Pembina Pipeline Corporation (PBA) reported third-quarter 2026 revenue of C$2.179 billion and earnings of C$570 million, compared with C$1.791 billion and C$286 million a year earlier. Adjusted EBITDA was C$1.128 billion versus C$1.034 billion. Pembina attributed the earnings increase to wider NGL margins, including exposure to premium propane prices in Asian markets through West Coast exports, higher North American NGL prices, a higher share of profit from PGI and higher volumes in the Pipelines and Facilities divisions; the Alliance Pipeline’s new toll structure partly offset these factors.
For the first nine months of 2026, cash flow from operating activities was C$2.132 billion versus C$2.440 billion, largely due to non-cash working-capital changes, including higher trade accounts receivable and derivative margin deposits, and higher taxes paid. Adjusted cash flow from operating activities rose to C$2.319 billion from C$2.123 billion. On October 9, 2026, Pembina completed an extension of its C$2.5 billion revolving credit facility, which now matures in June 2031.
Pembina Pipeline Corp. (PBA) reported third-quarter 2026 earnings of C$570 million and adjusted EBITDA of C$1.128 billion, up 9% year over year. Adjusted cash flow from operating activities was C$751 million. Nine-month cash flow from operating activities was C$2.132 billion, down C$308 million from 2025.
Pembina raised the lower end of 2026 adjusted EBITDA guidance from C$4.35 billion to C$4.45 billion, keeping the upper end at C$4.55 billion; it said results are trending toward the upper end based on the current commodity-price outlook. Since April 2026, it has sanctioned nearly C$3 billion of projects, including the 932-megawatt Greenlight Electricity Centre. Pacific Link remains proposed: Pembina's economic interest through construction would be 10%, with an opportunity for up to an additional 10% once commercial operation begins. The Lator Infrastructure entered service in early October and is secured by long-term take or pay contracts. The board declared a C$0.735-per-share fourth-quarter dividend, payable December 31, 2026, to holders of record December 15, 2026, subject to applicable law.
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 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.