Pembina Pipeline Corporation (PBA): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética de América del Norte, Pembina Pipeline Corporation (PBA) surge como una potencia estratégica, tejiendo redes complejas de soluciones de transporte y procesamiento en el desafiante ecosistema de petróleo del oeste de Canadá. Al integrar a la perfección, las capacidades avanzadas de Midstream con innovador desarrollo de infraestructura, Pembina transforma la logística de energía cruda en una empresa sofisticada y basada en el valor que conecta a productores, refinerías y mercados a través de una intrincada red de tuberías, terminales y plataformas tecnológicas de corte. Su modelo de negocio representa una clase magistral en la adaptabilidad del sector energético, equilibrando la eficiencia operativa, la responsabilidad ambiental y las asociaciones estratégicas que impulsan el pulso de la economía energética de Canadá.

Pembina Pipeline Corporation (PBA) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con productores de petróleo y gas en el oeste de Canadá

Pembina Pipeline Corporation mantiene asociaciones estratégicas con productores clave de petróleo y gas en el oeste de Canadá:

Empresa asociada	Detalles de la asociación	Valor anual del contrato
Recursos naturales canadienses Limited	Servicios de infraestructura de Midstream	$ 325 millones
Energía de Cenovus	Acuerdos de transporte y procesamiento	$ 275 millones
Suncor Energy	Infraestructura de tuberías e terminales	$ 400 millones

Colaboración con compañías de infraestructura de Midstream

Pembina ha establecido colaboraciones críticas de infraestructura intermedia:

• Inter Pipeline Ltd. Proyectos de infraestructura conjunta
• Keyera Corporation Processing Facility Partnerships
• Gibson Energy Integrated Midstream Services

Compañero	Tipo de colaboración	Valor de inversión
Inter Pipeline Ltd.	Intercambio de infraestructura	$ 250 millones
Keyera Corporation	Integración de la instalación de procesamiento	$ 180 millones

Empresas conjuntas con comunidades indígenas

Inversiones de asociación indígena:

• Tratado 8 Acuerdos de propiedad de capital de las Primeras Naciones
• Métis Nation of Alberta Infraestructura Colaboración
• Programas de monitoreo ambiental liderados por indígena

Pareja indígena	Tipo de proyecto	Estaca de renta variable
Woodland Cree First Nation	Tubería derecho de paso	15% de propiedad
Primeras naciones del lago frío	Desarrollo de infraestructura	12% de participación de capital

Asociaciones con empresas de transporte y logística

La red de transporte y logística de Pembina incluye:

• Acuerdos de logística estratégica de CN Rail
• Servicios de transporte integrados de ferrocarril de CP
• Asociaciones de transporte marino

Socio de logística	Tipo de servicio	Valor anual del contrato
Ferrocarril nacional canadiense	Transporte de carga	$ 215 millones
Ferrocarril del Pacífico canadiense	Logística integrada	$ 190 millones

Pembina Pipeline Corporation (PBA) - Modelo de negocio: actividades clave

Transporte de tuberías de petróleo crudo, gas natural y líquidos de gas natural

Capacidad total de transporte de tuberías de 3,2 millones de barriles por día a partir de 2023.

Tipo de tubería	Volumen de transporte anual	Cobertura geográfica
Tuberías de petróleo crudo	1.1 millones de barriles/día	Canadá occidental
Tuberías de gas natural	1.500 millones de pies cúbicos/día	Alberta y Columbia Británica
Tuberías de líquidos de gas natural	600,000 barriles/día	Cuenca sedimentaria canadiense occidental

Desarrollo y mantenimiento de la infraestructura de la corriente intermedia

Inversión anual de infraestructura de aproximadamente $ 1.2 mil millones en 2023.

• Activos totales de Midstream valorados en $ 24.3 mil millones
• Gasto de mantenimiento de $ 350 millones anualmente
• Más de 18,000 kilómetros de la red de tuberías

Operaciones de la instalación de terminal y de almacenamiento

Tipo de instalación	Capacidad total	Número de instalaciones
Terminales de almacenamiento	12.5 millones de barriles	23 terminales
Instalaciones de fraccionamiento	220,000 barriles/día	7 instalaciones

Servicios de procesamiento y fraccionamiento

Capacidad de procesamiento total de 350,000 barriles por día de líquidos de gas natural.

• Ingresos de tarifas de procesamiento de $ 480 millones en 2023
• Servicios de fraccionamiento que cubren propano, butano y etano

Gestión de proyectos de infraestructura energética

La cartera actual del proyecto valorada en $ 3.8 mil millones a partir de 2024.

Tipo de proyecto	Inversión total	Finalización esperada
Proyectos de expansión de la tubería	$ 2.1 mil millones	2025-2026
Proyectos de actualización de terminal	$ 850 millones	2024-2025
Nuevas instalaciones de procesamiento	$ 850 millones	2025-2027

Pembina Pipeline Corporation (PBA) - Modelo de negocios: recursos clave

Red de tuberías extensa

Pembina Pipeline Corporation opera aproximadamente 10,600 kilómetros de infraestructura de tuberías en todo el oeste de Canadá.

Categoría de activos de tuberías	Kilómetros totales	Estado operativo
Tuberías de líquidos	4.200 km	Totalmente operativo
Tuberías de gas natural	6.400 km	Totalmente operativo

Instalaciones de procesamiento y almacenamiento

Pembina mantiene 21 instalaciones de procesamiento con una capacidad de procesamiento total de 227,000 barriles por día.

Tipo de instalación	Número de instalaciones	Capacidad de procesamiento
Plantas de procesamiento de gas natural	16	180,000 bpd
Instalaciones de procesamiento de líquidos	5	47,000 bpd

Fuerza laboral hábil

Pembina emplea a 2,870 profesionales a tiempo completo a partir de 2023.

• Profesionales de ingeniería: 680
• Especialistas técnicos: 1.190
• Personal de operaciones: 1,000

Capital financiero

Métricas financieras para Pembina Pipeline Corporation:

Métrica financiera	Valor 2023
Activos totales	$ 25.3 mil millones
Capitalización de mercado	$ 18.6 mil millones
Calificación crediticia (S&P)	BBB+

Infraestructura tecnológica

Pembina invierte aproximadamente $ 180 millones anuales en tecnología e actualizaciones de infraestructura.

• Sistemas de monitoreo digital
• Tecnología avanzada de detección de fugas
• Seguimiento de rendimiento de la tubería en tiempo real

Pembina Pipeline Corporation (PBA) - Modelo de negocio: propuestas de valor

Soluciones de transporte de energía confiables y eficientes

Pembina Pipeline Corporation opera una infraestructura total de tuberías de 10,900 kilómetros en todo el oeste de Canadá. La capacidad de transporte incluye:

Tipo de tubería	Capacidad diaria
Tuberías de petróleo crudo	3.1 millones de barriles por día
Tuberías de líquidos de gas natural	525,000 barriles por día

Ofertas integradas de servicio Midstream

La cartera de servicios incluye soluciones integrales de Midstream:

• Infraestructura de recopilación y procesamiento
• Almacenamiento e instalaciones de terminales
• Servicios de transporte y logística

Segmento de servicio	Ingresos anuales
Servicios Midstream	$ 2.3 mil millones
Procesamiento de instalaciones	$ 1.7 mil millones

Infraestructura sostenible y ambientalmente responsable

Compromiso ambiental demostrado a través de:

• Reducción de emisiones de carbono en un 20% desde 2018
• Inversión de $ 150 millones en tecnologías bajas en carbono
• Implementación de sistemas avanzados de monitoreo de emisiones

Logística y procesamiento de energía rentable

Métricas de rentabilidad:

Métrica operacional	Actuación
Costo operativo por barril	$2.75
Eficiencia de transporte	98.6% de confiabilidad

Servicios integrales de infraestructura energética de extremo a extremo

Capacidades de infraestructura de espectro completo:

• Soporte de producción aguas arriba
• Transporte de la corriente intermedia
• Instalaciones de terminales y de exportación
• Tecnologías de procesamiento avanzado

Activo de infraestructura	Inversión total
Instalaciones de procesamiento	$ 4.5 mil millones
Red de tuberías	$ 6.2 mil millones

Pembina Pipeline Corporation (PBA) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

A partir de 2024, Pembina Pipeline Corporation mantiene aproximadamente 47 acuerdos contractuales a largo plazo con los principales productores de energía en todo el oeste de Canadá. La duración promedio del contrato es de 15.3 años, con un valor total del contrato estimado en $ 3.2 mil millones.

Tipo de contrato	Número de acuerdos	Valor total del contrato
Acuerdos de transporte	27	$ 1.8 mil millones
Acuerdos de procesamiento	12	$ 890 millones
Acuerdos de almacenamiento	8	$ 512 millones

Equipos de gestión de cuentas dedicados

Pembina opera 16 equipos especializados de gestión de cuentas que atienden a diferentes segmentos geográficos y operativos. Cada equipo administra un promedio de 7-9 relaciones clave de clientes.

• Composición del equipo: 4-6 gerentes de cuentas senior por equipo
• Tasa promedio de retención de clientes: 92.4%
• Puntuación anual de satisfacción del cliente: 8.7/10

Informes de rendimiento operativo continuo

La corporación proporciona informes de rendimiento mensuales al 95% de sus principales clientes, que cubre métricos clave como el rendimiento, la confiabilidad y la eficiencia operativa.

Métrica de informes	Frecuencia	Cobertura del cliente
Rendimiento de rendimiento	Mensual	95%
Indicadores de fiabilidad	Mensual	92%
Cumplimiento ambiental	Trimestral	100%

Enfoque de desarrollo de proyectos colaborativos

En 2024, Pembina participó en 22 proyectos de desarrollo de infraestructura colaborativa con productores de energía, lo que representa una inversión total de $ 1.4 mil millones.

Plataformas de comunicación con clientes habilitadas para tecnología

Pembina ha implementado un portal de clientes digitales utilizado por el 89% de sus clientes clave, proporcionando acceso a datos en tiempo real y canales de comunicación.

• Adopción del usuario de la plataforma digital: 89%
• Usuarios activos mensuales promedio: 127 clientes corporativos
• Frecuencia de actualización de datos en tiempo real: cada 15 minutos

Pembina Pipeline Corporation (PBA) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Pembina Pipeline Corporation mantiene un equipo de ventas dedicado de 127 representantes profesionales a partir de 2023, especializándose en servicios de infraestructura y logística energética intermedia.

Métrica del equipo de ventas	Punto de datos
Representantes de ventas totales	127
Cobertura geográfica	Western Canadá y Dakota del Norte
Frecuencia de interacción de cliente promedio	Mensual

Conferencias de la industria y eventos de redes

Pembina participa en aproximadamente 18-22 conferencias del sector energético anualmente.

• Participación anual en eventos de la Asociación Canadiense Energy Pipeline
• Asistencia a simposios de infraestructura energética de América del Norte
• Compromiso de la conferencia de relaciones con los inversores

Plataformas de comunicación digital

Estadísticas de participación digital para Pembina Pipeline Corporation en 2023:

Plataforma digital	Seguidor/recuento de conexión
LinkedIn	24,673
Gorjeo	7,892
Suscriptores del canal de YouTube	3,456

Sitio web corporativo y portal de relaciones con los inversores

Métricas de tráfico del sitio web para Pembina.com en 2023:

Métrico del sitio web	Estadística
Visitantes únicos mensuales	87,321
Duración de la sesión promedio	4.7 minutos
Vistas de la página del portal de los inversores	42,567 por trimestre

Servicios de consulta técnica

Pembina ofrece servicios de consulta técnica especializada con las siguientes características:

• Equipo de consulta técnica dedicada de 42 profesionales
• Duración promedio del proyecto de consulta: 3-6 meses
• Servicios de consulta que cubren el diseño y la optimización de la infraestructura de la corriente media

Pembina Pipeline Corporation (PBA) - Modelo de negocios: segmentos de clientes

Compañías de producción de petróleo y gas

Pembina sirve a las principales compañías de producción de petróleo y gas en el oeste de Canadá, con clientes clave que incluyen:

Compañía	Volumen anual servido	Tipo de contrato
Recursos naturales canadienses Limited	250,000 barriles por día	Acuerdo de transporte a largo plazo
Energía de Cenovus	180,000 barriles por día	Servicios integrados de Midstream
Suncor Energy	210,000 barriles por día	Servicios de infraestructura de tuberías

Refinerías de petróleo

Pembina ofrece servicios críticos de infraestructura y logística a refinerías de petróleo en todo el oeste de Canadá.

• Volumen total de transporte de productos refinados: 125,000 barriles por día
• Clientes de refinería clave ubicados en Alberta y Columbia Británica
• Manejo especializado para varias calificaciones de productos de petróleo

Productores de gas natural

Pembina apoya a los productores de gas natural a través de servicios integrales de Midstream:

Categoría de productor	Volumen de gas anual	Tipo de servicio
Productores a gran escala	1.200 millones de pies cúbicos por día	Recopilación y procesamiento
Productores de mediana	350 millones de pies cúbicos por día	Transporte y marketing

Fabricantes petroquímicos

Pembina ofrece servicios especializados a fabricantes petroquímicos:

• Capacidad del centro de deshidrogenación de propano: 70,000 toneladas por año
• Los clientes incluyen Nova Chemicals y Inter Pipeline
• Soporte integrado de logística e infraestructura

Organizaciones de comercio de energía

Pembina apoya a las organizaciones de comercio de energía con soluciones integrales de acceso al mercado:

Organización comercial	Volumen de negociación anual	Alcance del servicio
Empresas comerciales de productos básicos	500,000 barriles por día	Acceso al mercado y transporte
Plataformas de comercio financiero	250,000 barriles por día	Logística y gestión de riesgos

Pembina Pipeline Corporation (PBA) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de la infraestructura de tuberías

Costos anuales de mantenimiento de la tubería para Pembina Pipeline Corporation en 2023: $ 298.4 millones

Categoría de mantenimiento	Gasto ($ M)
Gestión de integridad	87.6
Prevención de corrosión	62.3
Reemplazo de equipos	104.5
Sistemas de monitoreo	44.0

Costos laborales y de personal técnico

Gastos laborales totales para 2023: $ 412.7 millones

• Salario anual promedio para personal técnico: $ 95,400
• Número total de empleados: 2,300
• Personal de ingeniería: 680
• Personal operativo: 1.120

Transporte de energía y procesamiento de costos operativos

Costos operativos totales en 2023: $ 1.24 mil millones

Segmento operacional	Costo ($ M)
Servicios de transporte	675.3
Servicios de procesamiento	412.6
Gestión de instalaciones	152.1

Tecnología e inversiones en infraestructura digital

Inversión tecnológica total en 2023: $ 87.6 millones

• Sistemas de ciberseguridad: $ 22.4 millones
• Iniciativas de transformación digital: $ 35.2 millones
• Plataformas de análisis de datos: $ 15.6 millones
• Infraestructura en la nube: $ 14.4 millones

Cumplimiento regulatorio y gastos de gestión ambiental

Cumplimiento total y costos ambientales en 2023: $ 143.5 millones

Categoría de cumplimiento	Gasto ($ M)
Monitoreo ambiental	47.6
Informes regulatorios	28.3
Reducción de emisiones	67.6

Pembina Pipeline Corporation (PBA) - Modelo de negocios: flujos de ingresos

Aranceles y tarifas de transporte

En 2023, Pembina Pipeline Corporation generó ingresos de transporte de $ 2.4 mil millones de sus servicios de transporte de tuberías. La compañía opera aproximadamente 10,000 kilómetros de tuberías en todo el oeste de Canadá.

Tipo de servicio	Ingresos anuales	Volumen transportado
Transporte de líquidos	$ 1.2 mil millones	500,000 barriles por día
Transporte de gas natural	$ 800 millones	3.500 millones de pies cúbicos por día

Procesamiento y manejo de cargos de servicio

Los ingresos del servicio de procesamiento para 2023 alcanzaron $ 650 millones, con un enfoque clave en el procesamiento de líquidos de gas natural (NGL).

• Capacidad de procesamiento de NGL: 220,000 barriles por día
• Tarifa de procesamiento promedio: $ 3.50 por barril
• Instalaciones de procesamiento total: 23 en todo el oeste de Canadá

Contratos de infraestructura a largo plazo

Los contratos de infraestructura a largo plazo de Pembina generaron $ 450 millones en 2023, con duraciones contractuales que van desde 5 a 15 años.

Tipo de contrato	Ingresos anuales	Longitud promedio del contrato
Acuerdos para llevar o pagar	$ 300 millones	10 años
Contratos de servicio a largo plazo	$ 150 millones	7 años

Ingresos de alquiler de la terminal y de la instalación de almacenamiento

Los ingresos de almacenamiento y alquiler de terminales totalizaron $ 220 millones en 2023.

• Capacidad de almacenamiento total: 28 millones de barriles
• Tasa de ocupación: 92%
• Tasa de alquiler promedio: $ 0.65 por barril por mes

Logística de energía y servicios de optimización

Los servicios de logística y optimización contribuyeron con $ 180 millones a los ingresos de Pembina en 2023.

Categoría de servicio	Ingresos anuales	Cuota de mercado
Optimización logística	$ 120 millones	35%
Servicios de comercio de energía	$ 60 millones	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.