Q3 2024 Pembina Pipeline Corp Earnings Call Transcript
Key Points
- Pembina Pipeline Corp (PBA) reported a record third quarter adjusted EBITDA of $1.019 billion, consistent with the same period in the prior year.
- The company has narrowed its 2024 adjusted EBITDA guidance range to $4.225 billion to $4.325 billion, indicating confidence in its financial outlook.
- Pembina completed the acquisition of the remaining 14.6% interest in Aux Sable's US operations, resulting in fully consolidated ownership of all Aux Sable assets.
- The company is progressing well with major projects, including the Northeast BC midpoint pump station expansion, which is trending under its $90 million budget.
- Pembina's Cedar LNG project has reached an early milestone with the start of onshore construction activities, indicating progress in its strategic initiatives.
- The Cochin pipeline faced lower contributions due to lower tolls on new long-term contracts and lower volumes, impacting overall financial performance.
- Pembina experienced a 90-day unplanned outage at Aux Sable, affecting the marketing and new ventures segment.
- The company faced headwinds from various onetime and transitory events that impacted either the current quarter or the prior period.
- Pipeline volumes were affected by lower volumes on the Cochin Pipeline, the Drayton Valley Pipeline, and the Peace Pipeline system.
- Pembina's third quarter corporate segment results reflect higher long-term incentive costs driven by the company's share price performance.
Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q3 2024 results conference call. (Operator Instructions)
This call is being recorded on Wednesday, November 6, 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 from the third quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer; and Cameron Goldade, Senior Vice President and Chief Financial Officer; along with other members of Pembina's Senior Officer leadership team, including Jaret Sprott, Janet Loduca, Stu Taylor, Chris Scherman and Evo Bishop.
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
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