Pembina Pipeline earns $479 million in second quarter, ups full-year forecast

Aug 11, 2024

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CALGARY — Pembina Pipeline Corp. says it earned $479 million in its second quarter of this year, a 32-per-cent increase over the same period in 2023.

The Calgary-based pipeline company says its earnings work out to 75 cents per common share, compared to 60 cents in the second quarter of 2023.

Pembina’s revenue increased to $1.85 billion in the second quarter, up from $1.42 billion in the same period last year.

The company reported pipeline volumes of 2.7 million barrels of oil equivalent per day, an 11-per-cent increase year-over-year due in part to Pembina’s recent $3.1 billion purchase of Enbridge Inc.’s stakes in the Alliance pipeline and Aux Sable gas processing facility.

Pembina says it is expecting annual growth of approximately six per cent for its conventional pipeline volumes and four per cent in its gas processing volumes, thanks to what it calls “strong momentum” in the Canadian energy sector.

On Thursday, Pembina Pipeline increased its full-year adjusted earnings guidance to between $4.20 billion and $4.35 billion, up from a previously forecasted range of $4.05 to $4.30 billion.

This report by The Canadian Press was first published Aug. 8, 2024.

Companies in this story: (TSX:PPL)

The Canadian Press

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