Pembina Pipeline Q2 2026 Earnings Report

Pembina Pipeline EPS Results

• Actual EPS: $0.48
• Consensus EPS: $0.49
• Beat/Miss: Missed by -$0.01
• One Year Ago EPS: $0.65

Pembina Pipeline Revenue Results

• Actual Revenue: $1.07 billion
• Expected Revenue: $1.46 billion
• Beat/Miss: Missed by -$387.50 million
• YoY Revenue Growth: +20.10%

Pembina Pipeline Announcement Details

• Quarter: Q2 2026
• Date: 7/30/2026
• Time: After Market Closes
• Conference Call Date: Friday, July 31, 2026
• Conference Call Time: 10:00AM ET

Pembina Pipeline (NYSE:PBA) Corporation (NYSE: PBA) is a North American energy infrastructure company that develops, owns and operates midstream assets that transport, store and process hydrocarbons. Its core business focuses on the transportation of crude oil, natural gas liquids (NGLs) and condensate, along with gas processing, fractionation, storage and related marketing services. Pembina serves producers, refiners and other energy companies by providing pipeline capacity, terminal services and midstream solutions that link upstream production to downstream markets and export facilities.

The company’s asset base is concentrated in Western Canada, including major operations in Alberta and British Columbia, and it also has operations and commercial activities that extend into the United States. Pembina’s network includes long-haul and gathering pipelines, NGL fractionation and storage facilities, loading and rail/terminal infrastructure, and natural gas processing plants. In addition to physical transportation and processing, the company offers commercial services such as marketing and logistics that help customers move and monetize hydrocarbon streams across regional and international markets.

Headquartered in Calgary, Alberta, Pembina positions itself as a full-service midstream partner that invests in integrated infrastructure to support energy production and export. Its business strategy emphasizes operational reliability, system optimization and customer contracts that provide predictable throughput. Pembina’s operations support a wide range of energy market participants and play a significant role in connecting Western Canadian hydrocarbon supplies to North American and global markets.

Pembina Pipeline Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Pembina reported second-quarter adjusted EBITDA of CAD 1.064 billion, up 5% year over year, while adjusted earnings rose 10% to CAD 415 million, reflecting strong operations, higher marketing results and new assets entering service.
• Positive Sentiment: The company reaffirmed its 2026 adjusted EBITDA guidance of CAD 4.35 billion to CAD 4.55 billion and said it is trending toward the midpoint, supported by expected stronger seasonal contributions in the fourth quarter.
• Positive Sentiment: Pembina advanced several growth projects, including the on-time, under-budget RFS IV fractionator, the sanctioned Heartland Extraction Plant, and the 932-megawatt Greenlight gas-fired power project serving a Meta data center. Greenlight could provide stable long-term cash flows and create a platform for additional data-center projects.
• Positive Sentiment: Cedar LNG remains on track for first exports in late 2028, with major construction milestones achieved, while Pembina’s participation in a proposed West Coast oil pipeline could expand Canadian market access and drive additional condensate, natural gas and NGL demand.
• Negative Sentiment: Management expects third-quarter EBITDA to decline sequentially because of NGL seasonality, higher maintenance spending, lower Cochin and Alliance contributions, and timing-related items. Results remain sensitive to commodity prices, interruptible volumes, foreign exchange and share-price-driven incentive compensation costs.

Presentation

[Operator]

Ladies and gentlemen, thank you for joining us and welcome to Pembina Pipeline Corporation quarter two 2026 results. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Dan Tucunel, Vice President, Capital Markets. Dan, please go ahead.

[Dan Tucunel, VP of Capital Markets at Pembina Pipeline]

Thank you, Matthew. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the second quarter of 2026. On the call today, we have Scott Burrows, President and Chief Executive Officer, and Cameron Goldade, Chief Financial Officer, along with the other members of Pembina's leadership team. I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments and projections.

[Dan Tucunel, VP of Capital Markets at Pembina Pipeline]

Forward-looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's management discussion and analysis dated July 30th, 2026, for the period ended June 30th, 2026, as well as the press release Pembina issued yesterday.

[Dan Tucunel, VP of Capital Markets at Pembina Pipeline]

All of which are available online at pembina.com and on both SEDAR+ and EDGAR. I will now turn things over to Scott.

[Scott Burrows, President and CEO at Pembina Pipeline]

Thanks, Dan. Yesterday we reported second quarter results, which were highlighted by adjusted EBITDA of CAD 1.064 billion. It was another solid quarter that reflects a constructive industry environment coupled with strong underlying operational performance and new assets entering service. As Cam will discuss in more detail, we have affirmed our 2026 adjusted EBITDA guidance range of CAD 4.35 billion-CAD 4.55 billion, while noting we are trending to midpoint of the range.

[Scott Burrows, President and CEO at Pembina Pipeline]

Since our business update in April, we've continued to build momentum across all three pillars of our 3Cs Strategy and have further strengthened our visibility to long-term growth. As a reminder, our strategy is built around three complementary pillars. First, we aim to capture growing volumes across the Western Canadian Sedimentary Basin by leveraging our integrated midstream footprint and deep customer relationships. Second, we strive to connect those volumes to the highest value markets through our and others' transportation and export infrastructure.

[Scott Burrows, President and CEO at Pembina Pipeline]

Third, we want to catalyze new sources of hydrocarbon demand that create growth in the WCSB and incremental opportunities across our value chain. Together, we expect these pillars will provide multiple avenues for growth and allow us to create value across changing market environments. Over the past quarter, within Capture, we placed our RFS IV fractionator into service in late May on time and under budget, adding 55,000 bpd of propane plus fractionation capacity at the Redwater Complex, further strengthening our industry-leading NGL franchise.

[Scott Burrows, President and CEO at Pembina Pipeline]

Within Connect, Cedar LNG continues to make excellent progress toward first exports in late 2028. During the quarter, we achieved key construction milestones, including mechanical completion of the pipeline that will supply the facility and successfully moving the floating LNG vessel hull from dry dock to wet dock in South Korea. We also announced our participation in the proposed West Coast oil pipeline, where we can contribute our development and execution expertise to a project that has the potential to further expand market access for Canadian energy.

[Scott Burrows, President and CEO at Pembina Pipeline]

We are participating in a purposeful and prudent way through a disciplined approach to capital allocation and risk management. Within Catalyze, we sanctioned the Heartland Extraction Plant, a highly capital-efficient project that leverages existing infrastructure and monetizes our extraction rights on the Yellowhead Pipeline. Equally important, the project was accompanied by an expansion of our long-term commercial relationship with Dow, increasing contracted ethane supply volumes by 15% and reinforcing the strength of our integrated NGL platform.

[Scott Burrows, President and CEO at Pembina Pipeline]

We also reached a positive final investment decision on the Greenlight Electricity Center, a 932 MW gas-fired generation facility that will provide dedicated power to a new Alberta data center being developed by Meta. Greenlight represents an exciting new growth platform for Pembina, creating stable long-term cash flows while also driving incremental demand for Western Canadian natural gas. Importantly, Greenlight has the potential to generate benefits across multiple parts of our existing business.

[Scott Burrows, President and CEO at Pembina Pipeline]

We continue to advance discussions around additional gas to power and data center-related opportunities and recently acquired additional land proximal to the Greenlight Electricity Center and the Redwater Complex to support future projects. Taken together, the projects and announcements this quarter demonstrate the breadth of opportunities available across Pembina's franchise and our ability to identify and then convert those opportunities into tangible growth.

[Scott Burrows, President and CEO at Pembina Pipeline]

Whether it's expanding our NGL platform, connecting Canadian production to global markets, or creating entirely new demand pathways for natural gas, we're seeing strong execution across each pillar of our Three C Strategy. As a result, we remain confident in our ability to deliver our targeted 5%-7% compound annual fee-based adjusted EBITDA per share growth through 2030. We continue adding potential new opportunities such as the West Coast oil pipeline and are pursuing additional gas to power for data center projects that, if converted, will support extending our growth well into the next decade.

[Scott Burrows, President and CEO at Pembina Pipeline]

I'll now turn things over to Cam.

[Cameron Goldade, CFO at Pembina Pipeline]

Thanks, Scott. As Scott noted, Pembina reported second quarter adjusted EBITDA of CAD 1.064 billion. Compared to the second quarter of 2025. Continued strong operational performance across the pipelines and facilities divisions and higher results in the marketing business were offset by the impact of the new toll structure and revenue-sharing mechanism on the Alliance Pipeline announced last year. The net result in the second quarter was a CAD 51 million or 5% increase in EBITDA over the same period in the prior year.

[Cameron Goldade, CFO at Pembina Pipeline]

Looking at quarter-over-quarter results by division, the major factors impacting the quarter in pipelines included higher contracted volumes on the Nipisi Pipeline, higher revenue on the Cochin Pipeline due to prior period tariff adjustments, and a lower contribution from the Alliance Pipeline due to the negotiated settlement between Alliance and its shippers, partially offset by higher interruptible volumes and lower operating expenses.

[Cameron Goldade, CFO at Pembina Pipeline]

The facility segment benefited from the RFS IV fractionator entering service in May and the Wapiti Expansion in PGI entering service at the end of March, both on time and at or below budget. Further extending Pembina's track record of delivering solutions for our customers in a timely and capital-efficient manner. In addition, the quarter was positively impacted by higher contributions from PGI due to stronger performance at the Dawson assets, fewer unplanned outages, and higher recoveries from an asset upgrade, and no comparable planned outage at Redwater as occurred in the second quarter of 2025.

[Cameron Goldade, CFO at Pembina Pipeline]

In marketing and new ventures, second quarter results reflected the impact of wider WCSB and U.S. NGL frac spreads, resulting from higher NGL prices, including the benefits of Pembina's exposure to premium propane markets through West Coast exports, as well as benefits from higher crude oil prices and higher sales volumes. In addition, the quarter was impacted by higher realized losses on NGL-based derivatives and lower realized gains on crude oil-based derivatives.

[Cameron Goldade, CFO at Pembina Pipeline]

Finally, in the corporate segment, second-quarter results were lower than the prior period, primarily due to higher long-term incentive costs driven by an increase in Pembina's share price and incentive multiplier during the quarter, compared to a decrease in Pembina's share price and incentive multipliers during the prior period. Earnings in the second quarter were CAD 512 million, which represents a 23% increase over the same period in the prior year.

[Cameron Goldade, CFO at Pembina Pipeline]

In addition to the factors impacting adjusted EBITDA, the change in earnings in the second quarter was due to higher unrealized gains on NGL-based and crude oil-based derivatives and unrealized losses from the Cedar LNG compared to unrealized gains in the second quarter of 2025. Adjusted earnings were CAD 415 million, or a 10% increase over the same period in the prior year. Compared to the factors related to earnings, the change in adjusted earnings excludes the impact of the unrealized gains on NGL-based and crude oil-based derivatives and the unrealized losses in Cedar LNG.

[Cameron Goldade, CFO at Pembina Pipeline]

Total volumes in the pipelines and facilities divisions were 3.7 MMbbl of oil equivalent per day in the second quarter. This represents an increase of 3% over the same period in the prior year. Higher second-quarter pipelines volumes were driven primarily by higher volumes on the Alliance Pipeline, primarily driven by stronger operational performance and higher contracted volumes on the Nipisi Pipeline serving the Clearwater formation.

[Cameron Goldade, CFO at Pembina Pipeline]

Higher second-quarter facilities volumes were driven primarily by the impact of RFS IV entering service in May and higher volumes from certain PGI assets, primarily from the Wapiti Expansion and at the Dawson assets. Yesterday, Pembina reaffirmed its 2026 adjusted EBITDA guidance of CAD 4.35 billion-CAD 4.55 billion, we are currently trending towards the midpoint of that range. At the midpoint, due to seasonal factors, timing of spending, and certain one-time items, Pembina anticipates that the adjusted EBITDA contribution in the third quarter will be lower than the second quarter, with a strong seasonal contribution expected in the fourth quarter.

[Cameron Goldade, CFO at Pembina Pipeline]

It is worth noting that over the past five years, the third quarter has contributed between 23%-27% of the full-year adjusted EBITDA. Our current outlook for 2026 has the third quarter contributing at the low end of that range. A few specific factors that are expected to impact the second half of the year are worth noting. First, seasonality in the WCSB NGL frac spread business, resulting in a lower contribution in the third quarter and a higher contribution in the fourth quarter.

[Cameron Goldade, CFO at Pembina Pipeline]

On a quarterly basis, for the remainder of the year, Pembina has hedged approximately 90% of its NGL frac spread exposure in the third quarter and 40% in the fourth quarter. As a reminder, for the period from 2025-2026, our U.S. and Canadian frac spread businesses combined are expected to account for approximately two-thirds of our marketing. Secondly, higher integrity and maintenance spend in the second half of the year compared to the first half of the year.

[Cameron Goldade, CFO at Pembina Pipeline]

Due to strong 2026 results and operational efficiencies, we have chosen to fast-track a portion of normal course integrity work. I want to remind listeners that the third quarter is typically our highest quarter for operating expenses. In 2025, the third quarter accounted for 27% of the full year operating expenses, this year is looking to follow a similar trend. Thirdly, lower contribution from Cochin Pipeline in the second half of the year compared to the first half of the year is expected, reflecting strong first half throughput as certain firm shippers advanced a greater portion of their annual take-or-pay commitments into the earlier part of the year.

[Cameron Goldade, CFO at Pembina Pipeline]

As a result, throughput above the remaining annual commitments for the second half of the year is expected to be highly correlated with condensate prices. In 2025, approximately 60% of the full year adjusted EBITDA on Cochin was generated in the first half, 2026 appears to be following a similar pattern. Fourthly, sequentially lower contribution in the third quarter and higher contribution in the fourth quarter on Alliance Pipeline due to seasonality and the ability to transport higher volumes during colder periods.

[Cameron Goldade, CFO at Pembina Pipeline]

Finally, a higher contribution from PGI in the fourth quarter due to new assets entering service and non-recurring revenue recognition. In aggregate, the lower and upper ends of the 2026 guidance are framed primarily as a function of commodity prices and the resulting contribution from the marketing business, interruptible volumes on key systems, the U.S. Canadian dollar exchange rate, and Pembina's share price performance and its impact on incentive compensation costs. I will now turn things back to Scott.

[Scott Burrows, President and CEO at Pembina Pipeline]

Thanks, Cam. In closing, I would offer once again that recent developments reflect tangible execution of our 3Cs Strategy and highlight the breadth of opportunities available within Pembina's integrated business. The accomplishments over the past quarter reflect a continued focus on disciplined capital allocation, long-term contracted cash flows, and creating value for our shareholders. Operator, please go ahead and open up the line for questions.

[Operator]

We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset closer to your mouth when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.

[Operator]

Your first question comes from the line of Jeremy Tonet with JPMorgan Securities LLC. Jeremy, your line is open. Please go ahead.

[Jeremy Tonet, Analyst at JPMorgan Securities LLC]

Hi, good morning.

[Scott Burrows, President and CEO at Pembina Pipeline]

Morning.

[Jeremy Tonet, Analyst at JPMorgan Securities LLC]

There's a lot of talk in the industry with regards to incremental WCSB oil egress, Pembina, one of the projects being proposed, but I was just wondering if you could help me think a bit about the picture as a whole and how it impacts Pembina as it relates to condensate. It seems if there's sizable egress that's going to come on, that means there's sizable condensate needs, and I was just wondering how that gets solved. Is Cochin expandable in any sense?

[Jeremy Tonet, Analyst at JPMorgan Securities LLC]

Is in-basin production going to really tick up? Is it going to be a combination? If it seems like in-basin is going to be part of the solution, that's a lot of volumes, a lot of growth to hit Pembina's system. Am I thinking about that the right way?

[Scott Burrows, President and CEO at Pembina Pipeline]

Yeah, Jeremy, I'll give you our high-level macro view, and I'll let my colleagues pitch in as well. That's one of our key fundamental tenets from our April strategy session. We talk about the flywheel, and we always start with oil sands growth, and there's ranges out there between 600,000 bpd-2 MMbpd of incremental oil. Let's just pick 1 MMbbl for ease. If the West Coast oil pipeline goes ahead 1 MMbpd, that's going to require somewhere in the neighborhood of 300,000 bpd of incremental condensate.

[Scott Burrows, President and CEO at Pembina Pipeline]

I think we have a firm view that the vast majority of that condensate needs to come from the WCSB, and we know we have the resource here in the Montney and the Duvernay. Just condensate alone has fairly significant running room, which is some of the reason we were getting ahead of some of our expansions in Northeast B.C., debottlenecking the system in advance of what we anticipate to be strong condensate growth across the system. Of course, you don't drill for condensate alone.

[Scott Burrows, President and CEO at Pembina Pipeline]

You drill for natural gas that condensate comes along with. We are going to need to find incremental home for natural gas, whether that's LNG Canada phase II, potential pushing incremental throughput through Cedar, Woodfibre, etc. As well as incremental data center demand. Of course, the oil sands are going to need incremental gas in order to grow their production from the oil sands as well.

[Scott Burrows, President and CEO at Pembina Pipeline]

Lastly, of course, there's associated C2+ and C3+ that comes along with that natural gas, which should drive growth through PGI and fractionation and export as well. Just backing up a step, it's that kind of general linking of all those projects and all that growth that really leads us to be extremely optimistic about the WCSB out to 2035.

[Cameron Goldade, CFO at Pembina Pipeline]

I think, Jeremy, it's Cam here. I would just pitch in, you referenced Cochin. I think on top of what Scott said, reminder that when we acquired Cochin, that asset was running at about 85,000-90,000 barrels a day

[Cameron Goldade, CFO at Pembina Pipeline]

Through some great operational work by our team in the field and in Calgary here, we've managed to increase the capacity of that system to about 120,000 bpd, it's running very firmly, very strongly. I think will continue to be in high demand, especially as oil sands volumes continue to grow in the coming years. That said, I think the opportunity for more imported condensate is also a potential solution. Clearly, with our franchise, we'd be looking at the best way to serve customers across the board.

[Jeremy Tonet, Analyst at JPMorgan Securities LLC]

Got it. That's very helpful there. Then, just wanted to go, I guess, towards Greenlight. I realize I'm getting well ahead of myself here, but I'll try nonetheless. We've seen in other areas where data centers have developed, there's been a tendency to cluster, where initial toeholds have led to bigger developments over time. Just wondering, now that this project is in motion, thoughts about the potential for that way down the road?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Hey, Jeremy. It's Chris. Yeah. The FID earlier this month really supported our thesis about gas-to-power as a business serving data centers in Alberta. We think it's a scalable project. We think Alberta remains one of the best jurisdictions to build in. We've got a very supportive government, continue to have a first-mover advantage across land, our adjacent businesses' expertise. Then to what you're referencing, the customer demand and interest remains high, including around the concept of clustering.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

We certainly saw that happening elsewhere and have a view around the potential for that to happen in this area. The team's already hard at work developing the next stage of the project. That includes acquiring some incremental strategic lands proximate to our lands. We had an opportunity to consolidate some contiguous lands right around our existing Greenlight site. They're also progressing customer discussions.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

All that is really centered around some of what you're referencing, both from the initial customer perspective, the probability or likelihood of the clustering, then also how these facilities tend to group across a variety of customers in strategic areas like the Heartland.

[Jeremy Tonet, Analyst at JPMorgan Securities LLC]

Got it. Thank you for that.

[Operator]

Your next question comes from the line of Theresa Chen with Barclays. Your line is open. Please go ahead.

[Theresa Chen, Analyst at Barclays]

Morning. Following up on the Greenlight side of things. With phase I underway, as you have already consolidated contiguous lands and in the process of commercializing phase II and maybe beyond, would you expect the timeline for further phases to be a little quicker? Anything to say on size and scope at this point?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Theresa, it's Chris again. I don't think we can get into timing a lot. I think there's a few things happening in the market that you can look to for a little bit of guidance. The AESO's phase II large load allocation that's underway and the continuation of the bring-your-own-power strategy is, I think, a bit of a guide to think about timing. I think we've got a relatively proven model on how to progress these projects. We're really focused now on getting those front-end, strategic, sort of first-mover components in place, and we're working with customers to de-risk them much like we did on phase I.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

I can't really give a guide on exact timing, but I can sort of tell you we're moving quickly and with pace, but very much in a similar vein to how we've done it on the last go around.

[Theresa Chen, Analyst at Barclays]

Understood. On the diluent side of things, can you sort of lay out the economics of in-basin production versus importing incremental barrels of condensate? What do you think is the marginal relative cost to the customer at this point? If you move forward with the next phase of expansion for Cochin Pipeline and beyond the 120,000 bpd, what kind of size or economics should we think about related to that?

[Cameron Goldade, CFO at Pembina Pipeline]

Hi, Theresa. It's Cam here. I think what I'll first say is that we see the economics of the condensate barrel as being market-driven, meaning that the price gets set based on the availability of the supply. Clearly, as Scott said, the vast majority of that supply gets filled domestically today. Obviously those economics in the basin for domestic condensate production are some of the most competitive available. In terms of your specific question around the marginal economics of bringing condensate up, I think it's a bit preliminary.

[Cameron Goldade, CFO at Pembina Pipeline]

We're not at a stage yet where we can share something to that degree. I think what we recognize is that both the scale and the economics have to have commercial support from the customers. I think with that. We've made some positive first steps in terms of the MOU with the government. Pathways Alliance has secured some signals that there is a desire to grow. The timeline of that ultimately remains subject to their decisions and their capital allocation decisions.

[Cameron Goldade, CFO at Pembina Pipeline]

As we always do, we look forward to working with customers closely to provide a value-added solution. Probably a bit preliminary to start sharing math at this point.

[Theresa Chen, Analyst at Barclays]

Thank you.

[Operator]

Your next question comes from the line of Spiro Dounis with Citi. Your line is open. Please go ahead.

[Spiro Dounis, Analyst at Citi]

Thanks, operator. Morning, team. Wanted to revisit the 2030 growth outlook. I guess since you provided that update, you've now sanctioned another CAD 3 billion of projects, which I believe underwrites about 6% of that 5% CAGR range. First, am I sort of thinking about that right? And as you think about that sort of remaining CAD 2 billion bucket still left to sanction, how do you think about the ability to grow that opportunity set beyond CAD 2 billion, but still be within that 2030 timeframe that could maybe even take you above that 7% high end?

[Cameron Goldade, CFO at Pembina Pipeline]

Hey, Spiro, it's Cam here. Thanks for the question. First of all, I think we would look at it similarly to you, meaning that we've crystallized or de-risked a material portion of what was in that growth outlook from 2026 through 2030. As a reminder, that was somewhere between a CAD 1.50-CAD 2.15 of fee-based adjusted EBITDA per share growth between 2026 and 2030. We've obviously de-risked a material portion of that. What remains in that is a combination of some core volume growth within our business and some core capital investment opportunities.

[Cameron Goldade, CFO at Pembina Pipeline]

The positive thing I would say about that is that much of that, or effectively all of it, is within our core franchise, our core business, and very much only gets better and more compelling with continued volume growth, which I think we have even more confidence around based on what we've seen more recently. As we've said since April 7th, probably the biggest near-term lever for us on that 5%-7% within the timeframe is overall industry activity.

[Cameron Goldade, CFO at Pembina Pipeline]

I would couple that by saying and reminding everyone that the level of organic volume growth that was really embedded in our 5%-7% was more historical looking. I think I've said before in the sort of 2%-3% range for liquids. What we take positive signals from is some of the large customers in the basin and some of our large customers talking about multi-year volume growth in excess of that number through 2030. Some customers talking about volume growth up to the likes of 5% even.

[Cameron Goldade, CFO at Pembina Pipeline]

That would be obviously very capital efficient for us and very quick turnaround. That's probably the biggest opportunity for us. As Scott signaled in his prepared remarks, what we're really getting excited about, whether it's future phases of Greenlight, whether it's the West Coast oil pipeline opportunity, is the ability to extend that growth that we've signaled through 2030 into the next decade.

[Cameron Goldade, CFO at Pembina Pipeline]

Based on some of those opportunities, based on the condensate opportunity that we talked about earlier, and the breadth and the integration of our value chain, which we truly believe is unmatched, we stand very well positioned to continue to grow at that rate into the next decade.

[Spiro Dounis, Analyst at Citi]

That's helpful color, Cam. Thank you for that. Second one, we were just going to the West Coast oil pipeline, actually. Scott, you had mentioned sort of taking a prudent approach here and wanted to dig into that a little bit further. Just curious how you're thinking about the need to sort of protect your capital and preserve your return if this project does go forward. Maybe perhaps more broadly, can you just talk about your overall decision to get involved here?

[Spiro Dounis, Analyst at Citi]

I think as has been highlighted on this call, you really benefit from WCSB growth almost regardless of the egress method. Curious maybe what some of the rationale was here.

[Scott Burrows, President and CEO at Pembina Pipeline]

Sure. I think from a Pembina perspective, there was discussions over time of our involvement in TMX. I think that the southern route and that idea of getting our Canadian depressed prices higher through egress has always been a strategy, clearly is highlighted in our 3Cs Strategy. When I think about the strategy, this fits clearly in the connect bucket. Anything we can do in a basin, whether it's natural gas, LPGs, crude oil, to increase the production and the net back for our customers has that knock-on effect throughout the business.

[Scott Burrows, President and CEO at Pembina Pipeline]

Just from a core strategic perspective, it fits directly in what we're talking about. I think we see an opportunity here, as we talked about previously, to be part of a consortium where we're able to lend our experience and really complement and not replace the project proponent and bring our skilled project execution discipline to it. We're pretty excited about our role. I would say that we approach this no different than how we approach many of our projects. We look at the risk return trade-off.

[Scott Burrows, President and CEO at Pembina Pipeline]

We have our long track record of financial guardrails. We're willing to put some money at risk, but it comes back to the risk/reward. When we stacked up all the key aspects of this project, we felt like it was something that we wanted to be involved in and are very excited about it, not just for Pembina, but what it can do for the basin as well.

[Spiro Dounis, Analyst at Citi]

Great. Appreciate it, Scott. I'll leave it there. Thanks, everyone.

[Operator]

Your next question comes from the line of Praneeth Satish with Wells Fargo. Your line is now open. Please go ahead.

[Praneeth Satish, Analyst at Wells Fargo]

Thanks. Good morning, everyone. Staying on Greenlight here. Broadly speaking, I know it's still early, but when you think about phase II and when you think about another potential site, should we expect the economics and commercial structure and risk profile broadly to look like phase I now that you've got that out there? Is that the blueprint or the rough template for how you're pursuing some of these other projects? Do you think they're all a little bit different?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

It's Chris here. As I was saying earlier, we really feel like we've proved out our thesis on gas to power as a midstream business in Alberta, part of that is certainly the commercial construct and how we've thought about the risk profile and the fit of the project with how we think about our broader business. It's still in motion, certainly, and still underway, but future phases, we're targeting to structure them in a similar way to phase I. They're going to be long-term. They're going to be fixed-fee, low-risk arrangements that align with Pembina's business model.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

As you get out into expansions, not necessarily everything always looks the same end of time, but we've been really effective across all of our businesses of keeping that risk profile and keeping that structure in line with our business model, this will be no different.

[Praneeth Satish, Analyst at Wells Fargo]

Got it. That makes sense. Switching gears, there are a number of pipeline projects being proposed in the U.S. to serve growing load demand in the Midwest, Alliance and Aux Sable sit right in the middle of that demand corridor. I'm just wondering if you see an opportunity to expand and extend south of Aux Sable and participate in some of that growth.

[Jaret Sprott, COO at Pembina Pipeline]

Good morning. Jaret here. With respect to expanding downstream of the terminus of Alliance Pipeline, past the Channahon Extraction Facility, I would say we're probably more focused in getting incremental gas egress unlocked out of Western Canada so our customers can produce more condensate, like Scott talked about and Cam talked about. That entire flywheel needs to find egress for all of those products as oil sands grows. I would say we're probably more inclined to look at getting more gas down into the Midwest versus just extending the existing gas volume further down the value chain.

[Praneeth Satish, Analyst at Wells Fargo]

Got it. Okay. Yeah, no, that's what I was suggesting here to bring some of that gas down and serve the demand load. Understood. Thank you.

[Operator]

Your next question comes from the line of Aaron MacNeil with TD Cowen. Your line is now open. Please go ahead.

[Aaron MacNeil, Analyst at TD Cowen]

Hey, morning, all. Thanks for taking my questions. Cam, you sort of touched on this a bit already, wanted to put a finer point on it. Can you remind us of the basin growth assumptions that underpin your April business update guidance and how you might take a crack at sensitizing the guidance in the event that production growth exceeds your assumption? Maybe as a follow-on, are there projects that were not referenced in that update that would be required, like a new fractionator or incremental pipeline expansions?

[Aaron MacNeil, Analyst at TD Cowen]

Would they be required to realize that higher production-driven growth rate?

[Cameron Goldade, CFO at Pembina Pipeline]

Sure, Aaron. As I mentioned earlier, the volume growth that was embedded in our April 7th update and our 2026-2030 outlook was, again, in a bit of a historical sense. We've seen liquids volume growth over the past four or five years in that 2%-3% range, and that's effectively what we embedded in our outlook. I think, as I mentioned earlier, if you see that escalate beyond that, our math is that there's a very direct relationship in terms of our growth and the basin growth stepping up.

[Cameron Goldade, CFO at Pembina Pipeline]

Percentage point for a percentage point, obviously, depending on timing and when that comes, but if you want to try and distill it to the highest level, that's the way I would think about it. In terms of the investment there, I think that one of the values of our franchise is the breadth and the integration, and as you know, we have de-bottlenecked various points of that franchise along the way. Certainly, on the pipeline side, we de-bottlenecked upstream of Fox Creek significantly over the past five years.

[Cameron Goldade, CFO at Pembina Pipeline]

We made the investment close to 10 years ago to create the corridor from Fox Creek in, and we continue to have space there. I will say, if we see activity, and we do start to see 1 MMbbl or more of new crude egress come to fruition and the requirements for condensate and the associated NGLs that come along with that

[Cameron Goldade, CFO at Pembina Pipeline]

I think it's no surprise that we will be looking for additional fractionation capacity in the basin. There may be a devolvement investment depending on where that supply comes from. We certainly do have some running room in the near term here, and the ability to respond quickly and capital efficiently where there isn't.

[Aaron MacNeil, Analyst at TD Cowen]

Nope. Makes sense, that's a helpful rule of thumb. I can appreciate you're committed to self-funding growth today, maybe just a hypothetical for now, what market conditions would have to occur to incentivize you to deviate from that? What might the funding plan look like in that scenario?

[Cameron Goldade, CFO at Pembina Pipeline]

Yeah. I'll remind everyone that our target leverage range or our leverage guardrail has been 3.5x-4.25x senior debt, proportionately consolidated senior debt to EBITDA for a very long time now. Clearly, we've been well below that because, as you mentioned, we've been very much executing within free cash flow for the balance of the past five years. I think we look at that. When you look at whether or not we would go, say, beyond 4x, which we haven't done, but whether we would do that, you sort of have to look at the overall risk profile of the business and the opportunity.

[Cameron Goldade, CFO at Pembina Pipeline]

Where we've significantly mitigated all other risks in the business, I think that gives you some confidence to be able to accept risk in other areas of the business. So those are the conditions. I think you need to see a very clear path to getting back towards the middle of your target range, which is where we prefer to operate. I would say that clearly we are at a generational point in the industry at the moment. The type of investment opportunities that we're seeing, both in terms of ability, scale, and returns are very compelling.

[Cameron Goldade, CFO at Pembina Pipeline]

So we really need to take a long-term perspective as we look at these investment opportunities to generate the most value.

[Aaron MacNeil, Analyst at TD Cowen]

Okay, great. Thanks. I'll turn it back.

[Operator]

Your next question comes from the line of Maurice Choy with RBC Capital Markets. Your line is now open. Please go ahead.

[Maurice Choy, Analyst at RBC Capital Markets]

Thank you, and good morning, everyone. To start with the West Coast oil pipeline. I suspect it might be too early to talk about customer volumes in the coming years, but maybe you could give us a vision as to what needs to happen between now and FID, whether that be between the industry, the governments, before we do see the first customer volumes get contracted.

[Scott Burrows, President and CEO at Pembina Pipeline]

Sure, Maurice. It's Scott here. I don't think about this too different than any other major project when it comes to FID. Clearly, we'll need to have a regulatory approval with conditions under which we can construct. We need to have a competitive cost estimate, then we'll need a certain level of volumes to underpin the investment. All of that's going to happen over the next, call it 18 months, as we advance the project. I don't see it really any different than any other major project.

[Scott Burrows, President and CEO at Pembina Pipeline]

Based on what we're seeing and hearing, we do think volumes are going to be there, so we're pretty optimistic.

[Maurice Choy, Analyst at RBC Capital Markets]

Gotcha. If I could finish off with a question about power, or more just more broadly about your growth platform. I think in your press release, you mentioned that Greenlight establishes an entirely new growth platform. I think, Chris, you mentioned earlier that this Greenlight project obviously proves out your gas to power thesis. I think in the past, you've mentioned that you're not looking to grow an IPP within the company. Sure there's future phases of Greenlight on the same site, could you just talk to any plans to grow this platform beyond Greenlight?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Hey, Maurice. Thanks for the question. Chris again. When we think about what was really attractive to us about this project and about this business, it really starts with the macro, right? The energy demand growth associated with data centers and AI, and all the rest of it. That demand being served by natural gas-fired power generation's pretty attractive for us. It catalyzes demand in our basin for natural gas. That part all holds. It's really about can we build it into the type of business that we really like, and the midstream construct we really like.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

The nature of Greenlight fits that very well. At this time, merchant power does not fit into that or being an independent power producer does not fit into that. We think there's lots of running room on the model. We've proved it out here with Greenlight, and are not pointed down a path towards IPP or merchant power.

[Maurice Choy, Analyst at RBC Capital Markets]

Just to be clear, you're okay going down being a contracted IPP in Alberta?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

We're contracted going down the path of We're confident going down the path of deals that look similar to Greenlight, in commercial structure and risk profile.

[Maurice Choy, Analyst at RBC Capital Markets]

Perfect. Thank you very much for that.

[Operator]

Your next question comes from the line of Sam Burwell with Jefferies. Your line is now open. Please go ahead.

[Sam Burwell, Analyst at Jefferies]

Hey, guys. Good morning. Of all the projects that you called out in the April business update that are still pre-FID, which would you say are the nearest and then maybe the furthest away from sanctioning? I guess specifically on the Nipisi Pipeline, Clearwater's gotten a lot of momentum, but with a fairly concentrated crew of producers. Just curious what the progress is on that one in particular.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Yeah, thanks for the questions, Chris. Obviously, we've seen tremendous growth out of the Clearwater basin. The net backs are phenomenal. In this price environment, the growth has certainly reflected that. The result of which is it's filling our existing pipe that's there. That's been a tremendous success if you recall the history on that. We're working with producers today and still to chart a path forward that works for both of us, and optimistic about the potential to expand that pipe in the not too distant future. At this stage, it's in commercial negotiations.

[Cameron Goldade, CFO at Pembina Pipeline]

Sam, it's Cam here. I'll just chip in on some of those other opportunities. We've talked about the opportunity for butane value enhancement. I think we saw length in the butane market in Western Canada for some time, and I think with what we're seeing as the opportunity in the future with greater crude egress and the flywheel effect of that is only growing from there. We continue to investigate a solution that involves butane value enhancement. Likewise, on some of the incremental pipe egress, particularly towards Northeast B.C.

[Cameron Goldade, CFO at Pembina Pipeline]

Again, I think we continue to work closely with customers around the timing of those needs, and as is usual, people are very much into budgeting season here for the next year and the following years. I think it's a really a when, if not, if, that occurs. Outside of that, it really comes down to just unlocking just ratable core volume growth as we see through existing capacity.

[Sam Burwell, Analyst at Jefferies]

Okay, great. I'll try to sneak another one in on the West Coast oil pipeline. It seems like you guys have tremendous optionality and do have some protections on cost, you also stated in the April business update that the max build multiple you'd consider would be 10x. I would assume that holds for your potential participation in the West Coast oil pipeline. Curious if that contemplates the option to add the extra 10% after project completion or if your returns would be effectively met through just the initial 10%.

[Cameron Goldade, CFO at Pembina Pipeline]

It's Cam here, Sam. When we talked on April 7th about our history in terms of capital deployment, it was very much historically speaking, with our current development portfolio, in that 6x-8x range historically for greenfield type opportunities. When you look at our model, a desire to grow in that mid-single digit range over the long term, really it sort of drives towards something that continues to need to be capital investment along those type of parameters with the right risk profile.

[Cameron Goldade, CFO at Pembina Pipeline]

Again, we're very focused on both the return and the risk profile of the investment opportunity, and the West Coast oil pipeline is no different. It's a bit preliminary to sort of get into bright lines at this point because we have a lot of work to do on all fronts there. Suffice to say, as Scott said, and just to reinforce, the capital allocation decision for that opportunity will be no different than it is for our other portfolio investments.

[Sam Burwell, Analyst at Jefferies]

Okay, got it. Thank you, Cam.

[Operator]

Your next question comes from the line of Robert Catellier with CIBC Capital Markets. Your line is now open. Please go ahead.

[Robert Catellier, Analyst at CIBC Capital Markets]

Hey, good morning, everyone. I just wanted to quickly go back to the NGL picture here. You continue to highlight the strong outlook for the basin and the strong NGL fundamentals. Of course, you have that exposure through your export facility and some contractual export exposure elsewhere. When you look at the evolution of the basin and what's possible if oil sands production does grow, as you mentioned, it's going to require more fractionation.

[Robert Catellier, Analyst at CIBC Capital Markets]

I'm just wondering about your views in terms of fractionation and extraction in the field closer to the West Coast export points compared to Redwater, where you have so much scale and so many tools already.

[Jaret Sprott, COO at Pembina Pipeline]

Morning, Rob. Jaret here. I think you're probably referencing a recent announcement of some incremental barrels going west from Northeast B.C. Maybe I'll just take a step back and talk about our fractionation complex. We absolutely believe the size and scale of the Edmonton area does provide the customers with a significant amount of redundancy, storage, rail egress. You have multiple rail providers to go to different markets, depending on if pricing are swinging, you can go to Eastern Canada, you can go down to the States, you can go internationally, you can go into Mexico, etc. We still believe the fundamental thesis is

[Jaret Sprott, COO at Pembina Pipeline]

That NGLs coming into the Edmonton-Fort Saskatchewan area does provide customers with a lot of advantages. I will note that just the majority of the barrels that come into that region are kind of Alberta based. With respect to some niche opportunities going directly to the coast, it's fairly relatively small. I think it works for certain customers in certain regions. Overall, it's kind of anticipated in our 5-7 CAGR that we put out on April 7th. You have to realize that those customers are making a choice long-term to dedicate those small barrels to Asia, essentially.

[Jaret Sprott, COO at Pembina Pipeline]

It'd be very hard for them to capture an Eastern Canada price spike, for example. Overall, we still think Fort Saskatchewan and Edmonton as extremely competitive and scalable.

[Robert Catellier, Analyst at CIBC Capital Markets]

Yeah. Okay, great. I just wanted to move on to Cedar LNG here. It just looks like the construction's going incredibly well. At this point, what do you see as the remaining risk factor to be able to hit those first cargoes in 2028?

[Scott Burrows, President and CEO at Pembina Pipeline]

Yeah. I think, Rob, the big unknown, I don't say this as a negative, will just be the ultimate hook-up and commissioning of the ship. I think everything as of right now, the pipeline's done, as we talked about. The transmission line will be done early. Our third-party compressor station is wrapping up construction. BC Hydro is on track. The ship is tracking slightly early for arrival. When you stack all of it up, really the unknown, and again, not because I'm worried about it just will be the ultimate commissioning of the ship because everything that's in our control or a third party's control right now is tracking very well.

[Robert Catellier, Analyst at CIBC Capital Markets]

Okay. Thanks very much.

[Operator]

Your next question comes from the line of Sumantra Banerjee with UBS. Your line is now open. Please go ahead.

[Sumantra Banerjee, Analyst at UBS]

Hi. Good morning. Thank you so much for taking the question. You mentioned that HEP it was accompanied by amendments to an existing ethane supply agreement with Dow. Was just curious about if you had any higher level of commentary on what you're seeing in terms of global ethane demand.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Oh, the question's around global ethane demand and the relationship to our existing arrangements, is that right?

[Sumantra Banerjee, Analyst at UBS]

That's right.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Yeah. It's Chris. Happy to take that. Obviously, we've seen a lot of growth in Western Canada on the ethane demand front with the Dow's announcement. There remains length in the basin for sure, and others have been out talking about the potential opportunity to get that to Asian markets in particular. You can see why, if you pay attention to some of the pricing or watch closely some of the pricing that I've been seeing for ethane sold off the dock in the coast and landed in certain parts of Asia.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

It's a pretty compelling proposition. We've spent time understanding and continue to spend time understanding the cost structure and all the rest of it associated with getting that product to Asia. I think we've got great partners in the basin and great partners in Western Canada in the ethane cracking business that we've got tremendous relationships with. We think there's even potential for more of that in the future. Certainly, some of the global price dynamics are driving some different exploration by different participants.

[Sumantra Banerjee, Analyst at UBS]

Got it. That's very helpful. Also, just curious if you're noticing anything on the storage front as well in terms of incremental opportunities.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

On the storage front?

[Sumantra Banerjee, Analyst at UBS]

That's right.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

It certainly depends which products. Crude storage, in its backwardated state and at least a little bit of available capacity at the moment, has not seen a ton of opportunities associated with it, but there certainly are opportunities popping up there. We continue to take advantage of seasonal and different storage opportunities on the NGL side. We've got a pretty substantial position there, and then no real insights to provide on gas storage.

[Sumantra Banerjee, Analyst at UBS]

Got it. That makes sense. Thank you so much.

[Operator]

Your next question comes from the line of Benjamin Pham with BMO. Your line is now open. Please go ahead.

[Benjamin Pham, Analyst at BMO]

Thanks. Good morning. I just want to go back to the Canadian West Coast Pipeline opportunity. Can you flesh out, I noticed some timelines that have been noted before in the press. I'm just curious about as we look forward to the key milestones for this pipeline into FID, when your non-binding becomes binding, what that binding actually means, and then beyond that binding, what other key items to look for?

[Sarah Schwann, Chief Legal, People, and Corporate Affairs Officer at Pembina Pipeline]

Happy to. This is Sarah. Right now, obviously, it's been a very busy month since we made the announcement in June. We're working very closely with our government partners on the key work streams, the first one being, or a primary one being, obviously, the definitive agreements and working to support a Major Projects Office on their Projects National Interest Assessment. The first milestone as we look forward is really targeting that October 1st designation under the Building Canada Act.

[Sarah Schwann, Chief Legal, People, and Corporate Affairs Officer at Pembina Pipeline]

Around that same time, we are anticipating that definitive agreements will be finished, and we will then move into proceeding with the CER or other regulatory applications that are required, that Scott referenced, in order to get to an FID decision. These are the sort of core pieces as we look forward. Obviously, there's a lot of compressed timelines and optimism as we look at this. We will be pulling it together, and targeting early commencement of operations next fall.

[Benjamin Pham, Analyst at BMO]

Okay. Got it. As you just maybe take a step back, I know you have oil pipes, you have storage in the mix. You had looked at Trans Mountain in the past, now taking West Coast Pipe. You mentioned that you're supporting oil pipes that benefits your business broadly and in the basin. Do you have appetite for anything beyond taking West Coast Pipe? There's also a number of other alternatives being proposed out there that may be looking for partners or investments.

[Scott Burrows, President and CEO at Pembina Pipeline]

No, not right now. This is West Coast oil Pipeline, our focus.

[Benjamin Pham, Analyst at BMO]

Okay. Got it. Maybe just one quick one. It's really been night and day for your cost of capital over the last year. That's creating a lot of value for organic growth, just given returns have been still quite attractive. How are you doing with the M&A landscape today, especially in the U.S. side of things? Are there assets you can shake out and maybe build a new footprint there to build on?

[Cameron Goldade, CFO at Pembina Pipeline]

Hey, Ben, it's Cam. It's probably pretty consistent with our comments in the past, which is, one, we're always looking at how we can enhance the business strategically and what fits within the 3Cs Strategy. Obviously, Capture, Connect, and Catalyze underpins all of that. Our view continues to be as it's been for some time, that the opportunity that we see in front of us at the moment and for the near term is really probably more so with respect to tuck-in opportunities as they come and sort of have strong strategic fit with the rest of our business. It sort of speaks to the opportunity in front of us organically and what we have.

[Cameron Goldade, CFO at Pembina Pipeline]

As we said, we have a very strong growth profile through the end of the decade and setting up to continue to have that into the next decade. Our focus would be executing that, executing that well, appointing our company's resources towards doing a really strong execution job on those opportunities, just like we have, and sort of smaller tuck-in opportunities where they present themselves and fit strategically.

[Benjamin Pham, Analyst at BMO]

Okay. Got it. Thanks a lot.

[Operator]

Your next and final question comes from the line of Robert Hope with Scotiabank. Your line is now open. Please go ahead.

[Robert Hope, Analyst at Scotiabank]

Morning, everyone. Maybe just going back to the potential for incremental gas-to-power opportunities. Acknowledge kind of your commentary on the commercial structure there, but how should we think about the ownership structure? If Greenlight is expanded, would that be with Kineticor, or if you are looking for other opportunities, could you be lead developer and 100% owner of those opportunities?

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Hey, Robert. It's Chris. We're really happy with the Kineticor team as the team that's leading this for us. We're also really happy with the partnership we have and the partner we have in place. We're seeing lots of alignment across the partners and the execution team to really pursue what we're trying to pursue in this space. With all that, we think it really is in support of us maintaining that first-mover advantage. It's really in support of us having all the right expertise and capabilities and financial wherewithal to keep investing in this space.

[Chris Scherman, Chief Marketing and Strategy Officer at Pembina Pipeline]

Yeah, at this time, that's our team, that's our partnership. We like it, and that's going to be the vehicle we're pursuing these investments in.

[Robert Hope, Analyst at Scotiabank]

I appreciate that. Going over the West Coast Pipeline. It is possible that the new West Coast Pipeline could operate as a kind of a common carrier or a common system with the existing Trans Mountain system there, including moving ships in between the docks. When you think about that, could there be an opportunity or is there a way to kind of, we'll call it, normalize your ownership interest in not only the West Coast Pipeline, but in the broader overall system?

[Scott Burrows, President and CEO at Pembina Pipeline]

Robert, I would say at this time and stage, you should think about them as two completely independent projects with independent owners and independent development. In this five minutes, that's not being contemplated.

[Robert Hope, Analyst at Scotiabank]

Thank you.

[Operator]

There are no further questions at this time. I will now turn the call back to Scott Burrows for closing remarks.

[Scott Burrows, President and CEO at Pembina Pipeline]

Thank you. It was an announcement-filled quarter at Pembina. Our successes reflect very strong momentum within the Canadian energy industry. Our ability to capture opportunities, both as a first mover through Greenlight and a trusted project development partner, as showcased by the West Coast Oil Pipeline project, continues to differentiate us among peers. We are seeing new developments across all commodities within the WCSB. Pembina's integrated value chain is uniquely positioned to capture this momentum.

[Scott Burrows, President and CEO at Pembina Pipeline]

Our confidence in the growth outlook, both to 2030, but also well into the next decade, is continuing to strengthen. We hope you share our excitement as we continue to execute our strategy to capture, connect, and catalyze in service of creating value for our shareholders. I'm incredibly proud of our amazing Pembina team and everything we have accomplished this quarter. Thanks for joining us today, enjoy the rest of the summer, and we look forward to speaking to you again soon.

[Operator]

This concludes today's call. Thank you for attending

Participants

Executives

• Dan Tucunel, VP of Capital Markets
• Scott Burrows, President and CEO
• Cameron Goldade, CFO
• Chris Scherman, Chief Marketing and Strategy Officer
• Jaret Sprott, COO
• Sarah Schwann, Chief Legal, People, and Corporate Affairs Officer

Analysts

• Jeremy Tonet, Analyst at JPMorgan Securities LLC
• Theresa Chen, Analyst at Barclays
• Spiro Dounis, Analyst at Citi
• Praneeth Satish, Analyst at Wells Fargo
• Aaron MacNeil, Analyst at TD Cowen
• Maurice Choy, Analyst at RBC Capital Markets
• Sam Burwell, Analyst at Jefferies
• Robert Catellier, Analyst at CIBC Capital Markets
• Sumantra Banerjee, Analyst at UBS
• Benjamin Pham, Analyst at BMO
• Robert Hope, Analyst at Scotiabank