CALGARY — Pembina Pipeline Corp. says it earned $346 million in the third quarter of 2023, down from $1.8 billion in the same three-month period of 2022.

The Calgary-based pipeline company says the decrease was primarily due to the benefit in 2022 from a gain on the change in ownership of the majority of Pembina’s field-based gas processing assets, which were wholly-owned prior to the creation of Pembina Gas Infrastructure last year.

On an adjusted basis, Pembina said it earned a record $1.02 million, a six per cent increase over the third quarter of 2022.

The company attributed the results to record quarterly conventional pipelines volumes, rising utilization on other key systems, and a strong contribution from Pembina’s marketing business.

Pembina says based on these results, it is raising its full-year earnings guidance range for 2023 to between $3.75 billion and $3.85 billion, up from a previous estimate of $3.55 billion to $3.75 billion.

Pembina reported third-quarter revenues of $2.3 billion, down from $2.8 billion in the prior year’s quarter.

This report by The Canadian Press was first published Nov. 2, 2023.

Companies in this story: (TSX:TKTK)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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