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Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business Update

PBATSX:PPL
  • Pembina Pipeline Corporation reported 2025 full-year earnings of $1,694 million, adjusted EBITDA of $4,289 million, & adjusted cash flow from operating activities of $2,854 million ($4.91 per share).
  • The company reported fourth-quarter 2025 earnings of $489 million, adjusted EBITDA of $1,075 million, & adjusted cash flow from operating activities of $731 million ($1.26 per share).
  • Record annual Pipelines & Facilities volumes reached 3.7 million barrels of oil equivalent per day in 2025, representing a 3 percent increase over 2024.
  • Pembina sanctioned two conventional pipeline expansion projects totaling $425 million to service growing volumes in northeast British Columbia & Alberta.
  • The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline & facility upgrades adding approximately 120,000 barrels per day of capacity with an estimated cost of $310 million & in-service date in Q4 2027.
  • The initial scope of the Taylor-to-Gordondale Expansion includes new pump stations & a 16-kilometre pipeline connecting Alberta production to the Gordondale station with an estimated cost of $115 million & in-service date in Q1 2027.
  • The Canada Energy Regulator issued a Certificate of Public Convenience & Necessity for the Taylor-to-Gordondale Pipeline Project on February 10, 2026.
  • Pembina entered into long-term agreements with PETRONAS & Ovintiv to remarket its 1.5 million tonnes per annum of capacity at the Cedar LNG facility.
  • A new long-term, take-or-pay agreement with Tourmaline Oil includes 270 million cubic feet per day of gas processing at PGI, transportation on the Peace Pipeline, & fractionation at the Redwater Complex.
  • The board declared a first-quarter 2026 cash dividend of $0.71 per share, payable on March 31, 2026, to shareholders of record on March 16, 2026.
  • Pembina reaffirmed its 2026 adjusted EBITDA guidance range of $4.125 billion to $4.425 billion.
  • Dow Inc. reaffirmed its Path2Zero ethylene cracker project with Phase 1 start-up expected by year-end 2029 & Phase 2 by year-end 2030.
  • PGI began commissioning the Wapiti Expansion & K3 Cogeneration Facility, both expected to be in service by the end of Q1 2026.
  • Construction of the Cedar LNG floating LNG vessel reached over 35 percent completion, & onshore construction activities significantly progressed.
  • The Greenlight Electricity Centre secured a 907 MW power grid allocation & completed a land sale agreement with a potential customer.
  • Pipelines division adjusted EBITDA decreased by 6 percent in Q4 2025 & increased by 2 percent for the full year 2025 compared to the prior year.
  • Facilities division adjusted EBITDA decreased by 2 percent in Q4 2025 & increased by 4 percent for the full year 2025 compared to the prior year.
  • Marketing & New Ventures division adjusted EBITDA decreased by 50 percent in Q4 2025 & by 31 percent for the full year 2025 compared to the prior year.
  • Corporate adjusted EBITDA was negative $50 million in Q4 2025 & negative $202 million for the full year 2025.
  • Pembina sanctioned more than $600 million of conventional pipeline projects in 2025 in response to anticipated volume growth in the Western Canadian Sedimentary Basin.