Pembina Pipeline Corporation

Pembina reported second quarter 2026 adjusted EBITDA of $1.064 billion, which management said was $51 million, or 5%, higher than the same quarter last year. Earnings were $512 million, up 23% year over year, and adjusted earnings were $415 million, up 10%. Total volumes in the Pipelines and Facilities divisions were 3.7 million barrels of oil equivalent per day, up 3% year over year. Management reaffirmed 2026 adjusted EBITDA guidance of $4.35 billion to $4.55 billion and said results are trending toward the midpoint. They also said third-quarter adjusted EBITDA should be lower than the second quarter due to seasonality and timing, with a stronger fourth quarter expected.

Scott Burrows framed the quarter as evidence that Pembina’s 3C strategy is gaining momentum across capture, connect, and catalyze. He highlighted RFS IV startup, progress at Cedar LNG, participation in the proposed West Coast oil pipeline, the Heartland Extraction Plant sanction, and FID on Greenlight as examples of converting opportunities into growth. His tone was confident and constructive, repeatedly pointing to long-term visibility and saying the company is optimistic about WCSB growth through 2035 and beyond.

Cameron Goldade focused on the financial bridge behind the quarter and the full-year outlook. He said the $1.064 billion adjusted EBITDA result was driven by stronger pipelines and facilities performance plus higher marketing results, partly offset by the Alliance pipeline toll structure change, and he noted the quarter’s 3.7 million boe/d of total pipeline and facilities volumes was up 3% year over year. He also walked through second-half considerations: NGL frac spread seasonality, higher integrity and maintenance spending, lower Cochin contribution, seasonal Alliance patterns, and higher PGI contribution in the fourth quarter. He reiterated the 2026 guidance range of $4.35 billion to $4.55 billion and pointed to the leverage guardrail of 3.5x to 4.25x senior debt to EBITDA while saying the company has mostly funded growth internally.

Analysts pressed on how a potential West Coast oil pipeline could drive condensate demand, and management said much of the incremental condensate would need to come from the WCSB, with Cochin still running strongly at about 120,000 barrels per day after being expanded from 85,000 to 90,000 barrels per day. Questions on Greenlight focused on whether later phases could scale faster and resemble a broader platform; management said it sees a scalable, long-term, fixed-fee model but is not looking to build an independent power producer business. Other questions covered the 2030 growth outlook, with management saying a material portion of the plan is now derisked, and that basin growth above the historical 2% to 3% liquids pace could support additional upside.