight and ESG integration.