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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 reported Q2 2026 revenue of $2,152 million, up from $1,792 million, net revenue of $1,322 million and adjusted EBITDA of $1,064 million versus $1,013 million. Earnings rose to $512 million (basic EPS $0.83) from $417 million, while adjusted earnings increased to $415 million. Cash flow from operating activities was $897 million and adjusted cash flow from operating activities was $778 million. For the first six months, revenue reached $4,258 million, earnings $1,010 million and adjusted EBITDA $2,195 million; adjusted operating cash flow rose to $1,568 million, although reported operating cash flow declined to $1,232 million due mainly to working capital movements and margin deposits on derivatives.
Stronger results reflected wider NGL frac spreads, higher NGL and crude oil prices, and higher volumes in the Facilities and Marketing & New Ventures divisions, partly offset by lower Alliance Pipeline tolls under the new structure and higher taxes and long‑term incentive costs. Major projects advanced include the Fox Creek‑to‑Namao, Birch‑to‑Taylor and Taylor‑to‑Gordondale pipeline expansions, the Prince Rupert Terminal optimization, the Heartland Extraction Plant, and the US$2 billion‑net Cedar LNG project, with 2026 expected to be its largest investment year. Pembina also sanctioned the $2.3 billion‑net Greenlight Electricity Centre and entered a non‑binding agreement to participate in a proposed approximately 1 million bpd West Coast crude pipeline and export terminal. Total loans and borrowings were $12,181 million, the debt‑to‑capital ratio was 0.40 versus a 0.70 covenant limit, and management states it expects fee‑based cash flows and existing credit facilities to cover dividends, capital spending and debt maturities.
Pembina Pipeline Corporation reported strong second quarter 2026 results, with revenue of $2,152 million, net revenue of $1,322 million, adjusted EBITDA of $1,064 million and earnings of $512 million, up $95 million from a year earlier. Basic earnings per share were $0.83. Pipelines adjusted EBITDA was $626 million, down three percent due to the Alliance New Toll Structure, while Facilities rose 17 percent to $386 million and Marketing & New Ventures increased 50 percent to $111 million, driven by wider NGL frac spreads, higher crude prices and volumes.
Cash flow from operating activities was $897 million, with adjusted cash flow from operating activities of $778 million, or $1.34 per share. Capital expenditures were $218 million. The board declared a third-quarter 2026 dividend of $0.735 per common share, expected to be about US$0.5219 for U.S. dollar recipients, payable September 29, 2026. Pembina reiterated its 2026 adjusted EBITDA guidance of $4.35 billion to $4.55 billion, indicating performance is trending toward the midpoint and outlining seasonal and commodity-related factors for the second half of the year.
Strategically, Pembina advanced its 3Cs Strategy by placing the RFS IV fractionator into service, adding 55,000 bpd of capacity and bringing total Redwater fractionation capacity to about 256,000 bpd. It sanctioned the $570 million Heartland Extraction Plant, supplying Dow with 22,500 bpd of ethane while retaining up to 9,500 bpd of propane-plus and increasing total contracted ethane volumes to 57,500 bpd. Pembina and partners also reached a positive FID on the $4.6 billion (gross), 932-megawatt Greenlight Electricity Centre, providing power to a Meta data centre, and entered a non-binding agreement for a ~one million bpd West Coast Oil Pipeline with a 10 percent economic interest during construction and an option for an additional 10 percent at commercial operation, supporting its targeted 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030.
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 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 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.
Pembina Pipeline Corporation declared quarterly dividends on its preferred share Series 1, 3, 5, 7, 15, 17, 21 and 25. Per-share amounts include $0.407813 for Series 1, $0.376188 for Series 3, $0.425875 for Series 5, $0.385250 for Series 15, $0.412813 for Series 17, $0.393875 for Series 21 and $0.405063 for Series 25, while Series 7’s dividend is $0. Payment dates run from May 15, 2026 to June 30, 2026, depending on the series. Pembina also scheduled a business update webcast for April 7, 2026 and a webcast and conference call to discuss first quarter 2026 results on May 8, 2026, after releasing results on May 7, 2026.
Pembina Pipeline Corporation has filed its 2025 year-end disclosure documents, including audited consolidated financial statements, management's discussion and analysis, and its annual information form for the year ended December 31, 2025, with Canadian securities regulators. The company has also filed its Form 40-F for the same period with the U.S. Securities and Exchange Commission, and made all documents available online and by free printed request to shareholders.