PEMBINA PIPELINE CORP

Pembina Pipeline Corporation announced the sanctioning of its Heartland Extraction Plant (HEP), an upsized project with an estimated cost of $570 million and an in-service date in late 2029. This plant will extract NGLs from the Yellowhead Pipeline, including 22,500 bpd of ethane for Dow by the end of 2030. Concurrently, Pembina and Dow amended their existing ethane supply agreement, increasing the total commitment to 57,500 bpd, a 15% increase from the original agreement. The project is expected to generate an EBITDA build multiple of 5-7 times, contributing to Pembina's fee-based adjusted EBITDA per share growth target.

Pembina Pipeline Corporation announced the Toronto Stock Exchange has approved the renewal of its normal course issuer bid (NCIB) to repurchase up to five percent of its issued and outstanding common shares. This program allows Pembina to buy back up to 29,071,759 common shares, commencing May 19, 2026, and expiring by May 18, 2027. The company believes repurchasing shares for cancellation is an attractive use of financial resources when the market price does not reflect underlying value.

Pembina Pipeline Corporation reported the voting results from its annual meeting of shareholders held virtually on May 8, 2026. Shareholders elected 10 nominees to the board of directors. KPMG LLP was re-appointed as the company's auditors, and the company's approach to executive compensation was approved on an advisory basis.

Pembina Pipeline Corporation reported Q1 2026 adjusted earnings per share of 0.81, up from 0.78 in Q1 2025, while consolidated earnings decreased slightly to 498 million. Adjusted EBITDA declined to 1,131 million, primarily due to the Alliance New Toll Structure and narrower NGL frac spreads, partially offset by strong operational performance and volume growth in Pipelines and Facilities. The company also highlighted significant progress on several expansion projects, including RFS IV, Prince Rupert Terminal Optimization, and Cedar LNG, many of which are on schedule or ahead of schedule and within budget.

Pembina Pipeline Corporation announced its first quarter 2026 financial and operating results, reporting adjusted EBITDA of $1,131 million and adjusted cash flow from operating activities of $790 million. The company raised its quarterly common share dividend by 3.5% to $0.735 per share and updated its full-year 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion, primarily due to stronger commodity prices impacting its marketing business. Several key projects, including the Wapiti Expansion and K3 Cogeneration Facility, entered service, and significant progress was made on others like RFS IV and Cedar LNG.