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Here are 1-3 brief analogies to describe Pembina Pipeline (PBA) succinctly:

• It's like a utility company for the energy industry, managing the essential pipelines and processing plants for oil and natural gas.
• Think of it as the toll road operator for oil and gas, charging fees to transport energy products through its vast network of pipelines and facilities.

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• Pipeline Transportation: Transporting various crude oils and natural gas through an extensive network of pipelines.
• Hydrocarbon Storage Services: Providing ground, cavern, and associated storage solutions for crude oil, NGLs, and natural gas.
• NGL Processing and Fractionation: Processing natural gas and separating natural gas liquids into their individual components like ethane, propane, and butane.
• Rail Terminalling Services: Offering facilities for the loading and unloading of hydrocarbons for rail transportation.
• Hydrocarbon Marketing and Trading: Engaging in the buying and selling of hydrocarbon liquids and natural gas.

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Pembina Pipeline Corporation (PBA) provides transportation and midstream services primarily to other companies within the energy industry. The provided background description does not list the specific names of its major customers. However, based on the nature of its services, Pembina's customers typically fall into the following categories:

• Upstream Oil and Gas Producers: Companies involved in the exploration and production of crude oil, natural gas, and natural gas liquids (NGLs). These producers rely on Pembina's pipeline network and facilities to transport, process, fractionate, and store their hydrocarbons from production basins (such as the Western Canadian Sedimentary Basin) to market.
• Downstream Refiners and Petrochemical Companies: Businesses that process crude oil into refined products (like gasoline and diesel) or utilize NGLs (such as ethane, propane, butane, and condensate) as feedstocks for the manufacturing of plastics and other chemicals. These customers receive their required hydrocarbon products through Pembina's infrastructure.
• Other Energy Marketing and Trading Firms: Given Pembina's Marketing & New Ventures segment, which involves buying and selling hydrocarbon liquids and natural gas, the company also engages with other entities in the energy trading, marketing, and distribution sectors.

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Scott Burrows is the President and Chief Executive Officer of Pembina Pipeline Corporation. He previously served as the Chief Financial Officer of Pembina for approximately seven years, overseeing financial operations, investor relations, treasury, tax, risk management, corporate planning, corporate development, and capital market financings. Before joining Pembina in November 2010, Mr. Burrows spent seven years in energy-focused investment banking, where he provided advice related to mergers and acquisitions, dispositions, joint ventures, and equity and debt financings. He has considerable experience in the energy industry, including petroleum, natural gas, and other product pipelines and related infrastructure facilities.

Cameron Goldade is the Chief Financial Officer of Pembina Pipeline Corporation. He was appointed CFO in 2022, after serving as interim Chief Financial Officer since November 2021. Prior to this role, Mr. Goldade was the Vice President, Capital Markets, where he oversaw the company's corporate development, corporate planning, investor relations, treasury, and cash management functions. Before joining Pembina in 2015, he spent eleven years in energy-focused investment banking, providing advice and counsel related to mergers and acquisitions, dispositions, joint ventures, and equity and debt financings.

Jaret Sprott is the Chief Operating Officer of Pembina Pipeline Corporation, a role he assumed in 2022, expanding his responsibilities to include oversight of the Pipelines Division. Prior to his current position, he served as Senior Vice President and Chief Operating Officer, Facilities, accountable for the management of gas processing, fractionation, rail, storage, and import/export assets. He joined Pembina in January 2015 as Vice President of its Gas Services business unit. Before joining Pembina, Mr. Sprott held a senior management position for a major energy producer, where he was responsible for the growth of core liquids plays.

Chris Scherman is Pembina Pipeline Corporation's Chief Marketing & Strategy Officer, appointed to this role in 2023. He previously served as Vice President, Marketing, since January 2020, overseeing commodity marketing activities, including buying and selling commodities, commodity arbitrage, optimization, and rail and marine logistics. Before becoming Vice President, Marketing, Mr. Scherman was Vice President, General Counsel, and Corporate Secretary. Prior to joining Pembina, he practiced corporate, energy, and Mergers & Acquisitions law with a leading Canadian business law firm.

Sarah Schwann is the Chief Legal, People, & Corporate Affairs Officer at Pembina Pipeline Corporation. In this role, she is accountable for Legal, External Affairs, Information Services, and Human Resources.

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The key risks to Pembina Pipeline Corporation (PBA) are:

1. Exposure to Commodity Market Conditions and Earnings Volatility: Although a significant portion of Pembina's revenue is fee-based, segments such as Marketing & New Ventures and natural gas liquids (NGL) fractionation spreads remain exposed to fluctuations in commodity prices. This exposure can lead to weaker contributions from these segments, impacting overall profitability and causing short-term earnings volatility.
2. Execution Risk and High Capital Spending Requirements: Pembina is actively engaged in substantial capital projects, including the Cedar LNG facility and various pipeline expansions. These major initiatives necessitate significant capital expenditures, which can result in free cash flow deficits and increased leverage during peak investment periods. The success of these projects is subject to execution, cost, and timing risks. Furthermore, delays in customer projects, such as Dow's Path2Zero ethane cracker, can postpone expected value creation and impact Pembina's growth outlook.
3. Regulatory and Toll Resets: The revenue generated from Pembina's pipeline assets is subject to ongoing regulatory reviews and potential toll resets by authorities like the Canadian Energy Regulator (CER). Such regulatory actions can introduce uncertainty regarding future revenue streams and may exert pressure on the company's profitability and margins.

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The accelerating global energy transition, driven by climate change policies and advancements in renewable energy technologies, poses an emerging threat by reducing long-term demand for the fossil fuels and natural gas liquids that Pembina's infrastructure is built to transport and process.

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Addressable Markets for Pembina Pipeline's Main Products and Services

Oil and Gas Pipeline Transportation

Natural Gas Liquids (NGLs)

Ethane

Propane

Butane

Condensate

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• Strategic Capital Projects and Infrastructure Expansions: Pembina is advancing several significant capital projects designed to expand its transportation and processing capabilities. These include the RFS IV Propane-Plus Fractionator, the Wapiti Natural Gas Processing Expansion, and conventional pipeline expansions such as Birch-to-Taylor and Taylor-to-Gordondale. These projects are anticipated to increase capacity and service offerings across its Pipelines and Facilities segments.
• Increased Utilization and Volumes on Existing Assets: The company has been experiencing rising utilization across its conventional pipeline systems and at its processing facilities, aligning with overall volume growth within the Western Canadian Sedimentary Basin. This organic growth in throughput on existing infrastructure contributes to higher revenue.
• Cedar LNG Project and Global Export Opportunities: The Cedar LNG project is a critical growth driver, poised to provide Pembina with significant access to global liquefied natural gas (LNG) markets, particularly in Asia. This project is well underway, with construction advancing and long-term agreements already secured, which is expected to open new revenue streams from international exports.
• Benefits from Recent Acquisitions: Ongoing higher contributions and synergies resulting from the consolidation of assets like the Alliance Pipeline and Aux Sable are expected to continue boosting adjusted EBITDA and overall volumes. While the acquisitions occurred in the past, their full integration and optimized operations are still contributing to revenue growth in the near term.

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Share Repurchases

• Pembina Pipeline Corporation received approval to renew its normal course issuer bid (NCIB) to purchase up to five percent of its outstanding common shares, effective May 16, 2025, and expiring May 15, 2026.
• As of May 2, 2025, this authorization allowed for the repurchase of up to 29,045,408 common shares.
• No shares were repurchased under the previous NCIB, which expired on May 15, 2025.

Share Issuance

• Pembina's weighted average basic common shares outstanding increased from 550 million in 2023 to 573 million in 2024 and 581 million in 2025.

Outbound Investments

• Pembina acquired the remaining interest in Aux Sable's U.S. operations during the third quarter of 2024.
• Pembina is a partner in the Cedar LNG project and has entered into a 20-year agreement with PETRONAS related to 1.0 million tonnes per annum (mtpa) of Pembina's 1.5 mtpa of capacity at the facility.
• The company is advancing the Greenlight Electricity Centre project in partnership with Kineticor, with a final investment decision anticipated in early 2026.

Capital Expenditures

• Pembina's capital expenditures were $606 million in 2023, $955 million in 2024, and $784 million in 2025 (all figures in Canadian dollars).
• The company projects capital investments of approximately C$1.6 billion for 2026.
• Primary focuses for capital expenditures include advancing major strategic projects like the RFS 4 propane plus fractionator, Wapiti natural gas processing expansion, K3 cogeneration facility, and several pipeline expansions totaling over C$600 million in northeast British Columbia and Alberta.