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Baxter Bros Inc. bought a new position in shares of Pembina Pipeline Corp. (NYSE: PBA) (TSE: PPL) during the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,200 shares of the pipeline company's stock, valued at approximately $610,000. Other institutional investors have also recently

Key Takeaways Pembina approved the C$4.6B, 932-MW Greenlight project to power a Meta data center in Alberta.Greenlight could lift demand across Pembina's gas processing, transport, fractionation and marketing assets.A second phase and nearby land could support more data-center power projects, though execution risks remain. Pembina Pipeline Corporation (PBA - Free Report) is adding a new growth avenue through dedicated power generation for data centers. The Greenlight Electricity Centre broadens the company’s role beyond pipelines and midstream services while preserving its preference for long-term contracted cash flows.

The project also could lift demand across Pembina’s existing natural gas and natural gas liquids infrastructure. That wider value-chain effect is central to the investment case.

Greenlight Gives Pembina a New Growth PlatformThe 932-megawatt Greenlight facility will supply dedicated gas-fired power to a Meta data center in Alberta. Pembina and its partners reached a positive final investment decision on the C$4.6 billion gross project, with Pembina viewing it as a low-risk, stable cash flow stream.

Greenlight also diversifies Pembina’s customer and business mix. Management has described the development as a new platform at the intersection of energy infrastructure, artificial intelligence and data-center construction, giving the company another path to growth beyond its established midstream footprint.

Image Source: Pembina Pipeline Corporation

How PBA Could Benefit Beyond the Power ProjectGreenlight is expected to create incremental demand for Western Canadian natural gas. That demand could support Pembina’s gas processing and transportation systems as well as its natural gas liquids transportation, fractionation and marketing operations.

The opportunity is therefore broader than the earnings contribution from the power plant alone. Pembina’s integrated model allows one source of gas demand to generate activity across several stages of the value chain, improving the potential economics of future projects that use nearby infrastructure.

Image Source: Pembina Pipeline Corporation

Pembina’s First-Mover Edge Could Support ExpansionManagement is pursuing a possible second phase of Greenlight and other gas-to-power developments for data centers. Pembina recently acquired land near Greenlight and the Redwater Complex, giving it room to support additional projects if customer commitments and economics align.

The competitive field is developing. TC Energy Corporation (TRP - Free Report) is targeting gas-supply growth tied partly to data centers, while Enbridge Inc. (ENB - Free Report) is advancing gas transmission opportunities serving utility, LNG and new data-center demand. Pembina’s nearby assets, land position and integrated NGL network could help it compete for projects in Alberta.

Execution and Capital Risks Still Matter for PBAGreenlight is one of several major developments competing for Pembina’s capital and management attention. The company also is advancing Cedar LNG, the Heartland Extraction Plant and other infrastructure initiatives, increasing the importance of disciplined project sequencing and cost control.

Construction costs, regulatory approvals, schedules and customer commitments could affect returns or delay cash flows. Pembina ended the second quarter of 2026 with C$19.8 billion in long-term debt, and current assets remained below current liabilities, limiting tolerance for execution setbacks.

What PBA’s Signals Say About the ThemeGreenlight could extend Pembina’s growth runway beyond 2030, particularly if the first project leads to additional data-center developments. The near-term stock signals, however, remain less favorable than the long-duration strategic opportunity.

PBA currently carries a Zacks Rank #4 (Sell), along with a Growth Score of F and a VGM Score of F. The Zacks Rank reflects unfavorable earnings-estimate revision trends over the next one to three months, while the weak Style Scores indicate that the stock does not currently screen well on growth or a combined value, growth and momentum basis. Investors may therefore want to separate Greenlight’s long-term potential from PBA’s weaker near-term quantitative profile.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the second quarter of 2026. Highlights Quarterly Results - reported second quarter earnings of $512 million, adjusted earnings of $415 million, adjusted EBITDA of $1,064 million, and adjusted cash flow from operating activities of $778 million ($1.34 per share). Strategy Execution Highlights Growth Visibility - during the seco.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors has declared quarterly dividends for the Company's preferred shares, Series 1, 3, 5, 7, 15, 17, 21 and 25. Series 1, 3, 5, 7, and 21 preferred share dividends are payable on September 1, 2026, to shareholders of record on August 4, 2026. Series 15 and 17 preferred share dividends are payable on October 1, 2026, to shareholders of record on September 15, 2026. Series 25 preferred share dividends are payable on August 17, 2026, to shareholders of record on July 31, 2026.

Series

  Dividend Amount

Preferred Shares, Series 1 (PPL.PR.A)

  $0.407813

Preferred Shares, Series 3 (PPL.PR.C)

  $0.376188

Preferred Shares, Series 5 (PPL.PR.E)

  $0.425875

Preferred Shares, Series 7 (PPL.PR.G)

  $0.372063

Preferred Shares, Series 15 (PPL.PR.O)

  $0.385250

Preferred Shares, Series 17 (PPL.PR.Q)

  $0.412813

Preferred Shares, Series 21 (PPL.PF.A)

  $0.393875

Preferred Shares, Series 25 (PPL.PF.E)

  $0.405063

Confirmation of Record and Payment Date Policy

Pembina pays cash dividends in Canadian dollars on its preferred shares Series 1, 3, 5, 7, and 21 on the first day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15 and 17 are payable on the last day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15th day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 25 are payable on the 15th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.

Conference Call and Webcast Details for Second Quarter 2026 Results

Pembina will release its second quarter 2026 results on Thursday, July 30, 2026, after market close. A live webcast of the conference call has been scheduled for Friday, July 31, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives.

The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/472444185. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Statements and Information

This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to, without limitation, future dividends which may be declared on Pembina's preferred shares and the timing and the amount thereof. The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: the success of Pembina's operations and growth projects; prevailing commodity prices, margins, volumes and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations and tax pool utilization; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in tax laws and treatment, the imposition of new tariffs, changes in royalty rates, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA), Morgan Stanley Infrastructure Partners ("MSIP"), and Kineticor Asset Management ("Kineticor"), partners in the Greenlight Electricity Centre Limited Partnership ("Greenlight") (the "Partners"), congratulate Meta and the Province of Alberta on today's announcement of a major new data centre project in Alberta. Members of Pembina's leadership team joined Meta, Alberta Premier Daniel.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA), today announced that it has entered into a non-binding Heads of Agreement (the "HOA") with the Government of Canada, the Province of Alberta, Trans Mountain Corporation, and Alberta Petroleum and Marketing Commission, to participate in a proposed nation-building energy infrastructure initiative intended to strengthen Canada's energy transportation network and expand market access for Canadian crude oil. Pembina will contribute its development and execution expertise to a multi-stakeholder initiative connecting Canadian energy to global markets. Pembina's participation remains subject to satisfaction of certain conditions.

A first-of-its-kind initiative in Canada

The HOA contemplates the development of a new approximately one million barrel per day crude oil pipeline system connecting Alberta to Canada's West Coast, and a related export terminal (the "Project"). The proposed pipeline will leverage the existing Trans Mountain pipeline right of way, also known as the southern route. The Project is being advanced as a national priority that brings together the Government of Canada, the Province of Alberta, Indigenous partners, and industry. Under the framework in the HOA, the Project would be held through a development company jointly owned by the Government of Canada, the Province of Alberta, and Pembina, with a working interest to be reserved for Indigenous partners to acquire at commercial operations. Pembina's economic interest through construction will be 10 percent with the opportunity for up to an additional 10 percent once the Project enters commercial operation. Trans Mountain Corporation will serve as the lead Project proponent, responsible for construction of the Project, the regulatory process, stakeholder and Indigenous engagement, and subsequent operation of the asset.

A defined, expertise-led role

Pembina would participate as an experienced industry operator able to provide an independent perspective on cost, schedule, and execution — complementing, rather than replacing, the lead Project proponent. In this capacity, Pembina would bring more than 70 years of safe, disciplined and cost-effective project development and execution working alongside the experienced team at Trans Mountain Corporation. As part of this, Pembina, through the HOA, is in early stages of reviewing the development plans and initial capital cost estimates for the Project; this due diligence work stream will continue until signing of definitive agreements, which is targeted for September 2026.

A measured, disciplined and risk-managed approach

Consistent with its long-standing approach to capital allocation, Pembina will evaluate participation in the Project through a disciplined and rigorous investment framework. The proposed multi-stakeholder structure is intended to appropriately align risk and responsibility among participants and includes protection for Pembina related to matters such as cost overruns and returns. Pembina has full discretion over any final investment decision ("FID") for its interest and shall have no at-risk development capital prior to FID. Pembina will assess the opportunity against defined Project milestones throughout the development period and will evaluate its participation in the context of its longstanding prudent capital allocation guardrails and its broader development portfolio. The Company intends to provide updates at appropriate milestones as the evaluation of the Project progresses.

"The Project represents a once-in-a-generation opportunity to advance nation-building energy infrastructure that strengthens Canada's economy and expands access to global markets for Canadian energy," said Scott Burrows, President and Chief Executive Officer of Pembina. "We are proud to bring our development and execution expertise to a project of this national significance. Our participation will be evaluated through the same disciplined lens we apply to every capital decision. We have approached our involvement in a way that is measured, that preserves our financial flexibility, and that incorporates meaningful protections — so that any participation remains consistent with our financial guardrails and creates durable value for our shareholders."

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to: the development, scope, capacity, location and development path, regulatory approval process, timing and benefits of the Project; the terms and conditions of the definitive agreements with respect to the Project and timing for completion of such agreements; Pembina's review of the development plans and initial capital cost estimates for the Project, including the timing thereof; Pembina's potential participation in the Project and the contemplated structure, ownership and governance of the Project; the anticipated role of Pembina, the Government of Canada, the Province of Alberta, Indigenous partners and Trans Mountain Corporation; the nature, timing and extent of Pembina's potential capital commitments, including its assessment against its investment framework, and the economic protections contemplated; the anticipated designation of the Project as being in the national interest; the expected approach to Indigenous consultation and ownership; and the timing of a potential FID in respect of the Project.

These forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release, including, among other things: the completion of satisfactory due diligence and with respect to the Project; prevailing commodity prices, cost estimates, financing conditions and market conditions; the continued participation and alignment of the other stakeholders in the Project; oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices (including long-term average historical pricing and frac spreads), interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects, including the Project, and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any required definitive agreements with respect to the Project, including commercial agreements, can be reached in the manner and timing and on the terms expected by Pembina; that all required corporate, regulatory, governmental and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects, including the Project; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: that the stakeholders will be unable to reach an agreement on the definitive agreements with respect to the Project in the manner and timing and on the terms expected by Pembina or otherwise; that FID in respect of the Project may not occur on the timing expected by Pembina or otherwise; the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking information and financial outlooks contained in this news release have been approved by management as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including annual run rate adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"). For more information see "Non-GAAP and Other Financial Measures" herein.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA), Morgan Stanley Infrastructure Partners ("MSIP"), and Kineticor Asset Management ("Kineticor"), partners in the Greenlight Electricity Centre Limited Partnership ("Greenlight") (collectively, the "Partners"), today announced a positive final investment decision on the Greenlight Electricity Centre ("GLEC" or the "Project"). GLEC is a 932 megawatt ("MW") gas-fired combined cycle power generation facility to be located in Sturgeon County, within the Alberta Industrial Heartland, to serve a major data centre development (the "Customer").

Rapid growth in artificial intelligence (AI) and cloud computing is driving durable global demand for data centre capacity and Alberta has positioned itself as an attractive jurisdiction for significant investment. Data centre projects require long-term, reliable power, and natural gas-to-power infrastructure has an important role to play in the success of this growing industry. Pembina and Kineticor have been instrumental in enabling development of the Customer's data centre project, a first of its kind in Canada. The Partners are first movers in responding to Alberta's large-scale data centre power needs and are proud to serve as the Customer's long-term, behind-the-meter power provider.

Highlights

Strategic Fit – The Project fits squarely within Pembina's 3C's Strategy to Capture volumes, Connect them to markets, and Catalyze new demand platforms. Extending its track record of value creation from adjacent new businesses, Pembina will benefit directly from its investment in GLEC through a new long-term, stable cash flow stream, and increased business and customer diversification. Additionally, GLEC will Catalyze intra-basin natural gas demand and provide a valuable new egress option to support Canadian natural gas production growth. This growth is expected to benefit Pembina's existing businesses, including natural gas processing and transportation, and natural gas liquids ("NGL") transportation, fractionation and marketing. Long-term Commercial Support – Consistent with Pembina's fee-based midstream model, GLEC will supply electricity to the Customer's data centre under a long-term tolling agreement. The agreement is a tolling arrangement providing revenues in the form of capacity payments and usage-based payments (e.g. fuel and operations and maintenance costs). The anticipated in-service date for the Project is the second half of 2030. Strong Project Economics – Greenlight has obtained a Class III level capital cost estimate of approximately $4 billion, or approximately $2 billion net to Pembina. Approximately 85 percent of this cost has been secured under fixed price agreements. The total Project cost, including $0.6 billion (gross) of interest during construction and other financing costs is expected to be approximately $4.6 billion, or approximately $2.3 billion, net to Pembina. Inclusive of the proceeds of $190 million, net to Pembina, from the sale of land to the Customer, Pembina's total net investment in GLEC will be approximately $2.1 billion. The Project is expected to generate annual run-rate adjusted EBITDA of approximately $310 million, net to Pembina. Growth Platform – GLEC will provide a meaningful contribution to Pembina's growth in 2030 and beyond, including its recently announced 5-7 percent fee-based adjusted EBITDA per share growth target to 2030. Further, Pembina believes this to be a highly scalable new business line. Pembina and its partners are advancing potential additional power-to-data centre projects, including a second phase of the generation Project, as well as other opportunities that could contribute significantly to Pembina's long-term growth. Greenlight Ownership – Greenlight is owned by Pembina (47.5 percent), MSIP (47.5 percent), and Kineticor (5 percent). "This is a tremendously exciting development within Pembina's growing and increasingly diversified business. Together with Kineticor, we have leveraged our advantaged position within the Canadian midstream energy industry and are proud to be the first mover in responding to the power requirements of Alberta-based data centres, all within Pembina's proven midstream model. Dedicated, contracted gas-to-power infrastructure represents a promising new growth platform, through which we are also helping to catalyze new natural gas demand that will provide additional benefits throughout our business." – Scott Burrows, President and Chief Executive Officer, Pembina

"The GLEC represents a significant investment in Alberta's future and a major step forward in establishing a dynamic new industry. Alberta's strong regulatory framework combined with the Province's commitment to the sustainable growth of the data centre industry has created the conditions necessary to advance this project to a positive final investment decision. We remain committed to developing sustainable infrastructure projects across Alberta that deliver affordable and reliable power while supporting long-term economic growth." – Andrew Plaunt, Chief Executive Officer, Kineticor

"Reliable, dispatchable power is the foundation of the AI and cloud economy and Greenlight will deliver it at scale to one of Canada's most important new data centre developments. We are proud to partner with Pembina and Kineticor to begin construction on this landmark project and look forward to expanding the partnership to support future growth in Alberta." – Chris Ortega, Head of the Americas for MSIP

"Alberta natural gas is powering the digital economy forward with this significant investment in electricity generation. This announcement reflects the positive momentum created by the province's memorandum of understanding with the federal government last fall, including the abeyance of the federal government's Clean Electricity Regulations. Investments like this will lead to thousands of jobs, significant economic growth, and hundreds of millions in provincial revenue that can be reinvested to support the services that matter most to Albertans." – Premier Danielle Smith

"Greenlight is a great addition to our Industrial Heartland and we welcome the opportunities it brings with its development. By building new power generation, this project helps create the reliable energy supply needed to enable future industrial growth, attract investment, and strengthen our region's competitiveness without increasing demand on Alberta's electricity grid. We congratulate Greenlight and its partners on moving forward with this project and the role it plays in supporting Alberta's energy future." – Sturgeon County Mayor Alanna Hnatiw

Greenlight Electricity Centre Overview

The Project will consist of a 932 MW combined cycle gas power plant that will supply power on a dedicated basis to the Customer's data centre. The site has the potential to be expanded to a permitted generation capacity of 1,864 MW.

GLEC will utilize two highly efficient SGT6-8000H gas turbines, two SST6-5000 "KN" Steam Turbines coupled with two SGen6-3000W Generators - all from Siemens Energy. Combining gas and steam power production in this configuration increases energy efficiency compared to traditional simple cycle gas turbine generators. Greenlight has ensured delivery timing and cost certainty through a fixed price agreement with Siemens Energy Inc. as well as a long-term service agreement with Siemens Energy Canada Limited.

GLEC will require approximately 150 million cubic feet per day of natural gas. Through recent open seasons on Pembina's Alliance Heartland Expansion Project and the TC Energy Nova Gas Transmission Ltd. systems, and other commercial arrangements, Greenlight has secured sufficient natural gas transportation capacity on a long-term basis to support the Project. Greenlight's natural gas contracting strategy provides redundancy and operational flexibility.

Greenlight has leveraged the combined experience, strong relationships, and contracting expertise of Pembina and Kineticor to support development of the Project. Kineticor led the origination and development of GLEC as part of a fully integrated offering to the Customer and will be responsible for the ongoing development of future expansion opportunities. Pembina will lead the GLEC construction management workstream, leveraging its track record of building infrastructure on time and on budget. Following construction, GLEC will be operated by a third-party contract operator under a long-term services agreement.

The Project has received all major regulatory approvals and has an anticipated in-service date in the second half of 2030.

Commercial Structure

Greenlight and the Customer have entered into a long-term Electrical Energy Supply Agreement ("EESA") under which Greenlight will provide 932 MW of capacity from GLEC to power the Customer's data centre. The EESA is structured as a tolling agreement, supporting a stable stream of capacity payments and usage-based payments (e.g. fuel and operations and maintenance costs).

GLEC's commercial structure aligns with Pembina's fee-based midstream model and will strengthen the Company's business profile by generating additional low-risk cash flows and diversifying its customer base with a new, global, investment grade counterparty.

Project Economics and Funding

Greenlight has entered into fixed price agreements with a consortium of Aecon Group Inc. (TSX: ARE) and Técnicas Reunidas for the engineering, procurement, and construction ("EPC") of GLEC. Together with the fixed price agreement for the purchase of turbines from Siemens, approximately 85 percent of the Project's cost has been de-risked.

Once operational, GLEC is expected to generate annual run-rate adjusted EBITDA of approximately $310 million, net to Pembina. The Project's economics reflect a prudent risk profile, including a long-term commercial agreement, lump sum EPC agreement, and certain cost protections. Separate from GLEC, Pembina may benefit from additional economics related to gas processing and transportation, liquids transportation, and fractionation.

Greenlight has arranged asset-level debt financing for approximately 60 percent of the Project's cost with the remaining 40 percent to be financed through equity contributions. Pembina's net investment of approximately $2.3 billion represents a requirement whereby each of Pembina and MSIP will fund 50 percent of Greenlight's capital. Pembina's contribution will be financed through a combination of project debt and approximately $1 billion of equity contributions. Capital spending in 2026-2027 will be funded with asset-level debt financing, while capital spending in 2028-2030 will be funded with partner equity contributions.

Integration and Expansion Opportunities

Pembina's advantages include its fully integrated wellhead-to-market infrastructure and ability to service customers across the full hydrocarbon value chain. Through GLEC, Pembina is extending its business into an adjacent opportunity arising from its existing footprint, unique capabilities, and strong relationships.

In addition to the direct benefits of Pembina's investment in the Project, GLEC will create valuable new demand for Canadian natural gas, supporting production growth that is expected to benefit Pembina's existing gas processing and gas transportation businesses, including providing support for a regional expansion of the Canadian segment of the Alliance Pipeline.

Alliance Pipeline's binding open season for a new proposed short-haul point-to-point transportation service on the Canadian segment of its system concluded on April 20, 2026. The proposed Alliance Heartland Expansion Project would provide natural gas delivery to a new meter station in Fort Saskatchewan with an anticipated in-service date in the fourth quarter of 2029. Successful proponents have been awarded capacity conditional on the project being sanctioned. The Alliance Heartland Expansion Project continues to progress toward a final investment decision, with ongoing workstreams focused on engineering and regulatory activities, including the filing of applications with the Canada Energy Regulator, which is expected to occur in August 2026.

Further, growing natural gas production supports the associated growth of other products in the Western Canadian Sedimentary Basin, including condensate and NGL, providing additional benefits to Pembina from increased liquids transportation, fractionation and marketing services.

Future opportunities associated with GLEC include the potential to support development of the Alberta Carbon Grid and the transportation and sequestration of emissions from the Project.

GLEC is the first project within a scalable new platform. The Partners are aligned in their desire to build a midstream power business and aspire to repeat the success of GLEC with an expansion of the existing project and/or through the development of additional power plants for other data centre customers. A future expansion is expected to align well with the AESO's Phase 2 Large Load Allocation process and the Province of Alberta's 'bring your own power' data centre strategy.

Greenlight LP Ownership Update

MSIP has acquired from OPTrust, Kineticor's majority shareholder, its 50 percent ownership interest in Greenlight. In addition, upon FID, Kineticor was granted a five percent interest in Greenlight. The resulting ownership of Greenlight is Pembina (47.5 percent), MSIP (47.5 percent), and Kineticor (5 percent).

Greenlight's future capital expenditures will be funded equally between Pembina and MSIP.

"Pembina has enjoyed a strong relationship with OPTrust and Kineticor. Together we have supported development of a new data centre industry in Alberta and positioned Greenlight as a dedicated power provider with a scalable, high growth platform," said Scott Burrows, Pembina's President and CEO. "We look forward to working with MSIP given our complementary strengths and mutual desire to invest capital and generate attractive returns. MSIP is well funded and brings valuable expertise in global infrastructure development that will contribute meaningfully to our shared success."

Advisors

Blake, Cassels & Graydon LLP acted as legal counsel to Greenlight with respect to the commercial agreements and project financing.

Norton Rose LLP acted as counsel to Pembina on the joint venture formation and other commercial agreements.

Osler, Hoskin & Harcourt LLP acted as legal counsel with respect to the EPC agreements.

McCarthy Tetrault LLP acted as legal counsel to lenders.

MUFG Bank, Ltd. acted as financial advisor on the project financing.

Santander acted as exclusive M&A and financing advisor to MSIP on the transaction.

Macquarie Capital acted as exclusive financial advisor to OPTrust and Kineticor.

Kirkland & Ellis and Bennett Jones acted as legal counsel to MSIP.

Forward-Looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements and financial outlooks pertaining to, without limitation, the following: Pembina's strategy and the development and expected timing of the Project and any expansion thereof, and the expected costs, financing, impacts, and benefits thereof and opportunities therefrom; expectations regarding the Alliance Heartland Expansion Project, including the expected timing, impacts and benefits thereof; expectations regarding existing and future commercial agreements, including the long-term tolling agreement, and the anticipated timing, product volumes, and benefits thereof; the successful completion of related third-party projects; statements regarding Pembina's financial and operational performance; expectations regarding the future performance of the Company's assets, including future pipeline, processing, transportation, fractionation and marketing operations; and expectations and targets regarding annual run rate adjusted EBITDA and fee-based adjusted EBITDA per share growth.

These forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release, including, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices (including long-term average historical pricing and frac spreads), interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any required commercial agreements can be entered into and performed in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that there are no supply chain disruptions impacting Greenlight's or Pembina's ability to obtain required equipment, materials or labour for the Project; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: risks relating to the development, construction, financing and operation of the Project, including contractor and counterparty performance and the ability to complete the Project on the anticipated timeline, budget and economics; the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking information and financial outlooks contained in this news release have been approved by management as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP and Other Financial Measures

Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. These non-GAAP financial measures, together with financial measures specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts.

In this news release, Pembina has disclosed the following non-GAAP financial measures: annual run rate adjusted EBITDA. The non-GAAP financial measures disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures disclosed by other issuers. Such financial measures should not, therefore, be considered in isolation or as a substitute for, or superior to, measures of Pembina's financial performance or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings and cash flow from operating activities.

Except as otherwise described herein, these non-GAAP financial measures are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods.

Adjusted EBITDA from Equity Accounted Investees

In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees.

12 Months Ended December 31

Pipelines

Facilities

Marketing &

New Ventures

Total

($ millions)

2025

2024

2025

2024

2025

2024

2025

2024

Share of profit from equity accounted investees

1

42

134

231

74

55

209

328

Adjustments to share of profit (loss) from equity accounted investees:

Net finance costs (income)

1

7

113

175

(16)

(23)

98

159

Income tax expense

—

—

46

73

—

—

46

73

Depreciation and amortization

2

39

254

221

—

7

256

267

Unrealized loss on commodity-related derivative financial instruments

—

—

4

2

—

—

4

2

Gain on disposal of assets

—

—

(2)

—

(62)

—

(64)

—

Impairment expense

—

—

193

—

—

—

193

—

Other non-cash provisions

—

—

2

15

—

—

2

15

Total adjustments to share of profit (loss) from equity accounted investees

3

46

610

486

(78)

(16)

535

516

Adjusted EBITDA from equity accounted investees

4

88

744

717

(4)

39

744

844

Key Takeaways Pembina Pipeline gained 24.5% in six months, outperforming its sector and sub-industry peers.PBA raised 2026 adjusted EBITDA guidance after a stronger marketing performance and market conditions.PBA is advancing major projects backed by demand and contracts to support future earnings growth. Pembina Pipeline Corporation (PBA - Free Report) is one of Canada’s premier energy infrastructure companies, operating a vast network of pipelines, gas gathering and processing facilities, liquids infrastructure, storage assets and export terminals. Its integrated business model provides end-to-end services that connect production sites with key markets across North America and beyond. Backed largely by long-term, fee-based agreements, Pembina Pipeline generates stable and predictable cash flows while maintaining a strong focus on operational safety, reliability and disciplined capital allocation. The company continues to invest in strategic infrastructure projects aimed at supporting resource development, improving market connectivity and reinforcing its competitive position in a changing global energy environment.

For investors, the central question is whether the stock’s recent strong performance justifies maintaining a position for additional upside or warrants a reassessment of valuation levels. Evaluating Pembina Pipeline’s financial strength, favorable industry dynamics and long-term growth opportunities can provide valuable insight into whether the stock remains an attractive holding.

PBA’s Price PerformanceIn the past six months, PBA’s shares have gained 24.5%, outperforming the broader oil and energy sector's rise of 19.3% and the Oil & Gas Production and Pipelines sub-industry’s growth of 17.3%.

PBA’s Six-Month Stock Performance
Image Source: Zacks Investment Research

Core Strengths of Pembina PipelineStrong Fee-Based Business Model Provides Stable Cash Flows: Pembina Pipeline's business remains heavily supported by long-term, fee-based contracts, insulating earnings from commodity price volatility. Management highlighted that the fee-based business is performing ahead of plan and continues to support the company's target of approximately 5% annual adjusted EBITDA-per-share growth through 2026. This predictable cash flow profile allows Pembina Pipeline to fund growth projects, maintain balance sheet strength and support shareholder returns even during periods of energy market uncertainty. The stability of its pipeline and midstream infrastructure network makes the company particularly attractive for income-oriented and risk-conscious investors.

Upward Revision to 2026 EBITDA Guidance Signals Momentum: Following a strong first quarter, management increased its 2026 adjusted EBITDA guidance range to C$4.35-C$4.55 billion, representing a midpoint increase of approximately C$175 million from prior expectations. The upgrade reflects stronger marketing performance, improved commodity-related opportunities and favorable market conditions. Raising guidance early in the year demonstrates confidence in operating performance and suggests earnings momentum is stronger than originally anticipated. Companies that consistently outperform and raise forecasts often command higher valuation multiples over time.

A Positive 2026 Earnings Estimate: The Zacks Consensus Estimate for PBA’s 2026 earnings is pegged at $2.28 per share, indicating 20% year-over-year growth. The positive earnings estimate outlook makes the stock attractive for investors.

PBA’s Earnings Estimate Overview
Image Source: Zacks Investment Research

Significant Growth Project Portfolio Creates Long-Term Upside: The company continues to advance a substantial portfolio of projects, including Cedar LNG, the RFS IV fractionator, Alliance Pipeline expansion and the Greenlight Electricity Center. Several projects are progressing on time and under budget, while others are approaching final investment decisions. These developments should contribute incremental earnings over the next several years and expand Pembina Pipeline's integrated value chain. Importantly, many of these projects are backed by customer demand and long-term contracts, increasing the likelihood that future capital investments will generate attractive returns.

Risks That Could Hinder PBA's GrowthDeclining EBITDA in the First Quarter of 2026: Despite a solid quarter overall, first-quarter adjusted EBITDA fell approximately 3% from the prior year. Management attributed the decline partly to the new Alliance Pipeline toll structure and revenue-sharing mechanisms, as well as weaker NGL marketing economics earlier in the quarter. While the company expects improvement going forward, the decline highlights that regulatory changes, contract renegotiations and market conditions can offset volume growth and operational improvements, creating headwinds for earnings expansion.

Earnings Remain Exposed to Commodity-Related Marketing Activities: Although Pembina Pipeline's core business is fee-based, a meaningful portion of earnings still comes from marketing operations that are influenced by commodity prices, frac spreads and market conditions. Management acknowledged that guidance improvements were driven largely by stronger marketing expectations. If propane prices weaken, frac spreads narrow, or global energy markets soften, marketing profits could decline materially. This introduces earnings variability and can make financial results less predictable than those of a purely regulated pipeline operator.

Elevated Leverage Due to Growth Investments: Pembina Pipeline expects its debt-to-adjusted EBITDA ratio to range between approximately 3.5x and 3.7x in 2026. While manageable for a midstream company, leverage remains elevated due to ongoing capital spending and investments such as Cedar LNG. Rising interest rates, weaker earnings, or unexpected project expenditures could place additional pressure on the balance sheet. Investors seeking highly conservative financial profiles may view this leverage level as a potential concern.

Dependence on Producer Activity Levels: The company’s infrastructure volumes depend heavily on drilling activity and production levels from upstream energy companies. While management expects long-term production growth in Western Canada, short-term activity can fluctuate due to commodity price swings, mergers among producers, or changes in drilling plans. If upstream operators reduce capital spending, throughput volumes on Pembina Pipeline’s pipelines and facilities could decline, affecting revenues.

Final Thoughts on PBA StockPembina Pipeline appears well-positioned with its stable fee-based contract structure and upward 2026 EBITDA revision that supports predictable cash flows. Ongoing expansion projects and LNG export opportunities also provide visible long-term growth potential, while positive earnings expectations reinforce confidence in its operational outlook.

However, recent EBITDA pressure, exposure to commodity market fluctuations and the company’s heavy capital spending phase introduce near-term financial risks and potential earnings volatility. Given the balance between solid long-term fundamentals and short-term uncertainties, a wait-and-see approach appears prudent for this company, allowing investors to participate in structural upside while waiting for clearer earnings traction.

Key PicksCurrently, PBA has a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some top-ranked stocks like Global Partners LP (GLP - Free Report) , Crescent Energy Company (CRGY - Free Report) and CrossAmerica Partners LP (CAPL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. It owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP’s 2026 earnings indicates 113.1% year-over-year growth.

Crescent Energy is a U.S. onshore oil and gas producer focused on three major basins: the Eagle Ford in Texas, the Permian in Texas and New Mexico and the Uinta in Utah. The Zacks Consensus Estimate for CRGY’s 2026 earnings indicates 39.4% year-over-year growth.

CrossAmerica Partners engages in the wholesale distribution of motor fuels, consisting of gasoline and diesel fuel, and owns and leases real estate used in the retail distribution of motor fuels. The Zacks Consensus Estimate for CAPL’s 2026 earnings indicates 4% year-over-year growth.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) will hold a webcast and conference call on Tuesday, April 7, 2026, at 8:00 a.m. MT (10:00 a.m. ET). During the call, Pembina's officer team will present a business update that reaffirms the Company's longstanding commitment to disciplined execution; outlines the 3Cs Strategy - Capture, Connect, and Catalyze; and provides a financial outlook to the end of the decade, including 5-7 p.

PBA outlines a clear path to 5%-7% annual profit growth, backed by asset optimization and new projects.

PBA targets 5-7% EBITDA growth through 2030, but stock underperformance and macro risks cloud near-term upside.

Posted by Defense World Staff on Apr 25th, 2026

Pembina Pipeline Co. (TSE:PPL – Get Free Report) (NYSE:PBA) has been given a consensus rating of “Moderate Buy” by the ten research firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is C$62.55.

Several analysts have issued reports on the company. TD Securities boosted their price objective on Pembina Pipeline from C$63.00 to C$65.00 and gave the stock a “hold” rating in a report on Wednesday, April 8th. National Bank Financial boosted their price objective on Pembina Pipeline from C$61.00 to C$63.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Barclays boosted their price objective on Pembina Pipeline from C$62.00 to C$63.00 in a report on Wednesday, April 8th. ATB Cormark Capital Markets boosted their price objective on Pembina Pipeline from C$64.00 to C$66.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Finally, BMO Capital Markets boosted their price objective on Pembina Pipeline from C$60.00 to C$63.00 in a report on Wednesday, April 8th.

Read Our Latest Report on Pembina Pipeline

Pembina Pipeline Price Performance Shares of Pembina Pipeline stock opened at C$59.29 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.50 and a debt-to-equity ratio of 82.58. The company’s 50-day moving average price is C$60.71 and its two-hundred day moving average price is C$56.30. Pembina Pipeline has a 52 week low of C$48.74 and a 52 week high of C$64.27. The stock has a market cap of C$34.47 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 1.58 and a beta of 0.36.

Pembina Pipeline (TSE:PPL – Get Free Report) (NYSE:PBA) last issued its quarterly earnings results on Thursday, February 26th. The company reported C$0.78 EPS for the quarter. Pembina Pipeline had a net margin of 21.66% and a return on equity of 9.91%. The firm had revenue of C$1.91 billion for the quarter. As a group, sell-side analysts anticipate that Pembina Pipeline will post 3.439908 EPS for the current fiscal year.

Pembina Pipeline Company Profile (Get Free Report)

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities.

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Pembina Pipeline (PBA - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis oil and gas transportation and services company is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of -7.1%.

Revenues are expected to be $1.29 billion, down 18.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 11.61% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Pembina Pipeline?For Pembina Pipeline, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.65%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Pembina Pipeline will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Pembina Pipeline would post earnings of $0.5 per share when it actually produced earnings of $0.56, delivering a surprise of +12.00%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Pembina Pipeline appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Pembina Pipeline (PBA) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.56 per share a year ago.

The First Trust S&P International Dividend Aristocrats ETF (NASDAQ:FID) gives U.S.

Pembina Pipeline NYSE: PBA reported a strong start to 2026, with management raising its full-year adjusted EBITDA outlook after first-quarter results benefited from solid volumes across key systems and an improved marketing outlook.

This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including earnings before interest, taxes, depreciation and amortization ("EBITDA") build multiple. For more information see "Non-GAAP and Other Financial Measures" herein.

CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) announced today that it is proceeding with the Heartland Extraction Plant ("HEP") and provided an update on its ethane supply agreement with Dow.

The sanctioning of HEP represents a capital efficient, low-risk monetization of Pembina's liquids extraction rights on the Yellowhead Pipeline, with future growth potential. Through new and amended agreements, Pembina and Dow reached a mutually beneficial solution that has increased the overall ethane supply commitment, better aligned the volume profile with Dow's revised Path2Zero project schedule, and supported the economics of the HEP project. As previously disclosed, Pembina pursued an optimized ethane portfolio solution in support of its Dow supply commitments and is excited to sanction this project, which also provides Pembina the economic benefits of propane-plus natural gas liquids ("NGL") production. Additionally, sanctioning HEP is another important step towards realizing Pembina's recently announced 5-7 percent fee-based adjusted EBITDA per share growth target to 2030.

Heartland Extraction Plant Project Highlights

A new 750 million cubic feet per day straddle plant to extract NGL under Pembina's extraction rights on the Yellowhead Pipeline. This upsized project is an evolution of the previously disclosed Yellowhead Extraction Plant project. HEP now includes incremental capacity to accommodate future additional opportunities on a capital efficient basis, enhancing Pembina's Alberta Industrial Heartland footprint. Pembina has signed a long-term agreement at HEP to supply Dow with ethane beginning in late 2029, scaling to 22,500 barrels per day ("bpd") by the end of 2030. Following extraction at HEP, ethane-plus mix will be processed at a combination of Dow's Fort Saskatchewan facility and Pembina's Redwater Complex. Pembina will retain the associated propane-plus production related to the project and will benefit from downstream fractionation and marketing of up to 9,500 bpd of propane-plus NGL. HEP has an estimated cost of approximately $570 million, and an anticipated in-service date in late 2029. EBITDA generated from the project will consist of both fixed-fee revenue and frac spread exposure. Using long-term average historical pricing, the EBITDA build multiple for the project is expected to range from 5-7 times. Dow Ethane Supply Agreement Update

In connection with the new firm volume commitment at HEP, Pembina and Dow have amended the terms of their previously announced ethane supply agreement. Under the amended long-term agreement, Pembina will supply Dow with 35,000 bpd of ethane commencing with the start up of Dow's Path2Zero project, which is expected to enter service in 2029. Pembina will source the 35,000 bpd of ethane from its existing supply portfolio, leveraging its integrated value chain, including deep cut gas processing plants, ethane-plus transportation franchise, and fractionation capabilities.

Including the new agreement at HEP (22,500 bpd) and the amended supply agreement (35,000 bpd), Pembina will supply Dow with a total of 57,500 bpd of ethane, representing a 15 percent increase compared to the original agreement of 50,000 bpd.

"This outcome further demonstrates Pembina's ability to find win-win solutions with our customers. We have strengthened our relationship with Dow while advancing Pembina's strategy and ability to deliver capital-efficient growth," said Scott Burrows, President and Chief Executive Officer of Pembina. "By aligning volumes with Dow's needs and leveraging our existing asset base, we are enhancing the value of our NGL franchise and catalyzing hydrocarbon demand in Western Canada."

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements and financial outlooks pertaining to, without limitation, the following: Pembina's strategy and the development and expected timing of new business initiatives and growth opportunities, including the HEP, and the expected costs, impacts, and benefits thereof; expectations regarding existing and future commercial agreements, including those with Dow, and the anticipated timing, product volumes, and benefits thereof; the successful completion of related third-party projects; statements regarding Pembina's financial and operational performance, including expected project build multiples, revenue generation, and commodity price exposure; expectations regarding the future performance of the Company's assets, including future pipeline, processing, and fractionation operations; and targets regarding fee-based adjusted EBITDA per share growth.

These forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release, including, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices (including long-term average historical pricing and frac spreads), interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects, including Dow's Path2Zero project, will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking information and financial outlooks contained in this news release have been approved by management as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP and Other Financial Measures

Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts.

In this news release, Pembina has disclosed the following non-GAAP ratio: EBITDA build multiple. The non-GAAP financial measure that is used as a component of this non-GAAP ratio is estimated incremental EBITDA, which is an estimate of the incremental EBITDA expected to be generated by the Heartland Extraction Plant. The EBITDA build multiple is calculated as the estimated capital cost of the project divided by the estimated expected incremental EBITDA. Management uses the EBITDA build multiple to evaluate the capital efficiency and expected return of the project. The equivalent historical non-GAAP financial measure to estimated incremental EBITDA is historical EBITDA, which has earnings as its most directly comparable financial measure specified, defined, and determined in accordance with IFRS. There are no significant differences between the composition of the forward-looking non-GAAP financial measure and the equivalent historical non-GAAP financial measure.

The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including earnings.

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