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Here are a few brief analogies for Pembina Pipeline (PBA):

• Union Pacific for oil and gas.
• Con Edison for oil and gas infrastructure.

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• Pipeline Transportation: Providing the movement of crude oil, natural gas, and natural gas liquids (NGLs) through an extensive network of pipelines.
• Natural Gas Processing: Offering services to process raw natural gas, removing impurities and extracting valuable natural gas liquids.
• NGL Fractionation: Separating mixed natural gas liquids into individual components such as ethane, propane, and butane for various end-uses.
• Terminals and Storage: Operating facilities for the storage and handling of crude oil, NGLs, and natural gas to support market access and supply chain efficiency.
• Hydrocarbon Marketing: Engaging in the purchase, sale, and marketing of crude oil, NGLs, and natural gas to optimize value and manage logistics.

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Pembina Pipeline Corporation (PBA) primarily sells its services and products to other companies within the energy sector, rather than directly to individual consumers. Given the nature of its business – operating pipelines, gas gathering and processing facilities, and NGL infrastructure – its major customers are typically large-scale industrial and commercial entities.

While specific customer names are generally not disclosed by pipeline companies due to commercial confidentiality, the categories of companies that utilize Pembina's infrastructure and services include:

• Upstream Oil and Gas Producers: These are companies involved in the exploration and extraction of crude oil, natural gas, and natural gas liquids (NGLs). They rely on Pembina's pipelines to transport their raw products from production sites to processing facilities or market hubs, and on Pembina's facilities for gas gathering and processing to prepare the products for market.
• Refineries and Petrochemical Companies: These companies are major consumers of crude oil and NGLs. They utilize Pembina's transportation services to receive raw materials which they then process into refined petroleum products (such as gasoline, diesel, jet fuel) or petrochemical feedstocks used in the manufacturing of plastics and other chemicals.
• Natural Gas and NGL Marketers/Traders: These entities buy and sell natural gas and natural gas liquids in wholesale markets. They leverage Pembina's extensive pipeline network and storage facilities to transport, store, and manage their commodity portfolios, ensuring efficient delivery to various end-users or other market participants.

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Scott Burrows, President & Chief Executive Officer

Scott Burrows was appointed President and Chief Executive Officer of Pembina Pipeline in February 2022, after serving as interim President and CEO since November 2021. Prior to this, he held the position of Chief Financial Officer for Pembina for approximately seven years. His earlier roles at Pembina included Vice President, Capital Markets, and Vice President, Corporate Development and Investor Relations. Before joining Pembina in November 2010, Mr. Burrows spent seven years in energy-focused investment banking, where he provided advisory services for mergers and acquisitions, dispositions, joint ventures, and various financings. He possesses significant experience within the energy industry, particularly with petroleum, natural gas, and other product pipelines and related infrastructure. He holds a Bachelor of Commerce from the University of British Columbia and is a CFA Charterholder.

Cameron Goldade, Senior Vice President & Chief Financial Officer

Cameron Goldade was appointed Chief Financial Officer of Pembina Pipeline in 2022, having served as interim Chief Financial Officer since November 2021. Before this, he was Pembina's Vice President, Capital Markets, responsible for corporate development, corporate planning, investor relations, treasury, and cash management functions. Prior to joining Pembina in 2015, Mr. Goldade accumulated eleven years of experience in energy-focused investment banking, advising on mergers and acquisitions, dispositions, joint ventures, and equity and debt financings. His expertise spans various aspects of the energy industry, including petroleum, natural gas, and pipeline infrastructure.

Jaret Sprott, Senior Vice President & Chief Operating Officer

Jaret Sprott has served as Senior Vice President and Chief Operating Officer of Pembina Pipeline since early 2022. In this role, his responsibilities expanded to include oversight of the Pipelines Division, which covers pipeline transportation, terminalling, storage, and rail services across North America for various hydrocarbons. He also oversees Pembina's joint ventures, including Alliance Pipeline, Aux Sable, and Pembina Gas Infrastructure, and serves on the boards of Pembina Gas Infrastructure and Cedar LNG. Previously, he was Senior Vice President and Chief Operating Officer, Facilities, managing gas processing, fractionation, rail, storage, and import/export assets. Mr. Sprott joined Pembina in January 2015 as Vice President of its Gas Services business unit. Before joining Pembina, he held a senior management position at a major energy producer (Encana Corporation, now Ovintiv), where he led the growth of the Montney liquids play in Alberta and British Columbia and managed operations of non-core assets. He holds a Bachelor of Applied Science in Petroleum Systems Engineering from the University of Regina and is a member of APEGA.

Janet Loduca, Senior Vice President, External Affairs & Chief Legal and Sustainability Officer

Janet Loduca is the Senior Vice President, External Affairs and Chief Legal and Sustainability Officer at Pembina Pipeline. She is responsible for Pembina's legal, land, environment and regulatory, community and Indigenous affairs, government relations, communications, and enterprise risk departments, as well as the company's long-term sustainability strategy. Ms. Loduca brings nearly 30 years of experience in legal, environmental, regulatory, sustainability, and executive leadership. Prior to joining Pembina in 2020, she spent 20 years at Pacific Gas and Electric Company (PG&E), where her senior roles included General Counsel, Chief of Staff to the President, Vice President of Communications, Vice President of Safety, Health and Environment, and Vice President of Investor Relations. She also worked as an attorney for the environmental law firm Beveridge & Diamond PC and as a trial attorney for the environmental crimes section of the U.S. Department of Justice. Janet holds a J.D. from the University of San Francisco and a B.A. from the University of Washington.

Chris Scherman, Senior Vice President, Marketing & Strategy Officer

Chris Scherman is the Senior Vice President, Marketing & Strategy Officer at Pembina Pipeline. He was appointed to this role in 2023, after serving as Vice President, Marketing since January 2020, where he managed Pembina's commodity marketing activities, including buying and selling commodities, arbitrage, optimization, and logistics. Before his marketing role, Mr. Scherman was Vice President, General Counsel and Corporate Secretary. Prior to joining Pembina, he practiced corporate, energy, and Mergers & Acquisitions law at a prominent Canadian business law firm. Chris holds a Juris Doctor (J.D.) with Distinction from the University of Saskatchewan and a bachelor's degree from the University of Calgary.

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1. Regulatory Environment and Decisions: Pembina Pipeline faces risks associated with the regulatory environment, particularly concerning the Canadian Energy Regulator's (CER) toll review of its Alliance Pipeline. The Alliance Pipeline is a critical asset, contributing significantly to Pembina's adjusted EBITDA, and its "at-risk" commercial model means returns depend on customer demand and efficiency. While a 10-year toll settlement has been reached with shippers, securing revenue until 2035, ongoing or future regulatory scrutiny and decisions could still impact earnings.
2. Commodity Price Volatility: The company's marketing business is susceptible to fluctuations in commodity prices, specifically natural gas liquids (NGL) and natural gas prices. This volatility can lead to lower frac spreads and narrower margins in crude oil marketing, which is reflected in a moderated outlook for the marketing business's contribution to earnings.
3. Competition and Growth Trajectory: Pembina faces challenges from heightened competition and potential difficulties in contract renewals, which could impede its growth. Concerns have been raised by financial institutions regarding anticipated slower EBITDA growth compared to market consensus, and there are warning signs in the company's financial health, including an Altman Z-Score indicating potential financial distress and a decline in revenue per share over the past three years, alongside potential liquidity constraints.

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The accelerated global energy transition away from fossil fuels, driven by decarbonization efforts, increasing adoption of renewable energy sources, and electrification across various sectors. This emerging trend directly challenges the long-term demand for the hydrocarbons Pembina Pipeline transports and processes, potentially leading to declining throughput volumes, underutilized infrastructure, and reduced need for future capital expenditures in traditional midstream assets.

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Pembina Pipeline Corporation (PBA) operates across three primary segments: Pipelines, Facilities, and Marketing & New Ventures, with assets primarily located in Western Canada and serving markets across North America.

Pipelines

Pembina's Pipelines segment provides transportation, terminalling, storage, and rail services for crude oil, condensate, natural gas liquids (NGLs), and natural gas across North America.

• Crude Oil Transportation: The global crude oil transportation market was valued at approximately USD 75.4 billion in 2023 and is projected to grow to about USD 112.5 billion by 2032. North America holds a significant share of this market, accounting for over 35% in 2023, and is expected to exceed USD 40 billion by 2032. The pipeline segment itself constituted over 65% of the crude oil transportation market share in 2023.
• Natural Gas Liquids (NGLs) Transportation: The Canadian NGL market encompasses the production, processing, and distribution of hydrocarbons such as ethane, propane, butane, and natural gasoline. In 2024, Canada's daily exports of NGLs averaged 218.3 thousand barrels per day (Mb/d) for propane and 56.1 Mb/d for butane. The total value of propane exports reached USD 3.15 billion, and butane exports reached USD 0.76 billion in 2024, primarily destined for the U.S., Japan, South Korea, and Mexico. Pembina's agreements to supply and transport up to 50,000 barrels per day of ethane for a new facility in Fort Saskatchewan represent a substantial increase in Alberta's ethane market.
• Natural Gas Transportation: The North America oil and gas pipeline market was valued at USD 6.52 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.01% through 2028. The natural gas distribution industry in Canada is estimated to be approximately USD 17.1 billion in 2025. Canada is a major natural gas producer, with a significant portion exported to the United States. In 2021, Canada exported nearly 80 billion cubic meters of natural gas via pipelines to the United States.

Facilities

Pembina owns and operates gas gathering and processing facilities and NGL infrastructure. Pembina Gas Infrastructure (PGI) is noted as the largest third-party gas processor in Canada, covering regions from North Central Alberta to Northeast British Columbia. The Redwater Fractionation Complex, also operated by Pembina, is the largest NGL fractionation complex in Canada.

• No specific addressable market size could be identified for gas gathering and processing facilities or NGL fractionation as standalone figures.

Marketing & New Ventures

This segment focuses on commodity marketing activities, including buying, selling, and optimizing storage.

• Liquefied Natural Gas (LNG) Export: Pembina has secured a 20-year agreement for 1.0 million tonnes per annum of liquefaction capacity at the Cedar LNG facility. The Canada LNG market size was valued at USD 8.12 billion in 2024 and is projected to reach USD 15.45 billion by 2032, growing at a CAGR of 8.4% from 2026 to 2032.

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Pembina Pipeline Corporation (PBA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Full Consolidation and Synergies from Alliance and Aux Sable Acquisition: Pembina's full consolidation of the Alliance Pipeline and Aux Sable processing business is a significant driver. This acquisition has already contributed to increased net revenue and operational consolidation, leading to higher adjusted EBITDA and pipeline volumes. The full-year impact of this consolidation is expected to continue positively influencing revenue in 2025.
2. Advancement and Commissioning of Major Projects (e.g., Cedar LNG, RFS IV, Wapiti Expansion): Pembina is progressing several large-scale projects that are anticipated to bolster future revenue. The Cedar LNG project, which reached a positive final investment decision in June 2024, is on track for completion in 2028 and is supported by a 20-year agreement with PETRONAS for a significant portion of its liquefaction capacity. Additionally, projects like the RFS IV (Redwater Fractionation System) expansion and the Wapiti Expansion are nearing completion and are expected to enter service throughout the first half of 2026, contributing to increased capacity and processing capabilities.
3. Volume Growth in the Western Canadian Sedimentary Basin (WCSB) and Conventional Pipeline Expansions: The company anticipates multi-year volume growth through the balance of the decade, driven by transformational developments in the Western Canadian energy industry. This includes demand from the Trans Mountain Pipeline expansion, new West Coast LNG and NGL export capacity, and new petrochemical facilities. Pembina is also investing approximately CAD 1 billion in conventional pipeline projects, such as the Fox Creek-to-Namao Expansion of the Peace Pipeline system, the Taylor-to-Gordondale Project, and the Birch-to-Taylor Northeast BC system expansion, to meet growing demand and transport increasing volumes of natural gas, NGLs, and crude oil from the WCSB.
4. Contractual Inflation Adjustments and Stable Fee-Based Revenue: A substantial portion of Pembina's earnings are fee-based and generated through long-term contracts, providing a stable revenue base. The company benefits from contractual inflation adjustments on its tolls, which contribute to revenue growth. Recent shipper elections on the Alliance Pipeline, which include new term-differentiated tolls with a 10-year option on a significant portion of capacity, further strengthen Pembina's long-term contractual profile.

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Share Repurchases

• In February 2021, Pembina announced a normal course issuer bid (NCIB) to repurchase up to 27,497,469 common shares, representing five percent of its outstanding common shares at the time.
• A previous NCIB, which allowed for the buyback of nearly 29 million shares between May 2024 and May 2025, saw approximately 1.2 million shares repurchased at a weighted average price of CAD 41.76 per share.
• In May 2025, Pembina renewed its share repurchase program, authorizing the repurchase of up to 29,045,408 common shares (five percent of issued and outstanding shares) through May 15, 2026. Notably, no shares were repurchased under the NCIB that expired on May 15, 2025.

Share Issuance

• Pembina Pipeline did not report any significant common or preferred share issuances for new equity during the last three to five years. The company engaged in debt offerings and preferred share redemptions as part of its capital management.

Outbound Investments

• In December 2023, Pembina announced the acquisition of Enbridge Inc.'s remaining ownership interests in the Alliance Pipeline, Aux Sable pipelines, and NRGreen joint ventures for C$3.1 billion (US$2.3 billion). This transaction, which included a 50% interest in Alliance and 42.7% in Aux Sable US operations, closed on April 1, 2024.
• In August 2025, Pembina Gas Infrastructure (PGI) acquired the remaining 8.33 percent interest in three gas processing trains and a sales gas pipeline at PGI's Duvernay Complex from Whitecap Resources Inc. for $55 million ($33 million net to Pembina).

Capital Expenditures

• For 2025, Pembina's capital investment program was initially guided at $1.1 billion, later revised to $1.3 billion as of August 2025, to fund conventional pipeline expansions, new project approvals, and acquisitions at PGI. Key areas of focus include the Cedar LNG terminal, RFS IV Expansion, NEBC Infrastructure Expansion, and the Alliance Pipeline expansion.
• The 2024 capital investment program was guided at $880 million, including approximately $100 million of deferred capital expenditures from 2023. This program prioritized the construction of the Phase VIII Peace Pipeline Expansion, NEBC MPS Expansion, and development spending on potential future projects such as pipeline and terminal upgrades within the NEBC Pipeline system.
• In 2022, Pembina's capital investment program was $655 million, with investments primarily directed towards the construction of Phase VII and Phase IX of the Peace Pipeline, completion of the Empress Co-generation Facility, and advancing development opportunities like the Alberta Carbon Grid.