Company Overview

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for over 70 years. Incorporated in 1954 and headquartered in Calgary, Canada, Pembina plays a critical role in connecting energy producers and consumers across the continent.

Business Structure & Operations

Pembina operates through distinct segments, each contributing to its integrated midstream value chain:

Pipelines Division

This segment focuses on the transportation of crude oil, oil sands, heavy oil, and natural gas. It manages conventional and transmission assets with a significant transportation capacity, substantial ground storage capabilities, and rail terminalling infrastructure, serving diverse markets across North America.

Facilities Division

This segment provides essential infrastructure for processing and storing various hydrocarbons, including crude oil, natural gas, condensate, and natural gas liquids (NGLs). It encompasses NGL fractionation capacity, cavern storage, oil batteries, associated pipeline and rail terminalling facilities, and a liquefied propane export facility.

Marketing & New Ventures

This segment is involved in the buying and selling of hydrocarbon liquids and natural gas, sourced from key basins in Western Canada and other regions. It also explores and develops new growth opportunities within the midstream sector.

Infrastructure Portfolio

Pembina owns and operates an extensive network of strategically located assets. This portfolio includes hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, comprehensive oil and natural gas liquids infrastructure, logistics services, and export terminals. This integrated network is central to Pembina's service offering.

Financial Performance

Full Year 2024 Performance

Pembina reported record full-year results for 2024, including earnings of $1,874 million, record adjusted EBITDA of $4,408 million, and record adjusted cash flow from operating activities of $3,265 million ($5.70 per share). Full-year revenue reached $7.38 billion, an increase of 16.63% from $6.33 billion in the previous year. These results surpassed Pembina's adjusted EBITDA guidance range for 2024.

Q4 2024 Results

In the fourth quarter of 2024, the company reported earnings of $572 million. Key performance indicators included record quarterly adjusted EBITDA of $1,254 million and record quarterly adjusted cash flow from operating activities of $922 million ($1.59 per share).

Market Capitalization

As of September 8, 2025, Pembina Pipeline Corporation holds a market capitalization of $22.08 billion. The company's common shares are publicly traded on both the Toronto Stock Exchange (TSX) under the symbol PPL and the New York Stock Exchange (NYSE) under the symbol PBA.

Dividend Profile

Pembina Pipeline Corporation is committed to returning value to its shareholders through regular cash dividends. Dividends are paid quarterly on the last business day of March, June, September, and December.

- 2024 Dividend Yield: 5.15%

- Payout Ratio (2024): 91.14%

- Q1 2025 Dividend: $0.69 per share, paid on March 31, 2025.

- Total Dividends Paid: Approximately $16.1 billion paid since inception up to June 30, 2025.

Recent Business Developments

Strategic Acquisitions

- Aux Sable U.S. Operations: Effective August 1, 2024, Pembina fully consolidated its ownership of all Aux Sable assets by acquiring a 14.6% interest in Aux Sable's U.S. operations.

- Pembina Gas Infrastructure (PGI): PGI closed transactions with Whitecap Resources Inc. and Veren Inc., involving asset acquisitions and funding commitments of up to $700 million (with $420 million net to Pembina) for new infrastructure development.

Infrastructure Expansions

- NEBC MPS Expansion: The Northeast British Columbia ("NEBC") Multi-Phase System (MPS) Expansion was successfully placed into service in November 2024, on time and under budget, demonstrating strong project execution.

- Nipisi Pipeline: Pembina continues to secure contracts for the Nipisi Pipeline to support growing volumes from the Clearwater area, recently contracting an additional 25,000 barrels of oil equivalent per day (bbl/d) on a long-term basis.

Capital Projects and Growth Initiatives

Pembina is actively advancing development on various capital-efficient projects designed to meet growing demand and ethane supply commitments. Key initiatives include:

- De-ethanizer Expansion at RFS III: Enhancing NGL processing capacity.

- Taylor-to-Gordondale Pipeline Expansion: Expanding transportation network capabilities.

- Fox-to-Namao Pipeline Expansion: Further network augmentation.

- Yellowhead Mainline Straddle Facility: Pembina has secured sole NGL extraction rights from the Yellowhead Mainline natural gas pipeline and is progressing engineering for an up to 500 MMcf/d straddle facility.

Revenue Stability

A significant portion of Pembina's revenue is derived from long-term, fee-based contracts. Over 90% of its EBITDA is secured by these stable contracts, providing predictable cash flows and strong dividend coverage. This contract-based revenue model ensures financial stability and supports ongoing growth investments and shareholder returns.

Pembina Pipeline Corporation remains a pivotal infrastructure player in North America's energy sector, connecting energy producers and consumers. The company is committed to operational excellence, strategic growth, and consistent shareholder returns through reliable dividend payments.