Q2 2024 Pembina Pipeline Corp Earnings Call Transcript
Key Points
- Pembina Pipeline Corp (PBA) reported record adjusted EBITDA of $1.091 billion, a 33% increase over the same period in the prior year.
- The company achieved record adjusted cash flow from operating activities of $837 million and record adjusted cash flow per share of $1.44.
- Pembina Pipeline Corp (PBA) raised its 2024 adjusted EBITDA guidance range to $4.2 billion to $4.35 billion, reflecting a $100 million increase at the midpoint.
- The acquisition of the remaining 14.6% interest in Aux Sable US operations from Williams has been completed, simplifying corporate reporting and enhancing long-term opportunities.
- The Phase VIII Peace Pipeline Expansion has been brought into service, marking the culmination of a more than $4 billion expansion program driven by growing customer demand.
- The company experienced some incremental inflation over and above expectations in the latter half of 2023, impacting project costs.
- There were higher general and administrative expenses impacting the second quarter results.
- Unrealized losses recognized by PGI on interest rate derivative financial instruments compared to gains in the second quarter of 2023.
- Larger unrealized losses on renewable power purchase agreements and NGL-based derivatives compared to gains in the second quarter of 2023.
- Higher depreciation and amortization, net finance costs, and acquisition and integration fees impacted earnings in the second quarter.
Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q2 2024 results conference Call. (Operator Instructions) This call is being recorded on Friday, August 9, 2024.
I would now like to turn the conference over to Dan Tucunel, VP of Capital Markets. Please go ahead.
Thank you, Joanna. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights for the second quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer; Cameron Goldade, Senior Vice President and Chief Financial Officer; along with other members of Pembina's leadership team including Jaret Sprott, Janet Loduca, Stuart Taylor, and Chris Scherman.
I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments, and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties
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