Q2 Interim Report 2025 PDF Free Download
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Q2
Interim Report
Pembina Pipeline Corporation
REPORTTOSHAREHOLDERS
SecondQuarter2025
MANAGEMENT'SDISCUSSIONANDANALYSIS
TableofContents
1.AboutPembina ....................................................................................................................................................................... 2
2.Financial&OperatingOverview ............................................................................................................................................ 3
3.SegmentResults ..................................................................................................................................................................... 7
4.Liquidity&CapitalResources ................................................................................................................................................. 22
5.ShareCapital .......................................................................................................................................................................... 26
6.CapitalExpenditures .............................................................................................................................................................. 28
7.SelectedQuarterlyInformation ............................................................................................................................................. 29
8.SelectedEquityAccountedInvesteeInformation ................................................................................................................. 31
9.RelatedPartyTransactions .................................................................................................................................................... 32
10.AccountingPolicies&Estimates .......................................................................................................................................... 33
11.Non-GAAP&OtherFinancialMeasures .............................................................................................................................. 34
12.Other .................................................................................................................................................................................... 39
13.Abbreviations ....................................................................................................................................................................... 41
14.Forward-LookingStatements&Information ....................................................................................................................... 42
BasisofPresentation
ThefollowingManagement'sDiscussionandAnalysis("MD&A")of
thefinancialandoperatingresultsofPembinaPipelineCorporation
("Pembina" or the "Company") is dated August 7, 2025, and is
supplementary to, and should be read in conjunction with,
Pembina's unaudited condensed consolidated interim financial
statements for the three and six months ended June 30, 2025
("Interim Financial Statements") as well as Pembina's audited
consolidated annual financial statements ("Consolidated Financial
Statements") and MD&A for the year ended December 31, 2024.
AllfinancialinformationprovidedinthisMD&Ahasbeenprepared
in accordance with International Accounting Standard ("IAS") 34
Interim Financial Reporting and is expressed in Canadian dollars,
unless otherwise noted. A description of Pembina's operating
segments and additional information about Pembina is filed with
Canadianand U.S.securities commissions,including quarterlyand
annualreports,annualinformationforms(whicharefiledwiththe
U.S. Securities and Exchange Commission under Form 40-F) and
management information circulars, which can be found online at
www.sedarplus.ca,www.sec.govandthroughPembina'swebsiteat
www.pembina.com. Information contained in or otherwise
accessible through Pembina's website does not form part of this
MD&Aandisnotincorporatedintothisdocumentbyreference.
Abbreviations
ForalistofabbreviationsthatmaybeusedinthisMD&A,referto
the"Abbreviations"sectionofthisMD&A.
Non-GAAPandOtherFinancialMeasures
Pembinahasdisclosedcertainfinancialmeasuresandratioswithin
this MD&A that management believes provide meaningful
information in assessing Pembina's underlying performance, but
whicharenotspecified,definedordeterminedinaccordancewith
the Canadian generally accepted accounting principles ("GAAP")
and which are not disclosed in Pembina's Interim Financial
Statements or Consolidated Financial Statements. Such non-GAAP
financial measures and non-GAAP ratios do not have any
standardized meaning prescribed by IFRS and may not be
comparable to similar financial measures or ratios disclosed by
otherissuers.Refertothe"Non-GAAP&OtherFinancialMeasures"
section of this MD&A for additional information regarding these
non-GAAPfinancialmeasuresandnon-GAAPratios.
RiskFactorsandForward-LookingInformation
Managementhasidentifiedtheprimaryriskfactorsthatcouldhave
a material impact on the financial results and operations of
Pembina. Such risk factors are presented in the "Risk Factors"
sectionsofPembina'sMD&AandAnnualInformationForm("AIF"),
each for the year ended December 31, 2024. The Company's
financial and operational performance is potentially affected by a
number of factors, including, but not limited to, the factors
describedwithinthe"Forward-LookingStatements&Information"
section of this MD&A. This MD&A contains forward-looking
statements based on Pembina's current expectations, estimates,
projectionsandassumptions.Thisinformationisprovidedtoassist
readers in understanding the Company's future plans and
expectationsandmaynotbeappropriateforotherpurposes.
PembinaPipelineCorporationSecondQuarter20251
1.ABOUTPEMBINA
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North
America's energy industry for more than 70 years. Pembina owns an extensive network of strategically-located assets,
including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids
infrastructureandlogisticsservices,andanexportterminalsbusiness.Throughourintegratedvaluechain,weseektoprovide
safeandreliableenergysolutionsthatconnectproducersandconsumersacrosstheworld,supportamoresustainablefuture
andbenefitourcustomers,investors,employeesandcommunities.Formoreinformation,pleasevisitwww.pembina.com.
Pembina'sPurposeandStrategy
Wedeliverextraordinaryenergysolutionssotheworldcanthrive.
Pembinawillbuildonitsstrengthsbycontinuingtoinvestinandgrowthecorebusinessesthatprovidecriticaltransportation
andmidstreamservicestohelpensurereliableandsecureenergysupply.Pembinawillcapitalizeonexcitingopportunitiesto
leverage its assets and expertise into new service offerings that enable the transition to a lower-carbon economy. In
continuing to meet global energy demand and its customers' needs, while ensuring Pembina's long-term success and
resilience,theCompanyhasestablishedfourstrategicpriorities:
1. Toberesilient,wewillsustain,decarbonize,andenhanceourbusinesses.Thispriorityisfocusedonstrengthening
andgrowingourexistingfranchiseanddemonstratingenvironmentalleadership.
2. To thrive, we will invest in the energy transition to improve the basins in which we operate. We will prioritize
lighter commodities as we continue to invest in new infrastructure and expand our portfolio to include new
businessesassociatedwithlower-carboncommodities.
3. Tomeetglobaldemand,wewilltransformandexportourproducts.Wewillcontinueourfocusonsupportingthe
transformationofWesternCanadianSedimentaryBasincommoditiesintohighermarginproductsandenablingmore
coastalegress.
4. Tosetourselvesapart,we willcreateadifferentiatedexperienceforourstakeholders.Weremaincommittedto
deliveringexcellenceforourfourkeystakeholdergroupsmeaningthat:
a. Employeessaywearethe'employerof choice'andvalueoursafe,respectful,collaborative,andinclusive
workculture.
b. Communities welcome us and recognize the net positive impact of our social and environmental
commitment.
c. Customerschooseusfirstforreliableandvalue-addedservices.
d. Investorsreceivesustainableindustry-leadingtotalreturns.
2PembinaPipelineCorporationSecondQuarter2025
2.FINANCIAL&OPERATINGOVERVIEW
ConsolidatedFinancialOverviewfortheThreeMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Revenue 1,792 1,855 (63)
Netrevenue(1) 1,184 1,222 (38)
Operatingexpenses 235 240 (5)
Grossprofit 780 815 (35)
AdjustedEBITDA(1) 1,013 1,091 (78)
Earnings 417 479 (62)
Earningspercommonshare–basicanddiluted(dollars) 0.65 0.75 (0.10)
Cashflowfromoperatingactivities 790 954 (164)
Cashflowfromoperatingactivitiespercommonshare–basic(dollars) 1.36 1.64 (0.28)
Adjustedcashflowfromoperatingactivities(1) 698 837 (139)
Adjustedcashflowfromoperatingactivitiespercommonshare–basic(dollars)(1) 1.20 1.44 (0.24)
Capitalexpenditures 197 265 (68)
ChangeinEarnings($millions)
417
479
(12)
(39)
(21)
10
Earnings
Q22024
Pipelinesearnings
Facilitiesearnings
Marketing&New
Venturesearnings
Corporateearningsand
IncomeTax
Earnings
Q22025
ResultsOverview
Earningsinthesecondquarterof2025decreasedby$62millioncomparedtothepriorperiod.Significantfactorsimpacting
thequarterbysegmentinclude:
•Pipelines: Decrease largely due to lower tolls on new contracts on the Cochin Pipeline and lower revenue at the
EdmontonTerminals,partiallyoffsetbyhigherdemandonseasonalcontractsontheAlliancePipeline,aswellashigher
revenueonthePeacePipelinesystemduetoincreasedvolumesandhighertollsmainlyrelatedtocontractualinflation
adjustments.
•Facilities:Decreaselargely duetolowershare ofprofitfromPGI and aplannedoutageduring theperiodforan asset
upgrade,whichresultedinhighercostsdrivenbytheassociatedretirementattheRedwaterComplex.
•Marketing&NewVentures:LowernetrevenueduetoadecreaseinNGLmarginsandvolumes,combinedwithlower
other income due to no similar gain to that recognized in the second quarter of 2024 related to Pembina's financial
assurancesassumedby Cedar LNGuponpositivefinal investment decision.Thiswaspartially offset byhigherrevenue
fromriskmanagementandphysicalderivatives,aswellasanincreaseinshareofprofitfromCedarLNG.
•CorporateandIncomeTax:Higherprimarilyduetoloweracquisitionandintegrationcosts,combinedwithlowergeneral
andadministrativeexpense.Thiswaspartiallyoffsetbynosimilarnetgainonacquisitiontothatrecognizedinthesecond
quarterof2024.
Furtherdetailsandadditionalfactorsimpactingthesegmentsarediscussedinthetablebelowandinthe"SegmentResults"
sectionofthisMD&A.
PembinaPipelineCorporationSecondQuarter20253
ChangesinResultsfortheThreeMonthsEndedJune30
Netrevenue(1) $38milliondecrease,lowernet revenuein theMarketing &New VenturesDivision duetolowergainson crudeoil-
basedderivatives,aswellaslowerNGLmarginsasaresultoflowerbutaneandpropaneprices,combinedwithlower
volumes because of a planned outage in the Facilities Division related to an asset upgrade, as well as higher input
naturalgaspricesatAuxSable.Additionally,lowernetrevenueontheCochinPipeline($33million)primarilydueto
lowertollsonnewcontracts,whichreplacedlong-termcontractsthatexpiredinmid-July2024,andlowerrevenueat
theEdmontonTerminalslargely relatedto thedecommissioning ofthe EdmontonSouth RailTerminal inthe second
quarterof2024.
These results were partially offset by lower losses on renewable power purchase agreements, gains on NGL-based
derivativesinthesecondquarterof 2025compared tolosses inthe secondquarterof 2024,and higherdemand on
seasonalcontractsontheAlliancePipeline.Additionally,highernetrevenueonthePeacePipelinesystemfromfewer
outagesinthesecondquarterof2025comparedtothesameperiodin2024whichwasimpactedbyplannedoutages
forthePhaseVIIIPeacePipelineExpansion,highercontractedvolumes,andhighertolls primarilyduetocontractual
inflationadjustments,contributedtotheoffsettingdecreaseinnetrevenue.
Operatingexpenses Consistentwithpriorperiod.Minordecreasesinoperatingexpenseswereoffsetbyhigherintegrityspending.
Cashflowfromoperating
activities
$164milliondecrease,primarilydrivenbyadecreaseinearningsadjustedforitemsnotinvolvingcash,changeinnon-
cashworkingcapital,andhighernetinterestpaid.Thiswaspartiallyoffsetbylowertaxespaidandhigherdistributions
fromequityaccountedinvesteesprimarilyfromPGI.
Adjustedcashflowfrom
operatingactivities(1) $139 million decrease, largely due to the same items impact cash flow from operating activities, discussed above,
combinedwithhighercurrentincometaxexpense,partiallyoffsetbyloweraccruedshare-basedpaymentexpense.
Adjustedcashflowfrom
operatingactivitiesper
commonshare–basic
(dollars)(1)
$0.24decrease,primarilyduetothefactorsimpactingadjustedcashflowfromoperatingactivities,discussedabove,
whileoutstandingcommonsharesremainedconsistentwithpriorperiod.
AdjustedEBITDA(1) $78milliondecrease,largelyduetolowerNGLmarginsasaresultoflowerbutaneandpropaneprices,combinedwith
lowervolumesbecauseofaplannedoutageintheFacilitiesDivisionrelatedtoanassetupgrade,aswellashigherinput
natural gas prices at Aux Sable. In addition, lower realized gains on crude oil-based derivatives, lower tolls on new
contracts on the Cochin Pipeline, and lower revenue at the Edmonton Terminals contributed to the decrease in
adjustedEBITDA.
These results were partially offset by lower realized losses on NGL-based derivatives, combined with higher net
revenueontheAlliancePipelineandPeacePipelinesystem.
(1) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
4PembinaPipelineCorporationSecondQuarter2025
ConsolidatedFinancialOverviewfortheSixMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Revenue 4,074 3,395 679
Netrevenue(1) 2,527 2,134 393
Operatingexpenses 461 429 32
Grossprofit 1,708 1,545 163
AdjustedEBITDA(1) 2,180 2,135 45
Earnings 919 917 2
Earningspercommonshare–basic(dollars) 1.45 1.49 (0.04)
Earningspercommonshare–diluted(dollars) 1.45 1.48 (0.03)
Cashflowfromoperatingactivities 1,630 1,390 240
Cashflowfromoperatingactivitiespercommonshare–basic(dollars) 2.81 2.46 0.35
Adjustedcashflowfromoperatingactivities(1) 1,475 1,619 (144)
Adjustedcashflowfromoperatingactivitiespercommonshare–basic(dollars)(1) 2.54 2.87 (0.33)
Capitalexpenditures 371 451 (80)
ChangeinEarnings($millions)
919
917
51
(32)
75
(92)
EarningsYTD2024 Pipelinesearnings
Facilitiesearnings
Marketing&New
Venturesearnings
Corporateearningsand
IncomeTax
EarningsYTD2025
ResultsOverview
Earningsduringthefirstsixmonthsof2025increasedby$2millioncomparedtothepriorperiod.Significantfactorsimpacting
theperiodbysegmentinclude:
•Pipelines: Positive impacts from Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024,
combined with higher seasonal revenue on the Alliance Pipeline. Additionally, higher revenue on the Peace Pipeline
systemduetoincreasedvolumesandhighertollsmainlyrelatedtocontractualinflationadjustments,aswellashigher
contracted volumes on the Nipisi Pipeline. These impacts were partially offset by lower tolls on new contracts on the
CochinPipelineandlowerrevenueattheEdmontonTerminals.
•Facilities: Decrease largely due to lower share of profit from PGI, partially offset by the positive impacts of Pembina
acquiringacontrollingownershipinterestinAuxSableonApril1,2024.
•Marketing&NewVentures:PositiveimpactsfromPembinaacquiringacontrollingownershipinterestinAuxSableon
April1,2024,combinedwithhigherrevenuefromriskmanagementandphysicalderivativecontracts,aswellashigher
WCSBNGLmarginsresultingfromhighermarketedNGLvolumes.ThiswaspartiallyoffsetbyashareoflossfromCedar
LNG,lowerNGLmarginsfromAuxSable,andlowerotherincome.
•CorporateandIncomeTax:Lowerlargelyduetohighernetfinancecosts,higherincometaxexpense,andnosimilarnet
gainonacquisitiontothatrecognizedinthesecondquarterof2024.Thiswaspartiallyoffsetbyloweracquisitionand
integrationcosts.
Furtherdetailsandadditionalfactorsimpactingthesegmentsarediscussedinthetablebelowandinthe"SegmentResults"
sectionofthisMD&A.
PembinaPipelineCorporationSecondQuarter20255
ChangesinResultsfortheSixMonthsEndedJune30
Netrevenue(1) $393millionincrease,largelyduetoPembinaacquiringacontrollingownershipinterestinAllianceandAuxSableon
April 1, 2024. The Marketing & New Ventures Division had increased net revenue largely due to higher WCSB NGL
margins resulting from higher marketed NGL volumes, lower unrealized losses on renewable power purchase
agreements and crude oil-based derivatives, and unrealized gains on NGL-based derivatives in the 2025 period
compared to losses in the 2024 period. Additionally, higher demand on seasonal contracts on the Alliance Pipeline,
higher net revenue on the Peace Pipeline system due to fewer outages in the2025 period compared to the same
period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, and increased
contracted volumes on the Peace Pipeline system and Nipisi Pipeline, along with higher tolls on the Peace Pipeline
systemprimarilyduetocontractualinflationadjustments,contributedtothehighernetrevenue.
Theseresults werepartially offsetby lowernet revenueon theCochin Pipelineprimarily dueto lowertolls onnew
contracts, which replaced long-term contracts that expired in mid-July 2024. Also contributing to a decrease in net
revenuewere lower realizedgains oncrude oil-basedderivatives, lowerNGL marginsfrom Aux Sabledue tohigher
input natural gas prices, lower revenue at the Edmonton Terminals largely related to the decommissioning of the
EdmontonSouthRailTerminalinthesecondquarterof2024,andlowerrecoverablepowercosts.
Operatingexpenses $32millionincrease,primarilyduetooperatingexpensesfromAllianceandAuxSablenowbeingfullyconsolidatedas
ofApril1,2024,aswellashigherenvironmentalcostsinthecurrentperiod, asthe2024periodincludedarecovery
relatedtotheNorthernPipelinesystemoutage.Theseincreaseswerepartiallyoffsetbylowerrecoverablepowercosts
resultingfromthelowerpowerpoolpriceduringthe2025period.
Cashflowfromoperating
activities
$240 million increase, primarily driven by an increase in earnings adjusted for items not involving cash, lower taxes
paid,andthechangeinnon-cashworkingcapital.Thiswaspartiallyoffsetbylowerdistributionsfromequityaccounted
investeesandhighernetinterestpaid,bothlargelytheresultofPembinaacquiringacontrollingownershipinterestin
AllianceandAuxSableonApril1,2024,aswellasadecreaseinpaymentscollectedthroughcontractliabilities.
Adjustedcashflowfrom
operatingactivities(1) $144milliondecrease,primarilyduetothesameitemsimpactingcashflowfromoperatingactivities,discussedabove,
excludingthechangeinnon-cashworkingcapitalandtaxespaid,whichleadstoadecreasewhenadjusted,combined
withhighercurrentincometaxexpense.
Adjustedcashflowfrom
operatingactivitiesper
commonshare–basic
(dollars)(1)
$0.33decrease,primarilyduetothefactorsimpactingadjustedcashflowfromoperatingactivities,discussedabove,as
well as an increase in outstanding common shares following the conversion of subscription receipts into common
shares, concurrent with the closing of Pembina's acquisition of a controlling ownership interest in Alliance and Aux
SableonApril1,2024.
AdjustedEBITDA(1) $45million increase,largely dueto Pembinaacquiringa controllingownershipinterest inAllianceand AuxSable on
April1,2024,andhigherrevenueontheAlliancePipelineduetohigherdemandonseasonalcontracts.HigherWSCB
NGL margins resulting from higher marketed NGL volumes, combined with higher revenue on the Peace Pipeline
systemandNipisiPipeline,furthercontributedtotheincreaseinadjustedEBITDA.
These results were partially offset by lower tolls on new contracts on the Cochin Pipeline, lower realized gains on
commodity-relatedderivatives,lowerNGL marginsfrom AuxSable dueto higherinputnaturalgasprices, andlower
revenueattheEdmontonTerminals.
(1) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
6PembinaPipelineCorporationSecondQuarter2025
3.SEGMENTRESULTS
BusinessOverview
The Pipelines Division provides customers with pipeline transportation, terminalling, and storage in key market hubs in
CanadaandtheUnitedStatesforcrudeoil,condensate,naturalgasliquidsandnaturalgas.ThePipelinesDivisionmanages
pipelinetransportationcapacityof3.0mmboe/d(1) andabovegroundstoragecapacityofapproximately10mmbbls(1) within
its conventional, oil sands and heavy oil, and transmission assets. The conventional assets include strategically located
pipelinesandterminallinghubsthatgatherandtransportlightandmediumcrudeoil,condensateandnaturalgasliquidsfrom
westernAlbertaandnortheastBritishColumbiatodownstreampipelinesandprocessingfacilitiesintheEdmonton,Alberta
area.The oilsands andheavyoilassetstransportheavy andsyntheticcrudeoilproducedwithinAlbertatotheEdmonton,
Alberta area and offer associated storage and terminalling. The transmission assets transport natural gas, ethane and
condensatethroughoutCanadaandtheUnitedStatesonlonghaulpipelineslinkingvariouskeymarkethubs.Inaddition,the
PipelinesDivisionassetsprovidelinkagestoPembina'sFacilitiesDivisionassetsacrossNorthAmerica,enhancingflexibilityand
optionalityinourcustomerserviceofferings.Together,theseassetssupplyproductsfromhydrocarbonproducingregionsto
refineries,fractionatorsandmarkethubsinAlberta,BritishColumbia,andIllinois,aswellasotherregionsthroughoutNorth
America.
The Facilities Division includes infrastructure that provides Pembina's customers with natural gas, condensate and NGL
services.Throughitswholly-ownedassetsanditsinterestinPGI,Pembina'snaturalgasgatheringandprocessingfacilitiesare
strategicallypositionedinactive,liquids-richareasoftheWCSBandWillistonBasinandmaybeservicedbytheCompany's
otherbusinesses.Pembinaprovidessweetandsourgasgathering,compression,condensatestabilization,andbothshallow
cutanddeepcutgasprocessingserviceswithatotalcapacityofapproximately6.7bcf/d(1)foritscustomers.Condensateand
NGLextractedatvirtuallyallCanadian-basedfacilitieshaveaccesstotransportationonPembina'spipelines.Inaddition,all
NGL transported along the Alliance Pipeline are extracted through the Channahon Facility at the terminus. The Facilities
Divisionincludesapproximately430mbpd(1)ofNGLfractionationcapacity,21mmbbls(1)ofcavernstoragecapacity,variousoil
batteries,associatedpipelineand railterminallingfacilitiesandaliquefiedpropaneexportfacilityonCanada's WestCoast.
ThesefacilitiesareaccessibletoPembina'sotherstrategically-locatedassetsandpipelinesystems,providingcustomerswith
flexibilityandoptionalitytoaccessacomprehensivesuiteofservicestoenhancethevalueoftheirhydrocarbons.Inaddition,
Pembinaownsabulkmarineimport/exportterminalinVancouver,BritishColumbia.
The Marketing & New Ventures Division leverages Pembina's integrated value chain and existing network of pipelines,
facilities, and energy infrastructure assets to maximize the value of hydrocarbon liquids and natural gas originating in the
basinswheretheCompanyoperates.Pembinapursuesthecreationofnewmarkets,andfurtherenhancesexistingmarkets,
tosupportboththeCompany'sanditscustomers'businessinterests.Inparticular,Pembinaseekstoidentifyopportunitiesto
connecthydrocarbonproductiontonewdemandlocationsthroughthedevelopmentofinfrastructure.
WithintheMarketing&NewVenturesDivision,Pembinaundertakesvalue-addedcommoditymarketingactivities,including
buying and selling products (natural gas, ethane, propane, butane, condensate, crude oil, electricity, and carbon credits),
commodityarbitrage,andoptimizingstorageopportunities.Themarketingbusinessentersintocontractsforcapacityonboth
Pembina'sandthird-partyinfrastructure,handlesproprietaryandcustomervolumesandaggregatesproductionforonward
sale. Through this infrastructure capacity, including Pembina's Prince Rupert Terminal, as well as utilizing the Company's
expansive rail fleet and logistics capabilities, Pembina's marketing business addsincremental value to the commodities by
accessinghighvaluemarketsacrossNorthAmericaandglobally.
TheMarketing&NewVenturesDivisionisalsoresponsibleforthedevelopmentofnewlarge-scale,orvaluechainextending
projects,includingthosethatseektoprovideenhancedaccesstoglobalmarketsandtosupportatransitiontoalower-carbon
economy.TheMarketing&NewVenturesDivisionincludesPembina'sinterestintheCedarLNGproject,aliquifiednaturalgas
("LNG")exportfacilitycurrentlyunderconstruction(the"CedarLNGProject").Additionally,Pembinaispursuingopportunities
associatedwithlow-carboncommoditiesandlarge-scalegreenhousegas("GHG")emissionsreductions.
(1) Netcapacity.
PembinaPipelineCorporationSecondQuarter20257
FinancialandOperationalOverviewbyDivision
3MonthsEndedJune30
2025 2024
($millions,exceptwherenoted) Volumes(1) Earnings(Loss)
Adjusted
EBITDA(2) Volumes(1) Earnings(Loss)
Adjusted
EBITDA(2)
Pipelines 2,768 473 646 2,716 485 655
Facilities 826 142 331 855 181 340
Marketing&NewVentures 302 114 74 319 135 143
Corporate — (196) (38) — (828) (47)
Incometax(recovery)expense — (116) — — 506 —
Total 417 1,013 479 1,091
6MonthsEndedJune30
2025 2024
($millions,exceptwherenoted) Volumes(1) Earnings(Loss)
Adjusted
EBITDA(2) Volumes(1) Earnings(Loss)
Adjusted
EBITDA(2)
Pipelines 2,789 991 1,323 2,657 940 1,254
Facilities 861 326 676 830 358 650
Marketing&NewVentures 335 274 284 307 199 331
Corporate — (419) (103) — (995) (100)
Incometax(recovery)expense — (253) — — 415 —
Total 919 2,180 917 2,135
(1) Volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition. Volumes for Pipelines and Facilities divisions are revenue volumes, which are physical
volumesplusvolumesrecognizedfromtake-or-paycommitments.VolumesforMarketing&NewVenturesaremarketedcrudeoilandNGLvolumes.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
8PembinaPipelineCorporationSecondQuarter2025
EquityAccountedInvesteesOverviewbyDivision
3MonthsEndedJune30
2025 2024
($millions,except
wherenoted) Shareof
profit
Adjusted
EBITDA(4) Contributions Distributions Volumes(5) Shareof
profit(loss)
Adjusted
EBITDA(4) Contributions Distributions Volumes(5)
Pipelines(1) — 1 — — — — — — — —
Facilities(2) 46 173 82 136 344 63 174 — 123 354
Marketing&
NewVentures(3) 28 — 44 — — (2) — 144 — —
Total 74 174 126 136 344 61 174 144 123 354
6MonthsEndedJune30
2025 2024
($millions,except
wherenoted) Shareof
profit(loss)
Adjusted
EBITDA(4) Contributions Distributions Volumes(5) Shareof
profit
Adjusted
EBITDA(4) Contributions Distributions Volumes(5)
Pipelines(1) 1 3 — — — 43 87 5 80 74
Facilities(2) 111 350 124 268 355 138 349 — 251 357
Marketing&
NewVentures(3) (8) (2) 52 — — 31 40 242 31 18
Total 104 351 176 268 355 212 476 247 362 449
(1) PipelinesincludesGrandValleyinboththethreeandsixmonthperiodsendedJune30,2025and2024.Inaddition,Allianceisincludedinthethreemonthresultsfor2024,
reflectingits contribution duringtheperiod. Pembina owneda50percent interestinAllianceup to theclosingof the acquisitiononApril1, 2024.Theresults of Alliance
followingclosingoftheacquisitionarefullyconsolidatedandincorporatedintoPembina'sfinancialresults.SeeNote3totheInterimFinancialStatements.
(2) FacilitiesincludesPGIandFortCorp.
(3) MarketingandNewVenturesincludesGreenlightin2025,CedarLNGandACGinboththethreeandsixmonthperiodsendedJune30,2025and2024,andAuxSableinthe
threemonthresultsfor2024, reflecting its contribution during the period. Pembina owned approximately a 42.7 percent interest in Aux Sable's U.S operations anda 50
percentinterestinAuxSable'sCanadianoperationsuptotheclosingoftheacquisitiononApril1,2024.TheresultsofAuxSablefollowingclosingoftheacquisitionarefully
consolidatedandincorporatedintoPembina'sfinancialresults.SeeNote3totheInterimFinancialStatements.
(4) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(5) Volumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
Refer to the "Segment Results – Changes in Results" sections of this MD&A under each of the divisions for additional
information.
ForthethreeandsixmonthsendedJune30,2025,contributionsintheFacilitiesDivisionweremadetoPGItopartiallyfund
growthcapitalprojects.ContributionsinMarketing&NewVenturesinboth2025and2024weremadetoCedarLNGtofund
theCedarLNGProject.Refertothe"SegmentResults–Marketing&NewVenturesDivision–Projects&NewDevelopments"
sectionsofthisMD&Aforadditionalinformation.
PembinaPipelineCorporationSecondQuarter20259
Pipelines
FinancialOverviewfortheThreeMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Pipelinesrevenue(1) 874 890 (16)
Costofgoodssold(1) 14 15 (1)
Netrevenue(1)(2) 860 875 (15)
Operatingexpenses(1) 198 203 (5)
Depreciationandamortizationincludedingrossprofit 165 164 1
Grossprofit 497 508 (11)
Earnings 473 485 (12)
AdjustedEBITDA(2) 646 655 (9)
Volumes(3) 2,768 2,716 52
ChangeinResults
Netrevenue(1)(2) DecreaselargelyduetolowertollsonnewcontractsontheCochinPipeline,whichreplacedlong-termcontracts
that expired in mid-July 2024 ($33 million), lower revenue at the Edmonton Terminals largely related to the
decommissioningoftheEdmontonSouthRailTerminalinthesecondquarterof2024,aswellaslowervolumes
andtollsontheVantagePipeline.Thesedecreaseswerepartiallyoffsetbyhigherdemandonseasonalcontracts
ontheAlliancePipeline,combinedwithhigherrevenueonthePeacePipelinesystemduetofeweroutagesinthe
secondquarterof2025 comparedto thesameperiodin2024 whichwas impactedbyplannedoutagesfor the
Phase VIII Peace Pipeline Expansion, as well as higher contracted volumes. Additionally, higher contracted
volumes on the Nipisi Pipeline, and increased tolls on the Peace Pipeline system primarily due to contractual
inflationadjustments,contributedtohighernetrevenue.
Earnings Decreaselargelyduetolowernetrevenueimpactedbythesamefactorsdiscussedabove.
AdjustedEBITDA(2) Decreaselargelyduetolowernetrevenueimpactedbythesamefactorsdiscussedabove.
Volumes(3) Higher largely due to increased contracted volumes on the Peace Pipeline system and Nipisi Pipeline, fewer
outagesonthePeacePipelinesysteminthesecondquarterof2025comparedtothesameperiodin2024which
wasimpactedbyplannedoutagesforthePhaseVIIIPeacePipelineExpansion,combinedwithhigherdemandon
seasonal contracts on the Alliance Pipeline, which was partially offset by third-party restrictions and planned
outages at the Channahon Facility. Additionally, lower volumes on AEGS due to restrictions from third-party
outagesinthesecondquarterof2025,andlowerinterruptiblevolumesontheVantagePipelinecontributedtoa
decreaseintotalPipelinevolumes.
ChangeinAdjustedEBITDA($millions)(1)(2)
646
655
(16)
1
51
Adjusted
EBITDA
Q22024
Pipelinesrevenue
Costofgoodssold
Operating
expenses
AdjustedEBITDA
fromequityaccounted
investees
Adjusted
EBITDA
Q22025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
10PembinaPipelineCorporationSecondQuarter2025
FinancialOverviewfortheSixMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Pipelinesrevenue(1) 1,768 1,578 190
Costofgoodssold(1) 27 26 1
Netrevenue(1)(2) 1,741 1,552 189
Operatingexpenses(1) 383 357 26
Depreciationandamortizationincludedingrossprofit 316 259 57
Shareofprofitfromequityaccountedinvestees 1 43 (42)
Grossprofit 1,043 979 64
Earnings 991 940 51
AdjustedEBITDA(2) 1,323 1,254 69
Volumes(3) 2,789 2,657 132
ChangeinResults
Netrevenue(1)(2) HigherlargelyduetoPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,andhigher
demandonseasonalcontractsontheAlliancePipeline.Alsocontributingtotheincreasewerehighervolumeson
the Peace Pipeline system due to fewer outages in the 2025 period compared to the 2024 period which was
impacted by planned outages for the Phase VIII Peace Pipeline Expansion, higher contracted volumes on the
PeacePipelinesystemandNipisiPipeline,highertollsonthePeacePipelinesystemmainlyrelatedtocontractual
inflationadjustments,andfavourableU.S.dollarforeignexchangerateimpactsoncertainassets.Theseincreases
were partially offset by lower net revenue on the Cochin Pipeline ($70 million) due to lower tolls on new
contracts,whichreplacedlong-termcontractsthatexpiredinmid-July2024.Inaddition,lowervolumesandtolls
ontheVantagePipeline,lowerrevenueattheEdmontonTerminalslargelyrelatedtothedecommissioningofthe
EdmontonSouthRailTerminalinthesecondquarterof2024,andlowerrecoverablepowercosts,contributedto
theoffsettingdecreasetonetrevenue.
Operatingexpenses(1) IncreaselargelyduetoPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,aswellas
higherenvironmentalcostsinthecurrentperiod,asthe2024periodincludedarecoveryrelatedtotheNorthern
Pipelinesystemoutage.Theseincreaseswerepartiallyoffsetbylowerrecoverablepowercostsresultingfroma
lowerpowerpoolpriceduringthe2025period.
Depreciationandamortization
includedingrossprofit
HigherlargelyduetoPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,combined
withnewassetsplacedintoserviceinthesecondandfourthquartersof2024.
Shareofprofitfromequity
accountedinvestees
FollowingPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,theresultsfromAlliance
arenolongeraccountedforinshareofprofitandarefullyconsolidated.
Earnings HigherlargelyduetothenetimpactsofPembinaacquiringacontrollingownershipinterestinAllianceonApril1,
2024andhigherseasonalrevenueontheAlliancePipeline,combinedwithhigherrevenueonthePeacePipeline
systemand NipisiPipeline, andfavourableforeign exchangerateimpacts oncertainassets.These factorswere
partiallyoffsetbylowertollsonnewcontractsontheCochinPipeline,andlowerrevenueontheVantagePipeline
andattheEdmontonSouthTerminal.
AdjustedEBITDA(2) Increaselargelyduetothesamefactorsimpactingearnings,discussedabove.
Volumes(3) HigherlargelyduetoPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,andhigher
demandonseasonalcontractsontheAlliancePipeline,whichwaspartiallyoffsetbythird-partyrestrictionsand
plannedoutagesattheChannahonFacility.Additionally,highercontractedvolumesonthePeacePipelinesystem
andtheNipisiPipeline,andfeweroutagesonthePeacePipelinesysteminthesecondquarterof2025compared
tothesameperiodin2024whichwasimpactedbyplannedoutagesforthePhaseVIIIPeacePipelineExpansion,
contributedtotheincreaseinvolumes.
ChangeinAdjustedEBITDA($millions)(1)(2)
1,323
1,254
190
(1) (26) (10)
(84)
Adjusted
EBITDAYTD
2024
Pipelinesrevenue
Costofgoodssold
Operating
expenses
G&A
and
other
AdjustedEBITDA
fromequityaccounted
investees
Adjusted
EBITDAYTD
2025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
PembinaPipelineCorporationSecondQuarter202511
FinancialandOperationalOverview
3MonthsEndedJune30 6MonthsEndedJune30
2025 2024 2025 2024
($millions,except
wherenoted) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2)
Pipelines(3)
Conventional 1,006 298 358 969 269 338 1,020 598 709 988 564 679
Transmission 722 143 223 726 177 244 731 326 484 657 296 433
OilSands&
HeavyOil 1,040 32 65 1,021 39 73 1,038 67 130 1,012 80 142
Total 2,768 473 646 2,716 485 655 2,789 991 1,323 2,657 940 1,254
(1) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) IncludesvaluesattributedtoPembina'sconventional,transmissionandoilsandsandheavyoilassetswithinthePipelinesDivision.RefertoPembina'sAIFfortheyearended
December31,2024.
Projects&NewDevelopments(1)
ThefollowingoutlinestheprojectsandnewdevelopmentsthathaverecentlycomeintoservicewithinPipelines:
SignificantProjects In-serviceDate
PhaseVIIIPeacePipelineExpansion May2024
NEBCMPSExpansion November2024
(1) ForfurtherdetailsonPembina'ssignificantassets,includingdefinitionsforcapitalizedtermsusedhereinthatarenototherwisedefined,refertoPembina'sAIFfortheyear
endedDecember31,2024filedatwww.sedarplus.ca(filedwiththeU.S.SecuritiesandExchangeCommissionatwww.sec.govunderForm40-F)andonPembina'swebsiteat
www.pembina.com.
Pembinais advancingmorethan$1.0billionofconventional NGLandcondensatepipelineexpansionstoreliablyandcost-
effectivelymeetrisingtransportationdemandfromgrowingproductionintheWCSB.Pembina'soutlookforvolumegrowthis
secured by long-term contracts underpinned by take-or-pay agreements, areas of dedication across the Montney and
Duvernay formations, and other long-term agreements that ensure a strong base of committed volumes. The potential
expansionsunderdevelopmentinclude:
• Taylor-to-GordondaleProject-anewapproximately89kilometer,16-inchpipelineproposedbyPouceCoupéPipe
Line Ltd. (a subsidiary of Pembina) connecting mostly condensate volumes from Taylor, British Columbia to the
Gordondale, Alberta area. Engineering activities are continuing and subject to regulatory and board approval,
Pembinaexpectstomoveforwardwiththisexpansion.Afinalinvestmentdecisionisanticipatedinthefirstquarter
of2026.
• FoxCreek-to-NamaoExpansion-anexpansionofthePeacePipelinesystemthat,throughtheadditionofnewpump
stations,wouldadd approximately70,000bpdof propane-pluscapacitytothe marketdeliverypipelines fromFox
Creek,AlbertatoNamao,Alberta.Engineeringandregulatoryactivitiesareprogressingandsubjecttoregulatoryand
boardapproval, Pembinaexpectstomove forwardwith thisexpansion. Afinalinvestmentdecisionisexpectedby
theendof2025.
•Pembina is also evaluating and engineering further expansions to support volume growth in northeast British
Columbia,includingnewpipelinesandterminalupgrades.
12PembinaPipelineCorporationSecondQuarter2025
Facilities
FinancialOverviewfortheThreeMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Facilitiesrevenue(1) 295 294 1
Operatingexpenses(1) 133 123 10
Depreciationandamortizationincludedingrossprofit 59 45 14
Shareofprofitfromequityaccountedinvestees 46 63 (17)
Grossprofit 149 189 (40)
Earnings 142 181 (39)
AdjustedEBITDA(2) 331 340 (9)
Volumes(3) 826 855 (29)
ChangesinResults
Revenue(1) Consistentwithpriorperiod.TheRedwaterComplexhadhigheroperatingrecoveriesatthefractionationfacilities
inthesecondquarterof2025,whichwerelargelyoffsetbytheimpactofaplannedoutagerelatedtoanasset
upgrade.
Operatingexpenses(1) IncreaselargelyduetohigherintegrityspendingattheRedwaterComplex.
Depreciationandamortization
includedingrossprofit
Increase primarily due to an asset upgrade and associated retirement at the Redwater Complex in thesecond
quarterof2025,resultinginaplannedoutageduringthesameperiod.
Shareofprofitfromequity
accountedinvestees
DecreaseduetolowerearningsfromPGIasaresultofhigherdepreciationexpenseresultingfromalargerasset
basefollowingtherecenttransactionswithWhitecapResourcesInc.("Whitecap")combinedwithassetupgrades
andassociatedretirements,unrealizedlossesoncommodity-relatedderivativescomparedtogainsinthesecond
quarterin2024,andlowervolumesduetoplannedoutagesatcertainPGIassetsinthesecondquarterof2025
and on-going third-party restrictions impacting the Dawson Assets. These factors were partially offset by gains
recognizedbyPGIoninterestratederivativefinancial instrumentscomparedtolosses inthesecondquarterof
2024,andhigherrevenuefromPGIassetsrelatedtothetransactionswithWhitecap.
Earnings Decreaselargely dueto lower shareof profitfrom PGIand an assetupgrade andassociated retirementat the
RedwaterComplex.
AdjustedEBITDA(2) Consistentwithpriorperiod.LowervolumesduetoplannedoutagesatcertainPGIassetsinthesecondquarterof
2025 and on-going third-party restrictions impacting the Dawson Assets, were largely offset by higher revenue
fromPGIassetsrelatedtothetransactions discussedabove.Includedin adjustedEBITDAis$171million(2024:
$172million)relatedtoPGI.
Volumes(3) Decreaseisprimarilyattributedtothird-partyrestrictionsandplannedoutagesattheChannahonFacility,planned
outages at certain PGI assets, combined with higher outage days at the Redwater Complex compared to the
second quarter of 2024 due to an asset upgrade, and third-party restrictions impacting the Dawson Assets.
Volumesinclude344mboe/d(2024:354mboe/d)relatedtoPGI.
ChangeinAdjustedEBITDA($millions)(1)(2)
331
340 1
(10)
1
(1)
Adjusted
EBITDA
Q22024
Facilitiesrevenue
Operating
expenses
G&Aandother
AdjustedEBITDA
fromequityaccounted
investees
Adjusted
EBITDA
Q22025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
PembinaPipelineCorporationSecondQuarter202513
FinancialOverviewfortheSixMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Facilitiesrevenue(1) 602 525 77
Operatingexpenses(1) 266 213 53
Depreciationandamortizationincludedingrossprofit 104 78 26
Shareofprofitfromequityaccountedinvestees 111 138 (27)
Grossprofit 343 372 (29)
Earnings 326 358 (32)
AdjustedEBITDA(2) 676 650 26
Volumes(3) 861 830 31
ChangesinResults
Revenue(1) Increase largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024,
combinedwithhigheroperatingrecoveriesatthefractionationfacilitieswithintheRedwaterComplexinthe2025
period,partiallyoffsetbytheimpactofaplannedoutageattheRedwaterComplexrelatedtoanassetupgrade.
Operatingexpenses(1) Increase largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024,
combinedwithhigherintegrityspendingattheRedwaterComplex.
Depreciationandamortization
includedingrossprofit
HigherlargelyduetoPembinaacquiringacontrollingownershipinterestinAuxSableonApril1,2024,combined
with an asset upgrade and associated retirement at the Redwater Complex in the second quarter of 2025,
resultinginaplannedoutageduringthesameperiod.
Shareofprofitfromequity
accountedinvestees
DecreaseduetolowerearningsfromPGIasaresultofhigherdepreciationexpenseresultingfromalargerasset
assetbasefollowingthetransactionswithWhitecapcombinedwithassetupgradesandassociatedretirements,
unrealized losses on interest rate derivative financial instruments recognized in the 2025 period compared to
gains in the 2024 period, as well as lower volumes as a result of planned outages at certain PGI assets in the
secondquarter of2025 andon-going third-partyrestrictions impactingthe DawsonAssets. Thesefactors were
partiallyoffsetbyhighercontributionsfromPGIassetsrelatedtothetransactionswithWhitecap.
Earnings DecreaseprimarilyduetolowershareofprofitfromPGI,higherdepreciationexpense,andlowerrevenueatthe
Redwater Complex due to a planned outage, discussed above. This was partially offset by the net impacts of
PembinaacquiringacontrollingownershipinterestinAuxSableonApril1,2024.
AdjustedEBITDA(2) IncreaseprimarilyduetothenetimpactsofPembinaacquiringacontrollingownershipinterestinAuxSableon
April 1, 2024, partially offset by lower revenue at the Redwater Complex due to a planned outage, discussed
above.IncludedinadjustedEBITDAis$346million(2024:$346million)relatedtoPGIwithhighercontributionsas
aresultofthetransactionswithWhitecap,largelyoffsetbyplannedoutagesatcertainPGIassetsinthesecond
quarterof2025andon-goingthird-partyrestrictionsimpactingtheDawsonAssets.
Volumes(3) Higher largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024. This is
partially offset by third-party restrictions and planned outages at the Channahon Facility, planned outages at
certainPGIassets,higheroutagedaysattheRedwaterComplexcomparedto2024duetoanassetupgrade,and
on-goingthird-partyrestrictionsimpactingtheDawsonAssets.Volumesinclude355mboe/d(2024:357mboe/d)
relatedtoPGI.
ChangeinAdjustedEBITDA($millions)(1)(2)
676
650
77
(53)
11
Adjusted
EBITDAYTD
2024
Facilitiesrevenue
Operating
expenses
G&A
andother
AdjustedEBITDA
fromequityaccounted
investees
Adjusted
EBITDAYTD
2025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
14PembinaPipelineCorporationSecondQuarter2025
FinancialandOperationalOverview
3MonthsEndedJune30 6MonthsEndedJune30
2025 2024 2025 2024
($millions,except
wherenoted) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2)
Facilities(3)
GasServices 590 67 201 599 83 200 604 151 404 606 175 401
NGLServices 236 75 130 256 98 140 257 175 272 224 183 249
Total 826 142 331 855 181 340 861 326 676 830 358 650
(1) Revenuevolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) IncludesvaluesattributedtoPembina'sgasservicesandNGLservicesassetswithintheFacilitiesoperatingsegment.ForadescriptionofPembina'sgasandNGLassets,refer
toPembina'sAIFfortheyearendedDecember31,2024.
Projects&NewDevelopments(1)
Facilities continues to grow its natural gas and NGL processing and fractionation assets to service customer demand. The
followingoutlinestheprojectsandnewdevelopmentswithinFacilities:
RFSIV
CapitalBudget:$525million
RevisedCapitalCost:$500million In-serviceDate(2):Firsthalfof2026 Status:Ontime,trendingunderbudget
RFS IV is a 55,000 bpd propane-plus fractionator at the existing Redwater fractionation and storage complex (the "Redwater Complex"). The
projectincludesadditionalrailloadingcapacityandwillleveragethedesign,engineering,andoperatingbestpracticesoftheexistingfacilitiesat
the Redwater Complex. With the addition of RFS IV, the fractionation capacity at the Redwater Complex will total 256,000 bpd. Pembina has
enteredintoalump-sumengineering,procurementandconstructionagreementinrespectoftheproject,formorethan70percentoftheproject
cost. Engineering, procurement, and fabrication is substantially complete, while field construction has progressed to approximately 50 percent
complete.
WapitiExpansion
CapitalBudget:$140million(nettoPembina) In-serviceDate(2):Firsthalfof2026 Status:Ontime,onbudget
PGIisdevelopinganexpansionthatwillincreasenaturalgasprocessingcapacityattheWapitiPlantby115mmcf/d(grosstoPGI).Theexpansion
opportunityisdrivenbystrongcustomerdemandsupportedbygrowingMontneyproductionandisfullyunderpinnedbylong-term,take-or-pay
contracts.Theprojectincludesanewsalesgaspipelineandotherrelatedinfrastructure.Duringthesecondquarterof2025,constructionactivities,
includingtie-ins,progressed.
K3CogenerationFacility
CapitalBudget:$70million(nettoPembina) In-serviceDate(2):Firsthalfof2026 Status:Ontime,onbudget
PGIisdevelopinga28MWcogenerationfacilityatitsK3Plant,whichisexpectedtoreduceoveralloperatingcostsbyprovidingpowerandheatto
thegas processingfacility, whilereducingcustomers' exposureto powerprices.The K3CogenerationFacilityis expectedtofully supplythe K3
Plant'spowerrequirements,withexcesspowersoldtothegridatmarketrates.Further,throughtheutilizationofthecogenerationwasteheat
andthelow-emissionpowergenerated,theprojectisexpectedtocontributetoareductioninannualemissionscompliancecostsattheK3Plant.
Duringthesecondquarterof2025,engineeringworkwascompletedandconstructionactivitiesprogressed.
(1) ForfurtherdetailsonPembina'ssignificantassets,includingdefinitionsforcapitalizedtermsusedhereinthatarenototherwisedefined,refertoPembina'sAIFfortheyear
endedDecember31,2024filedatwww.sedarplus.ca(filedwiththeU.S.SecuritiesandExchangeCommissionatwww.sec.govunderForm40-F)andonPembina'swebsiteat
www.pembina.com.
(2) Subjecttoenvironmentalandregulatoryapprovals.Seethe"Forward-LookingStatements&Information"sectionofthisMD&A.
PembinaPipelineCorporationSecondQuarter202515
Pursuant to an agreement with Whitecap, PGI has committed to support infrastructure development in the Lator area,
includinganewbatteryandgatheringlaterals(the"LatorInfrastructure"),whichPGIwillown.PGIanticipatesfundingupto
$400 million ($240 million net to Pembina) for the battery and gathering laterals within the first phase of the Lator
Infrastructure development, with all gas volumes flowing to PGI's Musreau facility upon startup, which is expected in late
2026/early2027,supportinglong-termplantutilization.Duringthefirsthalfof2025,detailedengineeringadvancedandlong-
leadequipmentwasordered.
PursuanttoanagreementwithWhitecap,PGIhascommittedtofundcapitalupto$300million($180millionnettoPembina)
forbatteryandgatheringinfrastructureintheGoldCreekandKarrareas.Duringthefirsthalfof2025,constructionforthe
pipelineprogressed,detailedengineeringadvancedandlong-leadequipmentwasorderedrelatedtothebattery.
PGI has entered into an agreement with a Montney producer to fund and acquire an under-construction battery and
additional infrastructure (the "North Gold Creek Battery") in the Wapiti/North Gold Creek Montney area for a capital
commitmentupto$150million($90millionnettoPembina).TheNorthGoldCreekBatterywillbeoperatedbytheproducer
and highly contracted under a long-term, take-or-pay agreement. The expected in-service date of the North Gold Creek
Batteryisthesecondquarterof2026.
16PembinaPipelineCorporationSecondQuarter2025
Marketing&NewVentures
FinancialOverviewfortheThreeMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Marketingrevenue(1) 883 925 (42)
Costofgoodssold(1) 761 796 (35)
Netrevenue(1)(2) 122 129 (7)
Operatingexpenses(1) 9 4 5
Depreciationandamortizationincludedingrossprofit 17 17 —
Shareofprofit(loss)fromequityaccountedinvestees 28 (2) 30
Grossprofit 124 106 18
Earnings 114 135 (21)
AdjustedEBITDA(2) 74 143 (69)
Crudeoilsalesvolumes(3) 95 100 (5)
NGLsalesvolumes(3) 207 219 (12)
ChangeinResults
Netrevenue(1)(2) LowernetrevenuefromcontractswithcustomerswaslargelyduetoadecreaseinNGLmarginsasaresultof
lower butane and propane prices, coupled with lower volumes resulting from third-party restrictions and
plannedoutages,asdiscussedbelow,aswellashigherinputnaturalgaspricesatAuxSable.
Higher revenue from risk management and physical derivative contracts, resulting from lower unrealized
losses on renewable power purchase agreements, unrealized gains on NGL-based derivatives compared to
lossesinthesecondquarterof2024,andlowerrealizedlossesonNGL-basedderivatives.Theseresultswere
partiallyoffsetbylowerunrealizedandrealizedgainsoncrudeoil-basedderivatives.Thesecondquarterof
2025includesunrealizedgainsoncommodity-relatedderivativesof$31million(2024:$45millionloss)and
realizedgainsoncommodity-relatedderivativesof$38million(2024:$74milliongain).
Shareofprofit(loss)fromequity
accountedinvestees
The share of profit in the second quarter of 2025 primarily relates to unrealized foreign exchange gains
recognizedbyCedarLNGonU.S.dollardenominateddebt.
Earnings DecreaseprimarilyduetolowerNGLmarginsandvolumes,aswellasnosimilargaintothatrecognizedinthe
second quarter of 2024 associated with the derecognition of the provision related to financial assurances
providedbyPembinawhichwereassumedbyCedarLNGfollowingthepositivefinalinvestmentdecisionin
June 2024. These decreases were partially offset by higher revenue from risk management and physical
derivativecontractsaswellashighershareofprofitfromCedarLNG,discussedabove.
AdjustedEBITDA(2) DecreaselargelyduetolowerNGLmarginsandvolumes,lowerrealizedgainsoncrude-oilbasedderivatives,
partiallyoffsetbylowerrealizedlossesonNGL-basedderivatives.
NGLsalesvolumes(3) Decrease primarily driven by lower supply volumes from the Channahon Facility and Redwater Complex,
resultingfromthird-partyrestrictionsattheChannahonFacilityandoutagesatbothfacilitiesdetailedinthe
"SegmentResults-Facilities-ChangesinResults"sectionofthisMD&A.
ChangeinAdjustedEBITDA($millions)(1)(2)
74
143
(118)
35
(5)
19
Adjusted
EBITDA
Q22024
Marketingrevenueex.
unrealizedderivative
instruments
Costof
goodssold
Operating
expenses
G&A
andother
Adjusted
EBITDA
Q22025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) MarketedcrudeoilandNGLvolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
PembinaPipelineCorporationSecondQuarter202517
FinancialOverviewfortheSixMonthsEndedJune30
ResultsofOperations
($millions,exceptwherenoted) 2025 2024 Change
Marketingrevenue(1) 2,219 1,725 494
Costofgoodssold(1) 1,858 1,547 311
Netrevenue(1)(2) 361 178 183
Operatingexpenses(1) 17 8 9
Depreciationandamortizationincludedingrossprofit 37 32 5
Shareof(loss)profitfromequityaccountedinvestees (8) 31 (39)
Grossprofit 299 169 130
Earnings 274 199 75
AdjustedEBITDA(2) 284 331 (47)
Crudeoilsalesvolumes(3) 91 90 1
NGLsalesvolumes(3) 244 217 27
ChangeinResults
Netrevenue(1)(2) Higher net revenue from contracts with customers was largely due to Pembina acquiring a controlling
ownershipinterestin AuxSableon April1,2024,combined withhigherWCSB NGLmarginsresultingfrom
highermarketedNGLvolumes.ThisispartiallyoffsetbyadecreaseinNGLmarginsfromAuxSableprimarily
duetohigherinputnaturalgaspricesandlowervolumesresultingfromthird-partyrestrictionsandplanned
outages,asdiscussedbelow.
Higher revenue from risk management and physical derivative contracts was primarily due to lower
unrealizedlossesonrenewablepowerpurchaseagreementslargelyduetoimprovedforwardpowerprices,
unrealizedgainsonNGL-basedderivativecomparedtolossesin2024,andlowerunrealizedlossesoncrude
oil-based derivatives. These increases were partially offset by lower realized gains on crude oil-based
derivatives. The 2025 period includes unrealized gains on commodity-related derivatives of $40 million
(2024: $147 million loss) and realized gains on commodity-related derivatives of $59 million (2024:
$119milliongain).
Shareof(loss)profitfromequity
accountedinvestees
Theshareoflossinthe2025periodprimarilyrelatestounrealizedlossesoninterestratederivativefinancial
instrumentsrecognizedbyCedarLNGinthecurrentperiod,whichwereenteredintointhethirdquarterof
2024,largelyoffsetbyunrealizedforeignexchangegainsonU.S.dollardenominateddebt.Theshareofprofit
inthe2024periodrelatestotheresultsfromAuxSable.FollowingPembinaacquiringacontrollingownership
interestin Aux Sableon April1, 2024,the resultsfrom Aux Sableare nolonger accountedfor in shareof
profitandarenowbeingfullyconsolidated.
Earnings IncreaselargelyduetothenetimpactsofPembinaacquiringacontrollingownershipinterestinAuxSableon
April 1, 2024, higher revenue from risk management and physical derivative contracts, as well as higher
WCSB NGL margins and NGL volumes. These increases were partially offset by a share of loss from Cedar
LNG,lowerNGLmarginsfromAuxSable,andnosimilargaintothatrecognizedinthe2024periodassociated
with the derecognition of the provision related to financial assurances provided by Pembina which were
assumedbyCedarLNGfollowingthepositivefinalinvestmentdecisioninJune2024.
AdjustedEBITDA(2) Decrease primarily due to lower realized gains on commodity-related derivatives and lower NGL margins
fromAuxSable,partiallyoffsetbythenetimpactsofPembinaacquiringacontrollingownershipinterestin
AuxSableonApril1,2024,aswellashigherWCSBNGLmarginsandNGLvolumes.
NGLsalesvolumes(3) Increaseprimarilyduetohigherethane,propane,andbutanesaleslargelyduetotheincreaseinPembina's
ownership interest in Aux Sable, partially offset by third-party restrictions at the Channahon Facility and
outages at both the Channahon Facility and Redwater Complex detailed in the the "Segment Results -
Facilities-ChangesinResults"sectionofthisMD&A.
ChangeinAdjustedEBITDA($millions)(1)(2)(3)
284
331
307
(311) (9)
8
(42)
Adjusted
EBITDAYTD
2024
Marketing
revenueex.unrealized
derivativeinstruments
Costof
goodssold
Operating
expenses
G&A
andother
AdjustedEBITDA
fromequityaccounted
investees
Adjusted
EBITDAYTD
2025
(1) Includesinter-segmenttransactions.SeeNote4totheInterimFinancialStatements.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) MarketedcrudeoilandNGLvolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
18PembinaPipelineCorporationSecondQuarter2025
FinancialandOperationalOverview
3MonthsEndedJune30 6MonthsEndedJune30
2025 2024 2025 2024
($millions,except
wherenoted) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2) Volumes(1) Earnings
(loss)
Adjusted
EBITDA(2) Volumes(1) Earnings
Adjusted
EBITDA(2)
Marketing&New
Ventures(3)
Marketing 302 89 77 319 101 150 335 293 293 307 158 331
NewVentures(4) — 25 (3) — 34 (7) — (19) (9) — 41 —
Total 302 114 74 319 135 143 335 274 284 307 199 331
(1) MarketedcrudeoilandNGLvolumesinmboe/d.Seethe"Abbreviations"sectionofthisMD&Afordefinition.
(2) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
(3) Includes values attributed to Pembina's marketing activities and new ventures projects within the Marketing & New Ventures operating segment. For further details on
Pembina'smarketingactivitiesandprojects,refertoPembina'sAIFfortheyearendedDecember31,2024.
(4) AllNewVenturesprojectshavenotyetcommencedoperationsandthereforehavenovolumes.
Projects&NewDevelopments(1)
TheNewVenturesgroupisresponsibleforthedevelopmentofnewlarge-scale,orvaluechainextendingprojects,including
thosethatprovideenhancedaccesstoglobalmarketsandsupportatransitiontoalower-carboneconomy.
CedarLNG
CapitalBudget:U.S.$2billion(net) In-serviceDate:Late-2028 Status:Ontime,onbudget
The Haisla Nation and Pembina are partners in Cedar LNG Partners LP ("Cedar LNG"), which is constructing the Cedar LNG Project, a floating
liquefiednaturalgas("LNG")facilitywithanameplatecapacityof3.3milliontonnesperannum("mtpa"),locatedinthetraditionalterritoryofthe
Haisla Nation, on Canada’s West Coast. The project is strategically positioned to leverage Canada's abundant natural gas supply and deliver a
lower-carbonenergyoptiontoglobalmarkets.ThefacilitywillbepoweredbyrenewableelectricityfromBCHydro,makingitoneofthelowest
emittingLNGfacilitiesintheworld.Duringthesecondquarter,theprojectreachedamajormilestoneasconstructionofthefloatingLNGvessel
beganwithsteelcuttingonboththetopsidefacilitiesandthevesselhull.Onshoreactivitiesarecontinuing.Marineterminalclearing,drainage,
anderosionandsedimentcontrolworkhavebeencompleted.Additionally,pipelinerightofwayclearingandroadupgradeshavebeencompleted,
andpipelineaccessandgradingconstructionisprogressingasplanned.
CedarLNGhassecureda20-yeartake-or-pay,fixedtollcontractwithARCResourcesLtd.("ARC")for1.5mtpaofLNG.Pembinahasalsoentered
intoanagreementwithCedarLNGfor1.5mtpaofcapacityonthesametermsasARC.Pembinacontinuestoprogressremarketingofits1.5mtpa
ofcapacitytothirdpartiesandisadvancingdefinitiveagreementnegotiationswithanexpectationtofinalizetheseeffortsbytheendof2025.
(1) ForfurtherdetailsonPembina'ssignificantassets,includingdefinitionsforcapitalizedtermsusedhereinthatarenototherwisedefined,refertoPembina'sAIFfortheyear
endedDecember31,2024filedatwww.sedarplus.ca(filedwiththeU.S.SecuritiesandExchangeCommissionatwww.sec.govunderForm40-F)andonPembina'swebsiteat
www.pembina.com.
PembinaPipelineCorporationSecondQuarter202519
CorporateandIncomeTax
FinancialOverviewfortheThreeMonthsEndedJune30
ResultsofOperations
($millions) 2025 2024 Change
Revenue(1)(2) 10 11 (1)
Generalandadministrative 67 74 (7)
Other(income)expense (1) 20 (21)
Lossonacquisition — 616 (616)
Netfinancecosts 140 130 10
Earnings(loss) (196) (828) 632
AdjustedEBITDA(3) (38) (47) 9
Incometaxexpense(recovery) 116 (506) 622
ChangeinResults
Generalandadministrative Consistentwithpriorperiod.Lowerlong-termincentivescosts,drivenbythechangeinPembina'ssharepricein
thesecondquarterof2025comparedtothesecondquarterof2024,withnosignificantoffsettingfactors.
Other(income)expense Decreaseprimarilydueto loweracquisition feesand integrationcosts comparedtothoseincurredin theprior
periodfollowingPembinaacquiringacontrollingownershipinterestinAllianceandAuxSableonApril1,2024.
Lossonacquisition Inthesecondquarterof2024,Pembinarecognizeda$616millionlossfromthedispositionofPembina'sprevious
investments in the Alliance, Aux Sable, and NRGreen joint ventures following the acquisition, offset by a$626
milliondeferredtaxrecoveryrecognizedfromtheacquisition,resultinginanetgainof$10million.
Netfinancecosts Increaseduetolowerinterestincome,partiallyoffsetbyreducedinterestexpenseonlong-termdebt.
Earnings(loss) Increase largely due to the loss on acquisition recognized in the second quarter of 2024 following Pembina
acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, combined with lower
acquisitionfeesandintegrationcostscomparedtothoseincurredinthepriorperiod,discussedabove.
AdjustedEBITDA(3) Consistentwithpriorperiod.Increaseduetothelowerlong-termincentivescosts,withnosignificantoffsetting
factors.
Incometaxexpense
(recovery)
Income tax expense in the current quarter is due to no similar deferred tax recovery of $626 million to that
recognizedinthesecondquarterof2024followingPembinaacquiringacontrollingownershipinterestinAlliance
andAuxSableonApril1,2024.
(1) Excludesinter-segmenteliminations.
(2) FixedfeeincomerelatedtosharedserviceagreementswithPGI.
(3) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
20PembinaPipelineCorporationSecondQuarter2025
FinancialOverviewfortheSixMonthsEndedJune30
ResultsofOperations
($millions) 2025 2024 Change
Revenue(1)(2) 22 23 (1)
Generalandadministrative 163 154 9
Otherexpense — 22 (22)
Lossonacquisition — 616 (616)
Netfinancecosts 279 228 51
Earnings(loss) (419) (995) 576
AdjustedEBITDA(3) (103) (100) (3)
Incometaxexpense(recovery) 253 (415) 668
ChangeinResults
Generalandadministrative
Consistentwithpriorperiod.Minorincreasesinothergeneralandadministrativeexpenses,werelargelyoffsetby
lowerlong-termincentivescosts,drivenbythechangeinPembina'ssharepriceintheperiodcomparedtothe
sameperiodin2024.
Otherexpense Decreaseprimarilydueto loweracquisition feesand integrationcostscomparedtothose incurredin theprior
periodfollowingPembinaacquiringacontrollingownershipinterestinAllianceandAuxSableonApril1,2024.
Lossonacquisition Inthesecondquarterof2024,Pembinarecognizeda$616millionlossfromthedispositionofPembina'sprevious
investments in the Alliance, Aux Sable, and NRGreen joint ventures following the acquisition, offset by a$626
milliondeferredtaxrecoveryrecognizedfromtheacquisition,resultinginanetgainof$10million.
Netfinancecosts Increase largely due to higher interest expense on long-term debt, resulting from a combination of both
additionalborrowingfollowingPembinaacquiringacontrollingownershipinterestinAllianceandAuxSableon
April1,2024andhigherinterestrates,aswellaslowerinterestincome.
Earnings(loss) Increase largely due to the loss recognized in the second quarter of 2024 following Pembina acquiring a
controllingownershipinterestinAllianceandAuxSableonApril1,2024,combinedwithloweracquisitionfees
andintegrationcosts,discussedabove.
AdjustedEBITDA(3) Consistentwithpriorperiod.Minorincreasesinothergeneralandadministrativeexpenses,werelargelyoffsetby
lowerlong-termincentivescosts.
Incometaxexpense
(recovery)
Income tax expense in the current period is due to no similar items to that recognized in the 2024 period
including the deferred tax recovery of $626 million and an adjustment in the tax basis of an investment in
partnership,combinedwithhighertaxableearnings,resultinginaneffectivetaxrateof22percentcomparedto
83percenteffectivetaxrecoveryrateinthe2024period.
(1) Excludesinter-segmenteliminations.
(2) FixedfeeincomerelatedtosharedserviceagreementswithPGI.
(3) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
PembinaPipelineCorporationSecondQuarter202521
4.LIQUIDITY&CAPITALRESOURCES
AvailableSourcesofLiquidity
Workingcapital(1) (403) (1,335)
Variableratedebt
Seniorunsecuredcreditfacilities(2) 1,579 1,148
Interestrateswappeddebt — (360)
Totalvariablerateloansandborrowingsoutstanding(weightedaverageinterestrateof4.8%
(2024:5.2%)) 1,579 788
Fixedratedebt
Seniorunsecuredmedium-termnotes 10,350 10,900
Interestrateswappeddebt — 360
Totalfixedrateloansandborrowingsoutstanding(weightedaverageinterestrateof4.5%(2024:4.4%)) 10,350 11,260
Totalloansandborrowingsoutstanding 11,929 12,048
Cashandunutilizeddebtfacilities 2,118 2,518
Subordinatedhybridnotes(weightedaverageinterestrateof5.1%(2024:4.8%)) 800 600
($millions) June30,2025 December31,2024
(1) Currentassetsof$1.4billion(December31,2024:$1.6billion)lesscurrentliabilitiesof$1.8billion(December31,2024:$2.9billion).AsatJune30,2025,workingcapital
included$597million(December31,2024:$1.5billion)associatedwiththecurrentportionoflong-termdebtand$210million(December31,2024:$141million)incash.
(2) IncludesU.S.$250millionvariableratedebtoutstandingatJune30,2025(December31,2024:U.S.$250million).
Pembina currently anticipates that its cash flow from operating activities, the majority of which is derived from fee-based
contracts, will be more than sufficient to meet its operating obligations, to fund its dividends and to fund its capital
expendituresintheshorttermandlongterm.Pembinaexpectstosourcefundsrequiredfordebtmaturitiesfromcash,its
credit facilities and by accessing the capital markets, as required. Based on its successful access to financing in the capital
marketsoverthe past severalyears,Pembina expects tocontinuetohave access toadditionalfundsas required. Referto
"RiskFactors–General Risk Factors–AdditionalFinancingand Capital Resources" inPembina'sMD&Afor the year ended
December31,2024andNote24totheConsolidatedFinancialStatementsformoreinformation.Managementcontinuesto
monitorPembina'sliquidityandremainssatisfiedthattheleverageemployedinPembina'scapitalstructureissufficientand
appropriategiventhecharacteristicsandoperationsoftheunderlyingassetbase.
ManagementmayadjustPembina'scapitalstructureasaresultofchangesineconomicconditionsortheriskcharacteristics
of the underlying assets. To maintain or modify Pembina's capital structure in the future, Pembina may renegotiate debt
terms,repayexisting debt,seeknew borrowings,issueadditional equity orhybridsecurities and/orrepurchaseor redeem
additionalcommonorpreferredshares.
As at June 30, 2025, Pembina's credit facilities (collectively, the "Credit Facilities") consisted of: an unsecured $1.5 billion
(December31,2024:$1.5billion)revolvingcreditfacility,whichincludesa$750million(December31,2024:$750million)
accordion feature, which provides Pembina with the ability to increase the credit facility subject to lender approval, and
matures in June 2029 (the "Revolving Facility"); an unsecured $1.0 billion (December 31, 2024: $1.0 billion) sustainability
linked revolving credit facility, which matures in June 2027 (the "SLL Credit Facility"); an unsecured U.S. $250 million
(December 31, 2024: U.S. $250 million) non-revolving term loan, which matures in April 2030; and an operating facility of
$50 million (December 31, 2024: $50 million), which matures in June 2025 and is typically renewed on an annual basis.
Additionally,Pembina'sCreditFacilitiesincludesa$270million(December31,2024:$270million)termloanandaU.S.$240
million(December31,2024:$240million)termloanassumedfromAlliance,whichbothmatureinDecember2025.
TherearenomandatoryprincipalrepaymentsdueoverthetermoftheCreditFacilities.Pembinaisrequiredtomeetcertain
specificandcustomaryaffirmative and negativefinancialcovenantsunder the indenture governingitsmedium-termnotes
andtheagreementsgoverningitsCreditFacilities,includingarequirementtomaintaincertainfinancialratios.See"Liquidity
&CapitalResources–Covenants"belowformoreinformation.
22PembinaPipelineCorporationSecondQuarter2025
TheSLLCreditFacilitycontainspricingadjustmentsthatreduceorincreaseborrowingcostsbasedonPembina'sperformance
relative to a GHG emissions intensity reduction performance target. Previously, Pembina announced its commitment to
reduce its GHG emissions intensity by 30 percent by 2030, relative to baseline 2019 levels, which were revised following
PembinaacquiringacontrollingownershipinterestinAllianceandAuxSableonApril1,2024.ThespecifictermsoftheSLL
CreditFacilityincludeannualintermediatetargetsthatalignwithPembina'strajectorytowardsits2030target.
Pembinaisalsosubjecttocustomaryrestrictionsonitsoperationsandactivitiesundertheindenturegoverningitsmedium-
term notes and the agreements governing its Credit Facilities, including restrictions on the granting of security, incurring
indebtednessandthesaleofitsassets.
Withtheexceptionofthesustainability-linkedadjustments to borrowing costs, the termsandconditionsoftheSLLCredit
FacilityandtheRevolvingFacility,includingfinancialcovenants,aresubstantiallysimilartoeachother.
FinancingActivity
OnApril2,2025,Pembinacompletedanextensiononitsunsecured U.S.$250millionnon-revolvingtermloan,whichnow
maturesinApril2030.
OnJune6,2025,Pembinaclosed$200millionofferingofFixed-To-FixedRateSubordinatedHybridNotes,Series2(the"Series
2SubordinatedNotes")dueJune6,2055.TheSeries2SubordinatedNoteshaveafixed5.95percentinterestrate,whichwill
resetonJune6,2035,andoneveryfifthanniversarythereafter,basedonthefive-yearGovernmentofCanadayieldplus2.71
percent for the period from, and including, June 6, 2035 to, but excluding June 6, 2055. The interest rate during any
subsequentfixedrateperiodwillnotbelessthan5.95percent.Pembina'sSeries2SubordinatedNotesaresubjecttooptional
redemptionbyPembinafromMarch6,2035toJune6,2035andaftertheinitialinterestresetdate,onanyinterestpayment
dateoranyinterestresetdate, as applicable. Pembina may also redeem theSeries2SubordinatedNotesincertainother
limited circumstances. Pembina used the net proceeds of the offering of the Series 2 Subordinated Notes to fund the
redemptionofitsoutstandingCumulativeRedeemableMinimumRateResetClassAPreferredShares,Series19("Series19
ClassAPreferredShares")onJune30,2025.
On July 23, 2025, Pembina announced the approval of amendments (the "Amendments") to the indenture governing the
Series1SubordinatedNotes.TheAmendmentsprovidedfor,amongotherthings,theexchange(the"NoteExchange")ofall
of the outstanding Series 1 Subordinated Notes for an equal principal amount of 4.80 percent Fixed-to-Fixed Rate
SubordinatedNotes,Series3ofPembina(the"Series3SubordinatedNotes")dueJanuary25,2081.TheSeries3Subordinated
Notes have the same economic terms as the Series 1 Subordinated Notes, including interest rate, interest payment dates,
interestresetdates,maturitydateandredemptionprovisions,butdonotprovideforanentitlementtodeliveryofpreferred
sharesupontheoccurrenceofcertainbankruptcyandrelatedevents.TheNoteExchangewascompletedonJuly25,2025,
followingtheexecutionofthesupplementalindentureimplementingtheAmendments.TheSeries3SubordinatedNotesrank
equallyinrightofpaymentwiththeSeries2SubordinatedNotes.Pursuanttothemandatoryredemptionprovisionsattaching
totheClass A PreferredShares,Series 2021-A (the"Series2021-A Class APreferredShares"), inconnectionwiththe Note
Exchange,onJuly28,2025,PembinaredeemedalloftheissuedandoutstandingSeries2021-AClassAPreferredShares(refer
tothe"ShareCapital-PreferredShares"sectionofthisMD&Aforfurtherinformation).
PembinaPipelineCorporationSecondQuarter202523
Covenants
Pembinaissubjecttocertainfinancialcovenantsundertheindenturesgoverningitsmedium-termnotesandtheagreements
governingthecreditfacilities.AsatJune30,2025,Pembinawasincompliancewiththosecovenants(December31,2024:in
compliance).
Debt FinancialCovenant(1) Ratio RatioasatJune30,2025
Seniorunsecuredmedium-termnotes FundedDebttoCapitalization Maximum0.70(2) 0.40
Creditfacilities DebttoCapital Maximum0.70(3) 0.40
(1) Termsasdefinedinrelevantagreements.
(2) Covenantmustbemetatthereportingdateandfiledwithin90daysaftertheendofeachfiscalyearandwithin10businessdaysafterfilingoftheConsolidatedFinancial
Statements.
(3) Covenantmustbemetatthereportingdateandfiledwithin120daysaftertheendofeachfiscalyearand60daysaftereachquarter.
CreditRisk
Pembina continues to actively monitor and reassess the creditworthiness of its counterparties. The majority of Pembina's
credit exposure is to investment grade counterparties. Pembina assesses all high exposure counterparties during the on-
boardingprocessandactivelymonitorscreditlimitsandexposureacrossthebusiness.Pembinamayreduceormitigateits
exposuretocertaincounterpartieswhereitisdeemedwarrantedandpermittedundercontractualterms.Wherewarranted,
financial assurances may be sought from counterparties to mitigate and reduce risk, and such assurances may include
guarantees,lettersofcreditandcashcollateral.Lettersofcredittotaling$256million(December31,2024:$276million)were
heldbyPembinaasatJune30,2025,primarilyinrespectofcustomertradereceivables.
CreditRatings
The following information with respect to Pembina's credit ratings is provided as such information relates to Pembina's
financingcostsandliquidity.Specifically,creditratingsaffectPembina'sabilitytoobtainshort-termandlong-termfinancing
and the cost of such financing. A reduction in the current ratings of Pembina's debt by its rating agencies, particularly a
downgradebelowinvestment-graderatings,couldadverselyaffect Pembina'scostoffinancingand itsaccessto sourcesof
liquidityandcapital.Inaddition,changesincreditratingsandtheassociatedcostsmayaffectPembina'sabilitytoenterinto
normal course derivative or hedging transactions. Credit ratings are intended to provide investors with an independent
measure of the credit quality of any issues of securities. The credit ratings assigned by the rating agencies are not
recommendationstopurchase,holdorsellthesecurities,nordothecreditratingagenciescommentonthemarketpriceor
suitabilityforaparticularinvestor.Anycreditratingmaynotremainineffectforagivenperiodoftimeormayberevisedor
withdrawnentirelybyaratingagencyinthefutureif,initsjudgment,circumstancessowarrant.
DBRS Limited ("DBRS") rates Pembina's senior unsecured medium-term notes 'BBB (high)'. DBRS has also assigned a debt
ratingof'BBB(low)'toPembina'sFixed-To-FixedRateSubordinatedNotesandaratingof'Pfd-3(high)'foreachissuedseries
ofPembina'sClassAPreferredShares.
Thelong-termcorporatecreditratingassignedbyS&PGlobalRatings("S&P")onPembinais'BBB'.S&Phasalsoassigneda
debtratingof'BBB'to Pembina'sseniorunsecuredmedium-termnotes, adebtratingof'BB+'toPembina'sFixed-To-Fixed
RateSubordinatedNotes,andaratingof'P-3(High)'toeachissuedseriesofPembina'sClassAPreferredShares.
Referto"DescriptionoftheCapitalStructureofPembina–CreditRatings"intheAIFfortheyearendedDecember31,2024
forfurtherinformation.
24PembinaPipelineCorporationSecondQuarter2025
CommitmentsandOff-BalanceSheetArrangements
Commitments
PembinahadthefollowingcontractualobligationsoutstandingasatJune30,2025:
ContractualObligations(1) PaymentsDueByPeriod
($millions) Total Lessthan1year 1–3years 3–5years After5years
Long-termdebt(2) 19,747 1,245 2,791 3,064 12,647
Transportationandprocessing(3) 10,787 39 32 807 9,909
Leases(4) 835 112 206 155 362
Constructioncommitments(5) 375 375 — — —
Othercommitmentsrelatedtoleasecontracts(6) 468 46 92 88 242
Fundingcommitments,software,andother 63 21 41 1 —
Totalcontractualobligations 32,275 1,838 3,162 4,115 23,160
(1) Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are
dependentoncurrentmarketprices.VolumesandpricesforNGLandpowercontractscannotbereasonablydetermined,andtherefore,anamounthasnotbeenincludedin
thecontractualobligationsschedule.Productpurchaseagreementsrangefromoneto16yearsandinvolvethepurchaseofNGLproductsfromproducers.Assumingproduct
isavailable,Pembinahassecuredbetween26and202mbpdofNGLeachyearuptoandincluding2040.Powerpurchaseagreementsrangefromoneto24yearsandinvolve
thepurchaseofpowerfromelectricalserviceproviders.Pembinahassecuredupto76megawattsperdayeachyearuptoandincluding2048.
(2) Includes loans and borrowings, subordinated hybrid notes and interest payments on Pembina's senior unsecured medium-term notes and subordinated hybrid notes.
Excludesdeferredfinancingcosts.
(3) PembinasignedtwotransportationandprocessingrelatedagreementsrelatingtotheCedarLNGProject:(a)LiquefactionTollingServicesAgreement("LTSA");and,(b)Gas
SupplyAgreement("GSA").TheLTSAisa20-yeartake-or-payfixedtollcontractfor1.5milliontonnesperannum,whiletheGSAwillallowfortransportontheCoastalGasLink
Pipelineofapproximately200millioncubicfeetperdayofCanadiannaturalgastoCedarLNG.Thesecommercialagreementsaccountforapproximately50percentofthe
operatingcapacityfortheCedarLNGProjectandatotalcommitmentofapproximately$10.5billion.Thesecommitmentsareexpectedtocommenceupontheanticipatedin-
servicedateoftheCedarLNGProjectinlate2028.
(4) Includespipelines,facilities,terminals,rail,officespace,landandvehicleleases.
(5) Excludesprojectsthatareexecutedbyequityaccountedinvestees.
(6) Relatestoexpectedvariableleasepaymentsexcludedfromthemeasurementoftheleaseliability, payments under lease contracts which have not yet commenced, and
paymentsrelatedtonon-leasecomponentsinlesseeleasecontracts.
Contingencies
Pembina, including its subsidiaries and its investments in equity accounted investees, are subject to various legal and
regulatoryandtaxproceedings,actionsandauditsarisinginthenormalcourseofbusiness.Pembinarepresentsitsinterests
vigorously in all proceedings in which it is involved. Legal and administrative proceedings involving possible losses are
inherently complex, and the Company applies significant judgment in estimating probable outcomes. As at June 30, 2025,
therewerenosignificantclaimsfiledagainstPembinaforwhichmanagementbelievestheresolutionofanysuchactionsor
proceedingswouldhaveamaterialimpactonPembina'sfinancialpositionorresultsofoperations.
AllianceSettlement
On July 24, 2025, Pembina announced that Alliance Pipeline Limited Partnership ("Alliance") has reached a negotiated
settlement (the "Settlement") with shippers and interested parties on the Canadian portion of the Alliance Pipeline. The
Settlementincludesarevisedtollschedule,effectiveNovember1,2025,whichreduceslong-termfirmtollsbyanaverageof
14percentonavolumeweightedaveragebasisandintroducesa10-yeartolloption.Theagreementalsoincludesarevenue-
sharing mechanism for seasonal and interruptible transportation services and provides shippers with a one-time term
extension option. Alliance has filed an application with the Canada Energy Regulator seeking approval of the Settlement,
which is requested by September 15, 2025. Pembina anticipates the Settlement will result in an approximate $50 million
annual reduction in long-term firm service revenue over the next 10 years, plus impacts from the new revenue-sharing
provision,whichwilldependonfuturecommodityprices.
Off-BalanceSheetArrangements
AsatJune30,2025,Pembinadidnothaveanyoff-balancesheetarrangementsthathave,orarereasonablylikelytohave,a
currentorfutureeffectonPembina'sfinancialcondition,resultsofoperations,liquidityorcapitalexpenditures.
PembinaPipelineCorporationSecondQuarter202525
LettersofCredit
Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of
credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities,
engineeringandconstructionservices.Thelettersofcredithavenothad,andarenotexpectedtohave,amaterialimpacton
Pembina's financial position, earnings, liquidity or capital resources. As at June 30, 2025, Pembina had $210 million
(December31,2024:$209million)inlettersofcreditissued.
5.SHARECAPITAL
CommonShares
On May 14, 2025, the Toronto Stock Exchange ("TSX") accepted the renewal of Pembina's normal course issuer bid (the
"NCIB")thatallowstheCompanytorepurchase,atitsdiscretion,uptofivepercentoftheCompany'soutstandingcommon
shares(representingapproximately29millioncommonshares)throughthefacilitiesoftheTSX,theNewYorkStockExchange
and/or alternative Canadian trading systems or as otherwise permitted by applicable securities law, subject to certain
restrictionsonthenumberofcommonsharesthatmaybepurchasedonasingleday.TheNCIBcommencedonMay16,2025
andwillexpireontheearlierofMay15,2026,thedateonwhichPembinahasacquiredthemaximumnumberofcommon
sharesallowableundertheNCIBorthedateonwhichPembinaotherwisedecidesnottomakeanyfurtherrepurchasesunder
theNCIB.NocommonshareswerepurchasedbyPembinaduringthethreeandsixmonthsendedJune30,2025.
CommonShareDividends
Commonsharedividendsarepayableif,asandwhendeclaredbyPembina'sBoardofDirectors.Theamountandfrequencyof
dividends declared and payable is at the discretion of Pembina's Board of Directors, which considers earnings, cash flow,
capitalrequirements,thefinancialconditionofPembinaandotherrelevantfactorswhenmakingitsdividenddetermination.
PreferredShares
OnJanuary8,2025,PembinaredeemedalloftheapproximatelyonemillionissuedandoutstandingCumulativeRedeemable
FloatingRateClassAPreferredShares,Series22("Series22ClassAPreferredShares")ataredemptionpriceof$25.50per
Series22ClassA Preferred Share,plusallaccruedand unpaid dividends thereon.Pembinahadannounced its intention to
redeemtheSeries22ClassAPreferredSharesduringthefourthquarterof2024and,asaresult,theequitywasreclassifiedas
afinancialliabilityofapproximately$26millionforthetotalredemptionpriceinthatsamequarter.
OnJune30,2025,PembinaredeemedalloftheeightmillionissuedandoutstandingCumulativeRedeemableFixedRateClass
A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") at a redemption price of $25.00 per Series 19 Class A
PreferredShare.ThetotalredemptionpricefortheSeries19ClassAPreferredShareswas$200million.
OnJuly28,2025,inconnectionwiththeNoteExchange,Pembinaredeemedallofthe600,000issuedandoutstandingSeries
2021-A Class A Preferred Shares, which were deliverable to holders of the Series 1 Subordinated Notes following the
occurrenceofcertainbankruptcyandrelatedevents.TheSeries2021-AClassAPreferredShareswereissuedbyPembinato
ComputershareTrustCompanyofCanadatobeheldintrusttosatisfyitsobligationsundertheindenturegoverningtheSeries
1SubordinatedNotes.
26PembinaPipelineCorporationSecondQuarter2025
PreferredShareDividends
TheholdersofPembina'sClassAPreferredSharesareentitledtoreceivefixedorfloatingcumulativedividends,asapplicable.
DividendsontheSeries1,3,5,7,9,and21ClassAPreferredSharesarepayablequarterlyonthefirstdayofMarch,June,
SeptemberandDecember,if,asandwhendeclaredbytheBoardofDirectorsofPembina.DividendsontheSeries15and17
ClassAPreferredSharesarepayableonthelastdayofMarch,June,SeptemberandDecemberineachyear,if,asandwhen
declaredbytheBoardofDirectorsofPembina.DividendsontheSeries25ClassAPreferredSharesarepayableonthe15th
dayofFebruary,May,AugustandNovemberineachyear,if,asandwhendeclaredbytheBoardofDirectorsofPembina.
OutstandingShareData
Issuedandoutstanding(thousands) August5,2025
Commonshares 580,932
Stockoptions(1) 3,050
Series1ClassAPreferredShares 10,000
Series3ClassAPreferredShares 6,000
Series5ClassAPreferredShares 10,000
Series7ClassAPreferredShares 10,000
Series9ClassAPreferredShares 9,000
Series15ClassAPreferredShares 8,000
Series17ClassAPreferredShares 6,000
Series21ClassAPreferredShares 14,972
Series25ClassAPreferredShares 10,000
(1) Balanceincludes2.8millionexercisablestockoptions.
PembinaPipelineCorporationSecondQuarter202527
6.CAPITALEXPENDITURES
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
Pipelines 72 171 132 312
Facilities 107 76 210 108
Marketing&NewVentures 6 8 11 11
Corporateandotherprojects 12 10 18 20
Totalcapitalexpenditures(1) 197 265 371 451
(1) Includes$46millionforthethreemonthsendedJune30,2025(2024:$32million)and$71millionforthesixmonthsendedJune30,2025(2024:$47million)relatedtonon-
recoverablesustainmentactivities.
In both the second quarter and first six months of 2025, Pipelines capital expenditures largely related to expansions to
supportvolumegrowthinNEBCandinvestmentsinsmallergrowthprojects,whileduringthesameperiodsof2024,these
expenditureswereassociatedwithPembina'sPhaseVIIIPeacePipelineexpansion,whichwasplacedintoserviceinMay2024.
Facilities capital expenditures during these periods in 2025 and 2024 primarily related to Redwater expansion projects.
Marketing&NewVentureshadnosignificantcapitalexpendituresduringtheseperiods,whileCorporatecapitalexpenditures
relatedmainlytoinformationtechnologyinfrastructureandsystemsdevelopment.
In both the second quarter and first six months of 2025, the change in non-recoverable sustaining capital was primarily
attributedtosupportingsafeandreliableoperations.
Future capital expenditures for the remainder of 2025 are estimated to be approximately $500 million and are primarily
relatedtotheconstructionofRFSIV,expansionstosupportvolumegrowthinNEBC,investmentsinsmallergrowthprojects,
includingvarious lateralsandterminals,andspendingonprojectspreviouslyplacedintoservice.Ofthetotalfuture capital
expenditure,approximately$120millionisdesignatedfornon-recoverablesustainingcapital,whichwillcontinuetosupport
safeandreliableoperations.
For contributions to equity accounted investees, refer to the "Segment Results – Equity Accounted Investees Overview by
Division"sectionofthisMD&A.
28PembinaPipelineCorporationSecondQuarter2025
7.SELECTEDQUARTERLYINFORMATION
SelectedQuarterlyOperatingInformation
(mboe/d) 2025 2024 2023
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Volumes(1)(2)
Pipelines–transportationvolumes
ConventionalPipelines 1,006 1,033 1,034 992 969 1,007 1,054 1,034
TransmissionPipelines 722 740 720 713 726 588 590 582
OilSandsandHeavyOilPipelines 1,040 1,035 1,036 1,033 1,021 1,003 1,008 979
Facilities–processingandfractionationvolumes
GasServices 590 619 597 584 599 612 602 605
NGLServices 236 277 280 226 256 193 199 198
Totalrevenuevolumes 3,594 3,704 3,667 3,548 3,571 3,403 3,453 3,398
Marketing&NewVentures–salesvolumes
Marketedcrudeoil 95 88 96 117 100 80 82 89
MarketedNGL 207 281 252 227 219 215 217 166
(1) Volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition. Volumes for Pipelines and Facilities divisions are revenue volumes, which are physical
volumesplusvolumesrecognizedfromtake-or-paycommitments.VolumesforMarketing&NewVenturesaremarketedcrudeoilandNGLvolumesandareexcludedfrom
totalvolumestoavoiddoublecounting.
(2) IncludesPembina'sproportionateshareofvolumesfromequityaccountedinvestees.
Take-or-payContractLiabilities
($millions) 2025 2024 2023
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Openingbalance 7 1 11 12 7 1 22 40
Revenuedeferred 57 58 58 67 55 52 56 59
Revenuerecognized (55) (52) (68) (68) (50) (46) (77) (77)
Endingtake-or-paycontractliabilitybalance 9 7 1 11 12 7 1 22
SelectedQuarterlyMarketPricing
2025 2024 2023
($average) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
WTI(USD/bbl) 63.74 71.42 70.27 75.10 80.57 76.96 78.32 82.26
FX(USD/CAD) 1.38 1.43 1.40 1.36 1.37 1.35 1.36 1.34
AECONaturalGas(CAD/GJ) 1.96 1.92 1.38 0.77 1.36 1.94 2.52 2.26
Station2NaturalGas(CAD/GJ) 0.43 1.22 0.85 0.47 0.72 2.45 1.95 2.08
ChicagoCitygateNaturalGas(USD/mmbtu) 2.99 3.91 2.71 1.76 1.60 2.49 2.63 2.31
MtBelvieuPropane(USD/gal) 0.79 0.90 0.77 0.73 0.75 0.84 0.67 0.69
AlbertaPowerPool(CAD/MWh) 40.48 40.30 51.72 55.23 45.28 98.89 81.74 151.18
Pembina20-dayvolume-weightedaveragesharepriceat
quarterend 51.30 55.90 54.05 55.19 50.22 47.54 45.13 41.43
PembinaPipelineCorporationSecondQuarter202529
QuarterlyFinancialInformation
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Revenue 1,792 2,282 2,145 1,844 1,855 1,540 1,836 1,455
Netrevenue(1) 1,184 1,343 1,383 1,259 1,222 912 1,142 989
Operatingexpenses 235 226 270 277 240 189 217 219
Shareofprofit(loss)fromequityaccountedinvestees 74 30 133 (17) 61 151 94 43
Grossprofit 780 928 1,024 747 815 730 850 659
AdjustedEBITDA(1) 1,013 1,167 1,254 1,019 1,091 1,044 1,033 1,021
Earnings 417 502 572 385 479 438 698 346
Earningspercommonshare–basic(dollars) 0.65 0.80 0.92 0.60 0.75 0.74 1.21 0.58
Earningspercommonshare–diluted(dollars) 0.65 0.80 0.92 0.60 0.75 0.73 1.21 0.57
Cashflowfromoperatingactivities 790 840 902 922 954 436 880 644
Cashflowfromoperatingactivitiespercommonshare–
basic(dollars) 1.36 1.45 1.55 1.59 1.64 0.79 1.60 1.17
Adjustedcashflowfromoperatingactivities(1) 698 777 922 724 837 782 747 659
Adjustedcashflowfromoperatingactivitiespercommon
share–basic(dollars)(1) 1.20 1.34 1.59 1.25 1.44 1.42 1.36 1.20
Commonsharesoutstanding(millions):
Weightedaverage–basic 581 581 581 580 580 549 549 549
Weightedaverage–diluted 582 582 582 581 581 550 550 550
Endofperiod 581 581 581 580 580 549 549 549
Commonsharedividendsdeclared 412 401 401 401 400 367 367 366
Dividendspercommonshare 0.71 0.69 0.69 0.69 0.69 0.67 0.67 0.67
Preferredsharedividendsdeclared 35 35 34 34 33 31 30 31
Capitalexpenditures 197 174 242 262 265 186 177 169
Contributionstoequityaccountedinvestees 126 50 — 124 144 103 202 20
Distributionsfromequityaccountedinvestees 136 132 131 133 123 239 227 202
($millions,exceptwherenoted) 2025 2024 2023
(1) Refertothe"Non-GAAP&OtherFinancialMeasures"sectionofthisMD&A.
During the periods highlighted in the table above, there were new large-scale growth projects across Pembina's business
being placed into service. The Company's financial and operating results have also been impacted by the volatility of
commodity market prices, fluctuations in foreign exchange rates, and inflation. In addition to these factors, several other
notableelementshaveimpactedPembina'sfinancialandoperatingresultsduringthespecifiedperiodsabove,including:
• contributionsmadeby Pembina toPGIof $124 millioninthefirst six monthsof2025,to partiallyfundgrowthcapital
projects;
• contributionsmadebyPembinatoCedarLNGof$241millionin2024,tofundtheCedarLNGProject;
• thecompletionoftheAllianceandAuxSableacquisitioninthesecondquarterof2024;
• theclosingoftheofferingof29.9millionsubscriptionreceiptsoftheCompanyinDecember2023tofundaportionofthe
purchase price of the Alliance and Aux Sable acquisition and the conversion of 29.9 million subscription receipts into
commonsharesoftheCompany,concurrentwiththeclosingoftheAllianceandAuxSableAcquisition;
• the impairment reversal of $231 million recognized in the fourth quarter of 2023 in the Pipelines Division related to
successfulcontractnegotiationsontheNipisiPipelineandthepipelinebeingputbackintoserviceinOctober2023;and
• contributions made by Pembina of $145 million to Aux Sable in the fourth quarter of 2023, representing Pembina's
proportionateshareofaclaimfiledbyacounterpartytoanNGLsupplyagreementwithAuxSablewhichwassettledand
discontinuedinthefourthquarterof2023.
30PembinaPipelineCorporationSecondQuarter2025
8.SELECTEDEQUITYACCOUNTEDINVESTEEINFORMATION
LoansandBorrowingsofEquityAccountedInvestees
Under equity accounting, the assets and liabilities of an investee are reported as a single line item in the Consolidated
Statement of Financial Position, "Investments in Equity Accounted Investees". To assist readers' understanding and to
evaluatethecapitalizationofPembina'sinvestments,loansandborrowingsassociatedwithinvestmentsinequityaccounted
investeesarepresentedbelowbasedonPembina'sproportionateownershipinsuchinvestees,asatJune30,2025.Theloans
andborrowingsarepresentedandclassifiedbythedivisioninwhichtheresultsfortheinvesteearereported.Pleasereferto
the"Abbreviations"sectionforasummaryofPembina'sinvestmentsinequityaccountedinvesteesandthedivisioninwhich
theirresultsarereported.
($millions)(1) June30,2025 December31,2024
Pipelines 17 19
Facilities 3,042 2,941
Marketing&NewVentures(2) 499 373
Total 3,558 3,333
(1) BalancesreflectPembina'sownershippercentageoftheoutstandingbalancefacevalue.
(2) RelatestotheU.S.$2.7billionseniorunsecuredconstruction/termloanfacilityenteredintobyCedarLNG.
CashandCashEquivalentsofEquityAccountedInvestees
AsatJune30,2025,Pembina'sownershippercentageofthecashbalanceassociatedwithPembina'sinvestmentsinequity
accountedinvesteestotaled$86million(December31,2024:$43million)ofwhich$7million(December31,2024:nil)related
toPGIand$74million(December31,2024:$39million)forCedarLNG.
FinancingActivitiesforEquityAccountedInvestees
PGI
OnMarch21,2025,pursuanttoanamendedandrestatedcreditagreement,PGIexercisedtheaccordionfeatureunderits
existing revolving credit facility and opened a new $500 million revolving credit facility, maturing on March 21, 2027.
Concurrently,PGIreestablisheda$500millionaccordionunderthecreditfacility.
CommitmentstoEquityAccountedInvestees
Pembinahas commitmentstoprovidecontributionstocertainequityaccountedinvesteesbasedonitsownershipinterest.
Thesecontributionsaredeterminedandapprovedbythejointventurepartnerstofundoperatingbudgets,growthcapital,
andsignificantprojectsdevelopmentcosts,includingtheCedarLNGProject.
CreditRiskforEquityAccountedInvestees
AsatJune30,2025,Pembina'svariousequityaccountedinvesteesheldlettersofcredittotaling$155million(December31,
2024:$164million)primarilyinrespectofobligationsforengineering,procurementandconstruction.
PembinaPipelineCorporationSecondQuarter202531
9.RELATEDPARTYTRANSACTIONS
Pembinaentersintotransactionswithrelatedpartiesinthenormalcourseofbusinessandalltransactionsaremeasuredat
their exchange amount, unless otherwise noted. Pembina provides management and operational oversight services, on a
fixedfeeandcostrecoverybasis,tocertainequityaccountedinvestees.Pembinaalsocontractsforservicesandcapacityfrom
certain of its equity accounted investees, advances funds to support operations and provides letters of credit, including
financialguarantees.
Asummaryofthesignificantrelatedpartytransactionsandbalancesareasfollows:
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
PGI 58 59 121 132
AuxSable(1) — — — 32
Alliance(1) — — — 4
CedarLNG 5 3 9 6
Other(2) — 1 — 2
Totalservicesprovided(3) 63 63 130 176
PGI 2 2 4 4
Alliance(1) — — — 3
Totalservicesreceived 2 2 4 7
Asat
($millions) June30,2025 December31,2024
Tradereceivablesandother(4) 34 37
(1) AsofApril1,2024,followingthecompletionofPembina'sacquisitionofacontrollinginterestinAllianceandAuxSable,theseentitiesbecameconsolidatedsubsidiariesof
Pembinaand,assuch,arenolongerrelatedparties.
(2) OtherincludestransactionswithGrandValley,ACG,andGreenlight.
(3) ServicesprovidedbyPembinaincludepaymentsmadebyPembinaonbehalfofrelatedparties.
(4) AsatJune30,2025,tradereceivablesandotherincludes$27millionduefromPGI(December31,2024:$34million),and$6millionduefromCedarLNG(December31,2024:
$2million).
32PembinaPipelineCorporationSecondQuarter2025
10.ACCOUNTINGPOLICIES&ESTIMATES
ChangesinAccountingPolicies
TheaccountingpoliciesusedinpreparingtheInterimFinancialStatementsaredescribedinNote3ofPembina'sConsolidated
Financial Statements. There were no new accounting standards or amendments to existing standards adopted in the six
monthsendedJune30,2025thathaveamaterialimpactonPembina'sfinancialstatements.
NewStandardsandInterpretationsNotYetAdopted
IFRS18PresentationandDisclosureinFinancialStatements("IFRS18")
IFRS18wasissuedinApril2024andeffectiveJanuary1,2027,withearlyapplicationpermitted.Thestandardintroduceskey
changes to the structure of the statement of earnings and comprehensive income, required disclosures for certain
management-definedperformancemeasures,and aggregationanddisaggregationofline itemsinthefinancialstatements.
PembinaiscurrentlyreviewingtheimpactofthisstandardonitsConsolidatedFinancialStatements.
AmendmentstoIFRS9andIFRS7-ContractsreferencingNature-dependentElectricity("ContractsreferencingNDE")
ContractsreferencingNDEwasissuedinDecember2024andeffectiveJanuary1,2026,withearlyadoptionpermitted.The
amendments provide relief as it relates to accounting for contracts to purchase or sell electricity from nature-dependent
sources such as wind and solar power, including clarifying the application of own-use requirements, permitting hedge
accountingifthesecontractsareusedashedginginstruments,andaddingnewdisclosuretoenableinvestorstounderstand
the effect of these contracts to Pembina. Pembina is currently reviewing the impact of this amendment as it relates to
Pembina'swind-basedpowerpurchaseagreements.
CriticalAccountingJudgments&Estimates
Criticalaccountingjudgments and estimatesusedin preparing theInterimFinancial Statementsaredescribedin Note 2of
Pembina's Consolidated Financial Statements. The preparation of financial statements in conformity with IFRS requires
management to make both judgments and estimates that could materially affect the amounts recognized in the financial
statements.Bytheirnature,judgmentsandestimatesmaychangeinlightofnewfactsandcircumstancesintheinternaland
externalenvironment.TherehavebeennomaterialchangestoPembina'scriticalaccountingestimatesandjudgmentsduring
thethreeandsixmonthsendedJune30,2025.
PembinaPipelineCorporationSecondQuarter202533
11.NON-GAAP&OTHERFINANCIALMEASURES
Throughout this MD&A, Pembina has disclosed certain financial measures and ratios that are not specified, defined or
determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial
measureseitherexcludeanamountthatisincludedin,orincludeanamountthatisexcludedfrom,thecompositionofthe
most directly comparable financial measure specified, defined and determined in accordance with GAAP. These non-GAAP
financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in
accordancewithGAAP,areusedbymanagementtoevaluatetheperformanceandcashflowsofPembinaanditsbusinesses
and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and
analysts.
InthisMD&A,Pembinahasdisclosedthefollowingnon-GAAPfinancialmeasuresandnon-GAAPratios:netrevenue,earnings
before interest, taxes, depreciation, and amortization ("adjusted EBITDA"), adjusted EBITDA per common share, adjusted
EBITDAfromequityaccountedinvestees,adjustedcashflowfromoperatingactivitiesandadjustedcashflowfromoperating
activitiespercommonshare.
Non-GAAPfinancialmeasuresandnon-GAAPratiosdisclosedinthisMD&AdonothaveanystandardizedmeaningunderIFRS
andmaynotbecomparabletosimilarfinancialmeasuresdisclosedbyotherissuers.Thefinancialmeasuresandratiosshould
not,therefore,beconsideredin isolation or as a substitute for, or superior to, measuresandratiosofPembina'sfinancial
performance,orcashflowsspecified,definedordeterminedinaccordancewithIFRS,includingrevenue,earnings,shareof
profitfromequityaccountedinvesteesandcashflowfromoperatingactivities.
Exceptasotherwisedescribedherein,thesenon-GAAPfinancialmeasuresandnon-GAAPratiosarecalculatedonaconsistent
basisfromperiodtoperiod.Specificreconcilingitemsmayonlyberelevantincertainperiods.
Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this MD&A, together with, as
applicable, disclosure of: the most directly comparable financial measure that is specified, defined and determined in
accordance with GAAP to which each non-GAAP financial measure relates; a quantitative reconciliation of each non-GAAP
financialmeasuretosuchdirectlycomparableGAAPfinancialmeasure;thecompositionofeachnon-GAAPfinancialmeasure
and non-GAAP ratio; an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful
informationtoinvestorsandtheadditionalpurposes,ifany,forwhichmanagementuseseachnon-GAAPfinancialmeasure
andnon-GAAPratio;andanexplanationofthereasonforanychangeinthelabelorcompositionofeachnon-GAAPfinancial
measureandnon-GAAPratiofromwhatwaspreviouslydisclosed.
NetRevenue
Netrevenueisanon-GAAPfinancialmeasurewhichisdefinedastotalrevenuelesscostofgoodssold.Managementbelieves
that net revenue provides investors with a single measure to indicate the margin on sales before non-product operating
expensesthatiscomparablebetweenperiods.Managementutilizesnetrevenuetocompareconsecutiveresults,toaggregate
revenue generated by each of the Company's divisions and to set comparable objectives. The most directly comparable
financial measure to net revenue that is specified, defined and determined in accordance with GAAP and disclosed in
Pembina'sfinancialstatementsisrevenue.
3MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures
Corporate&
Inter-segment
Eliminations Total($millions)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenue 874 890 295 294 883 925 (260) (254) 1,792 1,855
Costofgoodssold 14 15 — — 761 796 (167) (178) 608 633
Netrevenue 860 875 295 294 122 129 (93) (76) 1,184 1,222
34PembinaPipelineCorporationSecondQuarter2025
6MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures
Corporate&
Inter-segment
Eliminations Total($millions)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenue 1,768 1,578 602 525 2,219 1,725 (515) (433) 4,074 3,395
Costofgoodssold 27 26 — — 1,858 1,547 (338) (312) 1,547 1,261
Netrevenue 1,741 1,552 602 525 361 178 (177) (121) 2,527 2,134
AdjustedEBITDAandAdjustedEBITDAperCommonShare
Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes,
depreciation and amortization (included in gross profit and general and administrative expense), and unrealized gains or
losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the
non-cashimpactofsuchgainsorlosses.
Adjusted EBITDA also includes adjustments to earnings for non-controlling interest, losses (gains) on disposal of assets,
transactioncostsincurredinrespectofacquisitions,dispositionsandrestructuring,impairmentchargesorreversalsinrespect
ofgoodwill,intangibleassets,investmentsinequityaccountedinvesteesandproperty,plantandequipment,certainnon-cash
provisionsandotheramountsnotreflectiveofongoingoperations.Theseadditionaladjustmentsaremadetoexcludevarious
non-cash and other items that are not reflective of ongoing operations. Following completion of Pembina acquiring a
controllingownershipinterestinAllianceandAuxSableonApril1,2024,PembinarevisedthedefinitionofadjustedEBITDAto
deduct earnings for the 14.6 percent non-controlling interest in the Aux Sable U.S. operations. Pembina's subsequent
acquisitionoftheremaininginterestinAuxSable'sU.S.operationsinthethirdquarterof2024resultedinallofAuxSable's
resultsbeingincludedintheadjustedEBITDAcalculationbeginningonAugust1,2024.
Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of
Pembina's ability to generate liquidity through cash flow from operating activities and equity accounted investees.
Management also believes that adjusted EBITDA provides an indicator of operating income generated from capital
expenditures,whichincludesoperationalfinanceincomeandgainsfromlessorleasearrangements.AdjustedEBITDAisalso
used by investors and analysts for assessing financial performance and for the purpose of valuing Pembina, including
calculatingfinancialandleverageratios.Management utilizes adjusted EBITDA to set objectivesandasakeyperformance
indicatorof theCompany's success.Pembina presentsadjusted EBITDAas managementbelievesitis ameasurefrequently
used by analysts, investors and other stakeholders in evaluating the Company's financial performance. The most directly
comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and
disclosedinPembina'sfinancialstatementsisearnings.
Adjusted EBITDA per common share is a non-GAAP ratio which is calculated by dividing adjusted EBITDA by the weighted
averagenumberofcommonsharesoutstanding.
PembinaPipelineCorporationSecondQuarter202535
3MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures
Corporate&
Inter-segment
Eliminations Total($millions,exceptpershareamounts)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Earnings(loss) 473 485 142 181 114 135 (196) (828) 417 479
Incometaxexpense(recovery) — — — — — — — — 116 (506)
Adjustmentstoshareofprofit(loss)fromequity
accountedinvestees 1 — 127 111 (28) 2 — — 100 113
Netfinancecosts 6 7 3 3 2 1 140 130 151 141
Depreciationandamortization 165 164 59 45 17 17 16 14 257 240
Unrealized(gain)lossfromderivativeinstruments — — — — (31) 45 — — (31) 45
Non-controllinginterest(1) — — — — — (10) — — — (10)
Lossonacquisition — — — — — — — 616 — 616
Derecognitionofinsurancecontractprovision — — — — — (34) — — — (34)
Transactionandintegrationcostsinrespectofacquisitions — — — — — — 2 14 2 14
Loss(gain)ondisposalofassets,othernon-cash
provisions,andother 1 (1) — — — (13) — 7 1 (7)
AdjustedEBITDA 646 655 331 340 74 143 (38) (47) 1,013 1,091
AdjustedEBITDApercommonshare–basic(dollars) 1.74 1.88
6MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures
Corporate&
Inter-segment
Eliminations Total($millions,exceptpershareamounts)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Earnings(loss) 991 940 326 358 274 199 (419) (995) 919 917
Incometax(recovery)expense — — — — — — — — 253 (415)
Adjustmentstoshareofprofitfromequityaccounted
investees 2 44 239 211 6 9 — — 247 264
Netfinancecosts 12 13 6 5 4 3 279 228 301 249
Depreciationandamortization 317 259 104 78 37 32 32 27 490 396
Unrealized(gain)lossfromderivativeinstruments — — — — (40) 147 — — (40) 147
Non-controllinginterest(1) — — — — — (10) — — — (10)
Lossonacquisition — — — — — — — 616 — 616
Derecognitionofinsurancecontractprovision — — — — — (34) — — — (34)
Transactionandintegrationcostsinrespectofacquisition — — — — — — 4 14 4 14
Loss(gain)ondisposalofassets,othernon-cash
provisions,andother 1 (2) 1 (2) 3 (15) 1 10 6 (9)
AdjustedEBITDA 1,323 1,254 676 650 284 331 (103) (100) 2,180 2,135
AdjustedEBITDApercommonshare–basic(dollars) 3.75 3.78
(1) Presentednetofadjustingitems.
36PembinaPipelineCorporationSecondQuarter2025
AdjustedEBITDAfromEquityAccountedInvestees
InaccordancewithIFRS,Pembina'sjointventuresareaccountedforusingequityaccounting.Underequityaccounting,the
assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial
Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are
recognizedinasinglelineitemintheConsolidatedStatementofEarningsandComprehensiveIncome"ShareofProfitfrom
EquityAccountedInvestees".Theadjustmentsmadetoearnings,inadjustedEBITDAabove,arealsomadetoshareofprofit
frominvestmentsinequityaccountedinvestees.Cashcontributionsanddistributionsfrominvestmentsinequityaccounted
investees represent Pembina's share paid and received in the period to and from the investments in equity accounted
investees.
To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS
disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted
investees.Pembina'sproportionateinterestinequityaccountedinvesteeshasbeenincludedinadjustedEBITDA.
3MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures Total($millions)
2025 2024 2025 2024 2025 2024 2025 2024
Shareofprofit(loss)fromequityaccountedinvestees — — 46 63 28 (2) 74 61
Adjustmentstoshareofprofit(loss)fromequityaccountedinvestees:
Netfinancecosts(income) 1 — 30 42 (28) 2 3 44
Incometaxexpense — — 15 18 — — 15 18
Depreciationandamortization — — 68 53 — — 68 53
Unrealizedloss(gain)oncommodity-relatedderivativefinancialinstruments — — 14 (3) — — 14 (3)
Non-cashprovisions — — — 1 — — — 1
Totaladjustmentstoshareofprofitfromequityaccountedinvestees 1 — 127 111 (28) 2 100 113
AdjustedEBITDAfromequityaccountedinvestees 1 — 173 174 — — 174 174
6MonthsEndedJune30
Pipelines Facilities
Marketing&
NewVentures Total($millions)
2025 2024 2025 2024 2025 2024 2025 2024
Shareofprofit(loss)fromequityaccountedinvestees 1 43 111 138 (8) 31 104 212
Adjustmentstoshareofprofit(loss)fromequityaccountedinvestees:
Netfinancecosts 1 6 74 69 6 2 81 77
Incometaxexpense — — 36 41 — — 36 41
Depreciationandamortization 1 38 129 102 — 7 130 147
Unrealizedloss(gain)oncommodity-relatedderivativefinancialinstruments — — 1 (3) — — 1 (3)
Transactioncostsincurredinrespectofacquisitionsandnon-cashprovisions — — (1) 2 — — (1) 2
Totaladjustmentstoshareofprofitfromequityaccountedinvestees 2 44 239 211 6 9 247 264
AdjustedEBITDAfromequityaccountedinvestees 3 87 350 349 (2) 40 351 476
PembinaPipelineCorporationSecondQuarter202537
AdjustedCashFlowfromOperatingActivitiesandAdjustedCashFlowfromOperatingActivitiesper
CommonShare
Adjustedcashflowfromoperatingactivitiesisanon-GAAPmeasurewhichisdefinedascashflowfromoperatingactivities
adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation
payments, and deducting distributions to non-controlling interests and preferred share dividends paid. Adjusted cash flow
fromoperatingactivitiesdeductsdistributionstonon-controllinginterestandpreferredsharedividendspaidbecausetheyare
not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued
share-basedpaymentexpense,andtoincludetheimpactofcashpaidfortaxesandshare-basedcompensation,asitallows
managementtobetterassesstheobligationsdiscussedbelow.
Management believes that adjusted cash flow from operating activities provides comparable information to investors for
assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating
activitiestosetobjectivesandasakeyperformanceindicatoroftheCompany'sabilitytomeetinterestobligations,dividend
paymentsandothercommitments.Adjustedcashflowfromoperatingactivitiespercommonshareisanon-GAAPfinancial
ratiowhichiscalculatedbydividingadjustedcashflowfromoperatingactivitiesbytheweightedaveragenumberofcommon
sharesoutstanding.
Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024,
Pembina revised the definition of adjusted cash flow from operating activities to deduct distributions related to non-
controlling interest in the Aux Sable U.S. operations. On August 1, 2024, Pembina acquired the remaining interest in Aux
Sable'sU.S.operations.
3MonthsEndedJune30 6MonthsEndedJune30
($millions,exceptpershareamounts) 2025 2024 2025 2024
Cashflowfromoperatingactivities 790 954 1,630 1,390
Cashflowfromoperatingactivitiespercommonshare–basic(dollars) 1.36 1.64 2.81 2.46
Add(deduct):
Changeinnon-cashoperatingworkingcapital (18) (82) (34) 106
Currenttaxexpense (103) (64) (236) (140)
Taxespaid,netofforeignexchange 65 91 127 290
Accruedshare-basedpaymentexpense (1) (19) (28) (39)
Share-basedcompensationpayment — — 86 86
Preferredsharedividendspaid (35) (33) (70) (64)
Distributionstonon-controllinginterest — (10) — (10)
Adjustedcashflowfromoperatingactivities 698 837 1,475 1,619
Adjustedcashflowfromoperatingactivitiespercommonshare–basic(dollars) 1.20 1.44 2.54 2.87
38PembinaPipelineCorporationSecondQuarter2025
12.OTHER
RiskManagement
Pembina'sriskmanagementstrategies,policiesandlimits,ensurerisksandexposuresarealignedtoitsbusinessstrategyand
risktolerance.Pembina'sBoardofDirectorsisresponsibleforprovidingriskmanagementoversightatPembinaandoversees
howmanagementmonitorscompliancewithPembina'sriskmanagementpoliciesandproceduresandreviewstheadequacy
ofthisriskframeworkinrelationtotherisksfacedbyPembina.
Pembinahasexposureto counterpartycreditrisk,liquidity risk and marketrisk.Pembina utilizes derivativeinstrumentsto
stabilize the results of its business and, as at June 30, 2025, the Company has entered into certain financial derivative
contracts in order to manage commodity price, cost of power, and foreign exchange risk. Pembina has also entered into
powerpurchaseagreementstosecurecost-competitiverenewableenergy,fixthepriceforaportionofthepowerPembina
consumes,andreduceitsemissions.
FinancialInstruments
FairValues
The fair value of financial instruments utilizes a variety of valuation inputs. When measuring fair value, Pembina uses
observable market data to the greatest extent possible. Depending on the nature of these valuation inputs, financial
instrumentsarecategorizedasfollows:
a.Level1
Level1fairvaluesarebasedoninputsthatareunadjustedobservablequotedpricesfromactivemarketsforidenticalassets
orliabilitiesasatthemeasurementdate.
b.Level2
Level 2 fair values are based on inputs, other than quoted market prices included in Level 1, that are either directly or
indirectlyobservable.Level2fairvalueinputsincludequotedforwardmarketprices,timevalue,andbrokerquotesthatare
observableforthedurationofthefinancialinstrument'scontractualterm.Theseinputsareoftenadjustedforfactorsspecific
totheassetorliability,suchas,locationdifferentialsandcreditrisk.
Financial instruments that utilize Level 2 fair valuation inputs include derivatives arising from physical commodity forward
contracts,commodityswapsandoptions,andforwardinterestrateandforeign-exchangeswaps.Inaddition,Pembina'sloans
andborrowingsutilizeLevel2fairvaluationinputs,wherebythevaluationtechniqueisbasedondiscountedfutureinterest
andprincipalpaymentsusingthecurrentmarketinterestratesofinstrumentswithsimilarterms.
c.Level3
Level3fairvaluesutilizeinputsthatarenotbasedonobservablemarketdata.Rather,variousvaluationtechniquesareused
todevelopinputs.
FinancialinstrumentsthatutilizeLevel3fairvaluationinputsincludeembeddedderivativeinstrumentsarisingfromlong-term
powerpurchaseagreements.Thefairvalueoflong-termpowerpurchaseagreementsismeasuredusingapricingandcash
flow model that accounts for forward power prices, renewable wind power pricing discounts and differentials, and
inflationarymetrics.Therateusedtodiscounttherespectiveestimatedcashflowsisagovernmentrisk-freeinterestratethat
is adjusted for an appropriate credit spread. The fair valuation of the embedded derivative instruments is judged to be a
significantmanagementestimate.Theseassumptionsandinputsaresusceptibletochangeandmaydifferfromactualfuture
developments. This estimation uncertainty could materially impact the quantified fair value; and therefore, the gains and
lossesoncommodity-relatedderivativefinancialinstruments.
PembinaPipelineCorporationSecondQuarter202539
GainsandLossesfromDerivativeInstruments
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
Derivativeinstrumentsheldatfairvaluethroughearnings
Realizedgain
Commodity-relatedgainrecordedinrevenuefromriskmanagementand
physicalderivativecontracts (38) (74) (59) (119)
Unrealized(gain)loss
Commodity-related(gain)lossrecordedinrevenuefromriskmanagement
andphysicalderivativecontracts (31) 45 (40) 147
Foreignexchangegainrecordedinnetfinancecosts — (3) — —
Derivativeinstrumentsinhedgingrelationships
Interestratelossrecordedinothercomprehensiveincome(1) — 4 4 2
(1) Unrealized losses or gains fordesignated cash flow hedges are recognizedin impact of hedging activitiesin the Consolidated Statements of Earningsand Comprehensive
Income,withrealizedlossesorgainsbeingreclassifiedtonetfinancecosts.Themovementinothercomprehensiveincomerelatestorealizedlossesorgainsoninterestrate
forwardswaps,whichexpiredonMarch31,2025.Againof$4millionwasrecognizedduringthefirstquarterof2025,priortotheexpirationdatethatwasreclassifiedtonet
financecosts(threeandsixmonthendedJune30,2024:$5millionand$9millionrealizedgain,respectively).Nolossesorgainshavebeenrecognizedinnetincomerelating
todiscontinuedcashflowhedges.
TaxRegulations
TheOneBigBeautifulBillwasenactedintheUnitedStatesonJuly4,2025.Pembinahasassessedtheimpactofthislegislation
anddoesnotanticipateanymaterialimpacttoPembina.
DisclosureControlsandProcedures("DC&P")andInternalControloverFinancialReporting("ICFR")
Management'sReportonInternalControloverFinancialReporting
Pembina's management is responsible for establishing and maintaining disclosure controls and procedures and internal
controloverfinancialreporting,asthosetermsaredefinedinNationalInstrument52-109CertificationofDisclosureinIssuers'
Annual and Interim Filings. The objective of this instrument is to improve the quality, reliability and transparency of
informationthatisfiledorsubmittedunderCanadiansecuritieslegislation.
The President and Chief Executive Officer and Senior Vice President and Chief Financial Officer have designed, with the
assistanceofmanagement,DC&PandICFRtoprovidereasonableassurancethatmaterialinformationrelatingtoPembina's
businessismadeknowntothem,isreportedonatimelybasis,thatfinancialreportingisreliableandthatfinancialstatements
preparedforexternalpurposesareinaccordancewithIFRS.
ChangesinInternalControlOverFinancialReporting
Pembinapreviouslyexcluded businessprocessesassociatedwith theacquisitionof Enbridge Inc.'sinterestsin the Alliance,
AuxSable,andNRGreenjointventures(the"Acquirees"),completedonApril1,2024,fromtheCompany'sevaluationofDC&P
andICFR,aspermittedunderapplicablesecuritieslawsinCanadaandtheUnitedStates.EffectiveApril1,2025,thebusiness
processesoftheAcquireeshavebeenincorporatedintoPembina'sDC&PandICFRevaluations.Otherthantheintegrationof
the Acquirees, there were no changes in the second quarter of 2025 that had or are likely to have a material impact on
Pembina’sICFR.
40PembinaPipelineCorporationSecondQuarter2025
13.ABBREVIATIONS
ThefollowingisalistofabbreviationsthatmaybeusedinthisMD&A:
Other
AECO AlbertaEnergyCompanybenchmarkpricefornaturalgas
B.C. BritishColumbia
GAAP Canadiangenerallyacceptedaccountingprinciples
IFRS InternationalFinancialReportingStandards
NGL Naturalgasliquids
LNG Liquefiednaturalgas
U.S. UnitedStates
WCSB WesternCanadianSedimentaryBasin
Deepcut Ethane-pluscapacityextractiongasprocessingcapabilities
Shallowcut Sweetgasprocessingwithpropaneand/orcondensate-plusextractioncapabilities
Volumes Volumes for Pipelines and Facilities are revenue volumes, defined as physical volumes plus volumes from take-or-pay
commitments.VolumesforMarketing&NewVenturesaremarketedcrudeoilandNGLvolumes.Volumesarestatedin
mboe/d,withnaturalgas volumesconverted tomboe/d fromMMcf/d ata 6:1ratio, andalso includerevenue volumes
fromPembina'sequityaccountedinvestees.
Measurement
bpd barrelsperday mmboe/d millionsofbarrelsofoilequivalentperday
mbbls thousandsofbarrels mtpa milliontonnesperannum
mbpd thousandsofbarrelsperday MMcf/d millionsofcubicfeetperday
mmbpd millionsofbarrelsperday bcf/d billionsofcubicfeetperday
mmbbls millionsofbarrels km kilometer
mboe/d thousandsofbarrelsofoilequivalentperday
InvestmentsinEquity
AccountedInvestees
Pipelines:
GrandValley 75percentinterestinGrandValley1LimitedPartnershipwindfarm
Alliance PriortothecompletionofPembinaacquiringacontrollingownershipinterestinAllianceonApril1,2024,Pembinaowned
a 50 percent interest in Alliance Pipeline Limited Partnership, Alliance Pipeline L.P., and NRGreen Power Limited
Partnership
Facilities:
PGI 60 percent interest in Pembina Gas Infrastructure Inc., a premier gas processing entity in western Canada serving
customersthroughouttheMontneyandDuvernaytrendsfromcentralAlbertatonortheastBritishColumbia
FortCorp 50percentinterestinFortSaskatchewanEthyleneStorageLimitedPartnershipandFortSaskatchewanEthyleneStorage
Corporation
Marketing&New
Ventures:
CedarLNG 49.9percentinterestinCedarLNGPartnersLPandtheproposedfloatingLNGfacilityinKitimat,BritishColumbia,Canada
ACG 50 percent interest in Alberta Carbon Grid Heartland Limited Partnership and the proposed Heartland carbon dioxide
transportationandsequestrationsystem.
Greenlight 50percentinterestintheGreenlightElectricityCentreLimitedPartnership,whichisdevelopingagas-firedcombinedcycle
powergenerationfacilitytobelocatedinAlberta’sIndustrialHeartland.
AuxSable Prior to the completion of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, Pembina
ownedanownershipinterestofapproximately42.7percentinAuxSableU.S.and50percentinAuxSableCanada,which
includes an NGL fractionation facility and gas processing capacity near Chicago, Illinois and other natural gas and NGL
processingfacilities,logisticsanddistributionassetsintheU.S.andCanada,andtransportationcontractsonAlliance.
Readers are referred to the AIF for the year ended December 31, 2024 for additional descriptions, which is available at
www.sedarplus.ca,www.sec.govandthroughPembina'swebsiteatwww.pembina.com.
PembinaPipelineCorporationSecondQuarter202541
14.FORWARD-LOOKINGSTATEMENTS&INFORMATION
In the interest of providing Pembina's security holders and potential investors with
informationregardingPembina,includingmanagement'sassessmentoftheCompany's
future plans and operations, certain statements contained in this MD&A constitute
forward-looking statements or forward-looking information (collectively, "forward-
lookingstatements").Forward-lookingstatementsaretypicallyidentifiedbywordssuch
as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should",
"could", "would", "believe", "plan", "intend", "design", "target", "undertake", "view",
"indicate", "maintain", "explore", "entail", "schedule", "objective", "strategy", "likely",
"potential", "outlook", "aim", "purpose", "goal" and similar expressions suggesting
futureeventsorfutureperformance.
By their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to differ
materiallyfromthoseanticipatedinsuchforward-lookingstatements.Pembinabelieves
the expectations reflected in those forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct and such
forward-looking statements included in this MD&A should not be unduly relied upon.
Theseforward-lookingstatementsspeakonlyasofthedateofthisMD&A.
In particular, this MD&A contains forward-looking statements pertaining to the
following:
• futurelevelsandsustainability ofcashdividendsthatPembina intendstopaytoits
shareholdersandanticipateddividendpaymentdates;
• planning, construction, locations, capital expenditure and funding estimates,
schedules, regulatory and environmental applications and anticipated approvals,
expectedcapacity,incrementalvolumes,contractualarrangements,in-servicedates,
sources of product, activities, benefits and operations with respect to new
constructionof, orexpansionson existing,pipelines,systems, gasservicesfacilities,
processing and fractionation facilities, terminalling, storage and hub facilities and
other facilities or energy infrastructure, as well as the impact of Pembina's new
projectsonitsfuturefinancialperformance;
• futurepipeline,processing,fractionation,andstoragefacilityandsystemoperations;
• treatmentunderexistingandproposedgovernmentallaws,policiesandregulations,
includingthoserelatingtotaxes,theenvironmental,tariffsandprojectassessments;
• Pembina's strategy and the development and expected timing of new business
initiativesandgrowthopportunitiesandtheimpactthereof;
• increasedprocessingcapacityandfractionationcapacityduetoincreasedoilandgas
industry activity and new connections and other initiatives on Pembina's pipelines
andatPembina'sfacilities;
• expectedfuturecashflowsandthesufficiencythereof,financialstrength,sourcesof
and access to funds, future contractual obligations, future financing options,
availabilityofcapitalforcapitalexpenditures,operatingobligations,debtmaturities,
lettersofcreditandtheuseofproceedsfromfinancings;
• Pembina's capital structure, including the sufficiency of the amount of leverage
employed therein and future actions that may be taken with respect thereto,
includingexpectationsregardingtherepurchaseorredemptionofcommonsharesor
other securities, repayments of existing debt, new borrowings, equity or hybrid
securitiesissuancesandthetimingthereof;
• potentialactionsundertakenbyPembinatomitigatecounterpartyrisk;
• tolls and tariffs, and processing, transportation, fractionation, storage and services
commitmentsandcontracts;
• theoutcomesandeffectivenessofPembina'sDC&PandICFR;
• the expected demand for, and prices and inventory levels of, crude oil and other
petroleumproducts,includingNGL;
• the development and anticipated benefits of Pembina's new projects and
developments,includingRFSIV,theWapitiExpansion,theK3CogenerationFacility,
theTaylor-to-GordondaleProject,theFoxCreek-to-NamaoExpansionandtheCedar
LNGProject,includingthetimingthereof;
• expectationsinrespectofPGI'sinfrastructuredevelopmentcommitments,including
theamountsandtimingthereof;
• theexpectedterm,conditions,costs,timingandimpactoftheSettlement;and
• theimpactofcurrentandfuturemarketconditionsonPembina.
VariousfactorsorassumptionsaretypicallyappliedbyPembinaindrawingconclusions
or making the forecasts, projections, predictions or estimations set out in forward-
lookingstatementsbasedoninformationcurrentlyavailabletoPembina.Thesefactors
andassumptionsinclude,butarenotlimitedto:
• oilandgasindustryexplorationanddevelopmentactivitylevelsandthegeographic
regionofsuchactivity;
• thesuccessofPembina'soperations;
• prevailingcommodityprices,interestrates,carbonprices,taxrates,exchangerates
andinflationrates;
• theabilityofPembinatomaintaincurrentcreditratings;
• the availability and cost of capital to fund future capital requirements relating to
existingassets,projectsandtherepaymentorrefinancingexistingdebtasitbecomes
due;
• future operating costs, including geotechnical and integrity costs being consistent
withhistoricalcosts;
• oilandgasindustrycompensationlevelsremainingconsistentwithhistoricallevels;
• in respect of current developments, expansions, planned capital expenditures,
completion dates and capacity expectations: that third parties will provide any
necessary support; that any third-party projects relating to Pembina's growth
projects will be sanctioned and completed as expected; that any required
commercial agreements can be reached; that all required regulatory and
environmentalapprovalscanbe obtained on acceptable terms in a timely manner;
that there are no supply chain disruptions impacting Pembina's ability to obtain
required equipment, materials or labour; that counterparties will comply with
contracts in a timely manner; that there are no unforeseen events preventing the
performanceofcontractsorthecompletionoftherelevantfacilities,andthatthere
arenounforeseenmaterialcostsrelatingtothefacilitieswhicharenotrecoverable
fromcustomers;
• in respect of the stability of Pembina's dividends: prevailing commodity prices,
margins and exchange rates; that Pembina's future results of operations will be
consistentwithpastperformanceandmanagementexpectationsinrelationthereto;
the continued availability of capital at attractive prices to fund future capital
requirements relating to existing assets and projects, including but not limited to
future capital expenditures relating to expansion, upgrades and maintenance
shutdowns; the success of growth projects; future operating costs; that
counterpartiestoagreementswill continue to perform their obligations in atimely
manner; that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material construction or other costs
related to current growth projects; current operations or the repayment or
refinancingofexistingdebtasitbecomesdue;
• the inputs used by Pembina's management in the fair valuation of embedded
derivativeinstrumentsremainingconsistent;
• prevailing regulatory, tax and environmental laws and regulations and tax pool
utilization;and
• theamountoffutureliabilitiesrelatingtolawsuitsandenvironmentalincidentsand
theavailability ofcoverageunder Pembina'sinsurancepolicies (includinginrespect
ofPembina'sbusinessinterruptioninsurancepolicy).
The actual results of Pembina could differ materially from those anticipated in these
forward-lookingstatementsasaresultofthematerialriskfactorssetforthbelow:
• the regulatory environment and decisions, including the outcome of regulatory
hearings,andIndigenousandlandownerconsultationrequirements;
• theimpactofcompetitiveentitiesandpricing;
• relianceonthirdpartiestosuccessfullyoperateandmaintaincertainassets;
• labourandmaterialshortages;
• reliance on key relationships and agreements and the outcome of stakeholder
engagement;
• the strength and operations of the oil and natural gas production industry and
relatedcommodityprices;
• non-performanceordefaultbycounterpartiestoagreementswhichPembinaorone
ormoreofitssubsidiarieshasenteredintoinrespectofitsbusiness;
• actionsbyjointventurepartnersorotherpartnerswhichholdinterestsincertainof
Pembina'sassets;
• actionsbygovernmentalorregulatoryauthoritiesincludingchangesintaxlawsand
treatment, the imposition of new tariffs or other changes in international trade
policies or relations, changes in royalty rates, regulatory decisions, changes in
regulatoryprocessesorincreasedenvironmentalregulation;
• fluctuationsinoperatingresults;
• adverse general economic and market conditions, including potential recessions in
Canada, North America and worldwide, resulting in changes, or prolonged
weaknesses, as applicable, in interest rates, foreign currency exchange rates,
inflationrates,commodityprices,supply/demandtrendsandoverallindustryactivity
levels;
• constraintson,ortheunavailabilityofadequateinfrastructure;
• the political environment and public opinion in North America and elsewhere,
includingchangesintraderelationsbetweenCanadaandtheU.S.;
• abilitytoaccessvarioussourcesofdebtandequitycapitalonacceptableterms;
• adversechangesincreditratings;
• counterpartycreditrisk;
• operating risks, including the amount of future liabilities related to pipelines spills
andotherenvironmentalincidents;
• technologyandsecurityrisks,includingcyber-securityrisks;
• naturalcatastrophes;and
• the other factors discussed under "Risk Factors" in the MD&A for the year ended
December31,2024andintheAIFfortheyearendedDecember31,2024,whichare
available at www.sedarplus.ca, www.sec.gov and through Pembina's website at
www.pembina.com.
Thesefactorsshouldnotbeconstruedasexhaustive.Unlessrequiredbylaw,Pembina
does not undertake any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Management approved the 2025 capital expenditure guidance contained herein as of
thedateofthisMD&A.Thepurposeofthe2025capitalexpenditureguidanceistoassist
readers in understanding Pembina's expected future capital expenditures, and this
information may not be appropriate for other purposes. Any forward-looking
statementscontainedhereinareexpresslyqualifiedbythiscautionarystatement.
42PembinaPipelineCorporationSecondQuarter2025
CONDENSEDCONSOLIDATEDINTERIMSTATEMENTSOFFINANCIALPOSITION
(unaudited)
($millions) June30,2025 December31,2024
Assets
Currentassets
Cashandcashequivalents 210 141
Tradereceivablesandother 869 1,005
Incometaxreceivable — 113
Inventory 275 301
Derivativefinancialinstruments(Note14) 22 13
1,376 1,573
Non-currentassets
Property,plantandequipment(Note5) 22,476 22,738
Intangibleassetsandgoodwill(Note6) 6,398 6,528
Investmentsinequityaccountedinvestees(Note7) 4,279 4,267
Right-of-useassets 536 530
Financeleasereceivables 243 223
Otherassets 116 108
34,048 34,394
Totalassets 35,424 35,967
Liabilitiesandequity
Currentliabilities
Tradepayablesandother 1,027 1,202
Loansandborrowings(Note8) 597 1,525
Leaseliabilities 82 89
Contractliabilities(Note11) 48 43
Derivativefinancialinstruments(Note14) 25 49
1,779 2,908
Non-currentliabilities
Loansandborrowings(Note8) 11,345 10,535
Subordinatedhybridnotes(Note8) 795 596
Leaseliabilities 556 576
Decommissioningprovision(Note9) 514 426
Contractliabilities(Note11) 251 255
Deferredtaxliabilities 2,883 2,868
Derivativefinancialinstruments(Note14) 107 110
Otherliabilities 155 183
16,606 15,549
Totalliabilities 18,385 18,457
Totalequity 17,039 17,510
Totalliabilitiesandequity 35,424 35,967
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements
PembinaPipelineCorporationSecondQuarter202543
CONDENSEDCONSOLIDATEDINTERIMSTATEMENTSOFEARNINGSANDCOMPREHENSIVEINCOME
(unaudited)
3MonthsEndedJune30 6MonthsEndedJune30
($millions,exceptpershareamounts) 2025 2024 2025 2024
Revenue(Note11) 1,792 1,855 4,074 3,395
Costofsales(Note4) 1,086 1,101 2,470 2,062
Shareofprofitfromequityaccountedinvestees(Note7) 74 61 104 212
Grossprofit 780 815 1,708 1,545
Generalandadministrative 97 112 231 220
Other(income)expense (1) (27) 4 (42)
Lossonacquisition(Note3) — 616 — 616
Resultsfromoperatingactivities 684 114 1,473 751
Netfinancecosts(Note12) 151 141 301 249
Earnings(loss)beforeincometax 533 (27) 1,172 502
Currenttaxexpense 103 64 236 140
Deferredtaxexpense(recovery) 13 (570) 17 (555)
Incometaxexpense(recovery) 116 (506) 253 (415)
Earnings 417 479 919 917
Earningsattributableto:
Shareholders 417 471 919 909
Non-controllinginterest — 8 — 8
Othercomprehensive(loss)income,netoftax(Note13)
Exchange(loss)gainontranslationofforeignoperations (316) 47 (314) 143
Impactofhedgingactivities 17 (7) 8 (15)
Othercomprehensive(loss)income,netoftax (299) 40 (306) 128
Totalcomprehensiveincomeattributabletoshareholders 118 519 613 1,045
Comprehensiveincomeattributableto:
Shareholders 118 511 613 1,037
Non-controllinginterest — 8 — 8
Earningsattributabletocommonshareholders,netofpreferred
sharedividends 380 436 844 840
Earningspercommonshare–basic(dollars) 0.65 0.75 1.45 1.49
Earningspercommonshare–diluted(dollars) 0.65 0.75 1.45 1.48
Weightedaveragenumberofcommonshares(millions)
Basic 581 580 581 565
Diluted 582 581 582 566
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements
44PembinaPipelineCorporationSecondQuarter2025
CONDENSEDCONSOLIDATEDINTERIMSTATEMENTSOFCHANGESINEQUITY
(unaudited)
AttributabletoShareholdersoftheCompany
Total
Equity($millions)
Common
Share
Capital
Preferred
Share
Capital Deficit AOCI(1) Total
Non-
Controlling
Interest
December31,2024 17,008 2,164 (2,303) 641 17,510 — 17,510
Totalcomprehensiveincome(loss)
Earnings — — 919 — 919 — 919
Othercomprehensiveloss(Note13) — — — (306) (306) — (306)
Totalcomprehensiveincome(loss) — — 919 (306) 613 — 613
TransactionswithshareholdersoftheCompany(Note10)
PartVI.1taxonpreferredshares — (5) — — (5) — (5)
Preferredsharesredemption — (200) — — (200) — (200)
Share-basedpaymenttransactions 4 — — — 4 — 4
Dividendsdeclared–common — — (813) — (813) — (813)
Dividendsdeclared–preferred — — (70) — (70) — (70)
TotaltransactionswithshareholdersoftheCompany 4 (205) (883) — (1,084) — (1,084)
June30,2025 17,012 1,959 (2,267) 335 17,039 — 17,039
December31,2023 15,765 2,199 (2,372) 221 15,813 — 15,813
Totalcomprehensiveincome
Earnings — — 909 — 909 8 917
Othercomprehensiveincome — — — 128 128 — 128
Totalcomprehensiveincome — — 909 128 1,037 8 1,045
TransactionswithshareholdersoftheCompany
Commonsharesissued,netofissuecosts 1,230 — — — 1,230 — 1,230
PartVI.1taxonpreferredshares — (5) — — (5) — (5)
Share-basedpaymenttransactions 10 — — — 10 — 10
Dividendsdeclared–common — — (767) — (767) — (767)
Dividendsdeclared–preferred — — (64) — (64) — (64)
Dividendequivalentpayment–subscriptionreceipts — — (20) — (20) — (20)
Distributionstonon-controllinginterests — — — — — (10) (10)
Non-controllinginterestrecognizedonacquisition — — — — — 148 148
TotaltransactionswithshareholdersoftheCompany 1,240 (5) (851) — 384 138 522
June30,2024 17,005 2,194 (2,314) 349 17,234 146 17,380
(1) AccumulatedOtherComprehensiveIncome("AOCI").
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements
PembinaPipelineCorporationSecondQuarter202545
CONDENSEDCONSOLIDATEDINTERIMSTATEMENTSOFCASHFLOWS
(unaudited)
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
Cashprovidedby(usedin)
Operatingactivities
Earnings 417 479 919 917
Adjustmentsforitemsnotinvolvingcash:
Shareofprofitfromequityaccountedinvestees(Note7) (74) (61) (104) (212)
Depreciationandamortization 257 240 490 396
Lossonacquisition(Note3) — 616 — 616
Unrealized(gain)lossfromderivativeinstruments (31) 45 (40) 147
Netfinancecosts 151 141 301 249
Share-basedcompensationexpense — 20 29 40
Incometaxexpense(recovery) 116 (506) 253 (415)
Gainonassetdisposal (2) (13) (4) (20)
Derecognitionofinsurancecontractprovision — (34) — (34)
Cashitemspaidorreceived:
Distributionsfromequityaccountedinvestees 136 123 268 362
Netinterestpaid (115) (99) (292) (211)
Share-basedcompensationpayment — — (86) (86)
Taxespaid (65) (91) (127) (290)
Changeinnon-cashoperatingworkingcapital 18 82 34 (106)
Netchangeincontractliabilities (1) 5 7 32
Other (17) 7 (18) 5
Cashflowfromoperatingactivities 790 954 1,630 1,390
Financingactivities
Netincrease(decrease)inbankborrowings 84 — 469 (447)
Proceedsfromissuanceoflong-termdebt,netofissuecosts 197 946 197 2,735
Proceedsfromsubscriptionreceipts — — — 1,228
Repaymentoflong-termdebt — — (550) (650)
Repaymentofleaseliability (20) (20) (41) (38)
Issuanceofcommonsharesonexerciseofoptions — 10 3 10
Redemptionofpreferredshares(Note10) (200) — (226) —
Commonsharedividendspaid (412) (400) (813) (767)
Preferredsharedividendspaid (35) (33) (70) (64)
Distributionstonon-controllinginterest — (10) — (10)
Cashflow(usedin)fromfinancingactivities (386) 493 (1,031) 1,997
Investingactivities
Capitalexpenditures (197) (265) (371) (451)
Contributionstoequityaccountedinvestees (126) (144) (175) (247)
Acquisitionnetofcashacquired(Note3) — (2,621) — (2,621)
Proceedsfromsaleofassets 2 20 4 23
Interestpaidduringconstruction (6) (10) (12) (16)
Returnofcapitalfromequityaccountedinvestees — 63 — 63
Loanreceivablefromequityinvestmentpartner(Note7) — 89 — —
Changesinnon-cashinvestingworkingcapitalandother (14) (45) 31 (40)
Cashflowusedininvestingactivities (341) (2,913) (523) (3,289)
Changeincashandcashequivalents 63 (1,466) 76 98
Effectofmovementinexchangeratesoncashheld (8) 4 (7) 7
Cashandcashequivalents,beginningofperiod 155 1,718 141 151
Cashandcashequivalents,endofperiod 210 256 210 256
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements
46PembinaPipelineCorporationSecondQuarter2025
NOTESTOTHECONDENSEDCONSOLIDATEDINTERIMFINANCIALSTATEMENTS
1.REPORTINGENTITY
Pembina Pipeline Corporation ("Pembina" or the "Company") is a Calgary-based, leading transportation and midstream
service provider serving North America's energy industry. These condensed consolidated unaudited interim financial
statements("InterimFinancialStatements")includetheaccountsoftheCompany,itssubsidiarycompanies,partnershipsand
anyinvestmentsinassociatesandjointarrangementsasatandforthethreeandsixmonthsendedJune30,2025.
Pembina owns an extensive network of strategically located assets which include hydrocarbon liquids and natural gas
pipelines,gasgatheringandprocessingfacilities,oilandnaturalgasliquidsinfrastructureandlogisticsservices,andanexport
terminalsbusiness.Pembina'snetworkof strategically located assets andcommercialoperationsalongthemajority of the
hydrocarbonvaluechainallowittoofferafullspectrumofmidstreamandmarketingservicestotheenergysector.
TheseInterimFinancial Statements andthenoteshereto havebeenpreparedin accordance withInternationalAccounting
Standard34,InterimFinancialReporting,asissuedbytheInternationalAccountingStandardsBoard.Theaccountingpolicies
appliedarein accordancewithInternationalFinancialReporting Standards("IFRS"),areconsistentwith theauditedannual
consolidatedfinancialstatementsoftheCompanyasatandfortheyearendedDecember31,2024("ConsolidatedFinancial
Statements"), and should be read in conjunction with those Consolidated Financial Statements. The Interim Financial
StatementswereauthorizedforissuebyPembina'sBoardofDirectorsonAugust7,2025.
UseofEstimatesandJudgments
Managementisrequiredtomakeestimatesandassumptionsandusejudgmentintheapplicationofaccountingpoliciesthat
couldhaveasignificantimpactontheamountsrecognizedintheInterimFinancialStatements.Actualresultsmaydifferfrom
estimatesandthosedifferencesmaybematerial.Bytheirnature,judgmentsandestimatesmaychangeinlightofnewfacts
and circumstances in the internal and external environment. There have been no material changes to Pembina's critical
accountingestimatesandjudgmentsduringthethreeandsixmonthsendedJune30,2025.
2.CHANGESINACCOUNTINGPOLICIES
TheaccountingpoliciesusedinpreparingtheInterimFinancialStatementsaredescribedinNote3ofPembina'sConsolidated
Financial Statements. There were no new accounting standards or amendments to existing standards adopted in the six
monthsendedJune30,2025thathaveamaterialimpactonPembina'sfinancialstatements.
NewStandardsandInterpretationsNotYetAdopted
IFRS18PresentationandDisclosureinFinancialStatements("IFRS18")
IFRS18wasissuedinApril2024andeffectiveJanuary1,2027,withearlyapplicationpermitted.Thestandardintroduceskey
changes to the structure of the statement of earnings and comprehensive income, required disclosures for certain
management-definedperformancemeasures,and aggregationanddisaggregationofline itemsinthefinancialstatements.
PembinaiscurrentlyreviewingtheimpactofthisstandardonitsConsolidatedFinancialStatements.
AmendmentstoIFRS9andIFRS7-ContractsreferencingNature-dependentElectricity("ContractsreferencingNDE")
ContractsreferencingNDEwasissuedinDecember2024andeffectiveJanuary1,2026,withearlyadoptionpermitted.The
amendments provide relief as it relates to accounting for contracts to purchase or sell electricity from nature-dependent
sources such as wind and solar power, including clarifying the application of own-use requirements, permitting hedge
accountingifthesecontractsareusedashedginginstruments,andaddingnewdisclosuretoenableinvestorstounderstand
the effect of these contracts to Pembina. Pembina is currently reviewing the impact of this amendment as it relates to
Pembina'swind-basedpowerpurchaseagreements.
PembinaPipelineCorporationSecondQuarter202547
3.ACQUISITION
OnApril1,2024,PembinacompletedtheacquisitionofEnbridgeInc.'sinterestsintheAlliance,AuxSable,andNRGreenjoint
ventures(the"Acquirees")foranaggregatepurchasepriceof$2.8billion,netof$327millionofassumeddebt,representing
Enbridge's proportionate share of the indebtedness of Alliance (the "Alliance/Aux Sable Acquisition"). Pembina made no
adjustmentstothepurchasepriceallocationduringthefirstquarterof2025andfinalizeditasatMarch31,2025.
Thefinalpurchasepriceallocationisbasedonassessedfairvaluesandisasfollows:
AsatApril1,2024 Previouslyreported Adjustments Final
($millions) inQ22024
PurchasePriceConsideration
Cash(netofcashacquired) 2,620 — 2,620
EquityinvestmentinAcquirees 2,562 — 2,562
Other 12 — 12
5,194 — 5,194
FairValueofNetAssetsAcquired
Currentassets 240 — 240
Property,plantandequipment 6,339 6 6,345
Otherlong-termassets 38 19 57
Goodwill 805 (2) 803
Currentliabilities (219) (17) (236)
Long-termdebt (596) — (596)
Deferredtaxliabilities (937) 1 (936)
Provisions (52) — (52)
Otherlong-termliabilities (276) (7) (283)
Non-controllinginterestinAuxSable'sU.S.operations (148) — (148)
5,194 — 5,194
48PembinaPipelineCorporationSecondQuarter2025
4.OPERATINGSEGMENTS
Pembina'soperatingsegmentsareorganizedbythreedivisions:Pipelines,FacilitiesandMarketing&NewVentures.
3MonthsEndedJune30,2025
Pipelines(1) Facilities
Marketing&
NewVentures(2)
Corporate&
Inter-segment
Eliminations Total($millions)
Revenuefromexternalcustomers 823 82 877 10 1,792
Inter-segmentrevenue 51 213 6 (270) —
Totalrevenue(3) 874 295 883 (260) 1,792
Operatingexpenses 198 133 9 (105) 235
Costofgoodssold 14 — 761 (167) 608
Depreciationandamortizationincludedingrossprofit 165 59 17 2 243
Costofsales 377 192 787 (270) 1,086
Shareofprofitfromequityaccountedinvestees — 46 28 — 74
Grossprofit 497 149 124 10 780
Depreciationincludedingeneralandadministrative — — — 14 14
Othergeneralandadministrative 18 4 8 53 83
Otherincome — — — (1) (1)
Resultsfromoperatingactivities 479 145 116 (56) 684
Netfinancecosts 6 3 2 140 151
Earnings(loss)beforetax 473 142 114 (196) 533
Incometaxexpense — — — — 116
Earnings(loss) 473 142 114 (196) 417
Capitalexpenditures 72 107 6 12 197
Contributionstoequityaccountedinvestees — 82 44 — 126
3MonthsEndedJune30,2024
Pipelines(1) Facilities
Marketing&
NewVentures(2)
Corporate&
Inter-segment
Eliminations Total($millions)
Revenuefromexternalcustomers 838 82 924 11 1,855
Inter-segmentrevenue 52 212 1 (265) —
Totalrevenue(3) 890 294 925 (254) 1,855
Operatingexpenses 203 123 4 (90) 240
Costofgoodssold 15 — 796 (178) 633
Depreciationandamortizationincludedingrossprofit 164 45 17 2 228
Costofsales 382 168 817 (266) 1,101
Shareofprofit(loss)fromequityaccountedinvestees — 63 (2) — 61
Grossprofit 508 189 106 12 815
Depreciationincludedingeneralandadministrative — — — 12 12
Othergeneralandadministrative 17 5 16 62 100
Other(income)expense (1) — (46) 20 (27)
Lossonacquisition — — — 616 616
Resultsfromoperatingactivities 492 184 136 (698) 114
Netfinancecosts 7 3 1 130 141
Earnings(loss)beforetax 485 181 135 (828) (27)
Incometaxrecovery — — — — (506)
Earnings(loss) 485 181 135 (828) 479
Capitalexpenditures 171 76 8 10 265
Contributionstoequityaccountedinvestees — — 144 — 144
(1) Pipelinesrevenueincludes$135million(2024:$159million)associatedwithU.S.pipelinerevenue.
(2) Marketing&NewVenturesincludesrevenueof$231million(2024:$230million)associatedwithU.S.midstreamsales.
(3) DuringthethreemonthsendedJune30,2025,onecustomeraccountedfor10percentormoreoftotalrevenueswith$243millionreportedthroughoutallsegments.During
thethreemonthsendedJune30,2024,nocustomeraccountedfor10percentormoreoftotalrevenuesreportedthroughoutallsegments.
PembinaPipelineCorporationSecondQuarter202549
6MonthsEndedJune30,2025
Pipelines(1) Facilities
Marketing&
NewVentures(2)
Corporate&
Inter-segment
Eliminations Total($millions)
Revenuefromexternalcustomers 1,667 172 2,213 22 4,074
Inter-segmentrevenue 101 430 6 (537) —
Totalrevenue(3) 1,768 602 2,219 (515) 4,074
Operatingexpenses 383 266 17 (205) 461
Costofgoodssold 27 — 1,858 (338) 1,547
Depreciationandamortizationincludedingrossprofit 316 104 37 5 462
Costofsales 726 370 1,912 (538) 2,470
Shareofprofit(loss)fromequityaccountedinvestees 1 111 (8) — 104
Grossprofit 1,043 343 299 23 1,708
Depreciationincludedingeneralandadministrative 1 — — 27 28
Othergeneralandadministrative 38 10 19 136 203
Otherexpense 1 1 2 — 4
Resultsfromoperatingactivities 1,003 332 278 (140) 1,473
Netfinancecosts 12 6 4 279 301
Earnings(loss)beforetax 991 326 274 (419) 1,172
Incometaxexpense — — — — 253
Earnings(loss) 991 326 274 (419) 919
Capitalexpenditures 132 210 11 18 371
Contributionstoequityaccountedinvestees — 124 52 — 176
6MonthsEndedJune30,2024
Pipelines(1) Facilities
Marketing&
NewVentures(2)
Corporate&
Inter-segment
Eliminations Total($millions)
Revenuefromexternalcustomers 1,475 173 1,724 23 3,395
Inter-segmentrevenue 103 352 1 (456) —
Totalrevenue(3) 1,578 525 1,725 (433) 3,395
Operatingexpenses 357 213 8 (149) 429
Costofgoodssold 26 — 1,547 (312) 1,261
Depreciationandamortizationincludedingrossprofit 259 78 32 3 372
Costofsales 642 291 1,587 (458) 2,062
Shareofprofitfromequityaccountedinvestees 43 138 31 — 212
Grossprofit 979 372 169 25 1,545
Depreciationincludedingeneralandadministrative — — — 24 24
Othergeneralandadministrative 28 11 27 130 196
Other(income)expense (2) (2) (60) 22 (42)
Lossonacquisition — — — 616 616
Resultsfromoperatingactivities 953 363 202 (767) 751
Netfinancecosts 13 5 3 228 249
Earnings(loss)beforetax 940 358 199 (995) 502
Incometaxrecovery — — — — (415)
Earnings(loss) 940 358 199 (995) 917
Capitalexpenditures 312 108 11 20 451
Contributionstoequityaccountedinvestees 5 — 242 — 247
(1) Pipelinesrevenueincludes$269million(2024:$230million)associatedwithU.S.pipelinerevenue.
(2) Marketing&NewVenturesincludesrevenueof$619million(2024:$301million)associatedwithU.S.midstreamsales.
(3) DuringthesixmonthsendedJune30,2025,onecustomeraccountedfor10percentormoreoftotalrevenueswith$586millionreportedthroughoutallsegments.During
thesixmonthsendedJune30,2024,nocustomeraccountedfor10percentormoreoftotalgrossprofitreportedthroughoutallsegments.
50PembinaPipelineCorporationSecondQuarter2025
5.PROPERTY,PLANTANDEQUIPMENT
($millions)
Landand
LandRights Pipelines
Facilitiesand
Equipment
Cavern
Storageand
Other
AssetsUnder
Construction Total
Cost
BalanceatDecember31,2024 694 14,789 9,095 2,121 565 27,264
Additionsandtransfers (1) 40 120 28 177 364
Changeindecommissioningprovision — 41 9 1 — 51
Foreignexchange (10) (187) (93) (2) (2) (294)
Dispositionsandother — (6) (24) (28) (3) (61)
BalanceatJune30,2025 683 14,677 9,107 2,120 737 27,324
Depreciation
BalanceatDecember31,2024 47 2,335 1,594 550 — 4,526
Depreciation 4 155 151 41 — 351
Transfers (1) 14 2 (15) — —
Dispositionsandother — (13) (16) — — (29)
BalanceatJune30,2025 50 2,491 1,731 576 — 4,848
Carryingamounts
BalanceatDecember31,2024 647 12,454 7,501 1,571 565 22,738
BalanceatJune30,2025 633 12,186 7,376 1,544 737 22,476
ImpairmentAssessment
AspreviouslydisclosedonDecember12,2024,PembinaannouncedthattheCanadaEnergyRegulatory("CER")hadinitiateda
toll review of the Alliance Canada pipeline assets. Due to the toll review, in the first quarter of 2025, Pembina identified
indicators of impairment for the Cash-Generating Unit ("CGU") that includes the Alliance Canada assets and performed an
impairmenttestasofMarch31,2025.ThetestdeterminedthattherecoverableamountoftheCGUexceededthecarrying
valueof$6.3billionasofMarch31,2025andasaresult,noimpairmentwasrecognized.
The recoverable amount calculated in the first quarter of 2025, was determined using a fair value less costs of disposal
approachbydiscountingtheexpectedfuturecashflows,includingprobability-weightedsettlementoutcomesfortheAlliance
Canada assets. The recoverable amount is sensitive to changes in key assumptions, including the outcome of the CER toll
reviewandrelatednegotiations,andtheafter-taxdiscountrate.Pembinaappliedanafter-taxdiscountrateof7.9percentto
discount the future cash flows of the CGU. An increase of 1.1 percent in the discount rate would reduce the recoverable
amountoftheCGUtoitscarryingvalue.AchangeinkeyassumptionscouldresultinanimpairmentoftheCGU.
Inthesecondquarterof2025,Pembinadidnotperformanimpairmenttestastherewerenoindicatorsortriggeringevents
requiringanassessmentduringthequarter.
AllianceSettlement
On July 24, 2025, Pembina announced that Alliance Pipeline Limited Partnership ("Alliance") has reached a negotiated
settlement (the "Settlement") with shippers and interested parties on the Canadian portion of the Alliance Pipeline. The
Settlementincludesarevisedtollschedule,effectiveNovember1,2025,whichreduceslong-termfirmtollsbyanaverageof
14percentonavolumeweightedaveragebasisandintroducesa10-yeartolloption.Theagreementalsoincludesarevenue-
sharing mechanism for seasonal and interruptible transportation services and provides shippers with a one-time term
extensionoption.Alliancehasfiled an application with the CERseekingapprovaloftheSettlement, which is requestedby
September15,2025.PembinaanticipatestheSettlementwillresultinanapproximate$50millionannualreductioninlong-
termfirmservicerevenueoverthenext10years,plusimpactsfromthenewrevenue-sharingprovision,whichwilldependon
futurecommodityprices.
PembinaPipelineCorporationSecondQuarter202551
6.INTANGIBLEASSETSANDGOODWILL
IntangibleAssets
($millions) Goodwill
PurchaseandSale
Contractsand
Other
Customer
Relationships Total
TotalGoodwill
&Intangible
Assets
Cost
BalanceatDecember31,2024 5,024 324 1,877 2,201 7,225
Additions — 16 — 16 16
Foreignexchangeadjustments (43) — (41) (41) (84)
BalanceatJune30,2025 4,981 340 1,836 2,176 7,157
Amortization
BalanceatDecember31,2024 — 65 632 697 697
Amortization — 11 60 71 71
Dispositionsandother — — (9) (9) (9)
BalanceatJune30,2025 — 76 683 759 759
Carryingamounts
BalanceatDecember31,2024 5,024 259 1,245 1,504 6,528
BalanceatJune30,2025 4,981 264 1,153 1,417 6,398
7.INVESTMENTSINEQUITYACCOUNTEDINVESTEES
OwnershipInterest(percent)
ShareofProfit(Loss)fromEquity
AccountedInvestees InvestmentsinEquityAccounted
Investees6MonthsEndedJune30
($millions) June30,2025 December31,2024 2025 2024 June30,2025 December31,2024
PGI 60 60 110 137 3,710 3,740
CedarLNG 49.9 49.9 (7) (2) 467 430
Alliance(1) 100 100 — 42 — —
AuxSable(1) 100 100 — 33 — —
Other(2) 50-75 50-75 1 2 102 97
104 212 4,279 4,267
(1) OnApril1,2024,PembinacompleteditsacquisitionofEnbridge'sinterestsintheAlliance,AuxSable,andNRGreenjointventures.OnAugust1,2024,Pembinaacquiredthe
remainingnon-controllinginterestinAuxSable'sU.S.operations.RefertoNote3forfurtherinformation.
(2) OtherincludesPembina'sinterestinGrandValley,FortCorp,ACG,andGreenlight.
FinancingActivitiesforEquityAccountedInvestees
PGI
OnMarch21,2025,pursuanttoanamendedandrestatedcreditagreement,PGIexercisedtheaccordionfeatureunderits
existing revolving credit facility and opened a new $500 million revolving credit facility, maturing on March 21, 2027.
Concurrently,PGIreestablisheda$500millionaccordionunderthecreditfacility.
52PembinaPipelineCorporationSecondQuarter2025
8.LONG-TERMDEBT
ThisnoteprovidesinformationaboutthecontractualtermsofPembina'sinterest-bearinglong-termdebt,whichismeasured
atamortizedcost.
CarryingValue,TermsandConditions,andDebtMaturitySchedule
($millions)
AuthorizedatJune
30,2025
Nominal
InterestRate
Yearof
Maturity June30,2025 December31,2024
Variableratedebt
Seniorunsecuredcreditfacilities(1)(2) 3,487 4.79(3) Various(1) 1,579 1,148
Fixedratedebt
Seniorunsecuredmedium-termnotesseries3 450 4.75 2043 450 450
Seniorunsecuredmedium-termnotesseries4 600 4.81 2044 600 600
Seniorunsecuredmedium-termnotesseries5 — 3.54 2025 — 550
Seniorunsecuredmedium-termnotesseries6 600 4.24 2027 600 600
Seniorunsecuredmedium-termnotesseries7 600 3.71 2026 600 600
Seniorunsecuredmedium-termnotesseries9 550 4.74 2047 550 550
Seniorunsecuredmedium-termnotesseries10 650 4.02 2028 650 650
Seniorunsecuredmedium-termnotesseries11 800 4.75 2048 800 800
Seniorunsecuredmedium-termnotesseries12 650 3.62 2029 650 650
Seniorunsecuredmedium-termnotesseries13 700 4.54 2049 700 700
Seniorunsecuredmedium-termnotesseries15 600 3.31 2030 600 600
Seniorunsecuredmedium-termnotesseries16 400 4.67 2050 400 400
Seniorunsecuredmedium-termnotesseries17 500 3.53 2031 500 500
Seniorunsecuredmedium-termnotesseries18 500 4.49 2051 500 500
Seniorunsecuredmedium-termnotesseries20 750 5.02 2032 750 750
Seniorunsecuredmedium-termnotesseries21 600 5.21 2034 600 600
Seniorunsecuredmedium-termnotesseries22 750 5.67 2054 750 750
Seniorunsecuredmedium-termnotesseries23 650 5.22 2033 650 650
Totalfixedrateloansandborrowingsoutstanding 10,350 10,900
Deferredfinancingcosts 13 12
Totalloansandborrowings 11,942 12,060
Lesscurrentportionloansandborrowings (597) (1,525)
Totalnon-currentloansandborrowings 11,345 10,535
Subordinatedhybridnotes
Subordinatednotes,series1 600 4.80 2081 600 600
Subordinatednotes,series2 200 5.95 2055 200 —
800 600
Deferredfinancingcosts (5) (4)
Totalsubordinatedhybridnotes 795 596
CarryingValue
(1) Pembina'sunsecuredcreditfacilitiesincludea$1.5billionrevolvingfacilitythatmaturesinJune2029,a$1.0billionsustainabilitylinkedrevolvingfacilitythatmaturesinJune
2027,aU.S.$250millionnon-revolvingtermloanthatmaturesinApril2030,a$270milliontermloanandaU.S.$240milliontermloan,bothofwhichmatureinDecember
2025,anda$50millionoperatingfacilitythatmaturesinJune2026,whichistypicallyrenewedonanannualbasis.
(2) IncludesU.S.$250millionvariableratedebtoutstandingatJune30,2025(2024:U.S.$250million).TheU.S.dollardenominatednon-revolvingtermloanisdesignatedasa
hedgeoftheCompany'snetinvestmentinselectedforeignoperationswithaU.S.dollarfunctionalcurrency.
(3) ThenominalinterestrateistheweightedaverageofalldrawncreditfacilitiesbasedonPembina'screditratingatJune30,2025.Borrowingsunderthecreditfacilitiesbear
interestatprimerates,theCanadianOvernightRepoRateAverage("CORRA"),ortheUSDSecuredOvernightFinancingRate("SOFR"),plusapplicablemargins.
PembinaPipelineCorporationSecondQuarter202553
OnApril2,2025,Pembinacompletedanextensiononitsunsecured U.S.$250millionnon-revolvingtermloan,whichnow
maturesinApril2030.
OnJune6,2025,Pembinaclosed$200millionofferingofFixed-To-FixedRateSubordinatedHybridNotes,Series2(the"Series
2SubordinatedNotes")dueJune6,2055.TheSeries2SubordinatedNoteshaveafixed5.95percentinterestrate,whichwill
resetonJune6,2035,andoneveryfifthanniversarythereafter,basedonthefive-yearGovernmentofCanadayieldplus2.71
percent for the period from, and including, June 6, 2035 to, but excluding June 6, 2055. The interest rate during any
subsequentfixedrateperiodwillnotbelessthan5.95percent.Pembina'sSeries2SubordinatedNotesaresubjecttooptional
redemptionbyPembinafromMarch6,2035toJune6,2035andaftertheinitialinterestresetdate,onanyinterestpayment
dateoranyinterestresetdate, as applicable. Pembina may also redeem theSeries2SubordinatedNotesincertainother
limited circumstances. Pembina used the net proceeds of the offering of the Series 2 Subordinated Notes to fund the
redemptionofitsoutstandingCumulativeRedeemableMinimumRateResetClassAPreferredShares,Series19("Series19
ClassAPreferredShares")onJune30,2025.
On July 23, 2025, Pembina announced the approval of amendments (the "Amendments") to the indenture governing the
Series1SubordinatedNotes.TheAmendmentsprovidedfor,amongotherthings,theexchange(the"NoteExchange")ofall
of the outstanding Series 1 Subordinated Notes for an equal principal amount of 4.80 percent Fixed-to-Fixed Rate
SubordinatedNotes,Series3ofPembina(the"Series3SubordinatedNotes")dueJanuary25,2081.TheSeries3Subordinated
Notes have the same economic terms as the Series 1 Subordinated Notes, including interest rate, interest payment dates,
interestresetdates,maturitydateandredemptionprovisions,butdonotprovideforanentitlementtodeliveryofpreferred
sharesupontheoccurrenceofcertainbankruptcyandrelatedevents.TheNoteExchangewascompletedonJuly25,2025,
followingtheexecutionofthesupplementalindentureimplementingtheAmendments.TheSeries3SubordinatedNotesrank
equallyinrightofpaymentwiththeSeries2SubordinatedNotes.Pursuanttothemandatoryredemptionprovisionsattaching
totheClass A PreferredShares,Series 2021-A (the"Series2021-A Class APreferredShares"), inconnectionwiththe Note
Exchange,onJuly28,2025,PembinaredeemedalloftheissuedandoutstandingSeries2021-AClassAPreferredShares(refer
toNote10forfurtherinformation).
Covenants
Pembinaissubjecttocertainfinancialcovenantsunderitsmedium-termnoteindenturesandcreditfacilitiesagreementsand
complieswithallfinancial covenants as ofJune30,2025.Pembina's financial covenantsundertheindenture governing its
medium-termnotesandtheagreementsgoverningthecreditfacilitiesincludethefollowing:
Debt FinancialCovenant(1) Ratio
Seniorunsecuredmedium-termnotes FundedDebttoCapitalization Maximum0.70(2)
Creditfacilities DebttoCapital Maximum0.70(3)
(1) Termsasdefinedinrelevantagreements.
(2) Covenantmustbemetatthereportingdateandfiledwithin90daysaftertheendofeachfiscalyearandwithin10businessdaysafterfilingoftheConsolidatedFinancial
Statements.
(3) Covenantmustbemetatthereportingdateandfiledwithin120daysaftertheendofeachfiscalyearand60daysaftereachquarter.
54PembinaPipelineCorporationSecondQuarter2025
9.DECOMMISSIONINGPROVISION
($millions) 2025
BalanceatJanuary1 432
Unwindingofdiscountrate 12
Changeinrates (12)
Changeincostestimatesandother 84
Total 516
Currentportionofprovision(1) 2
BalanceatJune30 514
(1) Includedintradepayablesandotheronthecondensedconsolidatedinterimfinancialstatements.
10.SHARECAPITAL
CommonShareCapital
($millions,exceptasnoted)
Numberof
CommonShares
(millions)
Common
ShareCapital
BalanceatDecember31,2024 581 17,008
Share-basedpaymenttransactions(1) — 4
BalanceatJune30,2025 581 17,012
(1) Exercisedoptionsaresettledbyissuingthenetnumberofcommonsharesequivalenttothegainuponexercise.
ShareRepurchaseProgram
On May 14, 2025, the Toronto Stock Exchange ("TSX") accepted the renewal of Pembina's normal course issuer bid (the
"NCIB")thatallowstheCompanytorepurchase,atitsdiscretion,uptofivepercentoftheCompany'soutstandingcommon
shares(representingapproximately29millioncommonshares)throughthefacilitiesoftheTSX,theNewYorkStockExchange
and/or alternative Canadian trading systems or as otherwise permitted by applicable securities law, subject to certain
restrictionsonthenumberofcommonsharesthatmaybepurchasedonasingleday.TheNCIBcommencedonMay16,2025
andwillexpireontheearlierofMay15,2026,thedateonwhichPembinahasacquiredthemaximumnumberofcommon
sharesallowableundertheNCIBorthedateonwhichPembinaotherwisedecidesnottomakeanyfurtherrepurchasesunder
theNCIB.NocommonshareswerepurchasedbyPembinaduringthethreeandsixmonthsendedJune30,2025.
PreferredShareCapital
($millions,exceptasnoted)
Numberof
PreferredShares
(millions)
Preferred
ShareCapital
BalanceatDecember31,2024 93 2,164
ClassA,Series22PreferredSharesredeemed (1) —
ClassA,Series19PreferredSharesredeemed (8) (200)
PartVI.1tax — (5)
BalanceatJune30,2025 84 1,959
OnJanuary8,2025,PembinaredeemedalloftheapproximatelyonemillionissuedandoutstandingCumulativeRedeemable
FloatingRateClassAPreferredShares,Series22("Series22ClassAPreferredShares")ataredemptionpriceof$25.50per
Series22ClassA Preferred Share,plusallaccruedand unpaid dividends thereon.Pembinahadannounced its intention to
redeemtheSeries22ClassAPreferredSharesduringthefourthquarterof2024and,asaresult,theequitywasreclassifiedas
afinancialliabilityofapproximately$26millionforthetotalredemptionpriceinthatsamequarter.
PembinaPipelineCorporationSecondQuarter202555
OnJune30,2025,PembinaredeemedalloftheeightmillionissuedandoutstandingCumulativeRedeemableFixedRateClass
A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") at a redemption price of $25.00 per Series 19 Class A
PreferredShare.ThetotalredemptionpricefortheSeries19ClassAPreferredShareswas$200million.
OnJuly28,2025,inconnectionwiththeNoteExchange,Pembinaredeemedallofthe600,000issuedandoutstandingSeries
2021-A Class A Preferred Shares, which were deliverable to holders of the Series 1 Subordinated Notes following the
occurrenceofcertainbankruptcyandrelatedevents.TheSeries2021-AClassAPreferredShareswereissuedbyPembinato
ComputershareTrustCompanyofCanadatobeheldintrusttosatisfyitsobligationsundertheindenturegoverningtheSeries
1SubordinatedNotes.
Dividends
ThefollowingdividendsweredeclaredandpaidbyPembina:
6MonthsEndedJune30
($millions) 2025 2024
Commonshares
Commonshare 813 767
ClassApreferredshares
Series1ClassAPreferredShare 88
Series3ClassAPreferredShare 54
Series5ClassAPreferredShare 96
Series7ClassAPreferredShare 76
Series9ClassAPreferredShare 55
Series15ClassAPreferredShare 6 6
Series17ClassAPreferredShare 5 4
Series19ClassAPreferredShare 5 5
Series21ClassAPreferredShare 12 11
Series22ClassAPreferredShare — 1
Series25ClassAPreferredShare 8 8
70 64
OnAugust7,2025,PembinaannouncedthatitsBoardofDirectorshaddeclaredacommonsharecashdividendforthethird
quarterof2025of$0.71persharetobepaidonSeptember29,2025,toshareholdersofrecordonSeptember15,2025.
Pembina's Board of Directors also declared quarterly dividends for Pembina's Class A preferred shares on July 8, 2025 as
outlinedinthefollowingtable:
Series RecordDate PayableDate
DividendAmount
($millions)
Series1,3,5,7,9and21 August1,2025 September2,2025 23
Series15and17 September15,2025 October1,2025 5
Series25 July31,2025 August15,2025 4
56PembinaPipelineCorporationSecondQuarter2025
11.REVENUE
Revenuehasbeendisaggregatedintocategoriestoreflecthowthenature,timinganduncertaintyofrevenueandcashflows
areaffectedbyeconomicfactors.
a. RevenueDisaggregation
2025 2024
3MonthsEndedJune30
Pipelines Facilities
Marketing
&New
Ventures Corporate Total Pipelines Facilities
Marketing
&New
Ventures Corporate Total($millions)
Take-or-pay(1) 630 50 5 — 685 636 56 — — 692
Fee-for-service(1) 136 16 30 — 182 138 11 30 — 179
Productsales(2) 4 — 769 — 773 — — 863 — 863
Revenuefromcontracts
withcustomers 770 66 804 — 1,640 774 67 893 — 1,734
Realizedgainfrom
derivativeinstruments — — 38 — 38 — — 74 — 74
Unrealizedgain(loss)from
derivativeinstruments — — 31 — 31 — — (45) — (45)
Revenuefromrisk
managementandphysical
derivativecontracts — — 69 — 69 — — 29 — 29
Leaseincome 47 11 2 — 60 57 7 — — 64
Sharedservicerevenue(3)
andother 6 5 2 10 23 7 8 2 11 28
Totalexternalrevenue 823 82 877 10 1,792 838 82 924 11 1,855
2025 2024
6MonthsEndedJune30
Pipelines Facilities
Marketing
&New
Ventures Corporate Total Pipelines Facilities
Marketing
&New
Ventures Corporate Total($millions)
Take-or-pay(1) 1,273 99 10 — 1,382 1,089 111 — — 1,200
Fee-for-service(1) 277 40 69 — 386 261 35 57 — 353
Productsales(2) 5 — 2,026 — 2,031 — — 1,693 — 1,693
Revenuefromcontracts
withcustomers 1,555 139 2,105 — 3,799 1,350 146 1,750 — 3,246
Realizedgainfrom
derivativeinstruments — — 59 — 59 — — 119 — 119
Unrealizedloss(gain)from
derivativeinstruments — — 40 — 40 — — (147) — (147)
Revenuefromrisk
managementandphysical
derivativecontracts — — 99 — 99 — — (28) — (28)
Leaseincome 95 20 3 — 118 116 15 — — 131
Sharedservicerevenue(3)
andother 17 13 6 22 58 9 12 2 23 46
Totalexternalrevenue 1,667 172 2,213 22 4,074 1,475 173 1,724 23 3,395
(1) Revenuerecognizedovertime.
(2) Revenuerecognizedatapointintime.
(3) Includes$13millionforthethreemonthsendedJune30,2025(2024:$14million)and$28millionforthesixmonthsendedJune30,2025(2024:$30million)offixedfee
incomerelatedtosharedserviceagreementswithjointventures.
PembinaPipelineCorporationSecondQuarter202557
b. ContractLiabilities
Significantchangesinthecontractliabilitiesbalancesduringtheperiodareasfollows:
6MonthsEndedJune30,2025 12MonthsEndedDecember31,2024
($millions) Take-or-Pay
Other
Contract
Liabilities
Total
Contract
Liabilities
Take-or-Pay
Other
Contract
Liabilities
Total
Contract
Liabilities
Openingbalance 1 297 298 1 158 159
Additions(netintheperiod) 8 24 32 — 49 49
Alliance/AuxSableAcquisition — — — — 144 144
Revenuerecognizedfromcontractliabilities(1) — (31) (31) — (44) (44)
Disposition — — — — (10) (10)
Closingbalance 9 290 299 1 297 298
Lesscurrentportion(2) (9) (39) (48) (1) (42) (43)
Endingbalance — 251 251 — 255 255
(1) Recognitionofrevenuerelatedtoperformanceobligationssatisfiedintheperiodthatwereincludedintheopeningbalanceofcontractliabilities.
(2) Representscashcollectedundertake-or-paycontractswhichwillberecognizedwithinoneyearasthecustomerchoosestoship,process,orotherwiseforegotheassociated
service.
ContractliabilitiesdepictPembina'sobligationtoperformservicesinthefutureforcashandnon-cashconsiderationwhich
havebeenreceivedfromcustomers.Contractliabilitiesincludeup-frontpaymentsornon-cashconsiderationreceivedfrom
customersforfuturetransportation,gasprocessing,terminalling,storageservices,andconstruction.Contractliabilitiesalso
includeconsiderationreceivedfromcustomersfortake-or-paycommitmentswherethecustomerhasamake-uprighttoship
orprocessfuturevolumesunderafirmcontract.Theseamountsarenon-refundableshouldthecustomernotuseitsmake-up
rights.In allinstanceswheregoodsorserviceshavebeentransferred toacustomerinadvanceofthereceiptof customer
consideration,Pembina'srighttoconsiderationisunconditionalandhasthereforebeenpresentedasareceivable.
12.NETFINANCECOSTS
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
Interestexpenseonfinancialliabilitiesmeasuredatamortizedcost:
Loansandborrowings 130 133 260 244
Subordinatedhybridnotes 8 8 15 15
Leases 8 8 16 16
Interestincome (1) (9) (4) (38)
Unwindingofdiscountrate 6 5 12 10
Foreignexchange(gains)lossesandother — (4) 2 2
Netfinancecosts 151 141 301 249
58PembinaPipelineCorporationSecondQuarter2025
13.ACCUMULATEDOTHERCOMPREHENSIVEINCOME
($millions)
Currency
Translation
Reserve
CashFlow
Hedge
Reserve
Pensionand
otherPost-
Retirement
BenefitPlan
Adjustments(2) Total
BalanceatDecember31,2024 620 8 13 641
Othercomprehensivelossbeforehedgingactivities (314) — — (314)
Othercomprehensivegain(loss)resultingfromhedgingactivities,netoftax(1) 16 (8) — 8
BalanceatJune30,2025 322 — 13 335
(1) AmountsrelatetohedgesoftheCompany'snetinvestmentinforeignoperations(reportedinCurrencyTranslationReserve)andinterestrateforwardswaps(reportedin
CashFlowHedgeReserve)(Note14),whichexpiredonMarch31,2025.AtJune30,2025,theothercomprehensivelossresulting fromhedgingactivitiesforinterestrate
forwardswapsincludesarealizedlossof$4millionthatwasreclassifiedtonetfinancecosts(2024:$9millionrealizedgain).
(2) PensionandotherPost-RetirementBenefitPlanAdjustmentswillnotbereclassifiedintoearnings.
14.FINANCIALINSTRUMENTS&RISKMANAGEMENT
FairValues
The fair value of financial instruments utilizes a variety of valuation inputs. When measuring fair value, Pembina uses
observable market data to the greatest extent possible. Depending on the nature of these valuation inputs, financial
instrumentsarecategorizedasfollows:
a.Level1
Level1fairvaluesarebasedoninputsthatareunadjustedobservablequotedpricesfromactivemarketsforidenticalassets
orliabilitiesasatthemeasurementdate.
b.Level2
Level 2 fair values are based on inputs, other than quoted market prices included in Level 1, that are either directly or
indirectlyobservable.Level2fairvalueinputsincludequotedforwardmarketprices,timevalue,andbrokerquotesthatare
observableforthedurationofthefinancialinstrument'scontractualterm.Theseinputsareoftenadjustedforfactorsspecific
totheassetorliability,suchas,locationdifferentialsandcreditrisk.
Financial instruments that utilize Level 2 fair valuation inputs include derivatives arising from physical commodity forward
contracts,commodityswapsandoptions,andforwardinterestrateandforeign-exchangeswaps.Inaddition,Pembina'sloans
andborrowingsutilizeLevel2fairvaluationinputs,wherebythevaluationtechniqueisbasedondiscountedfutureinterest
andprincipalpaymentsusingthecurrentmarketinterestratesofinstrumentswithsimilarterms.
c.Level3
Level3fairvaluesutilizeinputsthatarenotbasedonobservablemarketdata.Rather,variousvaluationtechniquesareused
todevelopinputs.
FinancialinstrumentsthatutilizeLevel3fairvaluationinputsincludeembeddedderivativeinstrumentsarisingfromlong-term
powerpurchaseagreements.Thefairvalueoflong-termpowerpurchaseagreementsismeasuredusingapricingandcash
flow model that accounts for forward power prices, renewable wind power pricing discounts and differentials, and
inflationarymetrics.Therateusedtodiscounttherespectiveestimatedcashflowsisagovernmentrisk-freeinterestratethat
is adjusted for an appropriate credit spread. The fair valuation of the embedded derivative instruments is judged to be a
significantmanagementestimate.Theseassumptionsandinputsaresusceptibletochangeandmaydifferfromactualfuture
developments. This estimation uncertainty could materially impact the quantified fair value; and therefore, the gains and
lossesoncommodity-relatedderivativefinancialinstruments.
PembinaPipelineCorporationSecondQuarter202559
Thecarryingvaluesoffinancialassetsandliabilitiesinrelationtotheirrespectivefairvalues,togetherwiththeirappropriate
fair value categorization are illustrated in the table below. Certain other non-derivative financial instruments measured at
amortized cost, including cash and cash equivalents, trade receivables and other, trade payables and other, and other
liabilitieshavebeenexcludedsincetheircarryingvaluesarejudgedtoapproximatetheirfairvaluesduetotheirnatureand
shortmaturity.TheseinstrumentswouldbecategorizedasLevel2inthefairvaluehierarchy.
June30,2025 December31,2024
Carrying
Value
FairValue Carrying
Value
FairValue
($millions) Level1 Level2 Level3 Level1 Level2 Level3
Financialassetscarriedatfairvalue
Derivativefinancialinstruments(1) 22 — 22 — 13 — 13 —
Financialliabilitiescarriedatfairvalue
Derivativefinancialinstruments(1) 132 — 13 119 159 — 42 117
Financialliabilitiescarriedatamortizedcost
Long-termdebt(2) 12,737 — 12,656 — 12,656 — 12,649 —
(1) AtJune30,2025,allderivativefinancialinstrumentsarecarriedatfairvaluethroughearnings.AtDecember31,2024,allderivativefinancialinstrumentsarecarriedatfair
valuethroughearnings,exceptfor$5millionininterestratederivativefinancialassetsthatweredesignatedascashflowhedgesandexpiredonMarch31,2025.
(2) Carryingvalueofcurrentandnon-currentbalances.Includesloansandborrowingsandsubordinatedhybridnotes.
ChangesinfairvalueofthederivativenetliabilitiesclassifiedasLevel3inthefairvaluehierarchywereasfollows:
($millions) 2025
Level3derivativenetliabilityatJanuary1 (117)
Lossincludedinrevenuefromriskmanagementandphysicalderivativecontracts (2)
Level3derivativeliabilityatJune30 (119)
TherewerenotransfersintooroutofLevel3duringthesixmonthsendedJune30,2025.
GainsandLossesfromDerivativeInstruments
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
Derivativeinstrumentsheldatfairvaluethroughearnings
Realizedgain
Commodity-relatedgainrecordedinrevenuefromriskmanagementand
physicalderivativecontracts (38) (74) (59) (119)
Unrealized(gain)loss
Commodity-related(gain)lossrecordedinrevenuefromriskmanagement
andphysicalderivativecontracts (31) 45 (40) 147
Foreignexchangegainrecordedinnetfinancecosts — (3) — —
Derivativeinstrumentsinhedgingrelationships
Interestratelossrecordedinothercomprehensiveincome(1) — 4 4 2
(1) UnrealizedlossesorgainsfordesignatedcashflowhedgesarerecognizedinimpactofhedgingactivitiesintheConsolidated Statements of Earnings and Comprehensive
Income,withrealizedlossesorgainsbeingreclassifiedtonetfinancecosts.Themovementinothercomprehensiveincomerelatestorealizedlossesorgainsoninterestrate
forwardswaps,whichexpiredonMarch31,2025.Againof$4millionwasrecognizedduringthefirstquarterof2025,priortotheexpirationdatethatwasreclassifiedtonet
financecosts(threeandsixmonthendedJune30,2024:$5millionand$9millionrealizedgain,respectively).Nolossesorgainshavebeenrecognizedinnetincomerelating
todiscontinuedcashflowhedges.
60PembinaPipelineCorporationSecondQuarter2025
15.RELATEDPARTIES
Pembinaentersintotransactionswithrelatedpartiesinthenormalcourseofbusinessandalltransactionsaremeasuredat
their exchange amount, unless otherwise noted. Pembina provides management and operational oversight services, on a
fixedfeeandcostrecoverybasis,tocertainequityaccountedinvestees.Pembinaalsocontractsforservicesandcapacityfrom
certain of its equity accounted investees, advances funds to support operations and provides letters of credit, including
financialguarantees.
Asummaryofthesignificantrelatedpartytransactionsandbalancesareasfollows:
3MonthsEndedJune30 6MonthsEndedJune30
($millions) 2025 2024 2025 2024
PGI 58 59 121 132
AuxSable(1) — — — 32
Alliance(1) — — — 4
CedarLNG 5 3 9 6
Other(2) — 1 — 2
Totalservicesprovided(3) 63 63 130 176
PGI 2 2 4 4
Alliance(1) — — — 3
Totalservicesreceived 2 2 4 7
Asat
($millions) June30,2025 December31,2024
Tradereceivablesandother(4) 34 37
(1) AsofApril1,2024,followingthecompletionofPembina'sacquisitionofacontrollinginterestinAllianceandAuxSable,theseentitiesbecameconsolidatedsubsidiariesof
Pembinaand,assuch,arenolongerrelatedparties.
(2) OtherincludestransactionswithGrandValley,ACG,andGreenlight.
(3) ServicesprovidedbyPembinaincludepaymentsmadebyPembinaonbehalfofrelatedparties.
(4) AsatJune30,2025,tradereceivablesandotherincludes$27millionduefromPGI(December31,2024:$34million),and$6millionduefromCedarLNG(December31,2024:
$2million).
PembinaPipelineCorporationSecondQuarter202561
16.COMMITMENTSANDCONTINGENCIES
Commitments
PembinawascommittedforthefollowingamountsunderitscontractsandarrangementsasatJune30,2025:
ContractualObligations(1) PaymentsDuebyPeriod
($millions) Total Lessthan1year 1–3years 3–5years After5years
Transportationandprocessing(2) 10,787 39 32 807 9,909
Constructioncommitments(3) 375 375 — — —
Othercommitmentsrelatedtoleasecontracts(4) 468 46 92 88 242
Fundingcommitments,software,andother 63 21 41 1 —
Totalcontractualobligations 11,693 481 165 896 10,151
(1) Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are
dependentoncurrentmarketprices.VolumesandpricesforNGLandpowercontractscannotbereasonablydetermined,andtherefore,anamounthasnotbeenincludedin
thecontractualobligationsschedule.Productpurchaseagreementsrangefromoneto16yearsandinvolvethepurchaseofNGLproductsfromproducers.Assumingproduct
isavailable,Pembinahassecuredbetween26and202mbpdofNGLeachyearuptoandincluding2040.Powerpurchaseagreementsrangefromoneto24yearsandinvolve
thepurchaseofpowerfromelectricalserviceproviders.Pembinahassecuredupto76megawattsperdayeachyearuptoandincluding2048.
(2) PembinasignedtwotransportationandprocessingrelatedagreementsrelatingtotheCedarLNGProject:(a)LiquefactionTollingServicesAgreement("LTSA");and,(b)Gas
SupplyAgreement("GSA").TheLTSAisa20-yeartake-or-payfixedtollcontractfor1.5milliontonnesperannum,whiletheGSAwillallowfortransportontheCoastalGasLink
Pipelineofapproximately200millioncubicfeetperdayofCanadiannaturalgastoCedarLNG.Thesecommercialagreementsaccountforapproximately50percentofthe
operatingcapacityfortheCedarLNGProjectandatotalcommitmentofapproximately$10.5billion.Thesecommitmentsareexpectedtocommenceupontheanticipatedin-
servicedateoftheCedarLNGProjectinlate2028.
(3) Excludesprojectsthatareexecutedbyequityaccountedinvestees.
(4) Relatestoexpectedvariableleasepaymentsexcludedfromthemeasurementoftheleaseliability, payments under lease contracts which have not yet commenced, and
paymentsrelatedtonon-leasecomponentsinlesseeleasecontracts.
CommitmentstoEquityAccountedInvestees
Pembinahas commitmentstoprovidecontributionstocertainequityaccountedinvesteesbasedonitsownershipinterest.
Thesecontributionsaredeterminedandapprovedbythejointventurepartnerstofundoperatingbudgets,growthcapital,
andsignificantprojectsdevelopmentcosts,includingtheCedarLNGProject.
Contingencies
Pembina, including its subsidiaries and its investments in equity accounted investees, are subject to various legal and
regulatoryandtaxproceedings,actionsandauditsarisinginthenormalcourseofbusiness.Pembinarepresentsitsinterests
vigorously in all proceedings in which it is involved. Legal and administrative proceedings involving possible losses are
inherently complex, and the Company applies significant judgment in estimating probable outcomes. As at June 30, 2025,
therewerenosignificantclaimsfiledagainstPembinaforwhichmanagementbelievestheresolutionofanysuchactionsor
proceedingswouldhaveamaterialimpactonPembina'sfinancialpositionorresultsofoperations.
LettersofCredit
Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of
credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities,
engineeringandconstructionservices.Thelettersofcredithavenothadandarenotexpectedtohaveamaterialimpacton
Pembina's financial position, earnings, liquidity or capital resources. As at June 30, 2025, Pembina had $210 million
(December31,2024:$209million)inlettersofcreditissued.
62PembinaPipelineCorporationSecondQuarter2025
Head Office
Pembina Pipeline Corporation
Suite 4000, 585 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Phone 403.231.7500
Auditors
KPMG LLP
Chartered Professional Accountants
Calgary, Alberta
Trustee, Registrar and
Transfer Agent
Computershare Trust Company of Canada
Suite 800, 324 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 2Z2
Phone 1.800.564.6253
Stock Exchange
Pembina Pipeline Corporation
Toronto Stock Exchange listing symbols for:
COMMON SHARES PPL
PREFERRED SHARES PPL.PR.A, PPL.PR.C, PPL.PR.E,
PPL.PR.G, PPL.PR.I, PPL.PR.O, PPL.PR.Q, PPL.PF.A, and PPL.PF.E
New York Stock Exchange listing symbol for:
COMMON SHARES PBA
Investor Inquiries
Phone 403.231.3156
Toll Free 1.855.880.7404
Fax 403.237.0254
Email investor-relations@pembina.com
Website www.pembina.com
Investor Information
