Pembina Pipeline Corporation (PBA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia norte -americana, a Pembina Pipeline Corporation (PBA) surge como uma potência estratégica, tecendo redes complexas de soluções de transporte e processamento em todo o ecossistema de petróleo do oeste do Canadá. Ao integrar perfeitamente os recursos avançados do meio-fluxo ao desenvolvimento inovador de infraestrutura, a Pembina transforma a logística de energia bruta em uma empresa sofisticada e orientada por valor que conecta produtores, refinarias e mercados através de uma intrincada rede de dutos, terminais e plataformas tecnológicas de corte. Seu modelo de negócios representa uma masterclass na adaptabilidade do setor de energia, equilibrando a eficiência operacional, a responsabilidade ambiental e as parcerias estratégicas que impulsionam o pulso da economia energética do Canadá.

Pembina Pipeline Corporation (PBA) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com produtores de petróleo e gás no oeste do Canadá

A Pembina Pipeline Corporation mantém parcerias estratégicas com os principais produtores de petróleo e gás no oeste do Canadá:

Empresa parceira	Detalhes da parceria	Valor anual do contrato
Recursos Naturais Canadenses Limitados	Serviços de infraestrutura média	US $ 325 milhões
Energia Cenovus	Acordos de transporte e processamento	US $ 275 milhões
Energia Suncor	Infraestrutura de pipeline e terminal	US $ 400 milhões

Colaboração com empresas de infraestrutura média

A Pembina estabeleceu colaborações críticas de infraestrutura intermediária:

• INT PIPELINE LTD. Projetos de infraestrutura conjunta
• Parcerias de instalações de processamento da Keera Corporation
• Gibson Energy Integrated Midstream Services

Parceiro do meio -fluxo	Tipo de colaboração	Valor de investimento
Inter Pipeline Ltd.	Compartilhamento de infraestrutura	US $ 250 milhões
Keyera Corporation	Integração da instalação de processamento	US $ 180 milhões

Joint ventures com comunidades indígenas

Investimentos de Parceria Indígena:

• Tratado 8 Acordos de Propriedade de Equidade das Primeiras Nações
• Métis Nação de Alberta Colaboração de infraestrutura
• Programas de monitoramento ambiental liderado por indígenas

Parceiro indígena	Tipo de projeto	Participação em ações
Primeira nação da Woodland Cree	Pipeline Right of Way	15% de propriedade
Cold Lake First Nations	Desenvolvimento de infraestrutura	12% de participação patrimonial

Parcerias com empresas de transporte e logística

A rede de transporte e logística da Pembina inclui:

• Acordos de logística estratégica do CN Rail
• Serviços de transporte integrado de Rail CP
• Parcerias de transporte marinho

Parceiro de logística	Tipo de serviço	Valor anual do contrato
Ferrovia nacional canadense	Transporte de carga	US $ 215 milhões
Ferrovia Canadense do Pacífico	Logística integrada	US $ 190 milhões

Pembina Pipeline Corporation (PBA) - Modelo de negócios: Atividades -chave

Transporte de oleoduto de petróleo bruto, gás natural e líquidos de gás natural

Capacidade total de transporte de oleodutos de 3,2 milhões de barris por dia a partir de 2023.

Tipo de pipeline	Volume anual de transporte	Cobertura geográfica
Oleodutos de petróleo bruto	1,1 milhão de barris/dia	Oeste do Canadá
Oleodutos de gás natural	1,5 bilhão de pés cúbicos/dia	Alberta e Colúmbia Britânica
Oleodutos de líquidos de gás natural	600.000 barris/dia	Bacia sedimentar do oeste do Canadá

Desenvolvimento e manutenção da infraestrutura média

Investimento anual de infraestrutura de aproximadamente US $ 1,2 bilhão em 2023.

• Total de ativos médios avaliados em US $ 24,3 bilhões
• Despesas de manutenção de US $ 350 milhões anualmente
• Mais de 18.000 quilômetros de rede de pipeline

Operações de terminais e instalações de armazenamento

Tipo de instalação	Capacidade total	Número de instalações
Terminais de armazenamento	12,5 milhões de barris	23 terminais
Instalações de fracionamento	220.000 barris/dia	7 instalações

Serviços de processamento e fracionamento

Capacidade total de processamento de 350.000 barris por dia de líquidos de gás natural.

• Taxa de processamento Receita de US $ 480 milhões em 2023
• Serviços de fracionamento que cobrem propano, butano e etano

Gerenciamento de projetos de infraestrutura energética

O portfólio de projetos atual avaliado em US $ 3,8 bilhões a partir de 2024.

Tipo de projeto	Investimento total	Conclusão esperada
Projetos de expansão de pipeline	US $ 2,1 bilhões	2025-2026
Projetos de atualização do terminal	US $ 850 milhões	2024-2025
Novas instalações de processamento	US $ 850 milhões	2025-2027

Pembina Pipeline Corporation (PBA) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

A Pembina Pipeline Corporation opera aproximadamente 10.600 quilômetros de infraestrutura de oleodutos no oeste do Canadá.

Categoria de ativos de pipeline	Quilômetros totais	Status operacional
Líquidos oleodutos	4.200 km	Totalmente operacional
Oleodutos de gás natural	6.400 km	Totalmente operacional

Instalações de processamento e armazenamento

A Pembina mantém 21 instalações de processamento com uma capacidade total de processamento de 227.000 barris por dia.

Tipo de instalação	Número de instalações	Capacidade de processamento
Plantas de processamento de gás natural	16	180.000 bpd
Instalações de processamento de líquidos	5	47.000 bpd

Força de trabalho qualificada

A Pembina emprega 2.870 profissionais em período integral a partir de 2023.

• Profissionais de engenharia: 680
• Especialistas técnicos: 1.190
• Pessoal de operações: 1.000

Capital financeiro

Métricas financeiras para a Pembina Pipeline Corporation:

Métrica financeira	2023 valor
Total de ativos	US $ 25,3 bilhões
Capitalização de mercado	US $ 18,6 bilhões
Classificação de crédito (S&P)	BBB+

Infraestrutura de tecnologia

A Pembina investe aproximadamente US $ 180 milhões anualmente em atualizações de tecnologia e infraestrutura.

• Sistemas de monitoramento digital
• Tecnologia avançada de detecção de vazamentos
• Rastreamento de desempenho de pipeline em tempo real

Pembina Pipeline Corporation (PBA) - Modelo de Negócios: Proposições de Valor

Soluções de transporte energético confiáveis ​​e eficientes

A Pembina Pipeline Corporation opera uma infraestrutura total de oleodutos de 10.900 quilômetros em todo o oeste do Canadá. A capacidade de transporte inclui:

Tipo de pipeline	Capacidade diária
Oleodutos de petróleo bruto	3,1 milhões de barris por dia
Oleodutos de líquidos de gás natural	525.000 barris por dia

Ofertas de serviço integradas no meio do meio

O portfólio de serviços inclui soluções abrangentes no meio do meio:

• Coleta e processamento de infraestrutura
• Instalações de armazenamento e terminais
• Serviços de transporte e logística

Segmento de serviço	Receita anual
Serviços Midstream	US $ 2,3 bilhões
Processamento de instalações	US $ 1,7 bilhão

Infraestrutura sustentável e ambientalmente responsável

Compromisso ambiental demonstrado através de:

• Redução de emissões de carbono em 20% desde 2018
• Investimento de US $ 150 milhões em tecnologias de baixo carbono
• Implementação de sistemas avançados de monitoramento de emissões

Logística e processamento de energia econômica

Métricas de eficiência de custo:

Métrica operacional	Desempenho
Custo operacional por barril	$2.75
Eficiência de transporte	98,6% de confiabilidade

Serviços abrangentes de infraestrutura de energia de ponta a ponta

Recursos de infraestrutura de espectro total:

• Suporte de produção a montante
• Transporte no meio da corrente
• Instalações de terminal e exportação
• Tecnologias avançadas de processamento

Ativo de infraestrutura	Investimento total
Instalações de processamento	US $ 4,5 bilhões
Rede de pipeline	US $ 6,2 bilhões

Pembina Pipeline Corporation (PBA) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores de energia

A partir de 2024, a Pembina Pipeline Corporation mantém aproximadamente 47 acordos contratuais de longo prazo com os principais produtores de energia do oeste do Canadá. A duração média do contrato é de 15,3 anos, com o valor total do contrato estimado em US $ 3,2 bilhões.

Tipo de contrato	Número de acordos	Valor total do contrato
Acordos de transporte	27	US $ 1,8 bilhão
Acordos de processamento	12	US $ 890 milhões
Acordos de armazenamento	8	US $ 512 milhões

Equipes de gerenciamento de contas dedicadas

A Pembina opera 16 equipes de gerenciamento de contas especializadas que atendem a diferentes segmentos geográficos e operacionais. Cada equipe gerencia uma média de 7-9 relacionamentos principais do cliente.

• Composição da equipe: 4-6 gerentes de contas sênior por equipe
• Taxa média de retenção de clientes: 92,4%
• Pontuação anual de satisfação do cliente: 8.7/10

Relatório de desempenho operacional contínuo

A corporação fornece relatórios mensais de desempenho para 95% de seus principais clientes, cobrindo as principais métricas, como taxa de transferência, confiabilidade e eficiência operacional.

Métrica de relatório	Freqüência	Cobertura do cliente
Desempenho da taxa de transferência	Mensal	95%
Indicadores de confiabilidade	Mensal	92%
Conformidade ambiental	Trimestral	100%

Abordagem de desenvolvimento de projetos colaborativos

Em 2024, a Pembina se envolveu em 22 projetos de desenvolvimento de infraestrutura colaborativa com produtores de energia, representando um investimento total de US $ 1,4 bilhão.

Plataformas de comunicação de clientes habilitadas para tecnologia

A Pembina implementou um portal de clientes digitais usado por 89% de seus principais clientes, fornecendo canais de acesso e comunicação de dados em tempo real.

• Adoção do usuário da plataforma digital: 89%
• Usuários ativos mensais médios: 127 clientes corporativos
• Frequência de atualização de dados em tempo real: a cada 15 minutos

Pembina Pipeline Corporation (PBA) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Pembina Pipeline Corporation mantém uma equipe de vendas dedicada de 127 representantes profissionais a partir de 2023, especializada em serviços de infraestrutura de energia e logística do Midstream.

Métrica da equipe de vendas	Data Point
Total de representantes de vendas	127
Cobertura geográfica	Oeste do Canadá e Dakota do Norte
Frequência média de interação do cliente	Mensal

Conferências do setor e eventos de rede

A Pembina participa de aproximadamente 18-22 conferências do setor de energia anualmente.

• Participação anual em eventos da Canadian Energy Pipeline Association
• Participação nos simpósios de infraestrutura de energia norte -americana
• Engajamento da conferência de relações com investidores

Plataformas de comunicação digital

Estatísticas de engajamento digital da Pembina Pipeline Corporation em 2023:

Plataforma digital	Contagem de seguidores/conexão
LinkedIn	24,673
Twitter	7,892
Assinantes do canal do YouTube	3,456

Site corporativo e portal de relações com investidores

Métricas de tráfego do site para Pembina.com em 2023:

Métrica do site	Estatística
Visitantes únicos mensais	87,321
Duração média da sessão	4,7 minutos
Visualizações de página do portal do investidor	42.567 por trimestre

Serviços de consulta técnica

A Pembina oferece serviços especializados de consulta técnica com as seguintes características:

• Equipe de consulta técnica dedicada de 42 profissionais
• Duração média do projeto de consulta: 3-6 meses
• Serviços de consulta que abrangem o projeto e otimização da infraestrutura média

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

Empresas de produção de petróleo e gás

A Pembina serve as principais empresas de produção de petróleo e gás no oeste do Canadá, com clientes importantes, incluindo:

Empresa	Volume anual servido	Tipo de contrato
Recursos Naturais Canadenses Limitados	250.000 barris por dia	Contrato de transporte de longo prazo
Energia Cenovus	180.000 barris por dia	Serviços Integrados Midstream
Energia Suncor	210.000 barris por dia	Serviços de infraestrutura de pipeline

Refinarias de petróleo

A Pembina fornece serviços críticos de infraestrutura e logística para refinarias de petróleo no oeste do Canadá.

• Volume total de transporte de produtos refinados: 125.000 barris por dia
• Os principais clientes de refinaria localizados em Alberta e Colúmbia Britânica
• Manuseio especializado para várias notas de produtos de petróleo

Produtores de gás natural

A Pembina suporta produtores de gás natural por meio de serviços abrangentes do meio da corrente:

Categoria de produtor	Volume anual de gás	Tipo de serviço
Produtores em larga escala	1,2 bilhão de pés cúbicos por dia	Coleta e processamento
Produtores de escala média	350 milhões de pés cúbicos por dia	Transporte e marketing

Fabricantes petroquímicos

A Pembina fornece serviços especializados aos fabricantes petroquímicos:

• Capacidade da instalação de desidrogenação de propano: 70.000 toneladas por ano
• Os clientes incluem Nova Chemicals e Inter -Pipeline
• Suporte de logística e infraestrutura integradas

Organizações de comércio de energia

A Pembina suporta organizações de comércio de energia com soluções abrangentes de acesso ao mercado:

Organização comercial	Volume de negociação anual	Escopo de serviço
Empresas de comércio de commodities	500.000 barris por dia	Acesso e transporte de mercado
Plataformas de negociação financeira	250.000 barris por dia	Logística e gerenciamento de riscos

Pembina Pipeline Corporation (PBA) - Modelo de negócios: estrutura de custos

Despesas de manutenção de infraestrutura de pipeline

Custos anuais de manutenção de dutos para a Pembina Pipeline Corporation em 2023: US $ 298,4 milhões

Categoria de manutenção	Despesa ($ m)
Gerenciamento de integridade	87.6
Prevenção de corrosão	62.3
Substituição do equipamento	104.5
Sistemas de monitoramento	44.0

Custos de trabalho e pessoal técnico

Despesas totais de mão -de -obra para 2023: US $ 412,7 milhões

• Salário médio anual para pessoal técnico: US $ 95.400
• Número total de funcionários: 2.300
• Equipe de engenharia: 680
• Equipe operacional: 1.120

Transporte energético e processamento de custos operacionais

Custos operacionais totais em 2023: US $ 1,24 bilhão

Segmento operacional	Custo ($ m)
Serviços de transporte	675.3
Serviços de processamento	412.6
Gerenciamento de instalações	152.1

Investimentos de tecnologia e infraestrutura digital

Investimento de tecnologia total em 2023: US $ 87,6 milhões

• Sistemas de segurança cibernética: US $ 22,4 milhões
• Iniciativas de transformação digital: US $ 35,2 milhões
• Plataformas de análise de dados: US $ 15,6 milhões
• Infraestrutura em nuvem: US $ 14,4 milhões

Conformidade regulatória e despesas de gestão ambiental

Conformidade total e custos ambientais em 2023: US $ 143,5 milhões

Categoria de conformidade	Despesa ($ m)
Monitoramento ambiental	47.6
Relatórios regulatórios	28.3
Redução de emissões	67.6

Pembina Pipeline Corporation (PBA) - Modelo de negócios: fluxos de receita

Tarifas e taxas de transporte

Em 2023, a Pembina Pipeline Corporation gerou receita de transporte de US $ 2,4 bilhões em seus serviços de transporte de dutos. A empresa opera aproximadamente 10.000 quilômetros de oleodutos no oeste do Canadá.

Tipo de serviço	Receita anual	Volume transportado
Transporte de líquidos	US $ 1,2 bilhão	500.000 barris por dia
Transporte de gás natural	US $ 800 milhões	3,5 bilhões de pés cúbicos por dia

Processando e manuseando cobranças de serviço

As receitas do serviço de processamento para 2023 atingiram US $ 650 milhões, com o foco principal no processamento de líquidos de gás natural (NGL).

• Capacidade de processamento da NGL: 220.000 barris por dia
• Taxa média de processamento: US $ 3,50 por barril
• Facilidades totais de processamento: 23 no oeste do Canadá

Contratos de infraestrutura de longo prazo

Os contratos de infraestrutura de longo prazo da Pembina geraram US $ 450 milhões em 2023, com durações de contratos que variam de 5 a 15 anos.

Tipo de contrato	Receita anual	Comprimento médio do contrato
Acordos de levar ou pagamento	US $ 300 milhões	10 anos
Contratos de serviço de longo prazo	US $ 150 milhões	7 anos

Receita de aluguel de instalações de terminal e armazenamento

As receitas de armazenamento e aluguel de terminais totalizaram US $ 220 milhões em 2023.

• Capacidade total de armazenamento: 28 milhões de barris
• Taxa de ocupação: 92%
• Taxa média de aluguel: US $ 0,65 por barril por mês

Serviços de logística de energia e otimização

Os serviços de logística e otimização contribuíram com US $ 180 milhões para a receita da Pembina em 2023.

Categoria de serviço	Receita anual	Quota de mercado
Otimização de logística	US $ 120 milhões	35%
Serviços de negociação de energia	US $ 60 milhões	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.