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Pembina Pipeline Corporation Reports Strong Results for the First Quarter 2022, Raises 2022 Guidance and Provides Business Update

Press Release

First quarter results reflect strong marketing contribution and support revised full year outlook amidst growing sector activity

All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles (“GAAP”), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see “Non-GAAP and Other Financial Measures” herein.

CALGARY, AB, May 5, 2022  – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: PBA) announced today its financial and operating results for the first quarter 2022.


  • Record Quarterly Results – delivered first quarter earnings of $481 million and record quarterly adjusted EBITDA of $1 billion, reflecting higher natural gas liquids and crude oil prices and margins, and rising volumes on key systems.
  • Guidance Raised – 2022 adjusted EBITDA guidance range has been revised to $3.45 to $3.6 billion (previously $3.35 to $3.55 billion).
  • Peace Pipeline Expansion Updates – the Phase VIII expansion has been reactivated and the Phase VII expansion is undergoing final commissioning and is expected to enter commercial service on June 1, 2022 ahead of schedule and under budget.
  • New NEBC Producer Commitment – Pembina has entered into a 20-year midstream services agreement, for the transportation and fractionation of liquids, with a premier northeast British Columbia Montney producer.
  • New Gas Processing Joint Venture – as previously disclosed, Pembina has entered into definitive agreements with affiliates of KKR & Co., Inc. (collectively, “KKR”) to combine their respective western Canadian natural gas processing assets into a single, new joint venture entity. Closing of the transaction is expected in the third quarter.
  • Alberta Carbon Grid – during the first quarter, the Government of Alberta announced that the Alberta Carbon Grid has been successfully chosen to move to next stage of the Province’s carbon capture, utilization and storage process in the industrial heartland.

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