\nPembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today its 2026 financial guidance, a commercial agreement for Cedar LNG capacity, and an expansion of the Peace Pipeline System to support growing customer demand.\n<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20251215319271\/en\/<\/a><\/p>\n Highlights<\/b><\/p>\n CEO Comment<\/b><\/p>\n \nAs we exit 2025, we are experiencing record throughput on the Peace Pipeline System and high utilization across our entire asset base. Moving forward into 2026, Pembina stands at the heart of one of the most significant energy transformations in North America. The Western Canadian Sedimentary Basin continues to experience robust production growth driven by new LNG and LPG export capacity, expanded oil egress, and evolving energy demands. Supporting this growth outlook, Pembina has observed a shift in tone from policy makers that could positively impact how the Canadian energy industry evolves. At both the federal and provincial level, there is momentum building towards reshaping Canada\u2019s energy strategy in a way that could unlock Canada\u2019s abundant and diverse energy resources.\n<\/p>\n \nPembina’s strategy remains clear and focused: to provide safe, reliable, and cost-effective energy infrastructure solutions that connect producers to high value markets. I am particularly proud that Pembina continues to deliver on its promises. Our 2026 financial guidance positions us to meet the 3-year growth and funding targets we set at our 2024 Investor Day, and our latest Cedar LNG capacity agreement fulfills our commitment to deliver strategic growth within our financial guardrails and prudent risk profile. In addition, throughout 2025, we continued to demonstrate our strong track record of safe, on-time and on-budget project execution, while advancing development and sanctioning new projects to support future growth. We continue to enhance our competitive service offering and overall resilience through targeted productivity and cost efficiencies. Finally, our continued commercial successes highlight the value our customers continue to place on Pembina’s service offering and we are grateful for the trust they have in us as their infrastructure partner.\n<\/p>\n \nI am filled with confidence and optimism about Pembina\u2019s future. Our company stands at a pivotal moment, uniquely positioned to capitalize on the evolving energy landscape and the growing demand for reliable, integrated midstream infrastructure.\n<\/p>\n Scott Burrows, President and Chief Executive Officer<\/i><\/p>\n 2026 Guidance<\/b><\/p>\n \nPembina expects 2026 adjusted EBITDA of $4.125 billion to $4.425 billion, reflecting the net impact of an approximately four percent increase in fee-based adjusted EBITDA and a moderated outlook for the marketing business, relative to the forecast for 2025. Further, the midpoint of the 2026 guidance range represents 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately five percent, positioning the Company to deliver on the target range provided at its 2024 Investor Day. The constructive growth in fee-based adjusted EBITDA reflects growing volumes and commercial successes across Pembina’s systems, the positive impact of acquisitions at Pembina Gas Infrastructure (“PGI”), the consolidation of interests in Alliance Pipeline and Aux Sable, and margin enhancement through targeted productivity and cost efficiencies, partially offset by the impact of the previously announced negotiated settlement between Alliance and certain shippers and interested parties (the “Alliance Settlement”).\n<\/p>\n \nThe mid-point of the 2026 adjusted EBITDA guidance range includes a contribution from the Marketing & New Ventures segment of $345 million based on current commodity strip pricing.\n<\/p>\n \nThe lower and upper ends of the 2026 guidance range are framed primarily as a function of (1) commodity prices and the resulting contribution from the marketing business; (2) interruptible volumes on key systems; and (3) the U.S.\/Canadian dollar exchange rate.\n<\/p>\n \nThe 2026 adjusted EBITDA guidance range reflects quarterly seasonal and other factors including:\n<\/p>\n Drivers of 2026 Fee-based Adjusted EBITDA<\/span><\/p>\n \nMajor factors driving the growth in the midpoint of the 2026 fee-based adjusted EBITDA guidance range compared to the forecast for 2025 include:\n<\/p>\n Drivers of 2026 Marketing Adjusted EBITDA<\/span><\/p>\n \nIn 2022 to 2024, Pembina’s marketing business contributed results above the long-run average due to strong NGL pricing, robust differentials in the crude oil complex, depressed western Canadian natural gas prices, and significant short-term commodity price movements driving additional margin realization. In 2025, moderation of NGL pricing, along with strengthening western Canadian natural gas prices are driving marketing results closer to the mid-point of the long-term range. Looking forward to 2026, current forward strip pricing reflects key price spreads for Pembina\u2019s marketing business which are below 2025 averages and at the lower end of the long-term historical range.\n<\/p>\n \nThe outlook for an approximately $150 million lower contribution from Marketing & New Ventures in 2026 is primarily a result of lower frac spreads due to lower NGL prices and higher natural gas prices (approximately $105 million) and narrower margins and reduced blending opportunities in crude oil marketing (approximately $40 million).\n<\/p>\n \nPembina has hedged approximately 30 percent of its frac spread exposure for the first half of 2026. The weighted average price of Pembina’s current frac spread hedges, excluding transportation and processing costs, is approximately C$29.30 per barrel, which aligns closely to the prevailing 2026 forward price at the beginning of December 2025. Pembina expects to hedge approximately 30 percent of its full year 2026 frac spread exposure and to reach that target by the end of the first quarter.\n<\/p>\n 2026 Adjusted EBITDA Sensitivities<\/span><\/p>\n \nPembina’s 2026 adjusted EBITDA may be directly impacted by market-based prices as follows:\n<\/p>\n\n
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