The following is a summary of the Pembina Pipeline Corporation (PBA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Pembina Pipeline reported record Q3 adjusted EBITDA of $1.019 billion, consistent with the prior year, and narrowed its 2024 adjusted EBITDA guidance range by $25 million to $4.225 billion to $4.325 billion.

• They reported earnings of $385 million, an 11% increase over the same period in the previous year.

• Pipeline volumes were up 6% year-over-year, driven by increased ownership in Alliance and other system upticks.

• Facilities volumes slightly increased to approximately 800 million barrels per day due to asset acquisitions and ownership changes.

Business Progress:

• Pembina completed the acquisition for full ownership of Aux Sable's U.S. operations, enhancing corporate structure and service offerings.

• Entered into strategic partnerships with growth-focused companies via PGI, acquiring significant interests and making commitments to support future infrastructure development.

• Advanced major projects including the Northeast BC expansion and Cedar LNG's onshore construction activities.

Opportunities:

• Growth in the Western Canadian Sedimentary Basin and strategic acquisitions are positioned to drive Pembina's commercial business.

• Expansion projects and operational efficiency efforts are set to support volume growth in existing and new markets, complementing increased demand.

• Entering into new strategic partnerships and completing infrastructure projects are expected to capture future volume growth and enhance asset utilization.

Risks:

• Lower volumes due to contractual gaps and maintenance outages, as well as the impact of narrower condensate price differentials, posed challenges.

• Specific asset underperformance and the need for increased integrity spending and outage management could affect future performance.

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