Q4 2024 Pembina Pipeline Corp Earnings Call Transcript
Key Points
- Pembina Pipeline Corp (PBA) reported record quarterly adjusted EBITDA of $1.254 billion, reflecting a 21% increase over the same period in the prior year.
- The company achieved record annual adjusted EBITDA of $4.408 billion and record full-year adjusted cash flow from operating activities of $3.265 billion.
- Pembina Pipeline Corp (PBA) successfully executed several strategic initiatives, including the consolidation of ownership of Alliance and Aux Sable, and reaching a positive FID on the Cedar LNG project.
- The company announced a 3.4% increase in the common share dividend, demonstrating a commitment to returning capital to shareholders.
- Pembina Pipeline Corp (PBA) is actively developing additional expansion opportunities, including the Peace Pipeline system expansion and the Greenlight Electricity Center project, which aligns with Alberta's data center investment goals.
- Earnings in the fourth quarter were $572 million, representing an 18% decrease over the same period in the prior year.
- The company faced lower net revenue on the Cochin pipeline due to lower front holds and lower interruptible volumes during the period.
- There were unrealized losses on commodity-related derivatives compared to unrealized gains in the prior period, impacting financial results.
- Higher interest expense and higher income tax expense contributed to the decrease in earnings for the fourth quarter.
- The company is facing ongoing discussions with shippers regarding the Alliance pipeline rate case, which could impact future financial outcomes.
Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Fourth Quarter 2024 Results Conference Call.
(Operator Instructions)
This call is being recorded in February 28, 2025. I would now like to turn the conference over to Dan Tucunel, VP of Capital Markets. Please go ahead.
Thank you, Constantin. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the fourth quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer; and Cameron Goldade, Senior Vice President and Chief Financial Officer, along with other members of Pembina's leadership team, including Jaret Sprott, Janet Loduca, Stu Taylor, Ava Bisha and Chris Scherman.
I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments and projections. Forward-looking statements we may express or implied
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