Pembina Pipeline Corporation (PBA): Business Model Canvas

In der dynamischen Landschaft der nordamerikanischen Energieinfrastruktur entwickelt sich die Pembina Pipeline Corporation (PBA) zu einem strategischen Kraftpaket, das komplexe Netzwerke von Transport- und Verarbeitungslösungen im anspruchsvollen Erdölökosystem Westkanadas webt. Durch die nahtlose Integration fortschrittlicher Midstream-Fähigkeiten mit innovativer Infrastrukturentwicklung verwandelt Pembina die Rohenergielogistik in ein anspruchsvolles, wertorientiertes Unternehmen, das Produzenten, Raffinerien und Märkte über ein komplexes Netz aus Pipelines, Terminals und hochmodernen Technologieplattformen verbindet. Ihr Geschäftsmodell stellt eine Meisterklasse in der Anpassungsfähigkeit des Energiesektors dar und vereint betriebliche Effizienz, Umweltverantwortung und strategische Partnerschaften, die den Puls der kanadischen Energiewirtschaft bestimmen.

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Öl- und Gasproduzenten in Westkanada

Die Pembina Pipeline Corporation unterhält strategische Partnerschaften mit wichtigen Öl- und Gasproduzenten in Westkanada:

Partnerunternehmen	Einzelheiten zur Partnerschaft	Jährlicher Vertragswert
Canadian Natural Resources Limited	Midstream-Infrastrukturdienste	325 Millionen Dollar
Cenovus-Energie	Transport- und Verarbeitungsvereinbarungen	275 Millionen Dollar
Suncor Energy	Pipeline- und Terminal-Infrastruktur	400 Millionen Dollar

Zusammenarbeit mit Midstream-Infrastrukturunternehmen

Pembina hat wichtige Kooperationen im Bereich der Midstream-Infrastruktur aufgebaut:

• Gemeinsame Infrastrukturprojekte von Inter Pipeline Ltd
• Partnerschaften mit Verarbeitungsanlagen der Keyera Corporation
• Gibson Energy integrierte Midstream-Dienste

Midstream-Partner	Art der Zusammenarbeit	Investitionswert
Inter Pipeline Ltd.	Gemeinsame Nutzung der Infrastruktur	250 Millionen Dollar
Keyera Corporation	Integration von Verarbeitungsanlagen	180 Millionen Dollar

Joint Ventures mit indigenen Gemeinschaften

Investitionen in indigene Partnerschaften:

• Vertrag 8 Beteiligungsvereinbarungen der First Nations
• Infrastrukturkooperation der Métis Nation of Alberta
• Von Indigenen geleitete Umweltüberwachungsprogramme

Indigener Partner	Projekttyp	Kapitalanteil
Woodland Cree First Nation	Vorfahrt der Pipeline	15 % Eigentum
Cold Lake First Nations	Infrastrukturentwicklung	12 % Eigenkapitalanteil

Partnerschaften mit Transport- und Logistikunternehmen

Das Transport- und Logistiknetzwerk von Pembina umfasst:

• Strategische Logistikvereinbarungen von CN Rail
• Integrierte Transportdienstleistungen von CP Rail
• Partnerschaften im Seetransport

Logistikpartner	Servicetyp	Jährlicher Vertragswert
Kanadische Nationalbahn	Gütertransport	215 Millionen Dollar
Canadian Pacific Railway	Integrierte Logistik	190 Millionen Dollar

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Hauptaktivitäten

Pipeline-Transport von Rohöl, Erdgas und Erdgasflüssigkeiten

Gesamttransportkapazität der Pipeline von 3,2 Millionen Barrel pro Tag ab 2023.

Pipeline-Typ	Jährliches Transportvolumen	Geografische Abdeckung
Rohölpipelines	1,1 Millionen Barrel/Tag	Westkanada
Erdgaspipelines	1,5 Milliarden Kubikfuß/Tag	Alberta und British Columbia
Erdgas-Flüssigkeitspipelines	600.000 Barrel/Tag	Westkanadisches Sedimentbecken

Entwicklung und Wartung der Midstream-Infrastruktur

Jährliche Infrastrukturinvestitionen von etwa 1,2 Milliarden US-Dollar im Jahr 2023.

• Das gesamte Midstream-Vermögen beläuft sich auf 24,3 Milliarden US-Dollar
• Wartungsausgaben von 350 Millionen US-Dollar pro Jahr
• Über 18.000 Kilometer Pipelinenetz

Betrieb von Terminal- und Lagereinrichtungen

Einrichtungstyp	Gesamtkapazität	Anzahl der Einrichtungen
Lagerterminals	12,5 Millionen Barrel	23 Terminals
Fraktionierungsanlagen	220.000 Barrel/Tag	7 Einrichtungen

Verarbeitungs- und Fraktionierungsdienste

Gesamtverarbeitungskapazität von 350.000 Barrel flüssigem Erdgas pro Tag.

• Einnahmen aus Bearbeitungsgebühren von 480 Millionen US-Dollar im Jahr 2023
• Fraktionierungsdienste für Propan, Butan und Ethan

Projektmanagement für Energieinfrastruktur

Aktuelles Projektportfolio im Wert von 3,8 Milliarden US-Dollar (Stand 2024).

Projekttyp	Gesamtinvestition	Voraussichtliche Fertigstellung
Pipeline-Erweiterungsprojekte	2,1 Milliarden US-Dollar	2025-2026
Terminal-Upgrade-Projekte	850 Millionen Dollar	2024-2025
Neue Verarbeitungsanlagen	850 Millionen Dollar	2025-2027

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

Die Pembina Pipeline Corporation betreibt rund 10.600 Kilometer Pipeline-Infrastruktur in ganz Westkanada.

Pipeline-Asset-Kategorie	Gesamtkilometer	Betriebsstatus
Flüssigkeitsleitungen	4.200 km	Voll funktionsfähig
Erdgaspipelines	6.400 km	Voll funktionsfähig

Verarbeitungs- und Lagereinrichtungen

Pembina unterhält 21 Verarbeitungsanlagen mit einer Gesamtverarbeitungskapazität von 227.000 Barrel pro Tag.

Einrichtungstyp	Anzahl der Einrichtungen	Verarbeitungskapazität
Erdgasaufbereitungsanlagen	16	180.000 bpd
Anlagen zur Verarbeitung von Flüssigkeiten	5	47.000 bpd

Qualifizierte Arbeitskräfte

Pembina beschäftigt ab 2023 2.870 Vollzeitkräfte.

• Ingenieure: 680
• Technische Fachkräfte: 1.190
• Betriebspersonal: 1.000

Finanzkapital

Finanzkennzahlen für Pembina Pipeline Corporation:

Finanzkennzahl	Wert 2023
Gesamtvermögen	25,3 Milliarden US-Dollar
Marktkapitalisierung	18,6 Milliarden US-Dollar
Bonitätsbewertung (S&P)	BBB+

Technologieinfrastruktur

Pembina investiert jährlich etwa 180 Millionen US-Dollar in die Modernisierung von Technologie und Infrastruktur.

• Digitale Überwachungssysteme
• Fortschrittliche Leckerkennungstechnologie
• Verfolgung der Pipeline-Leistung in Echtzeit

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energietransportlösungen

Die Pembina Pipeline Corporation betreibt eine Pipeline-Infrastruktur von insgesamt 10.900 Kilometern im Westen Kanadas. Die Transportkapazität umfasst:

Pipeline-Typ	Tageskapazität
Rohölpipelines	3,1 Millionen Barrel pro Tag
Erdgas-Flüssigkeitspipelines	525.000 Barrel pro Tag

Integrierte Midstream-Serviceangebote

Das Leistungsportfolio umfasst umfassende Midstream-Lösungen:

• Erfassungs- und Verarbeitungsinfrastruktur
• Lager- und Terminalanlagen
• Transport- und Logistikdienstleistungen

Servicesegment	Jahresumsatz
Midstream-Dienste	2,3 Milliarden US-Dollar
Anlagenverarbeitung	1,7 Milliarden US-Dollar

Nachhaltige und umweltverträgliche Infrastruktur

Umweltengagement nachgewiesen durch:

• Reduzierung der CO2-Emissionen um 20 % seit 2018
• Investition von 150 Millionen US-Dollar in kohlenstoffarme Technologien
• Implementierung fortschrittlicher Emissionsüberwachungssysteme

Kostengünstige Energielogistik und -verarbeitung

Kennzahlen zur Kosteneffizienz:

Betriebsmetrik	Leistung
Betriebskosten pro Barrel	$2.75
Transporteffizienz	98,6 % Zuverlässigkeit

Umfassende End-to-End-Energieinfrastrukturdienstleistungen

Umfassende Infrastrukturfunktionen:

• Vorgelagerte Produktionsunterstützung
• Midstream-Transport
• Terminal- und Exporteinrichtungen
• Fortschrittliche Verarbeitungstechnologien

Infrastrukturanlage	Gesamtinvestition
Verarbeitungsanlagen	4,5 Milliarden US-Dollar
Pipeline-Netzwerk	6,2 Milliarden US-Dollar

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

Ab 2024 unterhält die Pembina Pipeline Corporation etwa 47 langfristige Vertragsvereinbarungen mit großen Energieproduzenten in ganz Westkanada. Die durchschnittliche Vertragslaufzeit beträgt 15,3 Jahre, der Gesamtvertragswert wird auf 3,2 Milliarden US-Dollar geschätzt.

Vertragstyp	Anzahl der Vereinbarungen	Gesamtvertragswert
Transportvereinbarungen	27	1,8 Milliarden US-Dollar
Verarbeitungsvereinbarungen	12	890 Millionen Dollar
Lagervereinbarungen	8	512 Millionen Dollar

Dedizierte Account-Management-Teams

Pembina betreibt 16 spezialisierte Account-Management-Teams, die verschiedene geografische und operative Segmente bedienen. Jedes Team verwaltet durchschnittlich 7–9 wichtige Kundenbeziehungen.

• Teamzusammensetzung: 4-6 Senior Account Manager pro Team
• Durchschnittliche Kundenbindungsrate: 92,4 %
• Jährlicher Kundenzufriedenheitswert: 8,7/10

Kontinuierliche Berichterstattung über die betriebliche Leistung

Das Unternehmen stellt 95 % seiner Großkunden monatliche Leistungsberichte zur Verfügung, die wichtige Kennzahlen wie Durchsatz, Zuverlässigkeit und betriebliche Effizienz abdecken.

Berichtsmetrik	Häufigkeit	Kundenabdeckung
Durchsatzleistung	Monatlich	95%
Zuverlässigkeitsindikatoren	Monatlich	92%
Umweltkonformität	Vierteljährlich	100%

Kollaborativer Projektentwicklungsansatz

Im Jahr 2024 beteiligte sich Pembina an 22 gemeinsamen Infrastrukturentwicklungsprojekten mit Energieerzeugern, was einer Gesamtinvestition von 1,4 Milliarden US-Dollar entspricht.

Technologiegestützte Kundenkommunikationsplattformen

Pembina hat ein digitales Kundenportal implementiert, das von 89 % seiner wichtigsten Kunden genutzt wird und Echtzeit-Datenzugriff und Kommunikationskanäle bietet.

• Benutzerakzeptanz der digitalen Plattform: 89 %
• Durchschnittliche monatlich aktive Nutzer: 127 Firmenkunden
• Häufigkeit der Datenaktualisierung in Echtzeit: Alle 15 Minuten

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Die Pembina Pipeline Corporation unterhält ab 2023 ein engagiertes Vertriebsteam von 127 professionellen Vertretern, das auf Midstream-Energieinfrastruktur und Logistikdienstleistungen spezialisiert ist.

Vertriebsteam-Metrik	Datenpunkt
Gesamtzahl der Vertriebsmitarbeiter	127
Geografische Abdeckung	Westkanada und North Dakota
Durchschnittliche Kundeninteraktionshäufigkeit	Monatlich

Branchenkonferenzen und Networking-Events

Pembina nimmt jährlich an etwa 18 bis 22 Energiesektorkonferenzen teil.

• Jährliche Teilnahme an Veranstaltungen der Canadian Energy Pipeline Association
• Teilnahme an Symposien zur Energieinfrastruktur in Nordamerika
• Beteiligung an der Investor-Relations-Konferenz

Digitale Kommunikationsplattformen

Statistiken zum digitalen Engagement der Pembina Pipeline Corporation im Jahr 2023:

Digitale Plattform	Anzahl der Follower/Verbindungen
LinkedIn	24,673
Twitter	7,892
Abonnenten des YouTube-Kanals	3,456

Unternehmenswebsite und Investor-Relations-Portal

Website-Traffic-Kennzahlen für pembina.com im Jahr 2023:

Website-Metrik	Statistik
Monatliche einzigartige Besucher	87,321
Durchschnittliche Sitzungsdauer	4,7 Minuten
Seitenaufrufe des Investorenportals	42.567 pro Quartal

Technische Beratungsdienste

Pembina bietet spezialisierte technische Beratungsdienste mit folgenden Merkmalen an:

• Engagiertes technisches Beratungsteam aus 42 Fachleuten
• Durchschnittliche Dauer eines Beratungsprojekts: 3-6 Monate
• Beratungsdienste zum Design und zur Optimierung der Midstream-Infrastruktur

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Kundensegmente

Öl- und Gasförderunternehmen

Pembina beliefert große Öl- und Gasförderunternehmen in Westkanada. Zu den wichtigsten Kunden zählen:

Unternehmen	Jährliches serviertes Volumen	Vertragstyp
Canadian Natural Resources Limited	250.000 Barrel pro Tag	Langfristiger Transportvertrag
Cenovus-Energie	180.000 Barrel pro Tag	Integrierte Midstream-Dienste
Suncor Energy	210.000 Barrel pro Tag	Pipeline-Infrastrukturdienstleistungen

Erdölraffinerien

Pembina bietet kritische Infrastruktur- und Logistikdienstleistungen für Erdölraffinerien in ganz Westkanada.

• Gesamttransportvolumen raffinierter Produkte: 125.000 Barrel pro Tag
• Wichtige Raffineriekunden befinden sich in Alberta und British Columbia
• Spezialisierte Handhabung verschiedener Erdölproduktqualitäten

Erdgasproduzenten

Pembina unterstützt Erdgasproduzenten durch umfassende Midstream-Dienstleistungen:

Herstellerkategorie	Jährliches Gasvolumen	Servicetyp
Großproduzenten	1,2 Milliarden Kubikfuß pro Tag	Sammeln und Verarbeiten
Mittelständische Produzenten	350 Millionen Kubikfuß pro Tag	Transport und Marketing

Petrochemische Hersteller

Pembina bietet spezialisierte Dienstleistungen für petrochemische Hersteller:

• Kapazität der Propan-Dehydrierungsanlage: 70.000 Tonnen pro Jahr
• Zu den Kunden zählen NOVA Chemicals und Inter Pipeline
• Integrierte Logistik- und Infrastrukturunterstützung

Energiehandelsorganisationen

Pembina unterstützt Energiehandelsorganisationen mit umfassenden Marktzugangslösungen:

Handelsorganisation	Jährliches Handelsvolumen	Leistungsumfang
Rohstoffhandelsunternehmen	500.000 Barrel pro Tag	Marktzugang und Transport
Finanzhandelsplattformen	250.000 Barrel pro Tag	Logistik und Risikomanagement

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Kostenstruktur

Wartungskosten für die Pipeline-Infrastruktur

Jährliche Pipeline-Wartungskosten für die Pembina Pipeline Corporation im Jahr 2023: 298,4 Millionen US-Dollar

Wartungskategorie	Aufwand (Mio. USD)
Integritätsmanagement	87.6
Korrosionsschutz	62.3
Geräteaustausch	104.5
Überwachungssysteme	44.0

Arbeits- und technische Personalkosten

Gesamtarbeitskosten für 2023: 412,7 Millionen US-Dollar

• Durchschnittliches Jahresgehalt für technisches Personal: 95.400 $
• Gesamtzahl der Mitarbeiter: 2.300
• Ingenieurpersonal: 680
• Operatives Personal: 1.120

Betriebskosten für Energietransport und -verarbeitung

Gesamtbetriebskosten im Jahr 2023: 1,24 Milliarden US-Dollar

Operatives Segment	Kosten (Mio. USD)
Transportdienstleistungen	675.3
Verarbeitungsdienste	412.6
Facility Management	152.1

Investitionen in Technologie und digitale Infrastruktur

Gesamtinvestition in Technologie im Jahr 2023: 87,6 Millionen US-Dollar

• Cybersicherheitssysteme: 22,4 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 35,2 Millionen US-Dollar
• Datenanalyseplattformen: 15,6 Millionen US-Dollar
• Cloud-Infrastruktur: 14,4 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften und das Umweltmanagement

Gesamte Compliance- und Umweltkosten im Jahr 2023: 143,5 Millionen US-Dollar

Compliance-Kategorie	Aufwand (Mio. USD)
Umweltüberwachung	47.6
Regulatorische Berichterstattung	28.3
Emissionsreduzierung	67.6

Pembina Pipeline Corporation (PBA) – Geschäftsmodell: Einnahmequellen

Transporttarife und Gebühren

Im Jahr 2023 erzielte die Pembina Pipeline Corporation mit ihren Pipeline-Transportdiensten einen Transportumsatz von 2,4 Milliarden US-Dollar. Das Unternehmen betreibt rund 10.000 Kilometer Pipelines in ganz Westkanada.

Servicetyp	Jahresumsatz	Transportiertes Volumen
Transport von Flüssigkeiten	1,2 Milliarden US-Dollar	500.000 Barrel pro Tag
Erdgastransport	800 Millionen Dollar	3,5 Milliarden Kubikfuß pro Tag

Bearbeitungs- und Bearbeitungsgebühren

Die Einnahmen aus Verarbeitungsdienstleistungen erreichten im Jahr 2023 650 Millionen US-Dollar, wobei der Schwerpunkt auf der Verarbeitung von Erdgasflüssigkeiten (NGL) lag.

• NGL-Verarbeitungskapazität: 220.000 Barrel pro Tag
• Durchschnittliche Bearbeitungsgebühr: 3,50 $ pro Barrel
• Gesamte Verarbeitungsanlagen: 23 in ganz Westkanada

Langfristige Infrastrukturverträge

Die langfristigen Infrastrukturverträge von Pembina generierten im Jahr 2023 450 Millionen US-Dollar, mit Vertragslaufzeiten zwischen 5 und 15 Jahren.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Take-or-Pay-Vereinbarungen	300 Millionen Dollar	10 Jahre
Langfristige Serviceverträge	150 Millionen Dollar	7 Jahre

Mieteinnahmen aus Terminal- und Lageranlagen

Die Einnahmen aus der Lagerung und Terminalvermietung beliefen sich im Jahr 2023 auf insgesamt 220 Millionen US-Dollar.

• Gesamtlagerkapazität: 28 Millionen Barrel
• Auslastung: 92 %
• Durchschnittlicher Mietpreis: 0,65 $ pro Barrel und Monat

Energielogistik- und Optimierungsdienstleistungen

Logistik- und Optimierungsdienstleistungen trugen im Jahr 2023 180 Millionen US-Dollar zum Umsatz von Pembina bei.

Servicekategorie	Jahresumsatz	Marktanteil
Logistikoptimierung	120 Millionen Dollar	35%
Energiehandelsdienstleistungen	60 Millionen Dollar	25%

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Value Propositions

Pembina Pipeline Corporation provides a value proposition centered on reliable, integrated midstream services across diverse energy commodities, underpinned by long-term commercial certainty.

Safe and reliable transportation of diverse hydrocarbons (oil, gas, NGLs)

• Delivering a full suite of services across natural gas, crude oil, and NGLs.
• Achieved first quarter 2025 Adjusted EBITDA of $1,167 million.
• Forecasting 2025 Adjusted EBITDA guidance between $4.225 billion and $4.425 billion.
• Fee-based Adjusted EBITDA at the midpoint of 2025 guidance reflects an approximately 5.5 percent increase relative to 2024 forecast.

Integrated midstream services from wellhead to market/export

Pembina Pipeline Corporation offers an integrated value chain, which is being enhanced through strategic project execution and commercial agreements.

• Secured a long-term agreement with Dow Chemical Canada to supply up to 50,000 barrels per day (bpd) of ethane for their Path2Zero Project.
• Sanctioned the $210 million (net to Pembina) Wapiti Expansion and K3 Cogeneration Facility.
• Approved a $145 million optimization of the Prince Rupert Terminal (PRT) to expand market access and reduce per unit shipping costs.
• Acquired the remaining 8.33 percent interest in three gas processing trains at the Duvernay Complex for $55 million ($33 million net to Pembina).

Access to premium US and global markets (e.g., Alliance Pipeline to Chicago)

The value proposition includes securing access to premium international markets, particularly for natural gas and NGLs, which enhances producer netbacks.

• Secured access to 50,000 bpd of highly competitive propane export capacity through a new commercial agreement and a newly sanctioned project.
• Entered a long-term tolling agreement with AltaGas Ltd. for 30,000 bpd of LPG export capacity at RIPET/REEF.
• The Alliance Pipeline has a long-term firm capacity of 1.325 billion cubic feet per day under the negotiated shipper settlement.

Stable, predictable cash flow backed by long-term contracts (up to 10 years)

Stability comes from long-term, take-or-pay commitments that secure a strong base of committed volumes across key systems.

Contract/Agreement Type	Term Length	Associated Asset/Volume	Financial Impact/Detail
Cedar LNG Agreement with PETRONAS	20-year agreement	1.0 million tonnes per annum (mtpa) of liquefaction capacity	Provides Pembina with a stable long-term, take-or-pay revenue stream.
Alliance Pipeline Settlement	10-year term (effective Nov 1, 2025 - Oct 31, 2035)	Canadian portion of Alliance Pipeline	Expected to reduce long-term firm service revenue by approximately C$50 million per year over 10 years.
Q1 2025 Commercial Agreements	New and extended long-term, take-or-pay commitments	Peace Pipeline, Pouce Coupé systems, and NEBC Pipeline	Secures volume growth from a leading Montney producer.

Capacity expansion to meet WCSB volume growth (e.g., Peace Pipeline)

Pembina Pipeline Corporation is actively investing to accommodate growing production volumes from the Western Canadian Sedimentary Basin (WCSB).

• Advancing more than $1 billion of proposed conventional pipeline expansions.
• The current total capacity of the Peace Pipeline and Northern Pipeline systems is approximately 1.1 million bpd.
• The Fox Creek-to-Namao Peace Pipeline Expansion could add approximately 200,000 bpd of additional capacity through low-cost pump station additions, bringing total capacity to 1.3 million bpd.
• The Phase VIII Peace Pipeline Expansion (completed in the past year) cost $430 million.
• The Taylor to Gordondale Project (Pouce Coupé system expansion) is in the regulatory assessment phase, with a Final Investment Decision (FID) expected by the end of 2025.
• The Fox Creek-to-Namao Expansion, if sanctioned, would add approximately 70,000 bpd of propane-plus capacity, with FID expected by the end of 2025.

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Customer Relationships

You're looking at how Pembina Pipeline Corporation locks in its revenue stream, which is heavily reliant on long-term, stable relationships with major energy producers and industrial users. This isn't about one-off sales; it's about multi-year commitments that underpin the entire business structure.

Long-term, dedicated account management for major producers

Pembina Pipeline Corporation emphasizes deep, ongoing relationships, often integrating its services across a producer's entire value chain. This dedicated approach helps secure future volumes and supports joint development. For instance, in May 2025, Pembina entered commercial agreements with a leading Montney producer covering transportation, fractionation, and marketing services, which included significant new and extended long-term commitments. Furthermore, Pembina Gas Infrastructure (PGI) entered an agreement with a Montney producer to fund and acquire the under-construction North Gold Creek Battery for a capital commitment up to $150 million ($90 million net to Pembina), supported by a new long-term, take-or-pay agreement. Also, PGI acquired the remaining 8.33 percent interest in Duvernay Assets from Whitecap for a total purchase price of $55 million ($33 million net to Pembina) effective June 30, 2025.

The company actively works to secure export capacity for its customers, such as entering a long-term tolling agreement with AltaGas Ltd. for 30,000 barrels per day (bpd) of LPG export capacity, with volumes starting in April 2026 and April 2027. Another example of a major producer relationship is the long-term agreement signed with PETRONAS in November 2025 for 1.0 million tonnes per annum (mtpa) of liquefaction capacity at Cedar LNG over a 20-year term.

Contractual relationships with regulated tolls and take-or-pay commitments

The stability of Pembina Pipeline Corporation's cash flow comes directly from the structure of these contracts. The business model is explicitly supported by long-term, predominantly take-or-pay contracts. As of the October 2025 update, the company stated that approximately 80% - 90% of its adjusted EBITDA is fee-based, with about 65% - 70% being take-or-pay or cost-of-service. This structure provides revenue certainty, which is key for financing growth projects.

The Alliance Pipeline Canadian portion recently settled a tolling dispute with shippers, establishing a new 10-year term effective November 1, 2025, through October 31, 2035. These New Tolls are expected to reduce existing long-term firm tolls by an average of 14 percent on a volume weighted average basis. The settlement is projected to reduce long-term firm service revenue by approximately $50 million per year over the next 10 years. Alliance will also return approximately $95 million held as an existing liability related to the Recoverable Cost Variance.

Here's a look at some key long-term commitments:

Contract/Agreement	Customer/Partner	Term Length	Volume/Capacity	Commitment Type
Cedar LNG Liquefaction Capacity	PETRONAS	20-year	1.0 mtpa	Take-or-pay (Synthetic Service)
Alliance Pipeline Tolls	Shippers (Canadian Portion)	10-year (starting Nov 2025)	All existing firm service volumes	Firm Tolls (New Tolls)
LPG Export Tolling Agreement	AltaGas Ltd.	Long-term	30,000 bpd total	Tolling Agreement
Ethane Supply Agreement	Dow Chemical Canada	Long-term	Up to 50,000 bpd	Supply Agreement

Pembina has hedged approximately 32% of its 2025 frac spread exposure.

Collaborative approach to new project development (e.g., pipeline expansions)

Pembina Pipeline Corporation works closely with producers to support growing production, often through joint ventures or by funding infrastructure directly tied to long-term contracts. The Cedar LNG facility, a US$4 billion (gross) project, is a major example of this collaboration, being a partnership with PETRONAS and the Haisla Nation. Pembina previously secured a 20-year take-or-pay tolling service agreement for 1.5 mtpa to support the project's final investment decision in June 2024. The company expects to finalize agreements for the remaining 0.5 mtpa of capacity by the end of 2025.

The company is also advancing more than $1 billion of proposed conventional pipeline expansions to meet rising demand in the Western Canadian Sedimentary Basin (WCSB). Specific collaborative projects include:

• Entering agreements for a 50 percent interest in the Greenlight Electricity Centre Limited Partnership.
• Approving a $145 million optimization of its Prince Rupert Terminal (PRT) to expand market access.
• Advancing engineering for an up to 500 MMcf/d straddle facility.

Investor relations focused on dividend stability and fee-based cash flow

Investor communications strongly emphasize the stability derived from the fee-based model and a consistent dividend record. Pembina's board declared a common share cash dividend for the second quarter of 2025 of $0.71 per share, representing an increase of approximately three percent. The company has a track record of 28 years with no dividend decrease. The payout ratio based on free cash flow was 64.9%, while the payout based on adjusted earnings was 100.7%.

The focus on fee-based growth underpins confidence for shareholders. The midpoint of the 2025 adjusted EBITDA guidance range of $4.2 billion to $4.5 billion reflects an approximately 5.5 percent increase in fee-based adjusted EBITDA relative to the 2024 forecast, when excluding the Marketing & New Ventures segment. Management has stated the company remains on-track to achieve 4% to 6% compound annual growth of fee-based adjusted EBITDA per share from 2023-2026.

Key dividend metrics as of late 2025 include:

• Common Share Cash Dividend (Q2 2025): $0.71 per share.
• Average Dividend Increase (10 Years): 4.63% annually.
• Free Cash Flow Payout Ratio: 64.9%.
• Years of No Dividend Decrease: 28 years.

Finance: draft the Q3 2025 cash flow forecast incorporating the Alliance Settlement impact by next Tuesday.

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Channels

Hydrocarbon liquids pipelines (e.g., Peace Pipeline, Cochin Pipeline)

Pembina Pipeline Corporation uses its network to move hydrocarbon liquids across key regions.

Pipeline System	Capacity/Volume Metric	Latest Data Point (Late 2025)
Peace Pipeline & Northern Pipeline Systems	Total Current Capacity	Approximately 1.1 million bpd
Peace Pipeline System	Potential Expansion Capacity (Fox Creek-to-Namao)	Approximately 200,000 bpd
Peace Pipeline System	Total Capacity Post-Expansion	1.3 million bpd
Peace Pipeline	New/Renewed Transportation Volumes	Approximately 50,000 bpd
Peace Pipeline	Weighted Average Term of New Agreements	Approximately 10 years
Cochin Pipeline	Q3 2025 Impact on Net Revenue	Contributed to a decrease

The Nipisi Pipeline is being managed to fully contract its remaining available capacity to serve growing volumes from the Clearwater area.

Natural gas pipelines (e.g., Alliance Pipeline)

The Alliance Pipeline channel is critical for natural gas transport, recently seeing significant recontracting activity.

• Alliance Pipeline Firm Capacity Available: 1.325 billion cubic feet per day.
• New 10-Year Toll Effective Date: November 1, 2025.
• Percentage of Firm Capacity Electing New 10-Year Toll: Approximately 96 percent.
• Reduction to Existing Long-Term Firm Tolls (Volume Weighted Average): An average of 14 percent.
• Expected Annual Reduction in Long-Term Firm Service Revenue (Next 10 Years): Approximately C$50 million per year.
• Estimated Revenue Sharing Impact (Assuming AECO-Chicago Spread of C$1.50/mcf): Approximately C$40 million.

Revenue from transportation service for volumes above the long-term firm capacity of 1.325 billion cubic feet per day will be shared 50/50 between Alliance and firm and seasonal shippers.

Gas processing and fractionation facilities

Pembina Gas Infrastructure (PGI) is the largest third-party gas processor in Canada, with assets serving the Montney and Duvernay trends.

Facility Metric	Capacity/Value
Total Gas Gathering and Processing Capacity (Wholly-owned and interest)	Approximately 6.7 bcf/d
NGL Fractionation Capacity (Facilities Division)	Approximately 430 mbpd
Cavern Storage Capacity (Facilities Division)	21 mmbbls
Expected 2025 Adjusted EBITDA Contribution Increase (from 2024)	Approximately $50 million (primarily at PGI)

The Redwater Complex is noted as Canada's premier NGL fractionation complex, featuring dedicated ethane plus and propane plus capacity.

Export terminals for global market access (e.g., Cedar LNG, Prince Rupert)

The Cedar LNG Project is a key channel for global market access, with construction starting in 2025.

• Cedar LNG Total Project Cost: $4 billion.
• Pembina Ownership Stake in Cedar LNG: 49.9%.
• Cedar LNG Facility Nameplate Capacity: 3.3 million tonnes per year (mtpa).
• Natural Gas Processing/Liquefaction Capacity: 400 million standard cubic feet of natural gas per day.
• Pembina Capacity Contracted (PETRONAS): 1.0 mtpa under a 20-year agreement (out of Pembina's 1.5 mtpa commitment).
• ARC Resources Ltd. Capacity Contracted: 1.5 mtpa under a 20-year agreement.
• Construction Start Anticipated: Second quarter of 2025.
• Anticipated In-Service Date: Late 2028.

Pembina forecasts its year-end 2025 proportionately consolidated debt-to-adjusted EBITDA ratio to be 3.4 to 3.7 times; excluding debt related to Cedar LNG construction, this ratio would be 3.2 to 3.5 times.

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Customer Segments

Pembina Pipeline Corporation's customer base is centered on entities requiring integrated midstream services across the energy value chain in North America and for global export markets.

Financial Metric (2025)	Value	Unit
Updated Adjusted EBITDA Guidance Range	$4.25 billion to $4.35 billion	Canadian Dollars
Revised Capital Investment Program Outlook	$1.3 billion	Canadian Dollars
Fee-based Adjusted EBITDA Growth (2023-2026 CAGR Target)	four to six percent	per share

Upstream energy producers in the WCSB (crude oil, natural gas, NGLs)

These producers rely on Pembina Pipeline Corporation for gathering, processing, and transportation services to move their product from the wellhead to market.

• Forecasted physical volume growth on conventional systems is aligned with mid-single digit volume growth expected in the WCSB.
• Revenue volume growth reflects certain customers growing into their contractual take-or-pay commitments.
• Higher contracted and interruptible volumes and higher tolls on conventional pipelines are expected to contribute approximately $80 million to 2025 adjusted EBITDA relative to 2024 guidance midpoint.
• Pembina has successfully recontracted substantially all volumes available for renewal under contracts expiring in 2025 and 2026.

Midstream processors and marketers

This segment includes entities that process and market the commodities, often utilizing Pembina Pipeline Corporation's facilities and marketing services.

• The full year impact of higher ownership of Alliance Pipeline following the 2024 transaction is expected to contribute approximately $70 million to 2025 adjusted EBITDA.
• A higher contribution from gas processing assets is anticipated, primarily at PGI due to higher volumes and impacts from announced transactions with Veren Inc.
• Pipelines segment reported adjusted EBITDA of $646 million for the second quarter of 2025.
• Pipelines segment reported adjusted EBITDA of $630 million for the third quarter of 2025.
• Lower firm tolls on the Cochin Pipeline are noted due to recontracting in July 2024.

Petrochemical manufacturers requiring ethane and propane supply

Pembina Pipeline Corporation supports petrochemical operations through NGL services, including fractionation and supply agreements.

Pembina Pipeline Corporation has secured significant export capacity to serve these customers:

Propane/LPG Service	Capacity	Status/Agreement
Propane Export Capacity Access	50,000 barrels per day (bpd)	New commercial agreement and newly sanctioned project.
Prince Rupert Terminal (PRT) Optimization	20,000 bpd	Approved $145 million optimization.
AltaGas Tolling Agreement (RIPET/REEF)	30,000 bpd	Long-term tolling agreement for LPG export capacity.

Global energy buyers via export facilities (e.g., LNG customers)

These customers are served through Pembina Pipeline Corporation's export infrastructure, connecting WCSB supply to international markets.

• Projects are in development related to optimization of the Prince Rupert Terminal to allow for the use of larger vessels.
• The Dow Supply Agreement is a key development related to future projects.
• Third-party projects supporting West Coast LNG Exports have an estimated capacity of approximately 2.8 to 4.9 bcf/d of natural gas feedstock.

You're looking at the core revenue drivers for Pembina Pipeline Corporation's fee-based business, which is targeted for four to six percent compound annual growth of fee-based adjusted EBITDA per share from 2023-2026.

Finance: review contract renewal impact on Q4 2025 revenue projections by end of month.

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Cost Structure

The Cost Structure for Pembina Pipeline Corporation is heavily weighted toward maintaining its extensive asset base and funding significant future growth initiatives. This structure is characterized by high fixed costs necessary to ensure safe and reliable operations across its network.

High fixed costs for pipeline and facility integrity and maintenance represent a non-negotiable component of the operating structure. For instance, non-recoverable sustaining capital expenditure for the remainder of 2025 is designated to be approximately $35 million to support safe and reliable operations, as noted in the Q3 2025 update. Also, higher integrity spend in the Facilities Division contributed to an increase to operating expenses in the third quarter of 2025.

Significant capital expenditures for growth projects (e.g., RFS IV, Peace expansions) drive substantial cash outlay. Pembina Pipeline Corporation revised its outlook for its 2025 capital investment program to $1.3 billion. Future capital expenditures for the remainder of 2025 were estimated to be approximately $225 million as of the Q3 2025 report. Specific project costs contributing to this include:

• RFS IV anticipated total cost is approximately $500 million.
• The Phase VIII Peace Pipeline Expansion estimated project cost was $430 million.
• The Wapiti Expansion was approved with an expected cost of $140 million net to Pembina.

Operating expenses, including power and environmental compliance, fluctuate based on operational needs and market prices. In the third quarter of 2025, operating expenses saw increases due to higher transportation costs and higher integrity spend, though this was partially offset by lower recoverable power costs resulting from a lower power pool price during the period.

The company manages its financing costs by targeting a specific leverage level. Pembina Pipeline Corporation is forecasting a year-end proportionately consolidated debt-to-adjusted EBITDA ratio of 3.4 to 3.7 times for 2025. If the debt related to the Cedar LNG project is excluded, this ratio would be 3.2 to 3.5 times. The interest expense on debt is a direct function of the outstanding debt required to fund the capital program, which is set against the projected 2025 Adjusted EBITDA guidance range of $4.25 billion to $4.35 billion.

Here is a snapshot of key 2025 financial metrics relevant to the cost structure context:

Financial Metric	2025 Guidance/Actual (Q3 YTD)	Unit
2025 Adjusted EBITDA Guidance Range (High End)	4.35 Billion	CAD
2025 Capital Investment Program (Total)	1.3	Billion
Remaining 2025 Capital Expenditures (Estimate)	225 Million	CAD
Anticipated 2025 Income Tax Expense Range (Low End)	415 Million	CAD
Year-End Debt-to-Adjusted EBITDA Target (Upper End)	3.7	Times
Q3 2025 Adjusted EBITDA	1,034 Million	CAD

The total capital expenditures for the nine months ended September 30, 2025, reached $549 million. This compares to $713 million in capital expenditures for the same nine-month period in 2024.

Pembina Pipeline Corporation (PBA) - Canvas Business Model: Revenue Streams

You're looking at how Pembina Pipeline Corporation generates its cash flow, which is heavily weighted towards stable, long-term contracts. Honestly, for a midstream player, this is what you want to see-less exposure to volatile commodity prices and more reliance on steady service fees.

The core of Pembina Pipeline Corporation's revenue comes from fee-for-service transportation and processing tolls. This forms the majority of their earnings power, giving you that predictable cash flow stream. This is the bedrock of their business model.

Here's a quick look at the key financial targets for 2025, based on the latest figures:

Metric	Value
2025 Adjusted EBITDA Guidance Range	$4.25 billion to $4.35 billion
Forecasted Marketing & New Ventures Contribution (Midpoint)	$550 million
Fee-Based Adjusted EBITDA Growth (2023-2026 CAGR)	4 to 6 percent
Fee-Based Adjusted EBITDA Growth (vs. 2024 Forecast Midpoint)	Approximately 5.5 percent increase

The commodity sales and marketing margins from the Marketing & New Ventures segment provide an important, though less stable, component. For 2025, the midpoint of the overall guidance range anticipates a contribution of $550 million from this segment. This segment's contribution is what frames the lower and upper ends of the total guidance range, as it is more sensitive to commodity prices and the US/Canadian dollar exchange rate.

You can see the focus on the stable side of the business through their growth targets. Pembina remains on-track to achieve four to six percent compound annual growth of fee-based adjusted EBITDA per share from 2023-2026. Excluding the marketing segment, the midpoint of the 2025 guidance reflects an approximately 5.5 percent increase in fee-based adjusted EBITDA compared to the forecast for 2024. That's solid, low-to-mid single-digit growth driven by infrastructure assets.

The stability you're looking for is locked in through long-term contracts, which often include take-or-pay contract revenue provisions. This means customers commit to paying for a certain volume or capacity regardless of whether they use it all, which is key for volume and price stability.

We see this stability reflected in recent contract actions:

• New transportation agreements on the Peace Pipeline secured renewals and additions totaling approximately 50,000 barrels per day (bpd) with a weighted average term of approximately 10 years.
• The long-term contractual profile for Alliance Pipeline was strengthened, with shippers electing a new 10-year toll on approximately 96 percent of the firm capacity available.
• Revenue volume growth on conventional pipelines and gas processing assets is expected to be lower than physical volume growth as certain customers expand into their contractual take-or-pay commitments in 2025.
• New long-term take-or-pay agreements support infrastructure funding, such as an agreement tied to a Montney producer for an under-construction battery and additional infrastructure, backed by a new long-term take-or-pay agreement.

These long-term, fee-based arrangements are what drive the predictable cash flow that supports the dividend and debt repayment plans.