Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the first quarter of 2024.
Highlights
- First Quarter Results – reported quarterly earnings of $438 million and record quarterly adjusted EBITDA of $1,044 million.
- Recent Business Updates – as previously disclosed, developments during and following the first quarter include closing the acquisition of additional interests in the Alliance Pipeline and Aux Sable (the “Alliance/Aux Sable Acquisition”) on April 1, 2024, raising Pembina’s 2024 adjusted EBITDA guidance range, signing long-term agreements to supply and transport up to 50,000 barrels per day of ethane to support a new petrochemical facility, approval of the expansion of Pembina Gas Infrastructure’s (“PGI”) Wapiti gas plant, and significant progress made on the development of the proposed Cedar LNG project.
- Common Share Dividend Increase – the board of directors declared a common share cash dividend for the second quarter of 2024 of $0.69 per share, representing an increase of 3.4 percent to be paid, subject to applicable law, on June 28, 2024, to shareholders of record on June 17, 2024.
- Strong Balance Sheet – at March 31, 2024, the ratio of proportionately consolidated debt-to-adjusted EBITDA was 3.4 times, below the low end of the Company’s targeted range.
- Investor Day – at its 2024 Investor Day to be held on May 16, 2024, Pembina’s officer team will provide an overview of the business and the outlook for the Company amidst transformational changes in the western Canadian energy industry.