- Company name
- Pembina Pipeline
- Sector
- Midstream energy pipelines
- About
- Pembina Pipeline Corporation (Pembina) is a Canadian energy infrastructure company based in Calgary, Alberta. It moves and processes oil, natural gas and natural gas liquids (NGL) in western Canada, and it exports NGL from the West Coast. It has three divisions: Pipelines, Facilities, and Marketing & New Ventures. Pipelines had adjusted EBITDA of $606 million in Q3 2026, Facilities had $400 million and Marketing & New Ventures had $167 million. Pembina also has stakes in Alliance Pipeline, Cedar LNG, Pembina Gas Infrastructure and the Greenlight Electricity Centre, which it reports as equity accounted investees. Total adjusted EBITDA was $1,128 million in Q3 2026. Pembina reports in Canadian dollars and had 582 million common shares at the end of Q3 2026. The shares trade on the Toronto Stock Exchange (TSX: PPL) in Canadian dollars and on the NYSE (PBA) in US dollars. The pick is the NYSE listing, and one NYSE share is one common share. Pembina files an annual report on Form 40-F and furnishes its quarterly reports on Form 6-K.
- Thesis
- The market prices Pembina as a steady pipeline business that now has slower growth and large spending plans. Adjusted EBITDA rose 9% to $1,128 million in Q3 2026, and Pembina says that its 2026 adjusted EBITDA is trending to the upper end of a range of $4.45 billion to $4.55 billion. Part of the gain came from NGL margins that depend on commodity prices, not from fees. Pembina sanctioned about $3 billion of projects since April 2026, including the 932 megawatt Greenlight Electricity Centre, and it is building Cedar LNG, so cash goes out before earnings arrive. The new toll structure on Alliance Pipeline lowers its revenue. For the gap to close, fee-based adjusted EBITDA per share must grow at the target of 5% to 7% a year through 2030, and the new projects must start on time and on budget. The dividend of $0.735 per share each quarter must stay covered while debt stays inside Pembina's limits. The Q4 report in February 2027 and the Pacific Link conditions in the second half of 2027 are the next tests.
- Risks
- Part of earnings depends on commodity prices. The Q3 2026 gain in the Marketing division came from NGL margins and premium propane prices in Asia. If these prices fall, adjusted EBITDA will fall even when fees do not.
Large projects may cost more or start late. Cedar LNG is more than 77% built and 2026 is its largest spending year. Greenlight is a new business with $2.7 billion of loans for the plant. Pacific Link depends on approvals and on a final investment decision.
Alliance Pipeline earns less over time. The new toll structure lowered Alliance revenue in Q3 2026, and the rate settlement keeps today's mainline recourse rates only until the end of May 2028, then steps them down.
Debt is high for a business with large spending. Loans and borrowings were $12,071 million, hybrid notes $1,025 million and Pembina's share of investee loans $4,712 million at September 30, 2026. Interest costs rise if debt grows.
Producers in western Canada may drill less. Volumes depend on gas and oil production of customers such as Whitecap, and lower prices can slow drilling.
- Balance sheet
- Pembina had loans and borrowings of $12,071 million at September 30, 2026 ($11,655 million at December 31, 2025). They were senior unsecured credit facilities of $2,321 million at a variable rate of 3.8% and medium-term notes of $9,750 million at a fixed rate of 4.6%. It also had subordinated hybrid notes of $1,025 million at 5.3%. Cash and unused debt facilities were $2,037 million. Pembina's share of the loans of its equity accounted investees was $4,712 million: $3,276 million in Facilities and $1,422 million of construction loans of Cedar LNG and Greenlight. Its share of their cash was $41 million. Capital spending was $608 million in nine months. 582 million common shares were outstanding. All amounts are in Canadian dollars.
As of Sep 30, 2026.
- Checkpoints
- Nov 5, 2026: Q3 2026 results: 2026 adjusted EBITDA guidance. Passed. Watch: A kept or raised 2026 adjusted EBITDA range with a trend to the upper end passes; a cut fails. Outcome: Pembina raised the low end of the range to $4.45 billion and said that it is trending to the upper end.
Feb 25, 2027 (estimate): Q4 2026 results: 2027 guidance. Pending. Watch: 2027 adjusted EBITDA guidance above the 2026 range passes; lower guidance fails.
Dec 2027 (estimate): Pacific Link: conditions finalized. Pending. Watch: The federal conditions for Pacific Link are finalized in the second half of 2027 passes; a later date fails.
- Recent events
- Nov 5, 2026: Pembina reported Q3 2026 results. Earnings were $570 million ($0.92 per share), adjusted earnings were $479 million ($0.77 per share) and adjusted EBITDA was $1,128 million. It raised the low end of its 2026 adjusted EBITDA range to $4.45 billion, with the top at $4.55 billion, and declared a Q4 dividend of $0.735 per share, payable on December 31, 2026.
Oct 5, 2026: Pembina declared the quarterly dividends on its preferred shares, Series 1, 3, 5, 7, 15, 17, 21 and 25, and announced the date of its Q3 2026 results call.
Oct 1, 2026: The Government of Canada listed Pacific Link as a Project of National Interest. Pacific Link is a proposed crude oil pipeline of about one million barrels a day from Alberta to the West Coast. Pembina would have a 10% interest in construction, with an option for up to 10% more after start-up.
Oct 1, 2026: The Lator Infrastructure of Pembina Gas Infrastructure entered service in early October 2026. It is a new battery and gathering lines for Whitecap Resources, backed by long-term take-or-pay contracts.
Jul 2, 2026: Pembina and its partners decided to build the Greenlight Electricity Centre, a 932 megawatt gas-fired power plant in the Alberta Industrial Heartland that is tied to data centre demand. Greenlight closed a $2.7 billion term loan the same day.