Pembina Pipeline Corp

Latest Results (29.08.2026):

Pembina Pipeline Corporation reported results for the second quarter of 2026 (Q2 2026). Key outcomes: reported earnings of $512 million, adjusted earnings of $415 million, adjusted EBITDA of $1,064 million, revenue of $2,152 million (net revenue $1,322 million), and adjusted cash flow from operating activities of $778 million ($1.34 per share). The company declared a Q3 2026 dividend of $0.735 per share and reiterated 2026 adjusted EBITDA guidance of $4.35–$4.55 billion, trending to the midpoint.

Key financials (Q2 2026)

Pembina Pipeline Corporation reported Q2 2026 earnings $512M (up $95M y/y), adjusted earnings $415M (up $38M y/y), adjusted EBITDA $1,064M (up $51M y/y). Basic EPS was $0.83 (diluted $0.82); adjusted EPS (basic) $0.66. Revenue was $2,152M and net revenue $1,322M for the quarter.

Divisional performance

Pipelines: adjusted EBITDA $626M (down ~3% y/y) as Alliance’s new toll structure weighed on net revenue; Facilities: adjusted EBITDA $386M (up 17% y/y) supported by RFS IV and stronger PGI performance; Marketing & New Ventures: adjusted EBITDA $111M (up 50% y/y) driven by wider NGL frac spreads and higher crude volumes; Corporate: negative adjusted EBITDA $59M due to higher long-term incentive costs.

Major growth projects & strategy execution

Pembina sanctioned two material growth projects (net to Pembina approx. $3 billion): the Heartland Extraction Plant (HEP) and participation in the Greenlight Electricity Centre (GLEC). The company also announced a non-binding participation agreement for a ~10% economic interest in the proposed West Coast Oil Pipeline and expanded long‑term ethane commercial arrangements with Dow—advancing its 3Cs strategy (Capture, Connect, Catalyze).

RFS IV and NGL capacity

RFS IV was placed into service in late May 2026, on time and under budget, adding 55,000 bpd of propane‑plus fractionation at the Redwater Complex and increasing Pembina’s total fractionation capacity to approximately 256,000 bpd.

Guidance and near-term outlook

Pembina reiterated 2026 adjusted EBITDA guidance of $4.35–$4.55 billion and said results are trending to the midpoint. Management expects seasonality to pressure Q3 (especially NGL frac spread and Alliance/Cochn/Alliance volumes) with stronger contributions in Q4; drivers include commodity prices, interruptible volumes, FX, and share‑price‑linked incentive costs.

Dividend, cash flow and capital spend

The board declared a Q3 2026 common share dividend of $0.735 per share (payable Sep 29, 2026; record Sep 15, 2026). Q2 cash flow from operating activities was $897M; adjusted cash flow from operating activities was $778M ($1.34/share). Capital expenditures in Q2 were $218M (YTD $405M).