All financial figures are approximate and presented in
Canadian dollars unless otherwise noted. This news release refers
to adjusted earnings before interest, taxes, depreciation and
amortization ("adjusted EBITDA"), which is a financial measure that
is not defined by Generally Accepted Accounting Principles
("GAAP"). For more information, see "Non-GAAP Measures"
herein.
CALGARY, AB, June 14, 2021 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA)
today announced a mid-year business update, including delineation
of its extensive runway of development opportunities, which
collectively highlight the Company's strong momentum as it builds
one of the largest and most integrated midstream energy companies
in North America.
Highlights
- Volumes across the Pipelines and Facilities divisions have
continued to grow steadily in 2021, exceeding pre-COVID levels
- Over $400 million of assets
placed into service so far in 2021, including Prince Rupert
Terminal ("PRT"), a northeast British
Columbia ("NEBC") terminal and the expansion of the
Vancouver Wharves terminal (the "Vancouver Wharves Expansion"),
with another approximately $1 billion
currently under construction
- Reactivation of the Phase IX Peace Pipeline Expansion ("Phase
IX")
- Over $7 billion of accretive
projects identified and in various stages of development to be
pursued by Pembina alone, or upon combination with Inter Pipeline
Ltd. ("Inter Pipeline")
- Formation of Chinook Pathways Partnership to support Western
Indigenous Pipeline Group to pursue ownership of Trans Mountain
Pipeline
- Partnership with the Haisla Nation in the development of Cedar
LNG
Executive Commentary
Mick Dilger, Pembina's President
and Chief Executive Officer, commented: "As a reflection of our
confidence in improving market fundamentals and our strong
competitive position, as evidenced by volumes on most of our
systems exceeding pre-COVID levels, we are excited to delineate the
extensive runway of development opportunities we see in front of
us. With the opportunities that lie ahead, Pembina remains
confident in the work it is doing to create an integrated,
diversified and global energy platform and the combination with
Inter Pipeline further advances this objective – one that will
serve as a strong foundation benefitting the entire Canadian energy
sector. As the needs of our customers, investors, communities and
employees, as well as the global energy landscape, change, Pembina
is committed to helping all our stakeholders take advantage of
opportunities for sustainable and long-lasting growth."
Mr. Dilger added, "Throughout its history, Pembina has had an
unwavering focus on developing meaningful relationships and
creating value for all stakeholders. We could not be prouder of our
partnerships with both the Haisla Nation and the Western Indigenous
Pipeline Group. Pembina believes that the future of Canada's energy sector development is
inextricably linked to meaningful partnerships and commercial
relationships with Indigenous communities. We see an important role
for our Company to play in advancing Indigenous economic
reconciliation in Canada."
Business Update
Activity in the Western Canadian Sedimentary Basin continues to
benefit from strengthening commodity prices across all the products
within Pembina's integrated value chain – crude oil, condensate,
natural gas, and natural gas liquids ("NGL"). Notably, there were
49 active rigs in Alberta and
British Columbia for the month of
May, representing an approximately 155 percent increase from the
same time last year.
As a result of significantly higher energy prices,
Pembina has seen continued strength and recovery in its
conventional pipelines business. Physical throughput for the second
quarter of 2021 is expected to be approximately three percent
higher than the first quarter of 2021 and in-line with pre-COVID
levels. Further, Pembina is forecasting continued growth in
physical volumes on its conventional pipelines for the remainder of
the year. Higher physical volumes are being driven primarily by
increased capacity utilization on the Peace and Northern systems,
in addition to increased volumes on the Drayton Valley system.
Pembina has also seen strong demand on Cochin Pipeline
("Cochin"). Physical throughput in April averaged over 100,000
barrels per day ("bpd"), which represents one of the highest
average volume months in Cochin's
history. The increased volume is a result of the recent
debottleneck completed since Pembina acquired Cochin in late-2019, which proved up an
incremental approximately 15,000 bpd of capacity with no associated
capital cost. Pembina expects to see continued strong
year-over-year demand and volumes in excess of assumptions made at
the time of the acquiring Cochin.
Similarly, in Pembina's gas services business, volumes are
exceeding pre-COVID levels, and Pembina is expecting to finish the
year with record average physical volumes. Year-to-date, Veresen
Midstream's physical throughput has exceeded the budget forecast at
all of its facilities. With strong commodity prices, Veresen
Midstream continues to expect robust activity in the Montney for the remainder of the year. Higher
inlet gas volumes have resulted in more processed liquids for
Pembina's value chain, while lowering per unit operating costs for
all customers. Pembina has observed that as a result of strong AECO
and Chicago natural gas pricing,
in addition to increases in liquids pricing, producers have shifted
to higher rate natural gas-weighted, liquids-rich wells.
With higher Pembina and third-party gas processing volumes,
Pembina is seeing increasing demand for its integrated NGL value
chain, with facilities at the Redwater Complex operating at record
utilization and throughput. As a result of high customer
demand for fractionation and rail services, Pembina is accelerating
its evaluation of a fourth propane-plus fractionation facility, as
discussed further below.
In addition to continued volume growth, Pembina has placed over
$400 million of new projects into
service so far in 2021:
- Pembina recently placed into service its first marine export
facility, PRT, on Watson Island, British
Columbia. The start-up of PRT is a major step in providing
market diversity and helping add incremental value to western
Canadian hydrocarbons. Since being placed into service, Pembina has
safely loaded seven vessels, with exports of propane to
international markets approaching one million barrels, exceeding
our commissioning volume expectations for our customers.
- In February, a new northeast British
Columbia terminal (the "NEBC Montney Infrastructure"
project), which connects to Pembina's NEBC Pipeline system, was
placed into service. These assets are supported by long-term
cost-of-service arrangements with an investment grade
counterparty.
- In late-May, the Company placed the Vancouver Wharves Expansion
into service. The expansion added 200,000 barrels of additional
refined product storage and enhancements to the railcar unloading
capabilities. Volumes for Vancouver Wharves are loaded on railcars
at Pembina's Redwater Complex, representing another example of
Pembina's strategy coming to fruition. Vancouver Wharves Expansion
is supported by a 20-year, take-or-pay off-take agreement with an
Asian-based, investment grade counterparty.
Pembina anticipates providing an update to its 2021 financial
guidance upon completion of its six-month actual plus six-month
forecast, in the normal course.
Secured and Deferred Projects
Phase IX Peace Pipeline Expansion
Pembina is reactivating the previously deferred Phase IX, which
will add capacity in the northwest Alberta to
Gordondale, Alberta corridor to accommodate increased
activity in the NEBC Montney play. As was the case with the
previously announced reactivation of the Phase VII Peace Pipeline
Expansion ("Phase VII"), Pembina's decision to re-commence
construction of Phase IX was based on extensive discussions with
its producing customers, validating long-term development plans and
leading to a clear understanding and consensus regarding their need
for future intra-basin transportation. These discussions confirmed
both the need for, and the timing of Phase IX.
Phase IX will include new 6-inch and 16-inch pipelines
debottlenecking the corridor north of
Gordondale, Alberta as well as upgrades at one pump
station. In addition, this expansion will see existing
pipelines, which are currently batching, converted to single
product lines, furthering Pembina's goal of full product
segregation across the Peace Pipeline system. Phase IX also now
includes a pump station, in the Wapiti-to-Kakwa corridor, that is
partially complete and was previously part of the Phase VII project
scope. This pump station will help accommodate increased and
sustained demand for NGL service also due to increased activity in
the Montney.
Phase IX is supported by 10-year contracts, with predominantly
investment grade counterparties, including significant take-or-pay
provisions. The project has a revised estimated cost of
approximately $120 million, which
reflects the addition of the Wapiti-to-Kakwa corridor pump station
offset by cost savings identified through value engineering. Phase
IX is anticipated to be placed into service throughout the second
half of 2022, subject to regulatory and environmental approvals.
The reactivation of Phase IX, and potentially the Phase VIII Peace
Pipeline Expansion ("Phase VIII"), will have a minimal impact on
Pembina's 2021 capital program.
Phase VIII Expansion
The previously announced Phase VIII, although having received
all regulatory approvals, remains deferred. Initial contracts
supporting the project remain intact and the customers continue to
signal plans which will necessitate the incremental capacity. Value
engineering work is ongoing, and Pembina continues to evaluate this
project in discussions with its producing customers with a
reactivation decision expected in the second half of 2021.
In support of Phase IX and the potential reactivation of Phase
VIII, Pembina has entered into an exclusivity agreement with, and
concurrently provided an irrevocable offer for, midstream services
to a premiere NEBC Montney producer. The exclusivity agreement
provides a bridge to negotiation of definitive agreements for
transportation and fractionation ("T&F") of a material volume
of liquids and NGL mix from certain NEBC Montney lands. Pembina and
the producer will work together over the next few months to develop
and execute definitive agreements by the end of 2021. All new firm
T&F services provided under the proposed arrangement would be
supported by long-term, take-or-pay agreements. Prior to deferral,
Phase VIII had an associated capital cost of approximately
$500 million but Pembina expects this
level of investment to decrease given cost and scope
improvements.
Prince Rupert Terminal Expansion
Pembina is continuing to evaluate expansion of PRT up to
approximately 45,000 bpd. Incremental propane supply available
under the proposed combination with Inter Pipeline would further
support this expansion given substantial incremental proprietary
natural gas liquids supply. Project engineering is well advanced,
including an alternative for larger vessels and butane export, and
a final investment decision is expected in the second half of
2021.
Project Backlog
On a standalone basis, Pembina's backlog of new projects stood
in excess of $4 billion across
numerous value chains. The industrial logic of the combination with
Inter Pipeline enhances the probability as well as the
profitability of a number of capital investment opportunities, many
of which each company was pursuing independently.
Readily Actionable Upon Closing of Inter Pipeline
-~$450 million (Estimated Adjusted
EBITDA Multiple of 4-5x)
- Cochrane Straddle Plant – Connecting Inter Pipeline's
Cochrane Straddle plant to Pembina's Brazeau NGL Pipeline system,
would enable the propane-plus liquids stream to be transported and
processed with Pembina infrastructure, and ultimately be available
to connect to Inter Pipeline's Heartland Petrochemical Complex
("HPC"), Pembina's Redwater Complex, or PRT as noted elsewhere in
this document.
- Butane Splitter – The combined businesses would provide
a critical scale supply of butane to support the development of a
butane splitter in Fort
Saskatchewan. Front end engineering and design ("FEED") of
the butane splitter project is nearing completion.
Potential New Projects -~$6.0
billion (Estimated Adjusted EBITDA Multiple of
5-7x)
Beyond the readily actionable opportunities above, an extensive
list of opportunities is being advanced and refined including,
amongst others, the following:
- Redwater IV – As a result of high customer demand for
Redwater Complex fractionation and rail services, Pembina is
accelerating its evaluation of a fourth propane-plus fractionation
facility ("RFS IV") at its Redwater Complex. Incremental volumes
available through the Cochrane Straddle connection, discussed
above, would support the need for this project. We estimate a
capital investment of approximately $350
million for RFS IV.
- Alkylation Facility – Integration of an alkylation
facility downstream of the butane splitter in Fort Saskatchewan, capable of producing
high-octane gasoline blend stock using the alky feed from Inter
Pipeline's Redwater facility, is
at the pre-FEED stage with a preliminary capital investment
estimate of $400 million.
- Cochin Pipeline Expansion – With the initial
debottleneck complete, Pembina continues to evaluate the option to
expand Cochin by up to an
additional 35,000 bpd, to a total capacity of 150,000 bpd, at
preliminary capital investment of $100
million. One such opportunity is the development of a
project to connect the Aux Sable Channahon Facility ("Channahon")
to Pembina's Cochin Pipeline. The new approximately $40 million pipeline aims to improve shipper
netbacks by providing a reliable, low-cost transportation option
for condensate produced at Channahon that is currently being trucked or
railed. By reintroducing Aux Sable
condensate back into Pembina's value chain, the Company would be
able to provide an integrated solution for current and future
mid-west United States condensate
shippers.
- Cogeneration – Pembina is pursuing additional
cogeneration projects at both its Duvernay Complex and Veresen
Midstream's Hythe facility. Each
new cogeneration facility will use natural gas to generate
approximately 30 to 45 megawatts of electrical power, thereby
reducing overall operating costs by providing power and heat while
shielding Pembina's customers from volatility in power prices and
uncertainty in the power market. These facilities also reduce
energy use by capturing waste heat, resulting in a significant
reduction in greenhouse gas emissions. The expected capital cost of
each cogeneration project will vary based on the size and scope of
each facility.
- Cedar LNG – an approximately $1.5
billion (net to Pembina) floating LNG facility in
partnership with the Haisla First Nation, as discussed further
below.
PDH/PP Petrochemical Complex
As highlighted in the recent announcement of Pembina's proposed
combination with Inter Pipeline, by combining Inter Pipeline's HPC
with Pembina's industry-leading 60,000 bpd of propane supply
infrastructure in Fort
Saskatchewan, long-term supply risk for HPC would be
eliminated, while further improving the possibility of a second
such facility.
Globally, petrochemical infrastructure tends to cluster with
multiple facilities taking advantage of shared infrastructure and
feedstock. With this in mind, Pembina has undertaken a preliminary
evaluation of the synergies that may be available to the combined
entity through the development of a second facility and has
identified approximately $200 million
of capital cost savings and approximately $100 million of annual operating, general and
administrative expense savings compared to building a single
stand-alone facility. In addition, Pembina and its partner
safeguarded a $400 million investment
in their previous project, including finishing several long-lead
equipment orders that remain in storage. Pembina will continue to
carefully consider possible next steps to progress further
petrochemical infrastructure opportunities. A second facility would
be incremental to the $6 billion of
combined development opportunities described above.
ESG Centric Investments
Investments to reduce the emissions intensity of each
business Pembina operates
Pembina has committed to reducing the greenhouse gas intensity
of each business it operates and by the end of 2021 will have taken
concrete action in this area and published five-year emissions
reduction targets. Investments which could contribute to achieving
these targets include:
- In addition to cogeneration facilities at the Empress and
Duvernay facilities, the Company
continues to evaluate additional potential cogeneration projects at
its other facilities, including those of Inter Pipeline;
- Incremental renewable power agreements across our business
similar to the previously announced transaction with Trans Alta; and
- Pilot projects for carbon capture and sequestration at
Pembina's Redwater, Kakwa River
and Hythe facilities are under
evaluation.
Indigenous Partnerships
Cedar LNG
The Haisla Nation and Pembina recently announced a partnership
agreement whereby Pembina will become the Haisla Nation's partner
in the development of the proposed Cedar LNG project. Cedar LNG is
strategically positioned to leverage Canada's abundant natural gas supply and
British Columbia's growing
liquefied natural gas ("LNG") infrastructure to produce
industry-leading low-carbon, low-cost Canadian LNG for overseas
markets. Cedar LNG will be the largest First Nation-owned
infrastructure project in Canada
and will have one of the cleanest environmental profiles in the
world.
Cedar LNG is expected have a liquefaction capacity of
approximately three million tonnes per annum of LNG and will source
natural gas from the prolific Montney resource play in northeast
British Columbia. Cedar LNG will
largely target the Asia-Pacific
market to maximize the project's geographic shipping advantage
compared to U.S. Gulf Coast LNG projects, which are subject to the
high costs and risks of transiting the Panama Canal. Cedar LNG's
low-cost value chain, combined with its low emissions intensity,
positions it favorably to deliver to Asian countries with large
energy needs and aggressive emissions reduction targets. Cedar LNG
provides a connection for Western Canadian Sedimentary Basin
natural gas to international markets and will contribute to the
displacement of coal as an energy source in Asia.
Chinook Pathways
Pembina is proud to have been chosen by the Western Indigenous
Pipeline Group ("WIPG") to be the industry partner in the formation
of Chinook Pathways Partnership ("Chinook Pathways"). Chinook
Pathways is an Indigenous-led partnership working to organize a
significant number of First Nation communities to pursue ownership
of the Trans Mountain Pipeline following completion of the
construction of the Trans Mountain Expansion.
Mick Dilger, Pembina's President
and Chief Executive Officer, commented, "The relationships between
Pembina and many of the First Nations within WIPG is a decade in
the making. This is how projects like this, and our Cedar LNG
partnership, happen – after years of relationship building with the
communities that live and work in these areas. We are proud to have
been chosen by WIPG, and as the most impacted Nations we believe
they are amongst a larger group of rightful owners. We are proud to
support WIPG in their goal of acquiring Trans Mountain."
For Pembina, the formation of Chinook Pathways is an important
step in the process of evaluating an asset which we have previously
and consistently indicated is a good strategic fit - under the
right circumstances. As we continue to evaluate the merits of a
potential investment, the key parameters for Pembina include, among
others, the construction of the Trans Mountain Expansion being
fully de-risked, compliance with Pembina's financial guardrails,
including a strong BBB credit rating, and the investment creating
significant value for investors. Pembina's ability to finance
its share of this potential investment becomes even stronger
following a combination with Inter Pipeline, both through
significant discretionary cash flow and additional opportunities
for capital recycling and third-party capital.
"We will continue to build our partner consortium while the
pipeline is being completed, and take it from there," added Mr.
Dilger.
About Pembina
Pembina is a leading transportation and midstream service
provider that has been serving North
America's energy industry for more than 65 years. Pembina
owns an integrated system of pipelines that transport various
hydrocarbon liquids and natural gas products produced primarily in
western Canada. Pembina also owns
gas gathering and processing facilities; an oil and natural gas
liquids infrastructure and logistics business; and is growing an
export terminals business. Pembina's integrated assets and
commercial operations along the majority of the hydrocarbon value
chain allow it to offer a full spectrum of midstream and marketing
services to the energy sector. Pembina is committed to identifying
additional opportunities to connect hydrocarbon production to new
demand locations through the development of infrastructure that
would extend Pembina's service offering even further along the
hydrocarbon value chain. These new developments will contribute to
ensuring that hydrocarbons produced in the Western Canadian
Sedimentary Basin and the other basins where Pembina operates can
reach the highest value markets throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure
solutions connecting global markets:
- Customers choose us first for reliable and value-added
services;
- Investors receive sustainable industry-leading total
returns;
- Employees say we are the 'employer of choice' and value
our safe, respectful, collaborative and fair work culture; and
- Communities welcome us and recognize the net positive
impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New
York stock exchanges under PPL and PBA, respectively. For
more information, visit www.pembina.com.
Forward-Looking Statements and Information
This document contains certain forward-looking statements and
forward-looking information (collectively, "forward-looking
statements"), including forward-looking statements within the
meaning of the "safe harbor" provisions of applicable securities
legislation, that are based on Pembina's current expectations,
estimates, projections and assumptions in light of its experience
and its perception of historical trends. In some cases,
forward-looking statements can be identified by terminology such as
"expects", "will", "would", "anticipates", "plans", "estimates",
"develop", "intends", "potential", "continue", "could", "create",
and similar expressions suggesting future events or future
performance.
In particular, this document contains forward-looking
statements pertaining to, without limitation, the following:
Pembina's corporate strategy and the development and expected
timing of new business initiatives and growth opportunities and the
expected timing thereof; Pembina's capital allocation plans and the
expected impact of certain projects on its 2021 capital program;
planning, construction, capital expenditure and cost estimates,
schedules, locations, regulatory and environmental applications and
approvals, expected capacity, incremental volumes, power output,
completion and in-service dates, rights, activities and operations
with respect to planned construction of, or expansions on, new,
reactivated and deferred projects, existing pipelines systems, gas
services facilities, processing and fractionation facilities,
terminalling, storage and hub facilities, facility and system
operations and throughput levels; the expected timing of the
reactivation decision with respect to Phase VIII; expectations
about industry activities and development opportunities;
expectations about future growth opportunities and the demand for
our services; expectations regarding Pembina's new project
portfolio, including the specific projects included therein and the
estimated capital costs thereof; expectations regarding the
proposed acquisition of Inter Pipeline, including the
anticipated benefits thereof to Pembina; expectations
regarding the proposed Cedar LNG project; expected volumes across
Pembina's conventional pipelines business and on the Cochin
Pipeline; expected gas processing volumes; and expectations
regarding power supply and consumption at the Duvernay
Co-generation Facility.
These forward-looking statements are based on certain
assumptions that Pembina has made in respect thereof as at the date
of this news release regarding, among other things: that favourable
circumstances continue to exist in respect of current operations
and current and future growth projects; the availability of capital
to fund future capital requirements relating to existing assets and
projects; oil and gas industry exploration and development activity
levels and the geographic region of such activity; prevailing
regulatory, tax and environmental laws and regulations; the
ability of Pembina to maintain favourable credit
ratings; future cash flows; prevailing commodity prices,
interest rates, carbon prices, tax rates and exchange rates; future
operating costs; geotechnical and integrity costs; that any
required commercial agreements can be reached; that any third-party
projects relating to Pembina's growth projects will be sanctioned
and completed as expected; that all required regulatory and
environmental approvals can be obtained on the necessary terms in a
timely manner; the ability of Pembina and Inter Pipeline to
satisfy the conditions to closing of the proposed acquisition of
Inter Pipeline by Pembina in a timely manner and on acceptable
terms; that counterparties will comply with contracts in a
timely manner; that there are no unforeseen events preventing the
performance of contracts or the completion of the relevant
facilities; that there are no unforeseen material costs relating to
the relevant facilities which are not recoverable from customers;
maintenance of operating margins; the amount of future liabilities
relating to lawsuits and environmental incidents; and the
availability of coverage under Pembina's insurance policies
(including in respect of Pembina's business interruption insurance
policy).
Although Pembina believes the expectations and material
factors and assumptions reflected in these forward-looking
statements are reasonable as of the date hereof, there can be no
assurance that these expectations, factors and assumptions will
prove to be correct. These forward-looking statements are not
guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties including, but not
limited to: labour and material shortages; non-performance or
default by counterparties to agreements which Pembina or
one or more of its affiliates has entered into in respect of
its business; the impact of competitive entities and pricing;
reliance on key relationships and agreements; reliance on third
parties to successfully operate and maintain certain
assets; the strength and operations of the oil and natural gas
production industry and related commodity prices; the continuation
or completion of third-party projects; the ability of Pembina and
Inter Pipeline to satisfy, in a timely manner, the conditions to
the closing of the proposed acquisition of Inter Pipeline by
Pembina; the failure to realize the anticipated benefits or
synergies of the proposed acquisition of Inter Pipeline by Pembina
following closing due to integration issues or otherwise; the
regulatory environment and decisions and Indigenous and
landowner consultation requirements; actions by governmental or
regulatory authorities, including changes in tax laws
and treatment; changes in royalty rates, climate change
initiatives or policies or increased environmental
regulation; fluctuations in operating results;
adverse general economic and market conditions
in Canada, North America and worldwide, including
changes, or prolonged weaknesses, as applicable, in
interest rates, foreign currency exchange rates, commodity
prices, supply/demand trends and overall industry activity levels;
risks relating to the current and potential adverse impacts of
the COVID-19 pandemic; constraints on the, or the unavailability
of, adequate infrastructure; the political environment in North
America and elsewhere, and public opinion; lower than
anticipated results of operations and accretion from Pembina's
business initiatives; ability to access various sources of debt and
equity capital; changes in credit ratings; counterparty credit
risk; technology and cyber security risks; natural catastrophes;
and certain other risks detailed from time to time in Pembina's
public disclosure documents available
at www.sedar.com, www.sec.gov and through Pembina's
website at www.pembina.com
This list of risk factors should not be construed as
exhaustive. Readers are cautioned that events or circumstances
could cause results to differ materially from those predicted,
forecasted or projected. The forward-looking statements contained
in this document speak only as of the date of this document.
Pembina does not undertake any obligation to publicly update
or revise any forward-looking statements or information contained
herein, except as required by applicable laws. The
forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Non-GAAP Measures
In this news release, Pembina has used the terms adjusted
earnings before interest, taxes, depreciation and amortization
(adjusted EBITDA), which does not have any standardized meaning
under International Financial Reporting Standards ("IFRS"). Since
this non-GAAP financial measure does not have a standardized
meaning prescribed by GAAP and is therefore unlikely to be
comparable to similar measures presented by other companies,
securities regulations require that this non-GAAP financial measure
be clearly defined, qualified and reconciled to the most directly
comparable GAAP measure. This non-GAAP measure is calculated and
disclosed on a consistent basis from period to period.
Specific adjusting items may only be relevant in certain
periods. The intent of this non-GAAP measure is to provide
additional useful information respecting Pembina's financial and
operational performance to investors and analysts and the measure
does not have any standardized meaning under IFRS. The measure
should not, therefore, be considered in isolation or used in
substitute for measures of performance prepared in accordance with
IFRS.
Other issuers may calculate the non-GAAP measure differently.
Investors should be cautioned that this measure should not be
construed as an alternative to earnings or other measures of
financial results determined in accordance with GAAP as an
indicator of Pembina's performance. For additional information
regarding non-GAAP measures, other than as described herein,
including reconciliations to the most directly comparable measures
recognized by GAAP, please refer to Pembina's management's
discussion and analysis for the three months ended March 31, 2021, which is available online at
www.sedar.com, www.sec.gov and through Pembina's website at
www.pembina.com.
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SOURCE Pembina Pipeline Corporation